The CW is getting new ownership.
The broadcast network, currently run as a joint venture between Warner Bros. Discovery’s Warner Bros. TV and Paramount Global’s CBS Studios, is selling a 75 percent stake to the local broadcast giant Nexstar. Paramount and Warner Bros. Discovery will each retain a 12.5 percent stake in the venture.
The CW will also continue to order programming from the two entertainment giants, though Nexstar is likely to look elsewhere for originals as well.
During a call to discuss the deal, Nexstar executives said their plan is to bring The CW to profitability by 2025. Nexstar CEO Perry Sook touted the buy as a way to diversify his company’s content portfolio and strengthen its appeal to advertisers by increasing its exposure to the national ad market. “So, over time, we will be taking a different approach to our CW programming strategy and will leverage our experience in spending approximately $2 billion a year on programming, attracting and monetizing viewers, and transitioning NewsNation, our national cable news network, from WGN, while maintaining a strict focus on cash flow,” Nexstar COO Tom Carter said on the call. The Hollywood Reporter