New details of the deal in which Nexstar acquired The CW reveal that the network was essentially given away for free. After reporting that the network (which took the place of The WB) hadn't recorded a profit since it was created in 2006, its parent companies Paramount and Warner Bros. Discovery put it up for sale. In August of this year, a deal was finalized for the Texas-based media company Nexstar to take a 75% stake in The CW.
Today, The Hollywood Reporter shared further details on the deal in which Nexstar acquired The CW. In their breakdown, it was revealed that their 75% stake was given away for free. Once accounts receivable and payable as well as accumulated cash are factored into the deal, this translates to the company receiving about $54 million for the deal, so essentially, Nexstar was paid to take The CW off their hands.
The Troubling Future of The CW's Current Programming
For fans of The CW and their programming, which includes widely popular franchises like Riverdale, Supernatural, Walker, and the Arrowverse (a family of shows starring various heroes from DC Comics), the network changing hands has been a nail-biting experience. Many shows that were waiting for renewals remained on the bubble while the company was being put on the market, the long wait ending with the network taking the axe to a huge proportion of their slate, canceling a slew of series including the Arrowverse series DC's Legends of Tomorrow, Naomi, and Batwoman. They subsequently revealed that many of the series that had already been renewed - including Riverdale and The Flash - would have their next seasons become their last.
Despite so much of their slate being culled, The CW still launched several new series this year. This includes the Supernatural prequel The Winchesters and the Walker prequel Walker: Independence. However, during Nexstar's quarterly earnings call in early November, CFO Lee Ann Gliha revealed that a minimal amount of the current slate of shows will still be on the air for the 2023-2024 season, as the company transitions the network toward creating originals rather than licensing series. This means that the current lineup - which also includes All American and the reboot of Kung Fu - could change substantially one more time before the dust settles.
Essentially, any currently running scripted programs on The CW will need to deliver an incredibly strong season in order to justify their continued existence on the network. Should any of the current slate survive, it seems likely it would be one or more of the franchised titles. The Winchesters belongs to the Supernatural universe, which has been the bread and butter of the network for nearly two decades, for instance. Likewise, the fact that Walker has already garnered a spinoff - in addition to starring Supernatural alum Jared Padalecki - likely means it has enough legs to at least carry on in its main branch.
Source: THR