Nexstar Media to Lay Off 2% of Workforce
Nexstar Media Announces layoffs Amid Industry Shifts
Nexstar Media Group, the broadcasting giant that owns a vast portfolio of TV stations, the CW network, and NewsNation, is implementing layoffs affecting less than 2% of its workforce. The move comes as the company navigates a challenging media landscape marked by declining traditional TV viewership.
“Our broadcasting and sales divisions are streamlining their organizations to reduce our operating expenses and accelerate collaboration across the company,” Nexstar 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.”
With approximately 13,000 employees, the layoffs could affect around 260 staffers.
Nexstar executives signaled last month that the company was undergoing a strategic review of its operations in response to shifting viewer habits.”We are acting to further streamline and simplify the entire association, which will accelerate innovation across the company and reduce operating expenses,” said Mike Biard, Nexstar’s president and chief operating officer, during an investor call 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.”
this declaration follows the departure of Nexstar’s chief revenue officer, Michael Strober, in October. His role was eliminated, and advertising sales are now overseen by a group of executives across the company’s various divisions.
Despite the layoffs, Nexstar remains active in the acquisition market.The company recently announced plans to purchase an independent station in Cleveland, which will become a new CW affiliate. The deal is expected to close in the fall of 2025.
Nexstar has also made strides in reducing operating losses at the CW network,which it acquired in 2022.The company reported a $119 million reduction in losses at the network, exceeding its target of over $100 million for 2024.
Nexstar layoffs: Navigating the Changing Media Landscape
NewsDirectory3.com - Nexstar Media Group, the television broadcasting behemoth controlling The CW network, NewsNation, and a vast network of stations, has announced layoffs affecting approximately 2% of its workforce. This move, impacting around 260 employees, comes amidst a challenging climate for traditional television, marked by diminishing viewership and a shift in consumption habits.
“Our broadcasting and sales divisions are streamlining their organizations to reduce our operating expenses and accelerate collaboration across the company,” Nexstar stated. While acknowledging the difficulty of such decisions, the company emphasized the necessity of focusing on areas of potential growth.
This strategic restructuring follows Nexstar’s previous announcements regarding a company-wide operational review in response to evolving viewer preferences.Mike Biard, Nexstar’s president and chief operating officer, had communicated this strategy to investors in November, indicating a commitment to streamlining operations and reducing expenses to prioritize initiatives with a stronger impact on viewers, partners, and customers.
The layoffs followed the departure of nexstar’s chief revenue officer, Michael Strober, in October, signifying a broader shift in the company’s approach to advertising sales.
Despite downsizing, Nexstar remains actively engaged in acquisitions, recently announcing plans to acquire an self-reliant station in Cleveland to bolster its CW affiliate network. This deal,expected to finalize in 2025,demonstrates nexstar’s dedication to expanding its presence.
Furthermore, Nexstar has shown progress in mitigating operational losses at The CW network, which it acquired in 2022. The company successfully achieved a $119 million reduction in losses, surpassing its target of over $100 million for 2024. This success underscores Nexstar’s commitment to revitalizing the network.