The CW has officially been sold to Nexstar, marking the end of an era for network television.
The Hollywood Reporter confirmed that a deal between network co-owners Warner Bros. TV and CBS Studios was made with the Texas-based media conglomerate. According to the arrangement, 75% of network stakes will go to Nexstar, while original parent companies Warner Bros. Discovery and Paramount will retain 12.5% each. Original shows are still being produced for The CW, notably the upcoming Supernatural and Walker prequels The Winchesters and Walker: Independence, and network CEO Mark Pedowitz will retain his current position.
"Our acquisition of The CW is strategically and operationally compelling, as it will enable us to leverage our operational experience to improve the network's performance through our management of this powerful national platform," Nexstar CEO Perry Sook assured in a statement following the acquisition. "We plan to apply the same strict financial standards to operating The CW as we apply to our other businesses."
This sale comes months after multiple long-running The CW shows were shockingly canceled from its weekday lineup, including the majority of remaining DC Arrowverse programs. Despite 2020's Crisis on Infinite Earths crossover merging all mainline Arrowverse shows into one Earth (dubbed Earth-Prime), late April saw the abrupt cancellation of Batwoman and Legends of Tomorrow followed by newcomer series Naomi a month later. The Flash, The CW's longest-running Arrowverse series, is also set to end after Season 9, leaving behind Superman & Lois, Stargirl and the upcoming Gotham Knights, all of which are confirmed to exist in different timelines.
Beyond the Arrowverse, The CW's spring cancelations included the likes of their Roswell, New Mexico, Charmed, and Dynasty reboot as well as the original series In The Dark and Legacies. The last series marks an official conclusion to programs set in The Vampire Diaries universe, with the original series -- which ran between 2009 and 2017 -- being one of The CW's breakout hits. The Archie adaptation Riverdale was also canceled after seven seasons, while, most recently, the Nancy Drew spinoff Tom Swift will end after its first season.
This sale coincides with Warner Bros. Discovery announcing major changes to its company to increase the budgets for HBO Max programs and eventually merge it and Discovery+ into one platform. The news was made following the company's shocking decision to shelve both Leslie Grace's Batgirl film and the animated Scoob! sequel Scoob!: Holiday Haunt without even a streaming release, coupled with the abrupt removal of multiple HBO Max original films. Prior to both companies spearheading their own streaming services, The CW's shows attained profits via a $1 billion streaming deal with Netflix.
Source: The Hollywood Reporter