The CW, home to popular TV franchises like the Arrowverse, SupernaturalY the vampires’ diariesIt was reportedly losing twice what it was making before its sale in mid-2022.
By the hollywood reporter, an analysis of new owner Nexstar’s SEC filings for this quarter in 2021-22 confirmed that The CW had quarterly revenue of “about $100 million” for an estimated annual total of between $370 million and $405 million. , but had annual losses between $300 million and $400 million. While The CW has never turned a profit since its inception in 2006, these numbers mean the network could have started costing nearly $2 for every $1 it earned for owners Paramount and Warner Bros. Discovery.
Nexstar Media Group acquired the network from co-owners Warner Bros. TV and CBS Studios in August 2022, earning 75% of the network and $54 million for its troubles. Warner Bros. and CBS took 12.5 percent ownership of The CW. The network itself never made any money for the owners, but its programming was produced by the studios that owned it, who later benefited from international sales and a billion-dollar deal with Netflix in 2010. When both co-owners opted to moving its CW programming to in-house streaming services HBO Max and Paramount+, the business model reportedly became shaky.
The CW marches wearily
Shortly after acquiring The CW, Nexstar began announcing big changes for the network. Under the deal made, it will continue to air 12 scripted shows produced by the previous owners for at least a year, including Superman and Lois, Walker: Independence Y The Winchesters. Despite this, Nexstar’s EVP and CFO Lee Ann Gliha recently shared that there may not be any Warner Bros. or CBS shows left on The CW anytime soon. “Over the course of the next year, we’re really working to develop our slate, which will then come online in the 2023-2024 broadcast season. We will have some carryover commitment for CBS and WBD programming in that year, but it’s minimal in that point”.
The “shuffle” is already underway according to Nexstar president Tom Carter, who shared shortly that despite the network’s largely teen-targeted programming, the average age of its viewers was actually 58. Even before the sale was finalized, much of The CW’s scripted programming was cancelled, including hits like riverdale legacies Y legends of tomorrowand in contradiction to previous reports that unscripted content was safe, it was recently announced that Whose line is this anyway?? it will end after its current season.
Font: the hollywood reporter