Nexstar to Buy CW Network From Warner Bros., Paramount (1)

Nexstar Media Group Inc., the largest local TV station owner in the US, is acquiring a 75% stake in the CW Network.

The Irving, Texas-based media company already owns many CW affiliates, including WPIX in New York and KTLA in Los Angeles. The CW’s current owners, Warner Bros. Discovery Inc. and Paramount Global, will each retain 12.5% of the business and continue to produce original, scripted content for the network, according to a statement Monday.

Nexstar Chief Executive Officer Perry Sook said his company would pay no upfront consideration for the network. The three owners will share ...