Two years ago the CW, fresh off its acquisition by Nexstar, made a proclamation that made the television industry raise a collective eyebrow: the Big Four broadcasters would become the Big Five.

It’s been a long and creatively bloody road since then. Following the 2022 acquisition, the network axed all but one of the young adult originals that used to be synonymous with the brand, leaving behind only “All American.” In place of those generational originals, the network invested heavily in acquired programming, co-productions and sports — lots of sports — all in the hopes of finally making the CW profitable by 2026. As dismissed as the company was initially, Nexstar’s bet seems to be working. By the fourth quarter of 2024, the company reduced its year-over-year losses by $126 million.

“We’ve told people we’re going to be profitable next year. That may be the thing that goes on the top of your resume from now on,...