Nexstar Media Group entered agreement to acquire majority ownership in The CW Network.
Nexstar secured a 75 percent ownership interest in the television network. The company becomes the largest CW affiliate group with 37 CW and CW Plus affiliates. Mark Pedowitz will continue as the network’s chairman and chief executive officer.
Warner Bros. Discovery and Paramount Global will retain minority stake at 12.5 percent ownership interest for each company. WBD and Paramount will continue to produce scripted content for The CW.
Perry Sook, chairman and chief executive officer of Nexstar, commented, “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.”
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