What Happened to The CW Network, LLC?
The CW, originally a joint venture between CBS and Warner Bros., underwent a significant transformation starting in 2022 when Nexstar Media Group acquired a majority stake. This acquisition led to a strategic pivot away from its traditional young adult scripted dramas towards a broader appeal, emphasizing unscripted content, acquired international series, and a substantial increase in live sports programming, with the goal of achieving profitability by 2026.
Quick Answer
The CW was acquired by Nexstar Media Group in October 2022, which now holds an 81.1% controlling interest as of June 2026. Under Nexstar's ownership, the network has dramatically shifted its programming strategy, reducing original scripted dramas in favor of cost-effective unscripted shows, acquired international series, and a significant expansion into live sports. The network aims to become profitable by 2026, and as of October 2026, features a lineup including sports like WWE NXT and ACC Football, alongside shows like 'Law & Order Toronto: Criminal Intent' and game shows, with next-day streaming available on The Roku Channel.
📊Key Facts
📅Complete Timeline13 events
The CW Network Launches
The CW officially launched, succeeding UPN and The WB, as a joint venture between CBS Corporation and Time Warner Inc..
AT&T Acquires Time Warner, Becomes Co-owner
AT&T's acquisition of Time Warner (renamed WarnerMedia) made it a co-owner of The CW with CBS, continuing the network's focus on scripted dramas like the 'Arrowverse'.
Mass Cancellations Signal Shift
The CW canceled numerous long-running and popular scripted series, including 'Batwoman,' 'Charmed,' and 'DC's Legends of Tomorrow,' signaling an impending strategic change and potential sale.
Nexstar Announces Majority Stake Acquisition
Nexstar Media Group announced a definitive agreement to acquire a 75% majority stake in The CW, with Paramount Global and Warner Bros. Discovery each retaining 12.5%.
Nexstar Closes Acquisition, New Leadership Appointed
Nexstar officially closed the deal, taking 75% ownership. Mark Pedowitz resigned as Chairman and CEO, and Dennis Miller was named President of The CW.
Brad Schwartz Appointed President of Entertainment
Brad Schwartz was appointed President of Entertainment, overseeing programming strategy and creative development, further solidifying the new direction under Nexstar.
Programming Strategy Shifts to Broader Appeal and Unscripted Content
The CW's fall 2023 lineup reflected a major strategy change, leaning heavily on unscripted content, acquired shows, and aiming for an older, broader audience, moving away from its YA roots.
Expansion of CW Sports and New Game Shows Announced
The CW announced its 2024-25 primetime schedule, significantly expanding CW Sports with WWE NXT, Pac-12 college football, and the NASCAR Xfinity Series, alongside new game shows like 'Trivial Pursuit' and 'Scrabble'.
Profitability Projected for 2026, Sports Account for 40% of Content
Nexstar CFO Lee Ann Gliha reaffirmed that The CW is projected to become profitable in 2026, with sports programming growing to account for 40% of the network's content.
Partnership with The Roku Channel for Next-Day Streaming
The CW announced a partnership with The Roku Channel, launching in Fall 2026, to provide next-day streaming of CW programming on a dedicated hub.
Final Pre-Nexstar Drama 'All American' Concludes
The CW confirmed that 'All American' would conclude with its eighth and final season, marking the end of the last pre-Nexstar original scripted drama on the network.
Nexstar Increases Ownership Stake to 81.1%
Nexstar Media Group increased its controlling stake in The CW to 81.1%, with Skydance Corporation (merged Paramount Global and Warner Bros. Discovery) holding the remaining 18.9%.
Fall 2026 Schedule Features New Acquired Dramas and Sports
The CW's fall 2026 schedule includes the US debut of 'Law & Order Toronto: Criminal Intent' and 'Private Eyes West Coast,' alongside continued sports coverage and game shows.
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🔍Deep Dive Analysis
The CW Network, established in 2006 as a merger of UPN and The WB, was initially a joint venture between CBS Corporation and Time Warner Inc. (later Paramount Global and Warner Bros. Discovery). For years, it was known for its young adult-focused scripted dramas, particularly superhero shows from the 'Arrowverse' and teen dramas like 'Riverdale' and 'All American'. However, by the early 2020s, the network faced financial challenges, operating at a loss, as its target young demographic increasingly gravitated towards streaming platforms rather than linear television.
A pivotal moment occurred on October 3, 2022, when Nexstar Media Group, the largest owner of local television stations in the U.S., completed its acquisition of a 75% controlling stake in The CW. Paramount Global and Warner Bros. Discovery each retained a 12.5% minority interest. This acquisition, reportedly for no purchase consideration with Nexstar assuming much of the network's debt, marked a radical shift in strategy. Longtime Chairman and CEO Mark Pedowitz departed, and Dennis Miller was appointed President, with Brad Schwartz later becoming President of Entertainment.
Under Nexstar, The CW embarked on a mission to achieve profitability by 2025, later adjusted to 2026. This involved a significant overhaul of its programming slate. The network moved away from expensive original scripted dramas, many of which were canceled or concluded, including beloved 'Arrowverse' shows and 'All American: Homecoming'. The new strategy focused on acquiring cheaper unscripted content, international co-productions, and a substantial expansion into live sports. By late 2025, sports programming accounted for approximately 40% of the network's content, including deals for ACC college football and basketball, NASCAR Xfinity Series, WWE NXT, and LIV Golf. This shift aimed to appeal to a broader, older audience, aligning with the demographics of Nexstar's local stations.
As of October 2026, The CW's programming reflects this new direction. Its fall 2026 schedule includes the U.S. debut of 'Law & Order Toronto: Criminal Intent' and the return of 'Private Eyes West Coast,' alongside game shows like 'Scrabble' and 'Trivial Pursuit,' and unscripted series like 'Police 24/7'. The long-running drama 'All American' is airing its eighth and final season in 2026. In terms of streaming, The CW announced a partnership with The Roku Channel in April 2026, allowing for next-day streaming of its entertainment programming on a dedicated CW-branded hub, starting in Fall 2026. Additionally, CW Sports content is available for live and on-demand streaming via ESPN. Nexstar's ownership stake further increased to 81.1% by June 2026, with Skydance Corporation (the merged entity of Paramount Global and Warner Bros. Discovery) holding 18.9%. The network continues to operate with a focus on cost-efficiency and diversified content to reach its profitability target.
What If...?
Explore alternate histories. What if The CW Network, LLC made different choices?