As The CW celebrated its 20th anniversary Friday, President said the network “continues to evolve for a new generation of viewers.”
The exec reflected on the milestone in a short LinkedIn post, illustrated by photos of an official commemoration held at the Nasdaq Marketsite in New York’s Times Square.
The network, initially created as a 50-50 venture by Warner Bros. and CBS, went on to serve principally as a home for shows the companies produced. Many of them were hour-long, young-skewing dramas. In 2022, Nexstar acquired 75% of The CW, with CBS parent Paramount and Warner Bros. Discovery each retaining 12.5% stakes.
That programming mix has changed significantly under Nexstar, a local TV giant that already owned the largest collection of CW affiliates before taking over the network. Today, there are seven days of programming, with a lot more live sports and unscripted fare.
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At the Television Critics Association summer press tour in 2006, the network announced an inaugural lineup, which drew upon several series that had been on The WB and UPN. The first year of The CW included America’s Next Top Model, Gilmore Girls, 7th Heaven, One Tree Hill, Smallville, Supernatural, Veronica Mars and Everybody Hates Chris.
When streaming gained momentum in the 2010s, The CW licensed many of its shows to Netflix, with that arrangement coming to an end when HBO Max launched in 2020. All along, with a focus on viewers between 18 and 34, the network had a digital focus. Its free, ad-supported streaming app was one of the first major destinations for video, long before connected-TV became a major outlet for broadcasters.
When Nexstar initially took control of The CW, its execs highlighted how much money it had lost compared with its broadcast peers. Initially, they projected it would turn profitable within three years due to their overhaul, but the process has taken more time due in part to cash-intensive investments in sports. Execs now expect the network to enter the black in the fourth quarter.
The CW “has entertained audiences, launched unforgettable series and talent,” Schwartz wrote. Under Nexstar’s ownership, he added, it “has entered an exciting new chapter – expanding its programming, building a major presence in live sports, and reaching audiences across broadcast, streaming, and digital platforms.”
One intriguing corporate aspect to The CW’s future is how the minority 25% held by Paramount and WBD will be managed if the companies manage to complete their planned $110 billion merger. Antitrust lawsuits by 12 state attorneys general and the Writers Guild of America have stymied the deal.
Nexstar, in a parallel situation, has faced an antitrust challenge to its $6.2 billion takeover of rival Tegna. Last April, a federal judge froze the deal after it had officially closed, siding with DirecTV and several state attorneys general arguing it was monopolistic. Nexstar has appealed, with the Ninth Circuit expected to take up the appeal later this year.
