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Nexstar Media Group to Acquire The CW Network; Tubi Orders Breaking Bear, New Animated Comedy

Nexstar Media Group, Inc. announced that it entered into a definitive agreement to acquire a 75 percent ownership interest in The CW Network. Warner Bros. Discovery and Paramount Global, the current co-owners of The CW, will each retain a 12.5 percent ownership interest in The CW and will continue to produce original, scripted content for the Network. Nexstar, together with its partner stations, is the nation's largest local television broadcasting company and the largest CW affiliate group with 37 CW and CW Plus affiliates, including affiliates in five of the top ten DMAs, accounting for 32 percent of the Network's national reach. The proposed transaction is expected to create value for Nexstar shareholders by solidifying the Company's revenue opportunities as the largest CW affiliate, diversifying its content outside of news, increasing its exposure to the national advertising market, establishing it as a participant in advertising video-on-demand services and improving The CW ratings, revenue, and profitability, by prioritizing programing for the Network's broadcast audience. Mark Pedowitz will continue to serve as The CW's Chairman and Chief Executive Officer, with responsibility for day-to-day operations. The transaction is expected to close in the third quarter.

Tubi (www.tubi.tv) announced that it has greenlit the adult animated series, Breaking Bear. Created by Julien Nitzberg (The Wild and Wonderful Whites of West Virginia) and produced by Cartel Entertainment (Creepshow, Twelve Forever and Day of the Dead) and Tom DeLonge's To The Stars Media (Monsters of California, Unidentified), Breaking Bear parodies the tropes of mobster dramas, comically combining elements of Yogi Bear with The Sopranos. Breaking Bear follows the escapades of three bear siblings who decide they have to start selling drugs in order to raise money and save their home after gas companies start fracking next to their cave. The bears soon enlist other forest animals in a scheme that will pit them against oil companies, The Russian Mafia, local Hell's Angels and polar bears who hate anything that isn't white.

Posted by Pavan -- SitcomsOnline.com at 12:00 PM

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Labels: Breaking Bear, The CW, Tubi