Nexstar Media Group to acquire The CW Network
Maksim Labkouski


Nexstar Media Group (NASDAQ:NXST) is acquiring a 75% ownership interest in The CW Network, LLC.
Warner Bros. Discovery (NASDAQ:WBD) and Paramount Global (NASDAQ:PARA), the current co-owners of The CW, will each retain a 12.5% ownership interest in The CW and will continue to produce original, scripted content for the Network.

The proposed transaction is expected to create value for NXST shareholders by solidifying the companyâs 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 programming for the Networkâs broadcast audience.
Mark Pedowitz will continue to serve as The CWâs Chairman and Chief Executive Officer.
The transaction is expected to close in the third quarter.