The TV Network Slot Machines Built? Nexstar Says Its Investment In The CW To Be Mostly Funded By Proceeds From Sale Of Chicago Property To Casino Developer

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Nexstar Media Group, which has long been known for its enviable balance sheet and knack for finding ways to economize, plans to fund its investment in The CW with proceeds from its sale of a Chicago property to a casino developer

retained 12.5% stakes apiece. The money-losing network is expected to undergo a dramatic overhaul as Nexstar seeks to make it profitable by 2025.

The 30-acre site along the Chicago River near the city’s signature downtown Loop is due to become a $1.74 billion casino built by Bally’s, the gaming company confirmed earlier this month. It had mainly functioned as a printing and distribution facility for theand other print publications. The parcel was in the real estate portfolio that Texas-based Nexstar acquired in its $4.1 billion purchase of Tribune Media in 2019.

Gliha described the CW deal as a “no-brainer” for Nexstar given that the company is the largest single owner of CW affiliates in the country. She also highlighted the national advertising opportunity. On the company’s earnings call last week, Nexstar said the network is projected to bring in $70 million in revenue during the current quarter and book $70 million in adjusted EBITDA losses.

 

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