IRVING, Texas—Nexstar Media Group is close to acquiring a majority stake in the CW broadcast network, according to a report in the Wall Street Journal, which said that the deal could be finalized in the coming weeks.
According to Broadcasting+Cable, Nexstar Media Group CEO Perry Sook recently said he could see his company owning a broadcast network in the future: “I wouldn’t be surprised if we owned a broadcast network and maybe other cable networks that we layer on top of our local content foundation,” Sook said when asked on a podcast to envision what Nexstar would look like in 2032, B+C reported.
In the current negotiations, Nexstar would acquire 75% of the CW, with Paramount and Warner Bros. Discovery each retaining 12.5% stakes, the WSJ reported.
“Nexstar already is the largest owner of CW affiliates,” the WSJ article noted. “By taking over control of its operations, the broadcaster is continuing a strategy to invest further in creating and owning content. Over the past few years, it has launched the NewsNation cable channel and acquired the political news outlet The Hill. One of the motivations for Nexstar is to pivot the programming on the CW to something closer to the older audience of its local stations, a person familiar with the broadcaster’s thinking said.”
