The TV Network Slot Machines Built? Nexstar Says Its Investment In The CW To Be Mostly Funded By Proceeds From Sale Of Chicago Property To Casino Developer

deadline.com:

Nexstar Media Group, which has long been known for its enviable balance sheet and knack for finding ways to economize, plans to fund its investment in The CW with proceeds from its sale of a Chicago property to a casino developer.

While the company’s drive to wring profits out of The CW and also its pending sale of the Freedom Center have both been publicly disclosed, the dots were connected by CFO Lee Ann Gliha today at a conference hosted by investment firm Stephens.

Nexstar President and COO Tom Carter also took part in the conference session. Nexstar closed its acquisition of 75% of The CW last month, paying nothing up front but agreeing to take on the network’s debt and absorb its losses.

Previous 50-50 partners Paramount Global and Warner Bros Discovery retained 12.5% stakes apiece. The money-losing network is expected to undergo a dramatic overhaul as Nexstar seeks to make it profitable by 2025. “From a funding perspective, we’re in the process of selling one of the remaining properties we had in Chicago for $155 million of net cash,” Gliha noted. “That goes a long way to funding the investment that we’re going to have in the CW.” The 30-acre site along the Chicago River near the city’s signature downtown Loop is due to become a $1.74 billion casino built by Bally’s, the gaming company confirmed earlier this month.