It’s official. The CW, as we know it, is over.
After months of speculation about the future of the young-skewing network, we finally have some clarity.
Nexstar Media Group revealed Monday that it will acquire a 75 percent ownership stake in the network.
Warner Bros. Discovery and Paramount Global will each keep a 12.5 percent minority stake.
The move means that both companies will continue making select programming for the network.
However, Nexstar will also be looking to other companies for content, meaning that there will likely be some huge changes to the slate as a whole.
“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 said in a statement.
“We plan to apply the same strict financial standards to operating The CW as we apply to our other businesses.”
George Cheeks, president and CEO of Paramount’s CBS, added:
“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.”
And Channing Dungey, chairman, Warner Bros. Television Group, said:
“For 16 seasons, The CW has been home to some of the most groundbreaking and generation-defining programming in television, from the iconic DC super heroes of Greg Berlanti’s Arrowverse series to The Vampire Diaries, and everything in between, including the All American franchise, the original Gossip Girl, Kung Fu, Nikita, Riverdale, Smallville, and many many more.”
“The network was also the home of Supernatural, the longest-running live-action fantasy series in U.S. TV history, for 14 of its 15 seasons.”
“We’re excited that the Supernatural story will continue with The Winchesters premiering this fall.”
“We look forward to continuing to collaborate on our shared series and future projects to come under Nexstar’s leadership.”
News of the acquisition comes following a turbulent year for The CW, which canceled the bulk of its scripted shows in the lead-up to upfronts.
Mark Pedowitz, who has been at the helm of the network since 2011, is expected to continue in his role for now.
The cancellations include Batwoman, Legends of Tomorrow, Charmed, Dynasty, Legacies, Roswell, New Mexico, In the Dark, The 4400, Naomi, and Tom Swift.
What are your thoughts on the looming changes?
Hit the comments below.
Paul Dailly is the Associate Editor for TV Fanatic. Follow him on Twitter.