Nexstar Laying Off 2% Of Workforce, Focusing Cuts On Local Stations; The Hill Editor In Chief Bob Cusack Also Sets Exit

deadline.com:

Nexstar Media Group, which has been trimming staff at The CW in recent months, plans to expand those belt-tightening efforts by cutting 2% of its total workforce.

The reductions are centered on the company’s local station portfolio, which is the largest in the U.S. The 2% equates to about 260 employees. “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 provided to Deadline. “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.” Along with cuts at The CW, Nexstar senior executives have publicly acknowledged the need to streamline given softness in the advertising market and other challenges to legacy media.

Nexstar President Mike Biard said last month on the company’s third-quarter earnings call with Wall Street analysts that the company is “acting to further streamline and simplify the entire organization.” Those efforts, he continued, “will accelerate innovation across the company and reduce operating expenses.