U.S.-based Nexstar Media Group acquires majority stake in CW Network

By Nikita Chaurasia  | Date: 2022-08-16

U.S.-based Nexstar Media Group acquires majority stake in CW Network

American media mogul Nexstar Media Group Inc. has become a majority owner of commercial broadcasting company The CW Television Network, as per the latest reports.

Nexstar is expected to own nearly 75% of the CW network, which was previously known to be a 50-50 joint venture between Paramount Global and Warner Bros. Discovery Inc. Each of these companies is likely to retain about a 12.5% stake, following the acquisition.

The motive behind this move is to ensure damage control for the TV broadcasting corporation which has been witnessing operational losses over the past few years. Nexstar is anticipated to deal with these losses in due time.

For the uninitiated, CW Network acted as a launch pad for several shows that were produced by the production companies owned by its parent organizations since its inception. Many of these shows which failed to generate substantial viewership on broadcast TV, attained cult status on streaming platforms like Netflix, where the young generation enjoyed them.

For instance, the first few episodes of CW’s high school football TV show “All-American” drew in a viewership of less than 1 million on TV, whereas previous seasons of the series became some of the most-watched episodes on Netflix.

However, these streaming deals quickly attained fruition in 2019, as their parent companies were looking forward to expanding on their streaming services.

Elaborating on this development, the Chief Financial Officer for Nexstar Lee Ann Gliha claimed that the company remains hopeful for expanding the profits of CW by a significant margin through 2025 by focusing on channelizing shows for audiences.

The media giant will reportedly invest a low nine-figure amount to bring its plan of turning over CW’s fate in the coming three years. Despite this, viewers will not be able to see any drastic changes at present, because CW has already sold a pipeline of programming shows to advertisers for 2022-23.

Source Credits –

https://www.latimes.com/entertainment-arts/business/story/2022-08-15/tv-station-owner-nexstar-acquires-a-controlling-stake-in-cw-network

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More >>

More News By Nikita Chaurasia

Chanel pioneers ¬sustainability-linked bonds for combating climate changes

Chanel pioneers ¬sustainability-linked bonds for combating climate changes

By Nikita Chaurasia

French luxury fashion house well-recognized for its perfumes and tweed suits, Chanel, has reportedly unveiled ­sustainability-linked bonds, or SLBs, to combat climate change two years ago when the firm was in need to borrow money. The investor...

NLP Logix Partners and Databricks team up for Lakehouse Platform

NLP Logix Partners and Databricks team up for Lakehouse Platform

By Nikita Chaurasia

NLP Logix, a well-known predictive modeling and machine learning leader, has recently announced that it has entered into a partnership with Databricks, an American enterprise software company, to drive business value by deploying data and artificial ...

Elliptic Labs inks deal with Xiaomi to offer a proximity detection solution

Elliptic Labs inks deal with Xiaomi to offer a proximity detection solution

By Nikita Chaurasia

Elliptic Labs, a global AI software company, has reportedly entered into a new agreement with Xiaomi, one of the third-largest smartphone manufacturers across the globe. With this agreement, Xiaomi will continue to leverage INNER BEAUTY, the AI Vi...

L&T Technology Services partners with Qualcomm to amplify 5G adoption

L&T Technology Services partners with Qualcomm to amplify 5G adoption

By Nikita Chaurasia

L&T Technology Services Limited has recently announced that it is teaming up with Qualcomm Technologies, Inc., the world’s leading wireless technology innovator. With the latest collaboration, the firm plans to offer end-to-end solutions...

PNAS, Straive partner to deliver end-to-end content production services

PNAS, Straive partner to deliver end-to-end content production services

By Nikita Chaurasia

Renowned U.S.-based nonprofit and non-governmental organization, NAS (National Academy of Sciences), has reportedly collaborated with Straive, one of the leading technology-driven solutions providers for Content, EdTech, and Data. With this acquis...