WarnerMedia looking to sell-off geek-centric CW Network

Interesting news about the possible sale of one of the most visible youth-oriented, geek-centered entertainment brands in the world is filtering through.

By Justina Terhember

Over at the Wall Street Journal, reports have it that WarnerMedia and ViacomCBS Inc are exploring a possible sale of a significant stake or all of the CW Network, which they jointly own, the Wall Street Journal reported late on Wednesday, citing people close to the talks. Nexstar Media Group Inc (NXST.O) is among the suitors, according to the report.

The report said an agreement could be reached soon, though the talks could still fall apart. There are other interested parties as well, but the discussions with Nexstar are most advanced, it added. The details of the other parties involved and the exact time by when the deal could be reached was not known immediately, according to the report.

CBS and WarnerMedia have been exploring strategic options for the CW Network for several months, it added, quoting some people involved in the talks.

CW Network with Warner Bros has made popular shows including DC Comics’ ‘Arrow’ and spinoffs ‘The Flash’ and ‘Legends of Tomorrow’, among others. ‘Riverdale’, based on the Archie comics, is also among the highest-grossing series of the network.

AT&T has been in the process of unwinding its expensive media investments to focus on its original business of providing phone and internet services. It is combining WarnerMedia’s media assets with Discovery to create a proposed standalone company, Warner Bros. Discovery, in a deal which is expected to close in mid-2022.

What that means for your favourite DC Comics TV series like ‘Batwoman’, ‘Black Lightning’, ‘Superman & Lois’, and the upcoming ‘Naomi’, remains to be seen.