The CW Posts $78 Million Q2 Loss as Nexstar Brass Promise ‘Moneyball’ Content Spend Strategy at Revamped Broadcaster
variety.comJennifer Maas TV Business Writer Nexstar reported its second-quarter 2023 earnings Tuesday, revealing the TV stations group giant had turned a profit of $153 million in Q2, while its CW broadcast network posted a loss of $78 million for the April-June quarter.
For the CW, which was formally acquired by Nexstar in October 2022 from Paramount Global and Warner Bros. Discovery, a year-over-year comparison can’t be drawn based on the lack of financial results disclosed publicly by its former parent companies.
But it’s long been known the old CW was not profitable, and this $78 million is an improvement over the $83 million loss the CW posted in Q1 of this year.
And that’s what Nexstar wants to see in its journey to reach its goal of profitability at the CW in 2025. On that front, the company is taking a “moneyball,” per Nexstar CEO Perry Sook, approach to content spend at the CW.
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