Jan 5 (Reuters) - AT&T Inc's WarnerMedia and ViacomCBS
Inc are exploring a possible sale of a significant
stake or all of the CW Network, which they jointly own, the Wall
Street Journal reported late on Wednesday, citing people close
to the talks.
Nexstar Media Group Inc is among the suitors,
according to the report https://www.wsj.com/articles/warnermedia-and-viacomcbs-are-exploring-possible-sale-of-cw-network-11641436892?mod=latest_headlines.
The report said an agreement could be reached soon, though
the talks could still fall apart. There are other interested
parties as well, but the discussions with Nexstar are most
advanced, it added.
The details of the other parties involved and the exact time
by when the deal could be reached was not known immediately,
according to the report.
AT&T, ViacomCBS, CW Network, and Nexstar Media did not
immediately respond to Reuters' request for comment.
The most prevalent scenario is Nexstar taking a controlling
stake in CW, with CBS and WarnerMedia remaining as minority
owners and receiving commitments to be the primary program
suppliers for the network, the report said.
CBS and WarnerMedia have been exploring strategic options
for the CW Network for several months, it added, quoting some
people involved in the talks.
CW Network with Warner Bros has made popular shows including
DC Comics' "Arrow" and its spinoff "The Flash". "Riverdale" is
also among the highest grossing series of the network.
AT&T has been in the process of unwinding its expensive
media investments to focus on its original business of providing
phone and internet services.
It is combining WarnerMedia's media assets with Discovery to
create a proposed standalone company, Warner Bros. Discovery, in
a deal which is expected to close in mid-2022.
(Reporting by Baranjot Kaur in Bengaluru; Editing by Shounak
Dasgupta and Rashmi Aich)