Nexstar Media Group acquired The CW Network, LLC (75% ownership interest), a transaction completed in October 2022, structured as not disclosed.
The CW Network, LLC (75% ownership interest) operates in National broadcast network / content. Nexstar Media Group entered into a definitive agreement to acquire a 75 percent ownership interest in The CW Network, LLC. Warner Bros. Discovery and Paramount Global, the network's prior co-owners, each retained a 12.5 percent interest and continued to produce original scripted content. Nexstar, already the largest CW affiliate group with 37 CW and CW Plus affiliates, closed the transaction October 3, 2022 and named board member Dennis Miller as President of The CW, with longtime Chairman/CEO Mark Pedowitz departing. Financial terms were not disclosed in the filings.
The proposed transaction is expected to create value for Nexstar shareholders by solidifying the Company's revenue opportunities as the largest CW affiliate, diversifying its content outside of news, increasing its exposure to the national advertising market, establishing it as a participant in advertising video-on-demand services and improving The CW ratings, revenue, and profitability.
Advisory firms were not disclosed for this transaction.