The CW Gets New Owners: Nexstar Media Acquires 75% Stake
The CW is welcoming new owners, as the network that airs shows such as Riverdale and Walker has been sold to America’s largest local television and media company Nexstar Media Group.
As reported by The Hollywood Reporter, Nexstar has acquired a 75 percent stake in the broadcast network, which is currently operated as a joint venture between Warner Bros. Discovery’s Warner Bros. TV and Paramount Global’s CBS Studios. The deal will see Paramount and Warner Bros. Discovery each retain a 12.5 percent stake in the network.
It is expected that The CW will continue to order programming from the two previous majority stakeholders, though Nexstar can and most likely will look for additional originals from elsewhere.
Mark Pedowitz, the CW chairman and CEO, confirmed the network was for sale earlier this year, telling staff, “So, what does this mean for us right now? It means we must continue to do what we do best, make The CW as successful and vibrant as we have always done.”
According to THR, Pedowitz will remain chairman and CEO, responsible for day-to-day operations, as the transaction is expected to close in the third quarter.
“The proposed transaction is expected to create value for Nexstar shareholders by solidifying the company’s revenue opportunities as the largest CW affiliate, diversifying its content outside of news, increasing its exposure to the national advertising market, establishing it as a participant in advertising video-on-demand services and improving The CW ratings, revenue and profitability, by prioritizing programing for the network’s broadcast audience,” the company said Monday.
Launching on September 18, 2006, The CW has been home to many hit series, mostly skewing towards a younger audience. Some of the network’s most popular shows include The Vampire Diaries, Smallville, the original Gossip Girl, Supernatural, and the many superhero shows within Greg Berlanti’s Arrowverse.
Walker, Season 3, Premieres, Thursday, October 6, 8 pm et, The CW
