According to a new report by The Wall Street Journal, WarnerMedia and ViacomCBS are holding serious talks to sell off The CW or at least a majority of its shares, which they jointly own.
The landscape of entertainment is constantly undergoing change, and one of the most revolutionary steps in this progress has been made by the television industry through the introduction of streaming services. Nowadays, platforms like Netflix, Disney Plus, and HBO Max are all the rage while other traditional networks are struggling to keep up with the content output of these behemoths and the sheer number of users they rope in on a regular basis.
It’s hardly surprising, then, to hear that The CW is one such operator who’s failing to generate near as much profit for its parent companies as it used to. While the network has certainly had its moment in the sun a few years back through the interconnected narrative of the Arrowverse, those days are also behind as Warner Bros. races to catch Marvel Studios in the competition with their new streaming service, HBO Max.
As for The CW, the outlet alleges that sources close to talks have revealed Nexstar Media Group – which is the country’s biggest TV broadcaster – is the most likely candidate to come out on top among the other interested parties. The most likely scenario is that the media company will take a controlling stake while WarnerMedia and VIacomCBS retain their proprietary rights as minority owners.
As stated earlier, while the network itself isn’t profitable, its assets have helped the parent companies in other platforms. For instance, WB has made a lot of profit selling The CW shows to Netflix while future shows can also find their way to HBO Max.
It’s still possible that talks could fall apart, but it seems that the respective companies are close to an agreement.