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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.

While the company’s drive to wring profits out of The CW and also its pending sale of the Freedom Center have both been publicly disclosed, the dots were connected by CFO Lee Ann Gliha today at a conference hosted by investment firm Stephens.

Nexstar President and COO Tom Carter also took part in the conference session. Nexstar closed its acquisition of 75% of The CW last month, paying nothing up front but agreeing to take on the network’s debt and absorb its losses.

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