ABC's New President Switches Things Up With Early Renewals For Multiple Series

Over the past few years it has been Walt Disney Co (NYSE: DIS)'s ABC's policy not to renew many (if any) of its series until right before its annual upfront in May. This year, that won't be the case, as new ABC Entertainment President Channing Dungey surprised audiences and analysts on Thursday with breaking news.

Dungey, who took over for former topper Paul Lee just recently, gave the greenlight to new seasons for just over two dozen of the network's biggest hits. Among the most noteworthy were first-year hit "Quantico," Shonda Rhimes' trio of Thursday night dramas ("Grey's Anatomy," "Scandal," "How To Get Away With Murder,"), Wednesday night's comedy quartet ("The Middle," "The Goldbergs," "Modern Family" and "Black-ish") and reality staples "Dancing With The Stars," "Shark Tank," "The Bachelor" and "America's Funniest Home Videos."

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The early renewals are a sign of confidence to investors in the network's current roster and re-enforces its core direction and focus. Moreover, it also prevents a similar situation to last year when, in some cases, cast contracts weren't shored up early and led to a few actors testing the pilot season waters.

Still on the dreaded bubble are rookie series "The Muppets," and long-running dramas "Castle" and "Nashville." "Castle's" pick-up is reportedly dependent on securing a contract extension with series lead Nathan Fillion.

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