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We look forward to continuing to collaborate on our shared series and future projects to come under Nexstar’s leadership.” We’re excited that the Supernatural story will continue with The Winchesters premiering this fall. The network was also the home of Supernatural, the longest-running live-action fantasy series in U.S. Television Group, said: “For 16 seasons, The CW has been home to some of the most groundbreaking and generation-defining programming in television, from the iconic DC super heroes of Greg Berlanti’s Arrowverse series to The Vampire Diaries, and everything in between, including the All American franchise, the original Gossip Girl, Kung Fu, Nikita, Riverdale, Smallville, and many many more. Discovery on the next chapter of The CW while re-deploying capital to other content platforms at Paramount.”Īnd Channing Dungey, chairman, Warner Bros. George Cheeks, president and CEO of Paramount’s CBS, added: “This new ownership structure enables us to partner with Nexstar and Warner Bros.
We plan to apply the same strict financial standards to operating The CW as we apply to our other businesses.” Nexstar CEO 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. “The proposed transaction is expected to create value for Nexstar shareholders by solidifying the company’s revenue opportunities as the largest CW affiliate, diversifying its content outside of news, increasing its exposure to the national advertising market, establishing it as a participant in advertising video-on-demand services and improving The CW ratings, revenue and profitability, by prioritizing programing for the network’s broadcast audience.”
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”Nexstar, together with its partner stations, is the nation’s largest local television broadcasting company and the largest CW affiliate group with 37 CW and CW Plus affiliates, including affiliates in five of the top 10 DMAs, accounting for 32 percent of the Network’s national reach,” the company said Monday. The transaction is expected to close in the third quarter. Pedowitz will continue to serve as The CW’s chairman and CEO, with responsibility for day-to-day operations. digital publication The Hill, among other properties. Nexstar owns some 199 local stations in dozens of local markets, as well as the cable news channel NewsNation, and D.C. The CW chairman and CEO Mark Pedowitz confirmed that the younger-skewing broadcast network was for sale earlier this year, telling staff: “So, what does this mean for us right now? It means we must continue to do what we do best, make The CW as successful and vibrant as we have always done.” Other firms, most notably some major private equity players, have also kicked the tires on the broadcaster.
News that The CW was on the block first leaked in January, with Nexstar cited as a likely suitor at the time.
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TV Upfronts: Burning Questions for Broadcast Networks “So, 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, and transitioning NewsNation, our national cable news network, from WGN, while maintaining a strict focus on cash flow,” Nexstar COO Tom Carter said on the call. Nexstar CEO Perry Sook touted the buy as a way to diversify his company’s content portfolio and strengthen its appeal to advertisers by increasing its exposure to the national ad market. The CW will also continue to order programming from the two entertainment giants, though Nexstar is likely to look elsewhere for originals as well.ĭuring a call to discuss the deal, Nexstar executives said their plan is to bring The CW to profitability by 2025. Discovery will each retain a 12.5 percent stake in the venture. TV and Paramount Global’s CBS Studios, is selling a 75 percent stake to the local broadcast giant Nexstar. The broadcast network, currently run as a joint venture between Warner Bros.
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