As a long-time viewer and admirer of Nexstar‘s media assets, I can’t help but feel a pang of concern at the news of another round of layoffs within the company. Having followed the media industry for years, I’ve come to appreciate the hard work and dedication that goes into creating the content we all enjoy.
As a devoted admirer, I find myself sharing the news that, under the guidance of CEO Perry Sook, Nexstar seems to be preparing for another wave of job reductions in its broadcasting and sales sectors. This move appears to be an effort aimed at streamlining corporate expenses.
The company announced that it is reorganizing its broadcasting and sales departments to cut costs and boost collaboration within the company, aiming to fortify its financial standing, as reported by The Hollywood Reporter.
Although these adjustments may prove challenging, they will affect fewer than 2% of our staff members. This move allows us to concentrate on expansion opportunities beneficial to our audience, collaborators, and clients. We are resolute in navigating this unparalleled transformation in the media sector to ensure Nexstar’s long-term prosperity.
Approximately 13,000 employees work for the company in about 116 different locations worldwide. Recent layoffs have affected roughly 260 positions. This company’s media possessions encompass affiliates for ABC, CBS, NBC, Fox, and The CW, as well as Antenna TV, a multicast network, and NewsNation, a cable news channel.
In its latest financial report for the third quarter, Nexstar acknowledged that a sluggish television advertising market affected their earnings. Specifically, political ad revenue this year was lower than last year’s, and overall non-political ad revenue decreased by 2.3%. Additionally, The CW, one of their local TV stations, continues to post losses for Nexstar, albeit with a gradually narrowing gap compared to previous quarters.
The CW is making changes to its schedule by reducing the number of pricey scripted series, securing more unscripted and sports content deals, such as the recent one with WWE for NXT. Additionally, they have obtained rights to various college sports, NASCAR Xfinity Cup events, LIV Golf tournaments, and other similar events.
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2024-12-11 22:54