By Variety | Created at 2024-11-12 20:59:20 | Updated at 2024-11-18 04:22:08
5 days ago
The CW has laid off several employees across its publicity and program development teams, Variety has learned.
A source close to the situation tells Variety that just over two dozen employees have been affected in this round of reductions. The individual says that the decision was made as the network focuses more one sports, unscripted content and select scripted series in its continued goal to reach profitability under new owner Nexstar.
Representatives from CW and Nexstar did not immediately respond to request for comment Tuesday.
The new cuts come less than a month after the Nexstar-owned broadcast network announced CW network president Dennis Miller was exiting his role following just two years in the position.
Miller had been running the CW since he appointed by Nexstar CEO Perry Sook in fall 2022 alongside CW president of entertainment Brad Schwartz, and extended Miller’s contract as president at the CW through 2027 last August.
On Oct. 16, it was announced Miller would be exiting at the end of the year. Schwartz took over Miller’s title and responsibilities as network president when Miller shifted into an advisory role as of Oct. 31.
Last week, Nexstar reported third-quarter 2024 earnings results, which revealed the CW narrowed its losses by $36 million from July 1-Sept. 30. However, the network’s total Q3 loss was not disclosed by Nexstar, which has owned the broadcaster since acquiring a majority stake from former parent companies Warner Bros. Discovery and Paramount in 2022.
“During the quarter, we made further progress on our strategy for The CW, reducing operating losses by $36 million year-over-year and by $119 million year-to-date,” Nexstar CEO Perry Sook said at the time. “We debuted NASCAR Xfinity Series racing in September and WWE NXT wrestling in October on The CW broadcast network to double-digit percentage increases both in total audience and in adults 18-49 versus previous viewership on cable.”
