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The CW
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The CW is being placed on the market, CEO Mark Pedowitz confirmed in a memo sent to staff today. Although the exec said it was “too early to speculate what might happen,” The Wall Street Journal reported that local TV giant Nexstar is among the potential buyers. The broadcaster, which his home to shows like Batwoman, Walker, and Riverdale, is currently owned by ViacomCBS and WarnerMedia.
“First, as many of you are aware, over the past year or so, this transformative time in our industry has led to a series of business activity across media and content companies,” Pedowitz wrote in a memo obtained by The Hollywood Reporter. “Given that environment right now, ViacomCBS and Warner Bros. are exploring strategic opportunities to optimize the value of their joint venture in The CW Network.”
At the moment, it isn’t clear whether or not ViacomCBS and WarnerMedia plan to sell the entire network. They may decide to retain minority stakes.
“So, what does this mean for us right now? It means we must continue to do what we do best, make The CW as successful and vibrant as we have always done,” Pedowitz added. “We have a lot of work ahead of us — with more original programming than ever, this season’s expansion to Saturday night, our growing digital and streaming platforms — and we thrive when we come together and build The CW together.”
The CW previously had an output deal with Netflix that helped series like Riverdale and All American reach larger audiences, ultimately providing growth on the linear side as well. But that pact ended in 2019 as Warner Bros. TV and CBS Studios put more effort into their own respective streamers, HBO Max and Paramount+. The end of this deal teamed with a loss of revenue from foreign sales reportedly resulted in major concern from the studios who generated revenue from Netflix, rather than linear broadcasting.
Currently, The CW offers its originals fore free on its website and CW Seed. Plenty of its success comes from Greg Berlanti’s DC Comics universe of shows, which includes The Flash, Superman & Lois, Batwoman, and Legends of Tomorrow, among others. Other popular CW series include Legacies, Nancy Drew, and more.
