Nexstar is making cuts to its broadcasting and sales divisions as it looks to reduce operating expenses and “accelerate collaboration across the company,” TheWrap has learned. The media group controls 200 owned or partner stations in 116 U.S. markets, reaching 220 million people.
“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,” the company said in a Wednesday statement. “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.”
The latest streamlining comes after The CW laid off over two dozen employees at the network, impacting its scripted programming and PR divisions. The cuts reflected a programming shift towards sports and unscripted content.
During the company’s third quarter earnings report, Nexstar reported that operating losses for the broadcaster had been reduced by $119 million year-to-date, exceeding its target of $100 million by the end of 2024.
Nexstar president and COO Mike Biard told investors at the time that its continued efforts would allow it to “focus on initiatives that more directly impact our viewers, partners and customers as we pursue priorities that represent our best long-term opportunities.”
Shares of Nexstar, which are up 12.7% in the past year, fell 2.4% during Wednesday’s trading session.
