The CW has been undergoing a transformation in the past several months, slimming itself down by cancelling shows like Batwoman and Legends of Tomorrow in the hope of making itself more attractive for potential buyers. Now, one has finally bit: Deadline reports that Nexstar will acquire a 75% stake in the company.
The CW was created in 2006 as a way to consolidate The WB and UPN. Since then, it’s developed a reputation for making, essentially, teenage soap operas; think shows like Riverdale. It also became the home for live-action DC series, with The Flash and Superman & Lois being some of its biggest hits over the years.
The CW was jointly operated for years for Warner Bros. and CBS, but as both of those companies reoriented themselves to better compete in the streaming wars — Warner Bros. with HBO Max and CBS with Paramount+ — holding onto a linear network like The CW made less sense, hence the divestiture to a company like Nexstar, which is the No. 1 owner of local TV stations in the U.S.
The CW finally sells itself, to local TV station owner Nexstar
With its linear empire, Nexstar has the incentive to want The CW to flourish, although we can probably still expect CW shows to show up on streaming; Warner Bros. and CBS each retained a 12.5% ownership stake.
Mark Pedowitz, who has been with The CW since 2011, will remain as its CEO. All in all, this looks like it’ll be a pretty natural transition, although I feel for the fans who had to watch their favorite shows get axed. Hopefully there are brighter times ahead.
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