Nexstar nearing deal to acquire 75% of the CW

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It seems that the months of rumors surrounding the purchase of The CW are about to come to an end.

According to a new report from the Wall Street Journal, Nexstar is closing in on a deal to acquire 75% of the CW from Warner Bros. Discovery and Paramount Global. The deal is said to be for no money, but that Nexstar – the biggest owner of local television stations in the U.S. – would take on $100 million dollars in debt from the network.

The current co-owners would retain 12.5% of the network each.

Both Warner Bros. and CBS are both expected to continue to produce content for the network, while Nexstar will also look at acquiring content from other studios as well. The two current owners will also continue to retain their current licensing deals with outlets such as Netflix.

Sources familiar with the discussions have said part of the impetus for this deal for Nexstar is to try to age up the content of the network a bit. Currently operates numerous CW affiliates and it would like to age up the content so that it would better match the demographics of its viewers.

No immediate changes are expected to be noticeable on the CW, and no completion date for the deal has been announced as of yet.