Nexstar Media Group has entered into a definitive agreement to acquire a 75% ownership interest in The CW Network.
Both Warner Bros. Discovery and Paramount Global will each retain a 12.5% ownership interest in The CW—and will continue to produce original, scripted content for the Network.
Mark Pedowitz will stay on as The CW’s chairman and chief executive officer, with responsibility for day-to-day operations. The transaction is expected to close in the third quarter.
“Our acquisition of The CW is strategically and operationally compelling, as it will enable us to leverage our operational experience to improve the Network’s performance through our management of this powerful national platform,” said Perry Sook, Nexstar’s chairman and chief executive officer. “We plan to apply the same strict financial standards to operating The CW as we apply to our other businesses.”
“The CW has delivered signature programming to its broadcast and digital audiences for 16 years,” said George Cheeks, president and ceo of CBS. “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.”
“We look forward to continuing to collaborate on our shared series and future projects to come under Nexstar’s leadership,” said Channing Dungey, chairman of Warner Bros. Television Group. “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.”
Nexstar and its partner stations make up the nation’s largest local television broadcasting company and the largest CW affiliate group, with 37 CW and CW Plus affiliates, including affiliates in five of the top ten DMAs—accounting for 32 percent of the Network’s national reach.