The CW, home of the Arrowverse, has been sold to TV giant Nexstar who have acquired a 75 percent stake in the business.
Nexstar is acquiring the majority of The CW from Paramount and Warner Bros. Discovery. The two companies will each keep 12.5 percent stakes in the CW, but 75% belongs to Nexstar.
Currently, The CW is run between both of the companies as a joint venture. But now it’s being sold off, and the TV landscape will be shook up as a result.
It’s difficult to predict what will happen as a result of this acquisition, but it was rumoured to be in the works for a while. News first leaked in January this year, but nothing was confirmed back then.
Nexstar’s goals for The CW
Nexstar have claimed that their plan is to make The CW profitable by 2025. It says “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.“
It will also be “transitioning NewsNation, our national cable news network, from WGN, while maintaining a strict focus on cash flow.“
Nexstar CEO Perry Sook said “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.”
The current CEO of The CW, Mark Pedowitz, will continue to serve as the chairman and CEO. He will remain in charge of the standard daily operations of the business. The purchase is expected to go through this quarter, when Nexstar will gain control of 75% of the business.
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Featured Image Credit: CW Seed
Source: The Hollywood Reporter