Nexstar To Acquire 75% Ownership Interest In The CW Network

(RTTNews) - Nexstar Media Group, Inc. (NXST) has agreed to acquire a 75 percent ownership interest in The CW Network, LLC. Warner Bros. Discovery (WBD) and Paramount Global (PARA, PARAA), the current co-owners of The CW, will each retain a 12.5 percent ownership interest in The CW and will continue to produce original, scripted content for the Network. Mark Pedowitz will continue to serve as The CW's Chairman and CEO.

George Cheeks, President & CEO of CBS, said: "Together, with our partners at Warner Bros. and The CW, we have created a welcome home for content that has resonated with viewers on the network and on platforms around the world. This new ownership structure enables us to partner with Nexstar and Warner Bros. Discovery on the next chapter of The CW while re-deploying capital to other content platforms at Paramount."