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As goes the Arrowverse, so goes The CW. While the network may still be keeping its name, it would be naive to think that Monday morning, August 15, 2022, doesn’t mark the end of a broadcast era. Via an SEC filing and press release, Nexstar Media Group confirmed its pending deal with Warner Bros Discovery (WBD) and Paramount Global (PG) for a 75% stake in the 16-year-old broadcast network. Along with continuing to produce programming content for the network, the WBD and PG will each retain a 12.5% ownership interest. The move comes as both WBD and PG look to streamline costs and redefine their long-term streaming, cable, and linear plans, while Nexstar enters into the deal with no upfront costs (though taking on the network’s estimated $100M+ in losses). The multimedia company stands as the top owner of local TV stations in the U.S. (including the most number of owned CW affiliates) with an umbrella that also includes cable network NewsNation and digital brands such as The Hill. With the deal expected to be finalized during the third quarter, Mark Pedowitz will continue on as chairman and CEO of The CW. Moving forward, Nexstar’s plans are to position the company as a “fully-sustainable network,” not reliant upon past streaming deals like the one the WBD and PG had with Netflix (with that deal ending in 2019).
“It will enable us to leverage our operational experience to improve the network’s performance through our management of this powerful national platform,” Nexstar CEO Perry Sook said in the release. “We plan to apply the same strict financial standards to operating The CW as we apply to our other businesses.” CBS head George Cheeks added in a statement, “Together, with our partners at Warner Bros. and The CW, we have created a welcome home for content that has resonated with viewers on the network and on platforms around the world. This new ownership structure enables us to partner with Nexstar and Warner Bros Discovery on the next chapter of The CW while re-deploying capital to other content platforms at Paramount.”
Warner Bros Television Group chief Channing Dungey said the network “has been home to some of the most groundbreaking and generation-defining programming in television,” adding that the company will be “continuing to collaborate on our shared series and future projects to come under Nexstar’s leadership. We are forever grateful to our partners at The CW, especially Mark Pedowitz, who has been a great friend to the studio for so many years, and to me personally. We know that the network will continue to thrive under his leadership,” she added.
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