The CW may be up for sale. WarnerMedia and ViacomCBS are looking to sell the network, according to The Wall Street Journal.

One of the potential buyers of the CW is Nexstar, which owns 199 local TV stations and the cable channel NewsNation and The Hill. Nexstar is one of the largest owners of the CW stations.

The CW is the home of popular DC shows like The Flash, Batwoman, and Superman & Lois, in addition to other shows like Riverdale and Dynasty. This news comes after a report stated that the CW - a collaboration between CBS and WarnerMedia - has not been profitable since its formation in 2006.

Part of the reason for its lack of profitability is that Warner and ViacomCBS have been renegotiating international broadcast rights for CW shows as each company wanted to move these shows onto their own streaming platforms, HBO Max and Paramount+. The CW previously had a long-standing pact with Netflix to reach a broader audience. However, this pact ended in 2019.

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According to The Hollywood Reporter, the network was initially supposed to feature content that was a 50-50 split from Warner and CBS. However, due to the popularity of Greg Berlanti’s Arrowverse, Warner became the dominant provider of content for the network. The Arrowverse began with Arrow in 2012, and its popularity led to a series of connecting TV shows that include The Flash, Supergirl, DC’s Legends of Tomorrow, Superman & Lois, Batwoman, and the upcoming Naomi.

So, the question is, what happens to these shows if Warner no longer has majority ownership over the CW? Well, Warner has already been trying to bring all of the DC shows over to HBO Max, making their streaming service the primary location for DC television. The studio already did this when they moved the DC Universe exclusive shows (Doom Patrol, Harley Quinn, Titans, & Young Justice) over to HBO Max.

In a memo to staff, CW CEO Mark Pedowitz confirmed that the network is being shopped around. However, it is too early to speculate about what might happen. Pedowitz is still encouraging staff not to worry about it and continue to make great television.

“So, what does this mean for us right now? It means we must continue to do what we do best, make The CW as successful and vibrant as we have always done,” Pedowitz said in the memo. “We have a lot of work ahead of us — with more original programming than ever, this season’s expansion to Saturday night, our growing digital and streaming platforms — and we thrive when we come together and build The CW together.”

CW shows continue to remain popular, but who knows what the future of the network will look like if it is, in fact, sold.