Nexstar Media Group is planning to acquire a 75 percent ownership in The CW Network. Warner Bros. Discovery and Paramount Global, the current co-owners of The CW, will each retain a 12.5 percent ownership interest.
An excerpt from the announcement reads:
“The proposed transaction is expected to create value for Nexstar shareholders 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 prioritizing programming for the Network’s broadcast audience.
“Mark Pedowitz will continue to serve 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.”