RICHMOND, Va. (WRIC) — Nexstar Media Group, the parent company of WRIC ABC8, has announced it has entered into a definitive agreement to purchase The CW Network.
A release sent out by Nexstar states that the company will acquire a 75% ownership interest in The CW. The current co-owners of The CW, Warner Bros. Discovery, Inc., and Paramount Global, will each keep a 12.5% ownership interest in the Network and will continue to produce original content for the 2022-23 and 2023-24 broadcast seasons.
The Network is known for popular shows such as Supernatural, Riverdale, The Flash, The Vampire Diaries, Gilmore Girls, Smallville and more, according to an IMDB network ranking.
“The CW is an incredibly powerful national platform and Nexstar, along with its partner stations, is the nation’s the largest CW affiliate group—we have 37 CW and CW Plus affiliates, including five of the top-ten television markets, accounting for 32 percent of the network’s national reach,” the release stated.
Nexstar expects the acquisition will:
- Create more revenue opportunities for CW affiliates
- Prioritize programming for the network’s broadcast audience
- Diversify content offerings beyond news
- Increase exposure to the national advertising market
- Establish Nexstar as an important player in advertising video-on-demand services
Nexstar expects the deal to close in the third quarter.
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