AT&T’s WarnerMedia and ViacomCBS are exploring a possible sale of all or a stake in the CW Network, which they own, the Wall Street Journal said Wednesday night, citing people close to the talks.
Nexstar Media is among the suitors, according to the newspaper.
The report says an agreement could be reached soon, although negotiations are not yet closed. There are other interested parties as well, but discussions with Nexstar are very advanced, the paper added.
Details of the other parties involved and the exact time when the deal could be closed were not immediately known, according to the report.
AT&T, ViacomCBS, CW Network and Nexstar Media did not immediately respond to Reuters’ request for comment.
The most likely scenario is that Nexstar will take a controlling interest in The CW, while CBS and WarnerMedia remain in minority and are committed to being the main program providers for the network, the newspaper said.
CBS and WarnerMedia have been exploring strategic options for the CW Network for several months, he added, citing some people involved in the negotiations.
The CW Network has produced popular shows with Warner Bros., including DC Comics’ “Arrow” and the spinoff “The Flash”. “Riverdale” is also among the network’s most profitable series.
AT&T is in the process of reducing its expensive media investments to focus on its original business of providing telephone and internet services.
The company is combining WarnerMedia’s media assets with Discovery to create the standalone company Warner Bros. Discovery, in a deal that is expected to close in mid-2022.
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