Nexstar Acquires Majority Stake In The CW From Warner Bros. Discovery
The popular television network The CW is soon going to be under new ownership after Nexstar Media Group struck a deal with Warner Bros. Discovery to acquire a majority stake in the network of 75% with Warner Bros. Discovery retaining 12.5% and Paramount Global retaining the other 12.5%.
Of the acquisition, Warner Bros. Television Group chief Channing Dungey said:
“[The CW] has been home to some of the most ground-breaking and generation-defining programming in television. 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.”
Pedowitz is said to continue in his role as chairman and CEO of the network while also noting that Warner Bros. is set to continue providing scripted content to The CW. The network birthed the creation of the Arrowverse which saw DC hero-inspired series such as Arrow, The Flash, Black Lightning, Batwoman, DC’s Legends of Tomorrow, Supergirl, Naomi, and Superman & Lois.
Many of these series have seen their time on the network come to an end with The Flash seeing its final season come next year with a shortened season 9. Warner Bros. looks to continue developing series for the network which could indicate Superman & Lois is safe along with the final season of The Flash and the upcoming Gotham Knights series set to air on the network.
CBS chief George Meeks praised the home the WB, and The CW has created for content that fans have enjoyed over the years, saying:
“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.”
Nexstar is reportedly looking to tailor the network for broadcasting over streaming. This many wheels spinning at once could potentially put current or future WB projects on the network at risk but it all remains to be seen as to what the future holds for DC projects on The CW and as a whole as Warner Bros. Discovery continues to make cost-cutting measure. Stay tuned as more information is available.