ViacomCBS, WarnerMedia Exploring Sale of the CW Network, Sources Say
(Bloomberg) -- Mark Pedowitz, chief executive officer of the CW Network, said co-owners ViacomCBS Inc. and AT&T Inc.'s WarnerMedia are “exploring strategic options to optimize the value of their joint venture” during a period of great change in television viewing.
“This transformative time in our industry has led to a series of business activity across media and content companies,” Pedowitz wrote in a memo to staff on Thursday. “It's too early to speculate what might happen, but we promise to keep you updated as we learn more.”
Viacom and WarnerMedia have been considering a sale of all or part of the network for months, according to people familiar with the discussions who asked not to be identified because the talks are private. Among the possible buyers is Nexstar Media Group Inc., a large TV station owner with many CW affiliates. A spokesman for Nexstar declined to comment.
Founded 15 years ago as a joint venture between the two media giants, the CW is a free, over-the-air network focusing on teens and young adults. Its hits include a number of DC Comics superhero shows as well as “All American,” a high school football drama.
Viewership for broadcast TV is in decline as audiences switch to on-demand streaming services. The CW gets a lot of its shows from WarnerMedia, which will look to feed is own service, HBO Max, in the future.
Viacom has been trying to shed non-core assets, such as its TV studio facilities, as it looks to fund the expansion of its Paramount+ streaming service. WarnerMedia is in the process of being acquired by Discovery Inc.
AT&T and Viacom shares were little-changed at the close in New York on Thursday.
©2022 Bloomberg L.P.
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