Nexstar Media Group owns 81% of The CW, giving it control of the broadcast network. A broadcast network is a television service delivered through local stations that affiliate with the network. That ownership shift matters to you because a network’s owners can shape its programming and business choices. It also helps explain why ownership and the way you watch are separate questions. Viewers can still watch The CW through local affiliates and the network’s digital options.
Key Takeaways
- Nexstar Media Group is The CW’s majority owner.
- Skydance holds a minority stake.
- Nexstar’s control does not mean it owns every local affiliate.
- Programming and viewer access are shaped by different parts of the network business.
- You can find The CW through local stations and digital viewing options.
Who Owns the CW Today?
Nexstar Media Group is The CW’s majority owner, while Skydance holds a minority interest. Shared ownership means Nexstar controls the network, but another company still has an ownership stake. Nexstar owns 81%, and Skydance holds the reported remaining 18.9%.
The CW is a network brand and programming business, not the same thing as every local station that carries its shows. Local affiliates are often owned by station groups or other companies. Those stations air The CW’s programming under an affiliation agreement, while the network sets its national schedule.
Nexstar controls The CW, but ownership of the network does not mean ownership of every local affiliate.
It also helps to separate The CW from Nexstar Media Group itself. Nexstar trades publicly, so investors can own shares in that parent company. Those shares are not direct shares in The CW. A Nexstar shareholder has an interest in the parent, which owns many media assets and holds the network stake.
This distinction matters when you read about a company’s ownership. A stake in a parent company does not automatically give an investor direct control over each business it owns. The same distinction applies to boards, voting rights, and operating decisions at other companies, as explained in this guide to company ownership and investor stakes.
The simplest way to understand the structure is that Nexstar controls The CW, but does not own it alone.
How Did The CW’s Ownership Change?
The CW joined the broadcast landscape in 2006 as the successor to UPN and The WB. Its name came from the companies behind the new venture, CBS and Warner Bros. The network’s ownership later shifted from those founding companies to Nexstar.
The 2006 launch and its predecessors
UPN and The WB both launched in January 1995. Each sought young viewers with a mix of drama, comedy, and genre shows. Warner Bros. and CBS later joined their networks in a venture that created The CW.
The CW began broadcasting on September 18, 2006, and formally launched on September 20. The initials combine the first letters of CBS and Warner Bros. In CW Sports, “CW” refers to the network’s name, not a separate sports acronym.
The 2022 sale and later ownership shift
Nexstar acquired a controlling stake in 2022. At the time, Paramount Global and Warner Bros. Discovery each kept a minority share. The companies that founded The CW had also changed through later corporate deals, so their names did not always match the network’s original partners.
A report on Nexstar’s 2022 deal described the planned sale as a major change for the network. That transaction moved control away from the former studio-led venture, while the former partners retained minority ownership at the time.
- January 1995: UPN and The WB launched.
- September 2006: The CW began broadcasting and formally launched.
- 2022: Nexstar took a controlling stake in the network.
The 2022 deal transferred control to Nexstar while leaving minority ownership in place.
What Does Nexstar Media Group Control?
Nexstar is a publicly traded media company whose stock trades as NXST on the NASDAQ Global Market. Its chairman and CEO is Perry A. Sook. Publicly traded means investors can buy and sell its shares on a stock market. The CW is one part of Nexstar’s wider media business.
Nexstar’s public-company identity
Nexstar Media Group owns and operates local television stations and national media properties. Its role as The CW’s majority owner is only one part of that work. The company’s stock ownership and its network holdings are related, but they are not the same thing.
Perry A. Sook leads Nexstar as chairman and CEO. A chairman helps guide the company’s board, while a CEO runs the company’s business. Those titles describe his role at Nexstar, not a claim that he personally chooses every show on The CW.
Its 2026 TEGNA acquisition
Nexstar closed its acquisition of TEGNA in March 2026 after approval from the Federal Communications Commission and the U.S. Department of Justice. TEGNA is a separate company that operated local television stations. The approvals cleared the way for that corporate transaction to close.
The acquisition changed Nexstar’s corporate footprint, but it did not represent a new sale of The CW. The network’s ownership arrangement and the purchase of TEGNA are separate events. That difference can be easy to miss when one company makes several large deals in the television business.
For viewers, the useful distinction is between the company that owns a network and a separate company purchase involving stations. A station acquisition can affect the parent company’s reach without changing who controls The CW. Keep the TEGNA transaction distinct from the ownership deal that brought The CW under Nexstar control.
Which Networks and Media Outlets Sit in Nexstar’s Networks Division?
The CW is one part of a division that operates several television, radio, and media properties. Nexstar’s Networks Division brings together entertainment, news, and other content. Its portfolio includes both properties Nexstar operates and an ownership interest in another network.
The division’s assets and interests include:
- The CW, a national broadcast network.
- NewsNation, a national news network.
- Antenna TV and Rewind TV, which carry library programming.
- WGN Radio in Chicago, a radio outlet.
- A 31.3% stake in TV Food Network.
These properties do not all fit the same category. The CW and NewsNation are television networks, while WGN Radio is a radio outlet. Antenna TV and Rewind TV focus on older television shows, and the TV Food Network interest is a stake rather than full ownership.
That range shows why a media group’s portfolio can include many kinds of content. A company may operate one brand, own a portion of another, and run local stations through a separate part of its business. The word “network” can describe a national channel, a group of stations, or a media brand, depending on context.
For U.S. viewers, The CW’s place in the portfolio is as a national broadcast network alongside Nexstar’s other media interests. Its local affiliates remain a separate part of how the signal reaches homes.
Who Are Nexstar’s Largest Institutional Shareholders?
BlackRock was Nexstar’s largest listed institutional holder, with 10.90% of shares outstanding at the end of June 2026. Institutional holders are organizations that invest in shares for funds or clients. All figures below are as of June 30, 2026.
The leading reported holders
The listed holdings show which large investment firms owned Nexstar shares on that date. Share counts and percentages refer to Nexstar Media Group, the publicly traded parent company.
| Holder | Shares held | Percent of Nexstar shares | Date |
|---|---|---|---|
| BlackRock | 3.36 million | 10.90% | June 30, 2026 |
| Dimensional Fund Advisors | 1.43 million | 4.65% | June 30, 2026 |
| Vanguard Portfolio Management | 1.43 million | 4.63% | June 30, 2026 |
| Vanguard Capital Management | 1.3 million | 4.23% | June 30, 2026 |
| Charles Schwab Investment Management | 1.08 million | 3.51% | June 30, 2026 |
State Street Corporation also held shares, with 944.84 thousand shares, or 3.07%, on June 30, 2026. The figures can help you see who holds large positions in Nexstar, but they do not identify each investor’s role in the network’s daily work.
What share ownership does and does not mean
A shareholder owns part of the company whose stock they hold. That does not make the investor a direct owner of every asset under the company. Nexstar’s share structure is separate from its ownership interest in The CW.
These are holdings in the publicly traded parent company, not separate ownership percentages in The CW.
How Did the 2022 Sale Change The CW’s Business Model?
The 2022 sale arrived as The CW’s earlier studio-and-streaming business model was losing key revenue sources. For years, the network bought programming from CBS Studios and Warner Bros. TV. A $1 billion Netflix output deal and international sales helped support that model.
From the former studio-backed venture
The former owners’ studios supplied series that The CW could air on broadcast television. The Netflix deal gave the streaming service access to shows after their television runs. International sales also helped the studios earn money from programs outside the United States.
That setup became harder to maintain as the parent studios focused on their own streaming services. Warner Bros. Discovery prioritized HBO Max, while Paramount Global focused on Paramount+. The studios chose not to extend the Netflix arrangement.
The business pressures behind the change
The change affected more than corporate ownership. It put pressure on the network’s programming strategy, including which series it could afford to renew and which new shows it could order.
- The Netflix output deal was not extended.
- International rights became harder to sell as studios used their own services.
- More than half of The CW’s U.S. original series were canceled during the 2022 transition, including Batwoman, Legends of Tomorrow, and Nancy Drew.
Those cancellations marked a sharp change for viewers who followed long-running shows from season to season. They also reflected the limits of a model that relied on outside revenue to help pay for programming.
The important change was pressure to balance programming decisions against the network’s own finances.
Who Leads Nexstar and The CW?
Nexstar’s chief executive and The CW’s network president hold different leadership roles. Perry A. Sook is Nexstar Media Group’s chairman and CEO, while Brad Schwartz is The CW’s president. Those jobs sit at different levels of the media business. Mark Pedowitz led The CW during the 2022 sale period, not today.
Nexstar’s corporate leadership
Sook leads Nexstar as the parent company’s top executive. His role covers the wider media group, which includes stations and national properties. That does not mean the CEO personally selects every show or manages each part of the network’s schedule.
A large media company has teams and leaders who handle different parts of its work. Corporate leadership sets broad direction and oversees the business. Network staff manage the daily schedule, programming choices, and relationships with affiliates.
The CW’s network leadership
Brad Schwartz is The CW’s president and leads the network. His job concerns The CW’s operations and programming, rather than Nexstar’s full corporate business. This distinction helps clarify which leader is tied to a network decision.
Mark Pedowitz was The CW’s chairman and CEO when the 2022 sale was announced. He is relevant to the network’s history during that period, but he is not its current leader. A past title should not be confused with the current management structure.
For ownership questions, distinguish Nexstar’s corporate leadership from The CW’s day-to-day network leadership.
How Broad Is The CW’s U.S. Broadcast Reach?
The CW says its broadcast network is available to 100% of U.S. television households, while Nexstar reports a 70% U.S. household reach. Those numbers measure different things, so they should not be compared as if they describe the same coverage. The CW’s availability is not the same measure as Nexstar’s company-wide reach.
Nexstar also reported 265 total stations and operations in 132 television markets. Those figures describe the company’s station footprint, not the number of The CW affiliates. The CW’s national availability figure describes access to the network through broadcast stations.
| Measure | Figure | Scope |
|---|---|---|
| Nexstar stations and operations | 265 | Company total |
| Nexstar television markets | 132 | Company footprint |
| Nexstar U.S. household reach | 70% | Company reach |
| The CW broadcast-network availability | 100% | U.S. television households |
A broadcast network depends on local stations to carry its programming. Nexstar owns many stations, but other station groups also operate local affiliates. That structure lets a national schedule reach viewers through many local channels.
Household reach and network availability are useful figures, but they answer different questions. One describes the footprint associated with Nexstar’s operations. The other describes The CW’s stated availability across U.S. television households.
A national availability figure does not guarantee that every local affiliate’s stream works on every service.
What Entertainment Programming Is on The CW?
The CW’s entertainment schedule combines scripted series with unscripted competition and reality programming. The mix changes across the schedule, with dramas alongside game shows and factual programs. The network describes 18 hours per week of primetime entertainment and children’s programming.
Scripted and unscripted shows
Scripted shows include stories built around recurring characters and plots. Unscripted programs can focus on competition, real-life events, or a host-led format. The CW’s current entertainment titles include:
- Wild Cards, a scripted series.
- Sullivan’s Crossing, a scripted drama.
- Police 24/7, an unscripted program.
- Penn & Teller: Fool Us, a magic competition show.
- Scrabble and Trivial Pursuit, game shows.
The list gives you a sense of the range, not a promise that every title airs each week. A program’s place on the schedule can vary by season, day, and local affiliate. Series may also take breaks between runs.
The weekly broadcast lineup
The 18 weekly hours cover primetime entertainment and children’s programming. Sports are counted separately: The CW’s Networks Division describes an average of more than 13 weekend sports hours. Those categories give viewers a clearer picture of how entertainment and live events fit into the weekly schedule.
Because local stations can set their own schedules around network programming, your local listings are the best way to confirm a specific air time. Check the current local listings for the air time of a specific show.
What Sports Are on The CW’s 2026 Schedule?
The CW’s 2026 sports slate spans motorsports, wrestling, college games, and several other live-event categories. The network plans almost 690 hours of sports programming. Its college schedule includes 130 basketball games for 2026-27 and 140 regular-season football hours in 2026.
Recurring event types
The schedule includes a mix of weekly series and event coverage. The listed sports include:
- NASCAR O’Reilly Auto Parts Series.
- WWE NXT.
- College football and basketball.
- AVP beach volleyball.
- PBR Team Series and PBA events.
These events give the sports schedule a broader range than college games alone. Motorsports, wrestling, volleyball, team rodeo, and bowling each bring a different kind of live broadcast. In CW Sports, “CW” is the network name, not a separate sports acronym.
College football and basketball
The 2026-27 college basketball schedule has 130 men’s and women’s games across the ACC, Mountain West, and Pac-12. The 2026 college football schedule includes 140 regular-season hours across those conferences.
Those totals can help you identify whether a season includes the leagues you follow. A game’s date and time still depend on the conference schedule and the specific event. Regular-season hours are a measure of football coverage, while the basketball figure counts games.
Conference and event details are the quickest way to confirm whether a particular game falls within the season schedule.
What Does The CW’s ACC Deal Include?
The CW’s agreement with ESPN brings a fixed slate of ACC football and basketball games to the network each season. The deal covers football and men’s and women’s basketball through the 2030-31 season. Each season has set game counts for the three sports. The CW airs 14 football games, 30 men’s basketball games, and 10 women’s basketball games.
| Sport | Games per season | Conference or event |
|---|---|---|
| Football | 14 regular-season games | ACC |
| Men’s basketball | 30 games | ACC |
| Women’s basketball | 10 games | ACC |
The agreement gives ACC games a place on The CW’s broadcast schedule. You can watch those games on the network through a local affiliate where The CW is carried. That route does not require you to use a streaming app for the broadcast itself.
The ESPN App is another viewing route for ACC games, but access has a subscription condition. The games stream on the ESPN App for subscribers to the ESPN Unlimited plan. The CW’s broadcast and the ESPN App stream are separate ways to watch.
The ACC agreement announcement sets out the game counts and term. It also identifies the sports covered by the sublicense between The CW and ESPN.
The agreement runs through the 2030-31 season, so viewers can check the current schedule for each year’s game dates.
Where Can Subscribers Stream CW Sports Live?
ESPN Unlimited subscribers can stream CW Sports events through the ESPN App. The CW and ESPN set August 4, 2026, as the live-streaming launch date. More than 800 hours of events were planned for ESPN Unlimited subscribers.
This streaming route is different from watching The CW’s broadcast channel. The broadcast channel reaches viewers through local television affiliates, while the ESPN App carries CW Sports events online. A sports event’s availability on the app does not turn the app into a live stream of The CW’s full channel.
The launch added a digital option for live sports fans who subscribe to ESPN Unlimited. It does not describe a free CW Sports app. Access to these events on ESPN’s platform is exclusive to ESPN Unlimited subscribers.
The CW and ESPN set the launch date for CW Sports coverage on the ESPN App, with more than 800 event hours planned. That total covers CW Sports programming offered through the app, rather than every show on The CW. Entertainment series follow separate viewing routes.
Before planning around a game, keep the channel and app options distinct. A viewer watching the local broadcast can follow The CW’s linear schedule, while an ESPN Unlimited subscriber can stream eligible CW Sports events in the app. Check the ESPN App and plan details before relying on it for a specific event.
How Can Viewers Watch The CW Without Cable?
You can watch The CW live without cable through services such as YouTube TV, Fubo, Hulu + Live TV, and DIRECTV Stream. Local availability matters because each service’s lineup can differ by area. Check that your local CW station is carried before choosing a service.
Live-TV streaming services
These live-TV streaming services list The CW as part of their channel offerings:
| Service or route | Live CW access | Local availability check |
|---|---|---|
| YouTube TV | Yes | Check local lineup |
| Fubo | Yes | Check local lineup |
| Hulu + Live TV | Yes | Check local lineup |
| DIRECTV Stream | Yes | Check local lineup |
For CW Sports, a game airing on The CW can be watched through the local live channel. That is different from streaming CW Sports events through ESPN’s app. Your choice depends on whether you want the broadcast channel or the sports app.
Finding The CW on Spectrum
Spectrum channel numbers depend on your local lineup, so there is no single nationwide number to use. Check Spectrum’s local guide or The CW Station Finder to locate the affiliate in your area. The station finder can also help you identify which local station carries the network.
The CW Channel Finder warns that a local station’s stream may not be available on every service. A service can carry The CW in one market and lack the local stream in another. Confirm that your local station is available on the service before choosing it for a live event.
What Can Viewers Stream on The CW App?
The CW App offers free, ad-supported on-demand access to current programming and a library of films and television. Current shows and movies become available the day after they air live on television. You do not need a paid subscription to use the app.
Free on-demand entertainment
The app carries current episodes and seasons of primetime programming, along with films and television on demand. It is an on-demand service, not a live stream of The CW’s broadcast channel. That difference matters if you want to watch a show as it airs.
Because the app is fully ad-supported, you can watch its available content without paying a subscription fee. The lineup can change as episodes and films arrive or leave the library. Shows available the day after broadcast give you a way to catch up after a missed airing.
Supported devices and the Roku hub
The CW App works on Roku, Amazon Fire TV, VIZIO Smart TV, LG TV, Chromecast, Android TV, Apple TV, and Samsung Smart TV. It is also available on iPhone, iPad, and Android devices.
If you plan to stream on a tablet, check that its operating system supports the apps you need. Platform support can differ across iPadOS, Android, and Fire OS, so app access is one factor to weigh when choosing a device. The CW’s programming is also scheduled to appear in a CW-branded hub on The Roku Channel beginning in fall 2026.
The Roku Channel hub is a separate viewing option from The CW App, even though both carry CW-branded entertainment. Check the app on your device to see which episodes and movies are currently available.
Is The CW Part of Paramount+?
The CW is not part of Paramount+’s live channel lineup, even though Paramount’s corporate history is tied to the network. Corporate ties do not equal streaming access. Paramount+ does not offer a live stream of The CW’s programming.
A company can own part of a network or supply shows without placing that network’s live channel inside its streaming service. The CW’s channel and Paramount+ are separate viewing products. A connection between their companies does not give Paramount+ subscribers a live feed of The CW.
When the 2022 sale was announced, The CW said it would continue ordering programming from Warner Bros. TV and CBS Studios. That arrangement reflected the network’s program supply at the time. It did not, by itself, establish which streaming service could show each series later.
The distinction also applies to HBO Max and Paramount+. Warner Bros. Discovery and Paramount Global had their own streaming priorities, while The CW remained a broadcast network. A show’s studio, its broadcast home, and its streaming home can be different.
A corporate connection does not make The CW a live channel inside Paramount+.
For a live channel, choose a live-TV provider that carries your local affiliate. For on-demand entertainment, the free CW App offers a separate option. Choose a live-TV provider for the broadcast channel, or use The CW App for its free on-demand programming.
Conclusion
Nexstar’s majority stake makes it the company that controls The CW today. Shared ownership shapes the network’s corporate structure, while the way you watch depends on a local affiliate, live-TV service, or on-demand app.
If you want to watch a live show or game, start by finding the local CW station in your area. Check The CW’s station finder or your live-TV provider’s local lineup to confirm the best way to watch.
FAQ
Who owns Nexstar Media Group?
Nexstar Media Group is publicly traded as NXST on the NASDAQ Global Market, so it has many shareholders. BlackRock was its largest listed institutional holder as of June 30, 2026, with 10.90% of shares outstanding. Institutional investors hold shares in Nexstar itself, not direct shares in each asset the company owns. Share counts and percentages can change over time.
How to stream CW?
You can stream The CW’s on-demand shows for free through its ad-supported CW App. Current shows and movies become available the day after they air on television. For live viewing, use a local CW affiliate through a listed live-TV streaming service, such as YouTube TV, Fubo, Hulu + Live TV, or DIRECTV Stream. Local station access depends on the service and your area.
Is CW part of Paramount Plus?
No, Paramount+ does not offer a live stream of The CW’s programming. Paramount’s corporate history connects it to The CW, but company ties do not set streaming access by themselves. The CW also ordered programming from CBS Studios and Warner Bros. TV when its 2022 sale was announced. A show’s studio, broadcast channel, and streaming home can be different.
Who is the largest owner of TV stations in the United States?
Nexstar Media Group is a major U.S. television station company, with 265 stations and operations in 132 television markets. Those figures describe Nexstar’s station footprint. They do not mean every station in those markets belongs to Nexstar, or that all stations carry the same network. Local station ownership and network affiliation are separate parts of television broadcasting.
Is Nexstar a conservative company?
The fact that Nexstar owns The CW does not establish a political alignment for the company. Nexstar operates media properties, while individual news brands and local stations produce their own editorial content. A company’s ownership structure alone does not tell you the viewpoint of every program or newsroom. To assess a particular report, consider the story, its reporting, and the outlet that produced it.
Can you watch The CW for free with an antenna?
Yes, an antenna can receive a local CW affiliate for free when that station’s signal reaches your home. Reception depends on your location, the station’s signal, and your antenna setup. The CW is carried through local broadcast stations, so you need an affiliate within reach. A channel scan after connecting the antenna can show which local stations your television receives.
When are new CW App episodes available?
Current shows and movies are available on The CW App the day after they air live on television. The app is free and supported by ads, so you do not need a paid subscription for its on-demand library. Availability can vary by title and episode as the library changes. If a new episode has just aired, check the app the following day.
