The CW channel has definitely seen better days. Though it's long had its detractors, the channel's programming such as Supernatural, The Vampire Diaries and the various Arrowverse shows were continual hits that kept it somewhat relevant. The latter has become increasingly less true, with the Arrowverse continually running out of steam, to the point of all but two shows remaining.
Now, various non-Arrowverse shows have been culled, leaving the future of the channel formerly known as The WB in question. This all seems to be a combination of the known woes of The CW, as well as the general restructuring over at Warner Bros. Discovery. Here's why The CW likely won't be daring to defy for much longer.
The Arrowverse Is Almost Entirely Dead
Beginning 10 years ago with Arrow, the Arrowverse was a connected universe of shows based on characters from DC Comics. For a while, these shows were very successful from both a ratings perspective and in terms of popularity. However, both began to slip for basically all of these shows, with the Crisis on Infinite Earth crossover being perhaps the peak of interest in the universe.
With the conclusion of it and the show Arrow, the house that Oliver Queen built began to crumble. Now, the only shows remaining in the universe are The Flash and Superman & Lois. In the past few weeks, both Batwoman and Legends of Tomorrow were canceled, with a similar fate finally befalling the non-Arrowverse DC adaptation Naomi.
Meanwhile, Stargirl is a popular series, but it really isn't connected to the Arrowverse. Gotham Knights was also picked up, but it's already confirmed to not be in the Arrowverse. Therefore, it's highly likely that DC Entertainment will only be allowing their more mainstream properties to be used in shows on HBO Max from here on out. This could likely be the case for Superman & Lois and Stargirl, as well.
Non-Arrowverse "Hits" Are Also Being Canceled
Beyond the Arrowverse and superhero shows, the CW is still in a bad sort of way. Several other shows from the network were canceled, with some of them having a bit of history. One of these shows was Legacies, which was a spinoff of The CW's The Vampire Diaries. That show was a massive hit in its day, defining The CW long before its current superhero craze. Thus, to see a spinoff of that franchise be put down just goes to show how unstable The CW is as a network at the moment.
Many of the other cancellations included shows such as 4400 and Dynasty. These were remakes of classic shows that were given a CW makeover, and their abrupt ending is emblematic of just how unpopular the CW "brand" has become. Surprisingly, one show that wasn't made to meet its end was Riverdale. This series was once one of the biggest names for the network, but it's since become a joke that's all but hated by even its biggest former fans. It's also completely sunken like lead in the ratings, and this goes for both live viewings and streaming.
Said streaming through Netflix has finally been pulled out, as well, with many of the shows on The CW practically saved by their doing well on Netflix. Now that this deal to show said programming there has fallen through, the axe has finally fallen on several series' that probably should've been canceled already. Streaming, Riverdale's fall from grace and other factors also make it questionable whether any shows would survive The CW. When it was first rebranded as such, it kept Smallville and Supernatural going. Some of the other new shows announced may continue on, but given that Nexstar, the likely buyer for the network, is less interested in scripted programming, it seems unlikely, potentially brining an ignominous end to a major television mainstay.