Nexstar Media Group has announced the closure of the acquisition of The CW network, with it learned Mark Pedowitz who served as the head of the network has left after 11 years.
Dennis Miller replaces Pedowitz and has been named President of The CW, effective immediately.
Miller has served as a member of Nexstar’s Board of Directors since 2014 and has stepped down from the Board in connection with his appointment. Nexstar has initiated a search for a new member of its Board of Directors.
Pedowitz e-mailed his goodbye to the staff where Deadline offers Pedowitz will be reviving his Pine Street Entertainment production company (see below).
Under Pedowitz, The CW developed all the DC shows under the Arrowverse which includes Arrow, The Flash, DC Legends of Tomorrow, Supergirl, Black Lightning, Batwoman, and Superman & Lois. The CW is also airing Gotham Knights.
With the sale of The CW, most of those DC shows have been canceled as The Flash will air its final season next year, and Superman & Lois is no longer a part of the Arrowverse which will have its Season 3 also airing next year.
The status of Superman & Lois after Season 3 on The CW is presently unknown as is Gotham Knights if it makes it to another season.
Mark Pedowitz e-mail to The CW staff:
Subject: A Note from Mark
Dear friends and colleagues,
All journeys have a beginning and end. My wonderful journey of 11 plus years at The CW is now concluding.
From the beginning of my time here at The CW all of you welcomed me with open arms. The camaraderie, teamwork, collaboration and creativity made this a truly special place to work.
Together, we have accomplished so much. This upstart network with its unique blend of programming brought The CW into the forefront of pop culture and social media. We made water cooler TV in a multi-platform world. We embraced what the audience wanted and gave it to them.
Many attempted to emulate The CW, but few succeeded.
Collectively, we Dared to Defy the conventional norms, converted weaknesses into strengths and forged new paths that no one had done before in the industry. The CW has become a recognized leader on-screen and behind the scenes with our efforts to showcase and embrace the diverse world we inhabit. We created an environment for people to express themselves without fear and created stability in an unstable business. We found ways to share our differences of opinion and arrive at a unified consensus.
As I end my CW journey, I will commence a new one. I have activated my production/consulting company Pinestreet Entertainment. I look forward to bringing some of my projects to The CW.
May the network’s journey continue to be one of unparalleled success and may all of you continue to Dare to Defy the naysayers.
I know I will.
With respect and admiration,
Nexstar Media Press Release:
Nexstar Media Closes Acquisition of The CW Network
Television Industry Leader and Technology and Media Investor, Dennis Miller, Named President
Mark Pedowitz to Exit as Chairman/CEO After 11-Year Tenure
IRVING, TX and LOS ANGELES, CA — Nexstar Media Group, Inc. (NASDAQ: NXST, “Nexstar”) announced today that it has closed its previously announced acquisition of a 75% ownership interest in The CW Network, LLC (“The CW” or the “Company”) from co-owners Warner Bros. Discovery (Nasdaq: WBD) and Paramount Global (Nasdaq: PARA, PARAA), who will each retain a 12.5% ownership interest in The CW. Nexstar also announced that Dennis Miller has been named President of The CW, effective immediately. Mr. Miller has served as a member of Nexstar’s Board of Directors since 2014 and has stepped down from the Board in connection with his appointment. Nexstar has initiated a search for a new member of its Board of Directors.
Mr. Miller is assuming leadership of The CW from Mark Pedowitz, who, after serving as Chairman and CEO of The CW for the past 11 years, has announced his intention to revive his successful production company. Mr. Pedowitz will provide support to The CW, Nexstar, and Mr. Miller in a streamlined transition. Throughout his tenure, Mr. 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.
“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. 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,” said Perry Sook, Nexstar’s Chairman and Chief Executive Officer. “I look forward to working with Dennis and Sean Compton, Nexstar’s President of Networks, to build on the foundation that Mark Pedowitz and his team have established at both the CW Network and the CW App. We sincerely thank Mark for his many years of service to The CW and wish him the very best in his future endeavors.”
Mr. Miller is a seasoned television executive with a successful long-term record of success and value creation in the industry. He has held senior executive positions at Sony Pictures Entertainment, Lionsgate Television and Turner Network Television. He most recently served as Chairman of Industrial Media until its sale to Sony Pictures Television earlier this year. Industrial Media is an independent production group whose companies collectively produce more than 94 television shows airing across 34 networks, including some of the most popular shows on television including “American Idol” on ABC; the “Matchmaker” series on Netflix; the Selena Gomez cooking show and the upcoming “The Climb” with Jason Momoa both on HBO; the upcoming Elton John documentary on Apple+; and, the dominant franchise for the last five years on Discovery, “90 Day Fiancé.” Mr. 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, Phelps, Rothenberg and Tunney.
Commenting on his appointment, Mr. Miller said, “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.”
“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 Mr. 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.”