The CW's New Owners Reportedly Won't Change Network's Name Yet

In spite of huge changes to the network's lineup and identity, Nextstar, who recently purchased a controlling interest in The CW, says that the network will keep its name, at least for the foreseeable future. The CW was named for CBS Television and Warner Bros., the two companies that co-founded it when they merged their respective UPN and WB networks in 2006. Earlier this year, Nexstar purchased 75% of The CW, leaving Paramount and Warner Bros. Discovery holding 12.5% each -- basically, enough to cash some checks if the network makes a profit, but not enough to have a meaningful amount of control.

The decision is less about the network's history, and more about practicality, according to Variety. For the same reason so many shows are being cancelled -- genre TV costs a lot of money, and Nexstar is trying to cut costs -- it doesn't make sense to invest in a new brand at the moment.

"A branding refresh would likely cost a significant amount, and the network's name is already embedded in cable-guide listings and smart-TV selections," the Variety analysis reads.

These details come amid more bad news for the company. More than 30 employees at The CW  have been laid off, and just yesterday, Stargirl was cancelled, joining more than half of the network's original programming and leaving only Superman & Lois to potentially survive 2023, with numerous other comic book shows from Batwoman and Riverdale to Legends of Tomorrow and The Flash now wrapping up.

The latest cuts come after longtime network president Mark Pedowitz stepped away from the company, with venture capitalist Dennis Miller succeeding him in the role. Finance chief Mitch Nedick and chief branding officer and president of streaming Rick Haskins were let go soon after.

"Dennis Miller brings a unique skill set of proven television, media, and technology industry expertise, as well as venture capital experience to the role of President at The CW. His understanding and ability to unlock value from media assets by delivering high-quality, profitable entertainment, will serve the network, its viewers, its partners and CW affiliates around the country extremely well. We are confident his background, experience and relationships will allow Nexstar to deliver on the value of this transaction for our shareholders," said Perry Sook, Nexstar's chairman and CEO, in a statement (via Variety).  "I look forward to working with Dennis and Sean Compton, Nexstar's President of Networks, to build on the foundation that Mark Pedowitz and his team have established at both the CW Network and the CW App. We sincerely thank Mark for his many years of service to The CW and wish him the very best in his future endeavors."