reported in June that the company was not expected to pay cash but would instead assume up to $100 million of the network’s current losses.
Negotiations began over six months ago. In a call on Monday morning, Nexstar President Tom Carter said the company would seek to program the CW for an older demographic more in line with its local stations.
The CW has traditionally aimed its programming at teens and young adults.Said Sook: “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.
We plan to apply the same strict financial standards to operating The CW as we apply to our other businesses.” President and CEO of CBS George Cheeks noted in the same release The CW’s commitment to creating programming “that has resonated with viewers on the network and on platforms around the world” for the last 16 years. “This new ownership structure enables us to partner with Nexstar and Warner Bros.
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