UPDATED with additional strike comments. The CW has had to postpone four scripted shows produced by minority stakeholders Warner Bros. Discovery and Paramount due to the ongoing writers and actors strikes. However, CEO Perry Sook remains optimistic that there won’t be any further impact from the labor impasse. During a recent earnings call with Wall Street analysts, Sook acknowledged that the longer the strike goes on, the more the shows will be pushed into 2024. Despite this setback, The CW still has a strong lineup of acquired titles that were produced before the strikes, giving them the highest percentage of scripted shows among the Big 5 broadcast networks for the upcoming fall season. Sook also mentioned that they have some high-profile reality shows that will bring attention to the network. In this chaotic environment, The CW is not afraid to take big swings and seize opportunities when others hesitate.
Financially, The CW is still facing challenges due to its previous focus on scripted dramas. However, Nexstar has committed to making the network profitable by 2025.
PREVIOUS: According to Perry Sook, CEO of Nexstar Media Group, The CW is starting to resemble Fox. With the same number of hours of weekday programming and a growing live sports portfolio, The CW is becoming more like Fox over time. Sook expressed confidence that the strike by writers and actors will not hinder The CW’s progress, as the majority of their fall slate consists of material that was already developed and unscripted. Nexstar acquired a majority stake in The CW last fall, with Paramount and Warner Bros. Discovery retaining smaller shares. The network is currently undergoing a strategic revamp, shifting from expensive, youth-oriented dramas to more cost-effective shows with broader appeal. The goal is to achieve profitability by 2025.
Sook also discussed the company’s approach to content spending, comparing it to the “Moneyball” strategy in baseball. The CW is competing with the Big 4 networks but aims to do so intelligently, taking calculated risks and making smart bets. These comments came after Nexstar reported better-than-expected second-quarter results, with total revenue meeting expectations.
