IRVING, Tex. (KTVE/KARD) — On Monday, August 15, 2022, Nexstar Media Group, Inc. announced that it entered into a definitive agreement to acquire 75 percent ownership interest in the CW Network, LLC. The CW’s current co-owners, Paramount Global and Warner Bros Discovery, Inc. will each keep an interest in the network and will produce original scripted content for the network’s 2022/2023 and 2023/2024 broadcast seasons.

According to Nexstar Media Group, Inc., the transaction is compelling due to the following reasons:

  • Establish Nexstar as an important player in advertising video-on-demand services
  • Increase Nexstar’s exposure to the national advertising market
  • Create more revenue opportunities for Nexstar’s CW affiliates
  • Prioritize programming for the network’s broadcast audience
  • Diversify Nexstar’s content offerings beyond news

Nexstar Media Group, Inc. expects the transaction to close soon and is looking forward to possibilities in the future.