Irving’s Nexstar Media Group, the nation’s largest television broadcasting company, said Monday that it has a deal to buy majority ownership of the CW Network.
Nexstar will hold 75% ownership of the CW network while the current co-owners, Warner Bros. Discovery and Paramount Global, will retain a 12.5% ownership interest in the network. Warner Bros. Discovery and Paramount Global will continue to produce original, scripted content for the network.
The transaction, which requires no regulatory approvals, is expected to close in the third quarter, but Nexstar will begin managing the business immediately.
Tom Carter, Nexstar’s president and chief operating officer, said the CW is one of the lowest-rated broadcasting networks. Variety reported that among the most-watched networks of 2021, the CW ranked No. 21.
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