• by Wayne Friedman , January 6, 2022

ViacomCBS and WarnerMedia are exploring a sale of all or part of The CW Network, according to sources confirmed by Television News Daily following reports.

The two media companies have had a 50-50 partnership with the broadcast network since 2006.

A potential deal comes as AT&T is selling its WarnerMedia unit to Discovery Inc. in a $43 billion deal, which is expected to close at the end of the first quarter this year. Warner Bros. and CBS have each produced a number of shows airing on the CW.

The largest U.S. broadcast TV station company, Nexstar Media Group, is reportedly interested in purchasing the network.

Nexstar owns 199 TV stations, including partner stations, in 116 markets, reaching more than 68% of U.S. television households.

A deal for the CW Network may not necessarily be for the entire network, according to executives speaking with Television News Daily. It may involve a reconfiguration of the equity stakes owned by ViacomCBS and WarnerMedia, with a possible new equity owner.

The Wall Street Journal first reported the story on Wednesday, and said ViacomCBS and WarnerMedia had been exploring a potential CW sale for months. 

Representatives from ViacomCBS, AT&T and Discovery Inc. did not respond to inquiries by Television News Daily by press time.

The CW Network, which targets young 18-34 viewers, came from a merger of two competing mini-broadcast networks in 2006 -- UPN, owned by CBS and previously by Viacom, and The WB, owned by Warner Bros.

Last year, the CW Network had its most successful upfront advertising market ever -- estimated to be between $650 million and $700 million -- posting strong 19% to 21% cost-per-thousand viewer (CPM) increases, according to media executives.