Nexstar Media Group’s pursuit of majority control of the CW is nearing the finish line, according to people with knowledge of the pending transaction
, is 50-plus, but the companies free, ad-supported streaming app and social channels draw younger, avid audiences concentrated in the desirable 18-to-34 demographic.
Macroeconomic conditions have worsened considerably since the deal first became public at the start of the year, with inflation skyrocketing and rising interest rates bogging down many business deals. None of those factors are expected to have a bearing on the CW transaction, insiders said. For one thing, there are no upfront costs for Nexstar. Instead, the company has agreed to shoulder the losses at the network, which could be north of $100 million this year.
The strategic plan moving forward will be to run the CW as a fully sustainable broadcast network, rather than optimizing it for streaming. Even though the network itself has consistently booked losses, the joint venture partners have made hefty profits by licensing CW shows to Netflix, sometimes agreeing to renew shows whose linear ratings did not appear to justify those re-ups.
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