NEXSTAR MEDIA CLOSES ACQUISITION OF THE CW NETWORK
TELEVISION INDUSTRY LEADER AND TECHNOLOGY AND
MEDIA INVESTOR, DENNIS MILLER, NAMED PRESIDENT
MARK PEDOWITZ TO EXIT AS CHAIRMAN/CEO
AFTER 11-YEAR TENURE
IRVING, TX and LOS ANGELES, CA (October 3, 2022) — Nexstar Media Group, Inc. (NASDAQ: NXST, “Nexstar”) introduced at present that it has closed its beforehand introduced acquisition of a 75% possession curiosity in The CW Network, LLC (“The CW” or the “Company”) from co-homeowners Warner Bros. Discovery (Nasdaq: WBD) and Paramount Global (Nasdaq: PARA, PARAA), who will every retain a 12.5% possession curiosity in The CW. Nexstar additionally introduced that Dennis Miller has been named President of The CW, efficient instantly. Mr. Miller has served as a member of Nexstar’s Board of Directors since 2014 and has stepped down from the Board in connection together with his appointment. Nexstar has initiated a seek for a brand new member of its Board of Directors.
Mr. Miller is assuming management of The CW from Mark Pedowitz, who, after serving as Chairman and CEO of The CW for the previous 11 years, has introduced his intention to revive his profitable manufacturing firm. Mr. Pedowitz will present help to The CW, Nexstar, and Mr. Miller in a streamlined transition. Throughout his tenure, Mr. Pedowitz was instrumental in charting the growth of The CW and bringing someof essentially the most groundbreaking and era-defining programming in tv to hundreds of thousands of viewers.
“Dennis Miller brings a unique skill set of proven television, media, and technology industry expertise, as well as venture capital experience to the role of President at The CW. His understanding and ability to unlock value from media assets by delivering high-quality, profitable entertainment, will serve the network, its viewers, its partners and CW affiliates around the country extremely well. We are confident his background, experience and relationships will allow Nexstar to deliver on the value of this transaction for our shareholders,” stated Perry Sook, Nexstar’s Chairman and Chief Executive Officer. “I look forward to working with Dennis and Sean Compton, Nexstar’s President of Networks, to build on the foundation that Mark Pedowitz and his team have established at both the CW Network and the CW App. We sincerely thank Mark for his many years of service to The CW and wish him the very best in his future endeavors.”
Mr. Miller is a seasoned tv government with a profitable lengthy-time period document of success and worth creation within the trade. He has held senior government positions at Sony Pictures Entertainment, Lionsgate Television and Turner Network Television. He most lately served as Chairman of Industrial Media till its sale to Sony Pictures Television earlier this 12 months. Industrial Media is an unbiased manufacturing group whose firms collectively produce greater than 94 tv reveals airing throughout 34 networks, together with among the hottest reveals on tv together with “American Idol” on ABC; the “Matchmaker” sequence on Netflix; the Selena Gomez cooking present and the upcoming “The Climb” with Jason Momoa each on HBO; the upcoming Elton John documentary on Apple+; and, the dominant franchise for the final 5 years on Discovery, “90 Day Fiancé.” Mr. Miller additionally has vital expertise as a TMT investor, having spent a number of years as a General Partner at Spark Capital and a Managing Director at Bear Stearns’ enterprise arm, Constellation Ventures. He started his profession within the leisure and tax division of the legislation agency of Manatt, Phelps, Rothenberg and Tunney.
Commenting on his appointment, Mr. Miller stated, “It has been a privilege to serve on Nexstar’s Board of Directors for the last eight years and work closely with Perry and the other distinguished members of the Board during a period of transformational growth and success for the Company. This appointment perfectly aligns my intimate knowledge of Nexstar’s business approach and operating goals to realize the value inherent in The CW. I look forward to working with Perry, Sean and the team to leverage the experience and business relationships built over my career in the media, and technology industries to create new value for viewers, advertisers, affiliates, and Nexstar shareholders.”
“It’s been an honor to serve as the Chairman and CEO of The CW Network for the last 11 years and I am very proud of what our exceptional teams have accomplished together over that time,” stated Mr. Pedowitz. “It was the right moment for me to hand over the leadership baton and I am excited to move on to the next chapter of my professional career where I can pursue a different set of interests. I am confident Perry, Sean, Dennis and the Nexstar team’s ability to usher in the next phase of growth and success for the CW Network and look forward to supporting them during the transition period.”
About Nexstar Media Group, Inc.
Nexstar Media Group, Inc. (NASDAQ: NXST) is a number one diversified media firm that produces and distributes participating native and nationwide information, sports activities and leisure content material throughout tv, streaming and digital platforms, together with greater than 290,000 hours of unique video content material every year. Nexstar owns America’s largest native broadcasting group comprised of prime community associates, with 200 owned or companion stations in 116 U.S. markets reaching 212 million individuals. Nexstar’s nationwide tv properties embody The CW, America’s fifth main broadcast community, NewsNation, America’s quickest-rising nationwide information and leisure cable community reaching 70 million tv houses, well-liked leisure multicast networks Antenna TV and Rewind TV, and a 31.3% possession stake in TV Food Network. The Company’s portfolio of digital belongings, together with The Hill and BestReviews, are collectively a Top 10 U.S. digital information and knowledge property. In addition to delivering distinctive content material and repair to our communities, Nexstar gives premium multiplatform and video-on-demand promoting alternatives at scale for companies and types searching for to leverage the robust shopper engagement of our compelling content material providing. For extra info, please go to Nexstar.television.
Discussion about this post