AT&T Inc’s (T.N) 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 (NXST.O) is among the suitors, according to the report. The report said an agreement could be reached soon, though the talks could still fall apart.
It added that there are other interested parties as well, but the discussions with Nexstar are most advanced.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.
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 media assets with Discovery to create a proposed standalone company, Warner Bros. Discovery, in a deal which is expected to close in mid-2022.