As expected, the nation’s biggest broadcast television station owner has completed its acquisition of a majority interest in the television network that counts among its over-the-air distribution points KTLA-5 in Los Angeles.
With the transaction’s closing a new President of The CW Network has been named by Nexstar Media Group.
The surprise? He’s assuming the duties of its Chairman/CEO, who was originally slated to stay on but is now exiting.
Editor’s Note: An earlier version of this story incorrectly referred to WGN-9 in Chicago as an affiliate of The CW Network. The affiliation agreement with The CW is presently with Weigel Broadcasting’s WCIU-26 in Chicago. We regret the error.
Effective today (10/3), Nexstar holds a 75% interest in The CW, obtained from Warner Bros. Discovery and CBS parent Paramount Global. Each will retain a 12.5% ownership interest in the CW and remain minority partners.
Now that the transaction announced in mid-August is complete, Nexstar has named an eight-year member of its Board of Directors as The CW’s president. That would be Dennis Miller, who has stepped down from the board on which he has held a seat since 2014.
Nexstar has initiated the search to replace Miller on its board.
While Miller will hold the role of President, his appointment marks a big change in leadership from what Nexstar announced less than two months ago. Mark Pedowitz was to remain Chairman/CEO of The CW, with responsibility for day-to-day operations.
That’s not happening, as Nexstar has confirmed Pedowitz has announced his intention to revive “his successful production company.” Pedowitz had been in the role since the start of 2020.
“Pedowitz will provide support to The CW, Nexstar, and Miller in a streamlined transition,” Nexstar said early Monday, noting that throughout his tenure, Pedowitz “was instrumental in charting the expansion of The CW and bringing some of the most groundbreaking and generation-defining programming in television to millions of viewers.”
However, Pedowitz was also overseeing a network that Nexstar has a different vision for, programming and expense-wise. At The CW, nine series were cancelled between April and August 2022. This, along with confirmation that after seven seasons, Riverdale is over, positions The CW as a transitional network that could take on less of a Young Adult programming skein.
Axed in the last four months were “Batwoman,” a reboot of the 2004 series “The 4400,” a reimaging of the late 1990s series “Charmed,” “DC’s Legends of Tomorrow,” DC superhero-themed series “Naomi,” supernatural drama “Roswell, New Mexico,” a reboot of the ABC prime-time soap “Dynasty,” The Vampire Diaries spinoff “Legacies,” and blind woman-as-sleuth series “In The Dark.” In contrast, eight series were renewed; three were added.
“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,” said Pedowitz, adding, “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 [Nexstar Chairman/CEO and founder] Perry Sook, [President of Networks] Sean Compton, 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.”
Miller is described by Nexstar as “a seasoned television executive with a successful long-term record of success and value creation in the industry.” He’s held senior executive positions at Sony Pictures Entertainment, Lionsgate Television and Turner Network Television. Until earlier this year, in his most recent role, Miller served as Chairman of independent television series production group Industrial Media, acquired by Sony Pictures Television.
Among Industrial Media’s top series is “American Idol” on ABC. It’s also behind Discovery’s “90 Day Fiancé” and the “Matchmaker” series on Netflix; in addition to the Selena Gomez cooking show and the upcoming “The Climb” with Jason Momoa on HBO.
Interestingly, Miller also has significant experience as a TMT investor, having spent several years as a General Partner at Spark Capital and a Managing Director at Bear Stearns’ venture arm, Constellation Ventures. He began his career in the entertainment and tax department of the law firm of Manatt LLC.
Miller said of his transition, “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.”
