The CW is charting a unique course in the age of streaming wars and declining linear TV viewership. While competitors like Disney’s ABC and Paramount’s CBS contemplate abandoning traditional broadcasting, The CW and parent company Nexstar Media Group are doubling down. With 200 stations nationwide, Nexstar sees an opportunity in wide-ranging programming that draws viewers back to linear TV.
“I’m so glad we’re not in the SVOD business,” said CW president Dennis Miller, referring to streaming video on demand services like Netflix. “Nexstar has a wonderful cash flow business not losing half a billion dollars a quarter on streaming like some peers. Netflix has won globally, brilliantly building their business. But many chasing that model face economic hardship.”
Instead, The CW is introducing a new strategy tailored to Nexstar’s audience after acquiring 75% ownership in October 2022. Miller’s history on Nexstar’s board granted unique insight into this new direction. “We control our destiny. We don’t own networks like Fox or ABC,” Miller explained. “The CW lets us play offense and defense. We can broaden programming.”
That expansion has seen successes and failures. At the 2024 TV Critics Association winter press tour, CW entertainment president Brad Schwartz described this as a “year of breaking through.” Reinvention was last year, after Nexstar examined the network’s money-losing original slate. Just four shows were worth investing in – “All American,” “All American: Homecoming,” “Walker,” and “Superman & Lois.”
Schwartz cited strong ratings among adults 18-49 for “All American” and its spinoff. The shows also drew well on digital and across platforms. “Walker” and “Superman & Lois” delivered the largest total audiences. “The business we inherited lost a lot of money, maybe good for Warner and CBS but not the network itself,” Schwartz explained. “We approached our partners about the economics and losing money on shows.”
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The collaboration led to renewals of those four hits. Schwartz says as long as ratings and costs hold, there’s no reason to cancel them. However, Warner Bros. decided to end “Superman & Lois” despite its success. “They don’t want a competing Superman product in the marketplace,” Schwartz said, referring to James Gunn’s 2025 movie “Superman: Legacy.”
DC superhero shows remain a priority despite axing “Supergirl” and “Batwoman.” “We have a longstanding great relationship with DC,” said Schwartz. “The network aims to develop new DC properties while maximizing remaining hits like “The Flash.”
With other shows axed, The CW faced a dilemma – how to fill primetime on broadcast TV? Nexstar’s strategy focuses on buying proven procedural dramas to attract older viewers, while developing new scripted series that appeal to younger audiences. Medical drama “Mothership” and sci-fi series “The Ark” exemplify attempts at fresh programming.
Revivals and reboots also help The CW draw viewers by leveraging known IP. Schwartz sees an opportunity to “bring back beloved series or intellectual property.” Examples include the new “Supernatural” and planned “The Vampire Diaries” spinoff “Salvatore School.” The CW hopes revivals can create buzz while providing built-in audiences.
“Our schedule really looks like The CW on steroids,” said Schwartz. Medical dramas, procedurals and DC shows attract older viewers on weeknights. This strategy shows early success. The CW saw its most-watched week in six months this January. Nexstar CEO Perry Sook stated The CW has “turned the corner” toward profitability. There’s still work ahead, but The CW and Superman remain central to Nexstar’s broadcast TV future.
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