Aug 15 (Reuters) - Nexstar Media Group, the largest
local TV station owner in the United States, said on Monday it
will acquire a majority stake in The CW Network, home to popular
shows such as "Riverdale", which based on the popular Archie
comics, and superhero show "The Flash".
Warner Bros. Discovery and Paramount, the
current co-owners of the TV network, will each retain 12.5% of
stake in CW and continue to produce originals, while Nexstar, a
company with about 200 broadcast stations will own 75%. The deal
is expected to close in the third quarter.
The financial terms of the deal were not disclosed but the
Wall Street Journal reported in June that Nexstar would assume a
significant portion of the TV station's current losses of over
$100 million and is not expected to pay cash. (https://on.wsj.com/3QpVoRX)
Mark Pedowitz, The CW's top boss, will continue to helm the
network, Nexstar said.
For Nexstar, which already is the largest owner of CW
affiliates, a controlling stake would represent a significant
step in its content aspirations. It has already been investing
heavily in a national cable news service called NewsNation.
Paramount, previously ViacomCBS, and AT&T's
WarnerMedia, now spun off and merged with Discovery as Warner
Bros Discovery, had been long-time partners in The CW Network
since the merger of the UPN and WB networks in 2006.
The stake sell-off comes at a time when media behemoths are
doubling down on their streaming services to offset losses from
(Reporting by Eva Mathews in Bengaluru; Editing by Krishna