(AOF) – Nexstar Media Group has entered into a definitive agreement to acquire a 75% stake in the television network, CW Network. Warner Bros. Discovery and Paramount Global, the current co-owners of CW, will each retain a 12.5% stake in CW and will continue to produce original and scripted content for the network.
Mark Pedowitz will continue to serve as CEO of CW and will be responsible for day-to-day operations. The transaction is expected to close during the third quarter.