The CW CEO Mark Pedowitz Confirms the Network Is Up for Sale: Read Note to Staff

·2-min read
Kailey Schwerman/The CW

Mark Pedowitz, the CEO of The CW, has addressed news reports of his broadcast channel’s potential sale by parent companies ViacomCBS and Warner Bros.

In an email to staff on Thursday, Pedowitz confirmed the joint-venture property was on the block.

“First, as many of you are aware, over the past year or so, this transformative time in our industry has led to a series of business activity across media and content companies,” Pedowitz wrote in the email, which was obtained by TheWrap. “Given that environment right now, ViacomCBS and Warner Bros. are exploring strategic opportunities to optimize the value of their joint venture in The CW Network.”

Nexstar Media Group is in advanced stages on a potential deal that could give a controlling stake in the broadcast network, multiple outlets have reported.

The Wall Street Journal, which first reported the news, said that WarnerMedia and ViacomCBS were seeking to sell a significant stake or all of The CW, citing unnamed individuals familiar with the matter. The CW is home to numerous superhero shows like “Batwoman,” as well as “Riverdale,” “Walker” and “All American.”

Nexstar, the country’s largest broadcaster and owner of many CW affiliate stations, has emerged as the frontrunner to acquire a majority stake in the network while ViacomCBS and WarnerMedia would remain as minority owners with commitments to being primary content providers, the Journal reported.

In his Thursday memo, Pedowitz added that it is “too early to speculate on what might happen.”

“So, what does this mean for us right now? It means we must continue to do what we do best, make The CW as successful and vibrant as we have always done,” he wrote. “We have a lot of work ahead of us – with more original programming than ever, this season’s expansion to Saturday night, our growing digital and streaming platforms – and we thrive when we come together and build The CW together.”

Below is Pedowitz’s memo in full.

To Our Valued CW Team

I am sure you have seen the recent speculation in the press around The CW, so I wanted to take the opportunity to address this with you directly and share with you what we know.

First, as many of you are aware, over the past year or so, this transformative time in our industry has led to a series of business activity across media and content companies. Given that environment right now, ViacomCBS and Warner Bros. are exploring strategic opportunities to optimize the value of their joint venture in The CW Network.

It’s too early to speculate what might happen, but we promise to keep you updated as we learn more.

So, what does this mean for us right now? It means we must continue to do what we do best, make The CW as successful and vibrant as we have always done. We have a lot of work ahead of us – with more original programming than ever, this season’s expansion to Saturday night, our growing digital and streaming platforms – and we thrive when we come together and build The CW together. 

Mark

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