PARAMOUNT GLOBAL AND NEXSTAR MEDIA RENEW AFFILIATION AGREEMENTS

Rhea-AI Summary

Nexstar Media Group (NASDAQ: NXST) and Paramount Global (NASDAQ: PARA, PARAA) have announced a multi-year renewal of CBS Television Network affiliations for 42 markets. This agreement covers 40 stations owned by Nexstar and 2 owned by Mission Broadcasting, reaching 15% of the U.S. audience and serving nearly 19 million television households.

Additionally, two Paramount-owned independent stations in Miami (WBFS-TV) and Detroit (WKBD-TV) will become affiliates of The CW Network on September 1, 2024. These stations will begin broadcasting the network's news, primetime entertainment, live sports, and special event programming.

The financial terms of these agreements were not disclosed.

Positive

• Multi-year renewal of CBS affiliations in 42 markets, covering 15% of U.S. audience
• Expansion of The CW Network to two major markets (Miami and Detroit)

Negative

• None.

Multi-Year Renewal Covers CBS Affiliated Television Stations in 42 Markets Owned by Nexstar and Mission Broadcasting, Inc.

Paramount-owned Stations in Miami and Detroit To Become CW Network Affiliates on September 1

IRVING, Texas and NEW YORK, July 30, 2024 /PRNewswire/ -- Nexstar Media Group, Inc. (NASDAQ: NXST) (Nexstar) and Paramount Global (NASDAQ: PARA, PARAA) (Paramount) today announced that Nexstar and its operating partner, Mission Broadcasting, Inc. (Mission), have reached comprehensive multi-year agreements to renew CBS Television Network affiliations in 42 markets across the country, including 40 stations owned by Nexstar and two stations owned by Mission. Together, the 42 stations reach 15% of the U.S. audience, serving nearly 19 million television households. 

In addition, two Paramount-owned independent stations in Miami, Florida, and Detroit, Michigan, both top-20 markets, will become affiliates of The CW Network on September 1. WBFS-TV in Miami and WKBD-TV in Detroit will begin carrying the network's news, primetime entertainment, live sports, and special event programming at that time.

Financial terms were not disclosed.

About Nexstar Media Group, Inc.
Nexstar Media Group, Inc. (NASDAQ: NXST) is a leading diversified media company that produces and distributes engaging local and national news, sports and entertainment content across its television and digital platforms, including more than 310,000 hours of programming produced annually by its business units. Nexstar owns America's largest local television broadcasting group comprised of top network affiliates, with 200 owned or partner stations in 116 U.S. markets reaching 220 million people. Nexstar's national television properties include The CW, America's fifth major broadcast network, NewsNation, our national news network providing "News for All America," popular entertainment multicast networks Antenna TV and Rewind TV, and a 31.3% ownership stake in TV Food Network. The Company's portfolio of digital assets, including its local TV station websites, The Hill and NewsNationNow.com, are collectively a Top 10 U.S. digital news and information property. For more information, please visit nexstar.tv.

About Paramount
Paramount Global (NASDAQ: PARA, PARAA) is a leading global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, Paramount's portfolio includes CBS, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV. Paramount holds one of the industry's most extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, the company provides powerful capabilities in production, distribution, and advertising solutions.

For more information about Paramount, please visit www.paramount.com and follow @ParamountCo on social platforms.

 

 

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SOURCE Paramount Global

FAQ

How many markets are covered in the CBS affiliation renewal between Paramount Global and Nexstar Media?

The CBS affiliation renewal covers 42 markets across the country, including 40 stations owned by Nexstar and 2 stations owned by Mission Broadcasting.

When will Paramount-owned stations in Miami and Detroit become CW Network affiliates?

WBFS-TV in Miami and WKBD-TV in Detroit will become affiliates of The CW Network on September 1, 2024.

What percentage of the U.S. audience do the renewed CBS affiliations reach?

The 42 stations involved in the CBS affiliation renewal reach 15% of the U.S. audience, serving nearly 19 million television households.

Were the financial terms of the affiliation agreements between Paramount Global (PARA) and Nexstar Media disclosed?

No, the financial terms of the affiliation agreements were not disclosed in the press release.