The CW’s majority stake has been sold to media giant Nexstar

After months of speculation and cancellations, Warner Bros. Discovery and Paramount transfer the majority of The CW’s interests to another media company.

The CW has been officially sold to Nexstar, marking the end of an era for network television.

The Hollywood Reporter confirmed that a deal has been struck between the network’s co-owners, Warner Bros. TV and CBS Studios, with the Texas-based media conglomerate. Under the agreement, 75% of the network interests will go to Nexstar, while the original parent companies Warner Bros. Discovery and Paramount each retained 12.5%. Original shows are still being produced for The CW, especially the upcoming ones supernatural and hiker prequels The Winchesters and Walker: Independenceand network CEO Mark Pedowitz will retain his current position.

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“Our acquisition of The CW is strategically and operationally attractive as it will enable us to leverage our operational experience to improve network performance through our management of this powerful national platform,” Nexstar CEO Perry Sook said in a statement. after the takeover. “We intend to apply the same rigorous financial standards to operating The CW as we do to our other businesses.”

This sale comes months after several long-running The CW shows were shockingly canceled from the weekday lineup, including the majority of the remaining DC Arrowverse programs. Despite 2020 Crisis on Infinite Earths crossover merging all the main lines of Arrowverse shows into one Earth (called Earth-Prime), late April saw the abrupt cancellation of batwoman and Legends of tomorrow followed by series of newcomers Naomi a month later. The flashThe CW’s longest-running Arrowverse series, will also end after Season 9, leaving behind Superman & Lois, star girl and the coming Gotham Knightswhich have been confirmed to exist in different timelines.

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Beyond the Arrowverse, The CW’s spring cancellations include their Roswell, New Mexico, charmedand Dynasty reboot as well as the original series In the dark and legacies. The final series marks an official conclusion to programs that have begun The diary of vampires universe, with the original series — which ran between 2009 and 2017 — being one of The CW’s breakthrough hits. The Archie Adaptation Riverdale was also canceled after seven seasons while, most recently, the Nancy drew spin-off Tom Swift ends after the first season.

This sale coincides with Warner Bros. Discovery announcing major changes in its company to increase budgets for HBO Max programs and eventually merge it with Discovery+ into one platform. The news came in the wake of the company’s shocking decision to suspend both Leslie Graces batgirl movie and animation Scoob! continuation Scoob!: Holiday Haunt without even a streaming release, coupled with the abrupt removal of multiple HBO Max original movies. Before both companies ran their own streaming services, The CW’s shows made a profit through a $1 billion streaming deal with Netflix.

Source: The Hollywood Reporter

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