ViacomCBS and WarnerMedia might sell The CW

Earlier today, The CW CEO Mark Pedowitz sent a memo to his staff regarding rumors that the network might be up for sale. “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,” the memo reads. “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."

What does that mean? According to sources at The Wall Street Journal and The Hollywood Reporter, it means that The CW is indeed up for sale, with local TV giant Nexstar among the potential buyers, although nothing is finalized as yet.

Who will buy The CW?

The CW, which is operated jointly by ViacomCBS and WarnerMedia, was formed in 2006 by combining The WB and UPN. It’s home to shows like Riverdale, Walker and approximately 30,000 shows about DC superheroes, all of them aimed at a young adult audience.

Per THR — and I did not know this — the network has never been profitable by itself, although CBS and Warners still had revenue coming in via Netflix, which previously ran a lot of CW content and exposed it to a wider audience; and through international and streaming sales for series like The Flash and Dynasty. However, those revenue streams have dried up as CBS and Warners have preferred to retain content for their own streaming services, Paramount+ and HBO Max.

Which brings us to our current moment. It’s unclear when the companies want to sell of The CW entirely or retain minority stakes in it. For years, WarnerMedia has been providing the lion’s share of the content to the network — they make all those DC shows — so if anybody would retain some control, you’d figure it’d be them. But who knows?

For now, The CW itself soldiers on. “So, what does this mean for us right now?” Pedowitz asked in his memo. “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.”

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