Nexstar Media Group has announced it is in definitive agreement to acquire a 75% ownership stake in the CW Network.
Current co-owners Warner Bros. Discovery and Paramount will retain equal 12.5% minority stakes in the network and continue to produce original scripted content for it.
Mark Pedowitz will continue to serve as The CW’s chairman and CEO.
The channel is best known for shows such as Riverdale, Supernatural, and Smallville.
The transaction is expected to close in the third quarter.