Following a report in the Wall Street Journal on Wednesday (Jan. 5), it has been confirmed that ViacomCBS and WarnerMedia are exploring selling their controlling stake in U.S. broadcast network The CW.
In an internal email to staff, CW CEO Mark Pedowitz wrote that the parent companies are “exploring strategic opportunities to optimize the value of their joint venture in The CW Network.”
The Wall Street Journal reported that American network affiliate group Nexstar Media Group is one of the key suitors, but other reports suggest that multiple companies are expressing interest. Nexstar has not commented on the speculation.
The network was established as a joint venture between Warner Bros. Entertainment and CBS Corporation, and launched in January of 2006, with a programming focus on the 18-34 demo. While the bulk of its content has been scripted programming supplied by its two parent companies’ studio divisions, its unscripted slate has recently featured UK imports Taskmaster, Killer Camp and the docuseries Being Reuben, as well as the Canadian culinary competition Fridge Wars.
In December, the network announced it was prepping a U.S. adaptation of the long-running UK quiz format Would I Lie To You?, to be produced by Truly Original.