Nexstar Media Group announced on Monday morning in an SEC filing and press release a pending deal to hold about 75% of the CW network, according to Deadline. In addition, the CW ownership under Nexstar Media Group will have Warner Bros Discovery and Paramount Global under 12.5% ownership each of the CW.
Nexstar will take on any of the broadcast network’s debt while allowing Mark Pedowitz to continue as chairman and the CEO of the CW network when the deal should close in the third quarter, according to Deadline. However, the network will have losses due to the worsened economy since the ownership deal was put into motion with the rising inflation and interest rates concerning business deals.
Although the CW has always been under a 50-50 venture between the owners of CBS and Warner Bros, according to Deadline, switching management to Nexstar TV stations is logical move. Before the switch off, the CW created popular shows of youth appeal like Vampire Diaries, Gossip Girl, Riverdale, etc. In addition, according to Deadline, Nexstar has a line of cable network News Nation and digital brands that will help grow the CW network.
Once the deal was announced, other network channels gave their opinions on the change in ownership. The Warner Bros Television Group Chief Channing Dungey said that the CW “has been home to some of the most groundbreaking and generation-defining programming in television,” according to Deadline. In addition, surrounding networks of the CW who have worked with the network before could say that on NexStar’s part, investment in the CW could help them gain the desirable young adult demographic that the CW network has already built.
More information about the ownership status of the CW network will be revealed in the upcoming months.