Nexstar Media, which has built itself up in recent years with an acquisition spree that includes TV stations and the CW network, now has to make some trims.
“Our broadcasting and sales divisions are streamlining their organizations to reduce our operating expenses and accelerate collaboration across the company,;” the company said in a statement. “While it is difficult to make these sorts of changes, they will impact less than 2% of our workforce and allow us to focus on areas of growth for our viewers, partners, and customers. We are committed to managing through this period of unprecedented change in the media industry so that Nexstar continues to thrive for years to come.”
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The company, with holdings that also include the NewsNation cable network and the political news outlet The Hill, employs around 13,000 people, meaning that approximately 260 staffers could be affected.
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Nexstar executives indicated last month that the company was scrutinizing its operations in an era when traditional TV viewers are moving away from linear-TV consumption. “We are acting to further streamline and simplify the entire organization, which will accelerate innovation across the company and reduce operating expenses,” said Mike Biard, president and chief operating officer of the company, speaking to investors in November. “This will enable Nexstar to focus on initiatives that more directly impact our viewers, partners and customers as we pursue priorities that represent our best long-term opportunities.”
Nexstar in October parted ways with its chief revenue officer, Michael Strober, after eliminating his role. Advertising-sales efforts have been supervised by a group of top executives at the company’s various units.
The company has focused efforts in recent months on cutting operating losses at the CW, which it acquired in 2022. Nexstar said in November it had reduced losses at the network by $119 million, exceeding its target of more than $100 million in 2024. Nexstar continues to make acquisitions. The company recently unveiled plans to buy an independent station in Cleveland that will become a new CW affiliate. The deal is expected to close in the fall of 2025.
