The CW Hit With Dozens Of Layoffs

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https://deadline.com/2022/11/the-cw-...rk-1235160632/

By Dade Hayes

November 1, 2022 2:01pm

Less than a month after Nexstar Media closed a deal to take 75% ownership of The CW, the broadcast network has been hit with dozens of layoffs.

The exact number of departures is still becoming clear, but one person with knowledge of the situation pegged it at about 30 to 40. While Nexstar is known for local stations, the company also operates NewsNation, which it overhauled and reformatted from its prior incarnation, WGN America, after acquiring Tribune Media in 2019. The lower cost profile of news programming, a distinctly different neighborhood from the scripted fare that briefly was WGNA’s specialty, was the driving motivation of the makeover.

In recent weeks, the senior leadership team that guided the CW when it was a 50-50 joint venture of Warner Bros and CBS — or, more recently, Warner Bros Discovery and Paramount Global — already had departed. The exit of Paul Hewitt, longtime head of corporate communications, was announced earlier today. Dennis Miller, a former venture capitalist and media executive, has been installed as the new head of the CW.

Even more than in most M&A deals, it is Nexstar’s mission to aggressively slash operating costs in order to make the deal make sense. Strategically, it fits Nexstar’s nation-leading portfolio of local TV stations, which includes the largest number of CW affiliates controlled by a single owner. But the Texas-based company hasn’t waxed nostalgic for the network’s free-spending Gossip Girl heyday, instead telegraphing to Wall Street and its investors that it intends to move forward with a more streamlined operation focused on unscripted programming, news and sports.

In exchange for 75% ownership of The CW, Nexstar paid no upfront considerations, instead agreeing to take on the network’s debt. During a conference call with analysts in August prior to the deal close, execs projected that The CW would turn a profit by 2025. (Paramount and WBD are remaining stakeholders, with 12.5% apiece.)

CFO Lee Ann Gliha said it is “not typical for fully-distributed broadcast or cable networks” to be in the red. In fact, citing SNL Kagan data, she asserted that “no other broadcast network operates at an ongoing loss.”

A significant reduction in expenses will be a centerpiece of the new owner’s turnaround plan. “You know us,” Gliha told analysts on the call. “We are profit- and cash-flow-focused and expect this asset to achieve profitability.”

Nexstar is slated to report its third-quarter earnings on November 8.

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The CW’s New Strategy, Explained

The article says that the network was meant only to be a loss leader for streaming and international sales for Warner Bros. and CBS.

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The CW “No Longer Built For The Benefit Of Studios”, Says Brad Schwartz As He Reveals 70 Scripted & Unscripted Series In Production & Development

“We’re excited that The CW is now in the hands of Nexstar, a company with more free cash flow than Paramount, almost as much free cash flow as Fox. The CW is now run by broadcasters whose only goal is to build a strong brand and cultivate emotional attachment to the largest audience possible. Broadcasting is their core business. Our goal is to do what’s best for viewers, for stations and for advertisers. No longer will The CW be built for the benefit of two content studios.”

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Hi yall!!!

So in this video we're going to talk about why The CW network is a mess and there's no saving it also why it was destined for failure.

In January of this year the flash got renewed for a ninth season and for those of you that don't know, the flash airs on The CW network. This was news to me because I didn't even know the show was still airing let alone in its ninth season but then again I don't have cable but I looked up the ratings and while they aren't necessarily bad…they aren't necessarily good either, especially not good enough for 9 seasons.. The other reason why I was confused is because The CW network after being unprofitable for 15 years is up for sale so the first thing that came to mind is how are they paying for this. Then again the flash is one of their most popular shows so I can see the sense in that but what about everything else.

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• 3:36 - the fight against syndication
• 6:58 - let's talk about UPN
• 14:04 - the WB
• 22:13 - the WB vs UPN
• 27:49 - the beginning of the end
• 30:57 - dawn and the CW
• 35:44 - supernatural
• 38:26 - give me vampires or give me d***h
• 41:43 - are we rocking with mark?
• 47:36 - the arrowverse
• 51:54 - riverdale
• 54:14 - what now?

The CW used have amazing shows under its name. Like Flash and Arrow But sadly those shows have fallen and become some of the worst shows ever created by the studies not caring about the shows anymore.

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The CW had to cancel everything from Legacies to Batwoman this year...but why? In this video I talk about The CW through the years, from the Arrowverse to Gossip Girl to The Vampire Diaries.

GUYS the CW IS OFFICIALLY OVER. Today I explain how CW messed up BIG time by cancelling a bunch of shows like The Flash, Stargirl, Riverdale, Batwoman, Legacies, and Legends of Tomorrow. Superman and Lois is our LAST hope…