TV giant Nexstar Media Group underperformed Wall Street analysts' expectations for the second quarter, but The CW said its losses are narrowing further.

The company reported a 2% increase in second-quarter revenue to $1.27 billion, which missed forecasts of $1.3 billion. Diluted earnings per share of $3.54 improved 90 cents from the year-ago period but fell short of the market's target of $4.17.

"During the quarter, we continued to execute on our plan at The CW, reducing operating losses by $33 million year-over-year and $83 million year-to-date," Nexstar CEO Perry Sook said in the company's earnings report. "Our organizational and programming changes are driving improved cash flows and the third consecutive quarter of ratings growth in primetime entertainment programming."

The CW's finances are not reported as a separate division or line item in Nexstar's results.