Loeb & Loeb represented Nexstar Media Group, a leading diversified media company that produces and distributes engaging local and national news, sports and entertainment content, in its definitive agreement to acquire a 75% ownership interest in The CW Network. Current co-owners of The CW Network, Warner Bros. Discovery and Paramount Global, will retain a 12.5% percent ownership interest in The CW and will continue to produce original, scripted content for the network.
Nexstar, together with its partner stations, is the nation’s largest local television broadcasting company and the largest CW affiliate group with 37 CW and CW Plus affiliates, including affiliates in five of the top ten DMAs, accounting for 32 percent of the network’s national reach. The proposed transaction is expected to create value for Nexstar shareholders by solidifying the company’s revenue opportunities as the largest CW affiliate, diversifying its content outside of news, increasing its exposure to the national advertising market, establishing it as a participant in advertising video-on-demand services, and improving The CW ratings, revenue and profitability by prioritizing programming for the network’s broadcast audience. The transaction is expected to close in the third quarter.