Viacom and Warner seek to sell The CW
ViacomCBS and AT&T's WarnerMedia are seeking a buyer for the CW Network, whose programming is aimed at teens and young adults, as first reported by the WSJ.
Why it matters: This is part of the entertainment content gold rush, as CW's value is more about its shows, like "Riverdale" and "The Flash," than its unprofitable broadcast business.
Suitors: The likeliest buyer, at least for a control stake, appears to be Nextar Media Group, whose recent Tribune purchase made it the CW's top affiliate.
The bottom line, per Deadline's Nellie Andreeva: "None of the architects of the CW, which replaced the WB and UPN in 2006, are still around, most notably former CBS CEO Les Moonves, who was the driving force behind it. Since the CW’s creation, CBS merged with Viacom while WarnerMedia was acquired by AT&T which is now selling it to Discovery."