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Nexstar Media purchases 75% of CW Network from Warner Bros Discovery and Paramount
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Nexstar Media Group announced Monday it would obtain a 75% ownership stake of The CW television network from Warner Bros Discovery and Paramount Global.
Mark Pedowitz, the network's current chairman and CEO, will continue in his current role, while the original owners of The CW will retain 12.5% ownership of the company. The transaction is expected to officially close within the next few weeks during the third quarter, according to TheWrap.
Executives at Nexstar made the announcement during a conference call with investors and Wall Streets analysts. The media group will acquire The exact terms of the deal were not disclosed, but Nexstar is expected to assume $100 million of the network's debt.
"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 Perry Sook, Nexstar's CEO, in a statement. "We plan to apply the same strict financial standards to operating The CW as we apply to our other businesses."