After months of rumors and reports, the deal has finally been completed for Nexstar to acquire 75% of The CW.
As of Monday morning, Nexstar had agreed to acquire 75% of the 16-year-old The CW with “no upfront considerations.” This means that Nexstar – the biggest owner of local television stations in the U.S. – would take on $100 million dollars in debt from the network.
Warner Bros. Discovery and Paramount Global, the current owners, will each retain 12.5% of the network. Both companies will also continue to produce content for the network. It was previously reported that the two current owners will also continue to retain their current licensing deals with outlets such as Netflix.
Nexstar President and COO Tom Carter said in a conference call on Monday that the deals with the two studios is “primarily” for the 2022-23 season, and after that it “will have the option to extend the partnership.”
Under the previous leadership, many shows on The CW were developed with the purpose of not only airing on the network, but also appealing to a streaming audience for secondary sales. Card said the company will be greenlighting new programming without that dual purpose.
In an attempt to lower costs, Carter said that they would be looking at more unscripted and syndicated fare.
While not said explicitly, it sounds as though the days of series such Superman & Lois, Stargirl, Nancy Drew, and more are numbered at The CW. While it’s always possible they will find new homes, we’ll have to wait and see how this season shakes out for the network. With a goal of being profitable by 2025, things are going to move rapidly for the company.