The CW CEO & chairman Mark Pedowitz exits as Nexstar acquisition closes

Riverdale

Mark Pedowitz is stepping down as chairman and CEO of The CW following Nexstar Media Group’s acquisition of the US broadcast network.

Nexstar has now closed the deal to take 75% ownership of the business, which Pedowitz has headed up for more than 11 years. As previously reported, former co-owners Warner Bros. Discovery and Paramount Global will each retain a 12.5% stake in the company.

Pedowitz will be succeeded by Dennis Miller, who has been appointed as president of The CW, having served as a member of Nexstar’s board of directors of 2014, which he has stepped down from in order to take on his new appointment.

The outgoing CEO plans to revive his Pine Street Entertainment production company and will “provide support” to Miller, The CW and Nexstar to ensure a “streamlined transition.”

Pedowitz was running Pine Street under a deal at Warner Bros. TV when, in 2011, he was appointed to lead The CW. Under his tenure, The CW launched shows including Supernatural, Riverdale and the interlinked ‘Arrowverse’ of series based on DC Comics, including Arrow, Legends Of Tomorrow and the recently cancelled The Flash.

“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.

Mark 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.”

Incoming president Miller, meanwhile, held senior executive roles at Sony Pictures Entertainment, Lionsgate Television and Turner Network Television, prior to The CW. He also served as chairman of American Idol and Matchmaker production group Industrial Media until its sale to Sony Pictures Television earlier this year.

“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 CEO.

News of a potential sale of The CW first emerged in January, when the Wall Street Journal reported that a pre-merger WarnerMedia and pre-rebrand ViacomCBS (now Paramount), were exploring options. Nexstar was named at the time as a potential suitor for the network.