(NEXSTAR) — Nexstar Media Group, the parent company of WAVY/WVBT, announced Monday that it plans to acquire 75% ownership interested in The CW Network.
Nexstar, the nation’s largest local television broadcasting company, already owned and operated 37 CW and CW Plus affiliates. In a press release, company management said the move should solidify company revenue by increasing national advertising exposure and diversifying content outside of news.
The arrangement will leave the current owners, Warner Bros. Discovery and Paramount Global, with 12.5% stakes in the television network. The transaction is expected to close in the third quarter.
The network has been home to popular original programming including The Vampire Diaries, Gossip Girl, Riverdale, Smallville, and a number of other popular franchises.
“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,” Perry Sook, Nexstar’s chairman and chief executive officer, said in the news release. “We plan to apply the same strict financial standards to operating The CW as we apply to our other businesses.”
Mark Pedowitz will stay on as The CW’s chairman and chief executive officer, responsible for day-to-day operations, according to the release.
Warner Bros. Discovery and Paramount Global will continue producing original content for the network as part of the agreement.