In a surprise reveal, The Wall Street Journal reports WarnerMedia and ViacomCBS Inc. are “exploring a possible sale” for their joint-owned CW network.
According to the report, they are considering options of “a significant participation” or the total ownership of another entity, and WSJ reports Nexstar Media Group Inc. is “among the contenders.” Nexstar’s current portfolio is mainly local affiliated radio and television stations, but they are also partial owners of Food Network and online media such as Zap2it and The Hill.
According to the media, the conversations are "very advanced," but they could still fall apart, pointing out that Nexstar taking a majority share on the network seems to be the "most frequent scenario."
However, The Wall Street Journal points out that “there are other stakeholders” eager to face The CW, but talks with Nexstar seem to be the most advanced. In the previously stated scenario that seems the most likely, ViacomCBS and WarnerMedia would remain as “minority owners and would receive commitments to be the leading providers of network programs.”
Quoting "people familiar with the matter," revealing that internally The CW is not a profitable single streaming entity, but the programming created for it is where the money is for both companies. Several of the shows, like Riverdale, end up on Netflix once they wrap up their seasons, which results in a big paycheck, while others jump to HBO Max.
The CW was preceded on television by two other channels, UPN and The WB, who merged to become what we now know. The success shows on both networks preserved and continued to air on The CW in their early days, including 7th Heaven, Gilmore Girls, One Tree Hill, Smallville and Supernatural from The WB and America's Next Top Model, Veronica Mars, Ever ybody Hates Chris, & UPN Girlfriend, among others.
Perhaps two of the biggest blessings for The CW has a television presence, although they were The Vampire Diaries in 2009 and then Arrow of DC in 2012. The couple's first was co-created by Kevin Williamson of Dawson's Creek (a former hit of The WB) which would continue for eight seasons and more than 170 episodes, in addition to generating the derived series The Originals, which in turn would develop a drift, Legacies. These three combined shows became biggest hits for The CW with more than 320 episodes in total.
Arrow, on the other hand, was huge not only for The CW but also for the DC brand. The series would become the anchor of almost all DC Comics adaptations on television, resulting in the spin-off The Flash and related shows Supergirl, Legends of Tomorrow, Black Lightning, Batwoman and Superman & Lois. As a whole, all of these were even known as "The Arrowverse."
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