Bolstering its already formidable corporate scale, leading US media company Nexstar Media Group, has entered into a definitive agreement to acquire a 75% ownership interest in content provider The CW Network.
16 years old, The CW has been home to programming such as DC Super Heroes of Greg Berlanti’s Arrowverse series to The Vampire Diaries; the All American franchise, the original Gossip Girl, Kung Fu, Nikita, Riverdale, and Smallville. The network was also the home of Supernatural, the longest-running live-action fantasy series in US TV history, for 14 of its 15 seasons. The Supernatural story will continue with The Winchesters premiering in Autumn 2022.
The acquisition deal will also see current co-owners of The CW - Warner Bros. Discovery and Paramount Global - each retain a 12.5% in The CW and continue to produce original, scripted content for the Network.
The transaction is expected to close in the third quarter of 2022 and Nexstar expects it to improve ratings, revenue and profit opportunities for The CW and its affiliates, creating value by solidifying the company’s revenue opportunities as the largest CW affiliate, diversifying its content outside of news, increasing its exposure to the national advertising market, establishing it as a participant in advertising video-on-demand services and improving The CW ratings, revenue, and profitability, by prioritising programming for the Network’s broadcast audience.
“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,” commented Nexstar chairman and chief executive officer Perry Sook. “We plan to apply the same strict financial standards to operating The CW as we apply to our other businesses.”
Mark Pedowitz will continue to serve as The CW’s chairman and chief executive officer, with responsibility for day-to-day operations. “We look forward to 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,” remarked Channing Dungey, chairman, Warner Bros. Television Group.
The acquisition deal will also see current co-owners of The CW - Warner Bros. Discovery and Paramount Global - each retain a 12.5% in The CW and continue to produce original, scripted content for the Network.
The transaction is expected to close in the third quarter of 2022 and Nexstar expects it to improve ratings, revenue and profit opportunities for The CW and its affiliates, creating value by solidifying the company’s revenue opportunities as the largest CW affiliate, diversifying its content outside of news, increasing its exposure to the national advertising market, establishing it as a participant in advertising video-on-demand services and improving The CW ratings, revenue, and profitability, by prioritising programming for the Network’s broadcast audience.
“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,” commented Nexstar chairman and chief executive officer Perry Sook. “We plan to apply the same strict financial standards to operating The CW as we apply to our other businesses.”
Mark Pedowitz will continue to serve as The CW’s chairman and chief executive officer, with responsibility for day-to-day operations. “We look forward to 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,” remarked Channing Dungey, chairman, Warner Bros. Television Group.
