IRVING, Tx. (WJHL) – Nexstar Media Group, News Channel 11’s parent company, announced Monday that it had entered an agreement to purchase a majority of the CW Network.

According to a release from Nexstar, the company will acquire a 75% ownership interest, while Warner Bros. Discovery and Paramount Global will each retain 12.5% ownership interest. Warner Bros. Discovery and Paramount Global will “continue to produce original, scripted content” for the CW Network.

Nexstar is already the nation’s largest CW affiliate group with 37 affiliates. Company leadership expects the transaction to benefit Nexstar in a variety of ways, including:

  • 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

According to Nexstar, the transaction is expected to be complete in the year’s third quarter. CW Chairman and Chief Executive Officer Mark Pedowitz will continue in his role and run day-to-day operations.

“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,” said Nexstar Chairman and CEO. “We plan to apply the same strict financial standards to operating The CW as we apply to our other businesses.”