The CW‘s losses fell by $50 million in the first quarter and parent Nexstar Media Group still expects the network to turn a profit by next year, but CFO Lee Ann Gliha offered investors some reason for caution. “We’re no longer going to externally disclose the CW numbers separately,” the exec said during the Nexstar first-quarter earnings call when asked about the network’s revenue trends.
Since Nexstar took its 75% stake in 2022, she continued, “the quarter-over-quarter comparison is good. I would say just anecdotally it’s still driven by the national advertising market, which is not in a positive place even despite the green shoots.” Excluding political spending, advertising declined 7% in the quarter ended March 31 compared with the same period in 2023, the company said.
The negative effect of the high-interest-rate environment, among other challenges, took the blame for the dip. Total revenue inched up 2% to $1.28 billion, roughly in line with Wall Street forecasts, while earnings per share came in well ahead of expectations, at $5.16 compared with $2.97 in the year-ago quarter.
The $50 million reduction in losses at The CW represents about half of the projected $100 million in loss reduction for all of 2024, execs said, with the slowdown in the latter half of the year chalked up to various cyclical factors.
Read more on deadline.com
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.