NXT is leaving the USA Network after four years.
The Next Star Media Group and the WWE announced today that the CW Network will become the official broadcast home to WWE NXT in October 2024. The five-year agreement marks the first time in its 13-year history that WWE NXT will air on a broadcast television network.
WWE NXT will debut on The CW Network in October 2024 and air 52 live weekly events throughout the season.
“We are thrilled to welcome the WWE brand into the CW Sports portfolio as they play an integral role in our mission to bring live sporting events to the network year-round,” said Dennis Miller, President, The CW Network. “WWE NXT is a perfect fit for The CW thanks to its dynamic young talent featuring the hottest rising stars in the sport and exhilarating, unpredictable weekly events. The passion and engagement of WWE’s fanbase is unmatched, and we are eager to grow that audience as WWE NXT’s new home on broadcast television.”
“The CW has made impressive moves over the past year with its live sports programming schedule,” said Nick Khan, WWE President. “It’s a truly exciting opportunity to expand NXT’s audience by bringing the show to broadcast television for the first time in NXT’s history.”
The Next Star Media Group purchased the ailing CW Network last year and has since moved away from YA programming focusing on live sports and “mature programming”.
Nexstar did not pay any cash for the CW but instead took on more than $100 million in the CW’s losses from Paramount and Warner Bros. Discovery.
“It’s no secret that the CW is not profitable, but this is not typical for fully-distributed broadcast or cable networks. In fact, according to SNL Kagan data, no other broadcast network operates at an ongoing loss,” said Lee Ann Gilha. Nexstar’s CFO at the time. “Based on our plans, we believe we can bring The CW to profitability by 2025, and we expect to invest a low 9-figure amount over this three-year period as we implement our plan. We view this amount as a proxy for a purchase price — or an investment made over time — rather than an ongoing drag on cash flow. You know us. We are profit and cash flow focused and expect this asset to achieve profitability.”