Warner Bros. Discovery’s Warner Bros. TV and Paramount Global’s CBS Studios has sold off a 75% share of The CW to local broadcast giant Nexstar.
While Warner Bros. Discovery and Paramount each retain a 12.5% stake in the venture, Nexstar now has majority control of the network and will look to expand its programming, while continuing to order from the two entertainment giants.
On a call to investors and stakeholders, Nexstar CEO Perry Sook explained, “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.”
Warner Bros. Television Group chairman, Channing Dungey, added, “For 16 seasons, The CW has been home to some of the most groundbreaking and generation-defining programming in television, from the iconic DC super heroes of Greg Berlanti’s Arrowverse series to The Vampire Diaries, and everything in between, including the All American franchise, the original Gossip Girl, Kung Fu, Nikita, Riverdale, Smallville, and many many more. The network was also the home of Supernatural, the longest-running live-action fantasy series in U.S. TV history, for 14 of its 15 seasons. We’re excited that the Supernatural story will continue with The Winchesters premiering this fall. We look forward to continuing to collaborate on our shared series and future projects to come under Nexstar’s leadership.”
With the buyout deal only just announced, it is expected that The CW will continue to operate as is for the foreseeable future, with shows like All American, The Flash, Kung Fu, Nancy Drew, Riverdale, Superman & Lois and Walker all renewed for next season.
For more information on this story visit The Hollywood Reporter.
Well I guess that means Superman and Lois will be going to HBO Max
I think that now that the CW is under new ownership, it might be more of a rebranding of the network like how the CW was once WPix. So I think the network will be called Nexstar instead of the CW. I don’t think Superman and Lois would moving to HBOMAX.