WarnerMedia, ViacomCBS exploring possible sale of CW Network - WSJ
Reuters
Published Jan 05, 2022 10:08PM ET
Updated Jan 05, 2022 11:55PM ET
(Reuters) - AT&T Inc (NYSE:T)'s WarnerMedia and ViacomCBS (NASDAQ:VIAC) 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 (NASDAQ:NXST) Inc 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.
AT&T, ViacomCBS, CW Network, and Nexstar Media did not immediately respond to Reuters' request for comment.
The most prevalent scenario is Nexstar taking a controlling stake in CW, with CBS and WarnerMedia remaining as minority owners and receiving commitments to be the primary program suppliers for the network, the report said.
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 its spinoff "The Flash". "Riverdale" 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 (NASDAQ:DISCA) to create a proposed standalone company, Warner Bros. Discovery, in a deal which is expected to close in mid-2022.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.