Nexstar Announces The CW Acquisition Deal

It’s official, Nexstar Media Group announced on Monday that it is set to acquire a 75% majority stake in The CW network from Paramount Global and Warner Bros. Discovery.

Both Paramount and WBD will each retain a 12.5% ownership in the CW and continue to produce content for the broadcaster upon close of the sale, which is expected to be complete this financial quarter.

Network chairman and CEO Mark Pedowitz will remain in place and handle the responsibility of day-to-day operations. The news comes more than six months after they first began negotiations for the deal.

It’s also on the heels of The CW cancelling a major swath of its line-up from this past season, most notably “Legends of Tomorrow” and “Batwoman,” whilst its long-running flagship dramas like “The Flash” and “Riverdale” are set to end next year.

Though prequel spin-offs to both the ongoing “Walker” and already finished “Supernatural” are set to join the slate, the network is mostly relying on acquired series and its few ongoing originals like “All American” and “Superman & Lois” to keep it going.

Source: Variety

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