The CW: Nexstar Reportedly Closing Deal For Majority Control of Network

A new report suggests that Nexstar Media Group Inc. could be "close to a deal" to acquire majority control of the fan-favorite television network The CW. The news was reported by The Wall Street Journal on Thursday, with their reporting claiming that Nexstar would acquire 75% ownership in the network, while its current owners — Paramount and Warner Bros. Discovery — would each retain 12.5% ownership. If the deal would go through, which could potentially occur in the coming weeks, Nexstar would reportedly assume "a significant portion" of the network's current losses, which might be upwards of $100 million.

It remains to be seen exactly how this would impact The CW's slate of programming, especially as Nexstar is already currently the largest owner of affiliate stations for the network. The report alleges that while Nexstar would acquire shows from outside producers, and that they also aim for The CW to shift towards an older audience demographic. That being said, CBS and Warner Bros. would reportedly continue to create content for the network, and would continue to retain the content-licensing revenue from pre-existing deals with streaming services and global distributors, such as The CW's previously-existing deal with Netflix. With The CW already setting its programming schedule for the Fall 2022 season, it's safe to assume that viewers would not immediately see on-air changes if the Nexstar merger were to go through.

As it stands, the past few months have been a period of major change for The CW, with the networking cancelling a number of existing shows. These included DC entries Naomi, Batwoman, and Legends of Tomorrow, as well as In the Dark, the Vampire Diaries spinoff Legacies, and the network's reboots of Charmed, Dynasty, 4400, and Roswell, New Mexico.

At the moment, The CW's crop of shows for the 2022-2023 season include the final season of Riverdale, as well as new seasons of The Flash, Superman & Lois, All American, Nancy Drew, Stargirl, Walker, Kung Fu, and All American: Homecoming, as well as the acquired shows Family Law and Professionals. The network also has a trio of new shows for next season — the The Winchesters, the DC-inspired Gotham Knights, and the Walker prequel Walker: Independence. The network still has a number of shows in development as well, including the Arrow spinoff Justice U, the Archie Comics-inspired Jake Chang, and new reboots of Babylon 5, Zorro, and The Powerpuff Girls.

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