Nexstar Media Group has closed its acquisition of a majority stake in The CW Network, with Mark Pedowitz exiting the broadcaster after an 11-year run as chairman and CEO.
Nexstar acquired 75 percent of the network from Warner Bros. Discovery and Paramount Global, with each retaining a 12.5 percent interest. Dennis Miller takes the helm of The CW effective immediately as president. Formerly with Sony Pictures Entertainment, Lionsgate Television and Turner Network Television, Miller most recently served as chairman of Industrial Media until its sale to Sony Pictures Television earlier this year.
Pedowitz will provide support to The CW, Nexstar and Miller in a streamlined transition as he embarks on reviving his production company.
“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. “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 Perry, Sean, 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.”
“Dennis Miller brings a unique skill set of proven television, media, and technology industry expertise, as well as venture capital experience to the role of president at The CW,” said Perry Sook, Nexstar’s chairman and CEO. “His understanding and ability to unlock value from media assets by delivering high-quality, profitable entertainment, will serve the network, its viewers, its partners and CW affiliates around the country extremely well. We are confident his background, experience and relationships will allow Nexstar to deliver on the value of this transaction for our shareholders.”
