The CW Poised To Get New Corporate Home As Nexstar Confirms Plan For 75% Ownership Stake; Mark Pedowitz To Remain CEO
deadline.comThe CW is about to enter a new ownership era, as local TV giant Nexstar Media Group has confirmed a pending deal to acquire a 75% stake in the 16-year-old broadcast operation.Warner Bros Discovery and Paramount Global will each retain a 12.5% ownership interest in the CW and will continue to produce scripted content for the network.
Nexstar had not previously addressed months-long press speculation about the move, but finally confirmed it this morning in an SEC filing and press release.Mark Pedowitz will continue as chairman and CEO of the CW.
The transaction is expected to close in the third quarter.Nexstar, the No. 1 owner of local TV stations in the U.S., whose portfolio also includes cable network NewsNation and digital brands like The Hill, is a logical new boss of the CW.
It already owns the largest collection of affiliates of the network, giving it a clear incentive to try to make the CW flourish.
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