According to The Hollywood Reporter, network CEO Mark Pedowitz sent a letter to The CW staff, confirming speculations that the channel's joint owners, ViacomCBS and Warner Media, are putting it up for sale.
The network is home to highly popular DC series, including Arrow, Supergirl, Batwoman, The Flash, Legends of Tomorrow, and more.
Why is The CW for Sale?
The CW, THR reports, has never been profitable since its inception in 2006. With the collapse of their streaming contract with Netflix, the network's chances appear to have deteriorated significantly, pushing their shows to less popular online homes like HBO Max and Paramount+.
Those partners seek to keep their control on overseas distribution rights, which were previously the network's main source of revenue.
One thing to keep in mind is that studios' profit margins are sometimes purposefully engineered to be complex and confusing and difficult to decipher.
For example, screenwriter Anthony McCarten recently sued the producers of Bohemian Rhapsody for his cut of the earnings due to a back-end contract. Despite grossing $911 million at the box office globally, the film was nonetheless reported as a loss.
Although it is unlikely to be the case here, it could explain some of the apparent differences between The CW's appearance and reality.
What Will Happen to The CW Now?
The Wall Street Journal reports that WarnerMedia and ViacomCBS were seeking to sell a significant stake or all of The CW, citing unnamed individuals familiar with the matter.
A majority stake in the network would be acquired by Nexstar, the country's largest broadcaster and owner of numerous CW affiliate stations, while ViacomCBS and WarnerMedia would remain minority owners with agreements to be primary programming suppliers, according to the Journal.
It's difficult to predict what The CW will do next, given the splintering of its streaming content appears to have been devastating, despite the fact that it is legally bound.
To stay alive, the network will have to make significant advances to avoid drowning, which will require them to achieve heights that they haven't attained in over 15 years of existence. For now, we wait.