Yikes, it looks like The CW is up for sale. The network confirmed that it is being shopped by its corporate owners, ViacomCBS and WarnerMedia (via Wall Street Journal).
The reason behind the sale is simple – the network hasn’t been making enough profits for CBS and WarnerMedia to retain the network. That’s not to say The CW has been completely useless though. Much of the revenue that the network has generated is due to its popular, younger-skewing tv shows like DC’s The Flash and Riverdale.
Most of these series were broadcasted on Netflix as part of a long-standing output deal and were later shifted back to their respective streamers, HBO Max and Paramount+, after the deal ended in 2019.
In a memo to staff, CEO Mark Pedowitz confirmed that the network is on the block, adding that it is “too early to speculate what might happen.”
“First, as many of you are aware, over the past year or so, this transformative time in our industry has led to a series of business activities across media and content companies,” he wrote. “Given that environment right now, ViacomCBS and Warner Bros. are exploring strategic opportunities to optimize the value of their joint venture in The CW Network.”
“So, what does this mean for us right now? It means we must continue to do what we do best, make The CW as successful and vibrant as we have always done,” he added. “We have a lot of work ahead of us — with more original programming than ever, this season’s expansion to Saturday night, our growing digital and streaming platforms — and we thrive when we come together and build The CW together.”
Despite being on block and put up to sale, the network will still be running its current TV shows. The network is premiering a superhero show titled Naomi this month, and recently announced another DC show called Gotham Knights.