The CW Is 'Increasingly Looking Like Fox,' Nexstar CEO Perry Sook Says, Citing Programming And Sports Increases; Strikes 'Won't Hurt Our Forward Progress'
Paramount CEO Bob Bakish Says Streaming Bundling Will Increase, Possibly With Third Parties; Cites Evidence That Paramount+ Combo With Showtime Boosted Viewing
Nexstar acquired a 75% stake in The CW last fall, with previous 50-50 partners Paramount and Warner Bros. Discovery each retaining 12.5% shares in the network. Strategically, The CW is in the midst of a major revamp. Out are the pricey, young-skewing dramas on which its brand was built over the previous 15-plus years. In are value-priced, broader-audience shows, with the company predicting the network will achieve profitability by 2025.
” strategy, a reference to the Michael Lewis book about the financial savvy of baseball’s Oakland A’s. The CW acquired rights to LIV Golf earlier this year, reportedly without an upfront rights fee, and then added ACC sports and a NASCAR series. “We’re competing in the same league as the Big 4 networks, but we’ve got to do it smartly, and crawl, walk, run,” Sook said. “We’re going to take some smart bets and calculated risks.
Sook’s comments came after Nexstar reported second-quarter results that beat Wall Street analysts’ forecast for earnings, with total revenue matching expectations.
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