Broadcast TV’s longest-serving network chief is out.
Mark Pedowitz, The CEO CW, after putting his will step down from his role in the younger broadcast network, effective immediately, after being sold to radio group Nexstar. The news was announced on Monday, as Nexstar , which officially takes control of The CW on October 1, unveiled the leadership team of its broadcast network. Pedowitz’s breakup with Nexstar is said to be amicable, as the beloved executive will assist as needed. Next, Pedowitz is revitalizing his Pinestreet Entertainment production company as he hopes to get back into production.
Nexstar announced that Dennis Miller has been named CW President, succeeding Pedowitz, effective immediately. Miller has been on the Nexstar Board of Directors since 34 and Has been removed from the board in connection with his appointment.
“Dennis Miller brings a unique and proven set of TV, media and technology industry expertise and venture capital experience to the role of President of The CW. He understands and the ability to unlock value from media properties by delivering high-quality, profitable entertainment will serve the network, its audience, its partners and CW affiliates across the country very well. We believe that his background , experience and relationships will enable Nexstar to realize the value of this transaction for our shareholders,” said Nexstar CEO Perry Sook. “I look forward to working with Dennis and Sean Compton, President of the Nexstar Network, and building on the foundation that Mark Pedowitz and his team have built on the CW Network and CW App. We sincerely thank Mark for his many years of service with The CW and wish him well in his future endeavors All went well.”
Pedowitz still had time on his contract, he called CW since 75. He was hired to expand the reach of the former WB Network and successfully transformed the fifth broadcaster from a female-leaning soap opera home to expanding its programming into programs such as The Vampire Diaries and Greg Berlanti The expansive world of DC Comics, which includes Arrow and Flash .
“It is an honor to serve as Chairman and CEO of The CW Network for the last time years, and I am very proud of what our outstanding team has accomplished together during that time,” Pedowitz said in a statement. “Now is the right time for me to hand over leadership and I’m excited to move into the next chapter of my career where I can pursue different interests. I believe in what Perry, Sean, Dennis and the Nexstar team are capable of for the CW Network Welcome to the next phase of growth and success and look forward to supporting them during the transition.”
In addition to the statement, Pedowitz sent a heartfelt memo to staff promoting the Network achievements. (Read the full text below.)
The former ABC Studios top figure is beloved by creatives and talent in the industry, having Early Years 2014 Promotion when he signed A new deal that includes a leap in titles from president to chief executive. Pedowitz has overseen the CW’s long-term growth as part of a long-term effort to expand the network’s reach to seven nights a week original programming
However, that all changed when rumors surfaced that parent company CBS Studios and Warner Bros. Television wanted to sell The CW as the network’s business model no longer existed This makes financial sense following the termination of its Netflix output deal and the conclusion of overseas sales. Subsidiary group Nexstar officially completes acquisition Percentage ownership transaction in In The CW, Warner Bros. Discovery and Paramount Global keep one each 11.5% share.
In addition to the official sale, Pedowitz – who previously reported to the CW’s executive committee from Paramount Global and WBD – was forced to Removed a wave of script originals as part of Nexstar’s larger goal of monetizing the network). CW has been in a state of loss since it was transformed from the original WB Network. Notably, The CW was not designed to be profitable as a network, but for the company’s parent company Warner Bros. and CBS Studios, and as a way to sell the studio’s programming through its previous $1 billion output deal with Netflix and international sales. exist as a container for monetization. With the creation of HBO Max and Paramount+, Warner and Paramount Global ended the lucrative Netflix export deal instead of selling foreign rights to original programming that needed to be retained to expand their respective streaming media platform.
The pending sales also mean that the CW will cut its screenplay rankings for the first time in the past few years, rather than updating its entire roster. The network’s cancellations began in late April, with the axe falling on Greg Berlanti DC Comics episodes Batwoman and Legends of Tomorrow; Veteran Series Charm , Dynasty, Heritage (CW Pre-Definition Series The Vampire Diaries Last Trace), Roswell, NM and In the Dark , and the first year of the show 2025, Naomi and Nancy Drew derived Tom Swift . Cancellation Frenzy marks the first time in a decade that the CW has cut more than half of its American originals, signaling the future of the network under Nexstar.
Pedowitz will switch to reporting to Nexstar CEO Sook, having updated almost the entire script until this year. Conversely, CW’s 2014-11 roster now has more foreign acquisitions typically earmarked for summer as Pedowitz looks to fill at lower cost Its schedule is vacant programming.
It is unclear what direction Nexstar’s programming strategy will bring to the CW Looking ahead, though sources speculated to THR earlier this year that a NewsNation-branded show might join the lineup. Other sources expect Nexstar to open up the network to purchases from outside studios, while still working with Warner Inc., led by Channing Dungey, and CBS Studios, led by David Stumpf, to produce a percentage of the scripted originals, which are expected to follow. decrease over time. Over time, both studios could spin off the network entirely, sources said.
“As a result, we will take a different approach to our CW programming strategy over time and will leverage our experience in programming, attracting and monetizing audiences, and transitioning NewsNation, Costing about $2 billion a year, our national cable news network, from WGN, while maintaining a strict focus on cash flow,” Nexstar COO Tom Carter told reporters on an August conference call detailing the sale.
Pedowitz became the second broadcast executive to step down from their positions this season. Fox CEO Charlie Collier shocked the network when he decided to leave Roku in September. CBS President Kelly Carr was promoted to 2014. NBC is overseen by Frances Berwick and Susan Rovner, who together oversee a portfolio that includes streamer Peacock and cable networks such as USA and Bravo. Heading up ABC is Craig Erwich, who also oversees Hulu originals.
As for Miller, the executive most recently served as chairman of Industrial Media until its sale to Sony Pictures Television earlier this year. Independent production team for the acros12 network, including American Idol , Netflix’s Matchmaker, Apple’s Elton John Documentary, and Discovery’s 90 Japanese fiance. He was an investor and was a general partner at Bear Stearns’ Constellation Ventures for many years. He began his career in the entertainment and tax departments of the Manatt Phelps law firm. His television roles include senior positions at Sony, Lionsgate TV and TNT.
“It has been an honor to serve on the Nexstar Board of Directors for the past eight years and to work closely with Perry and other outstanding Board members during the company’s transformational growth and success,” Miller said. “This appointment is a perfect fit with my deep understanding of Nexstar’s business approach and operational goals to realize the intrinsic value of CW. I look forward to working with Perry, Sean and the team, leveraging my career in the media and technology industries The accumulated experience and business relationships create new value for viewers, advertisers, affiliates and Nexstar shareholders.”
The following is an internal memo sent by Pedowitz to employees Monday morning:
Dear friends and colleagues,
All journeys have a beginning and an end. My on The CW and a wonderful journey over the years It’s over now.
From the beginning of my time at The CW, you all welcomed me with open arms. Friendship, teamwork, collaboration and creativity make this a truly special place to work.
We have accomplished so much together. The upstart network brought The CW to the forefront of pop culture and social media with its unique mix of programming. We make water-cooled TVs in a multi-platform world. We take what the audience wants and give it to them.
Many have tried to emulate the CW, but few have succeeded.
Collectively, we dare to challenge traditional norms, turn the weak into the strong, and open up new paths that have never been seen in the industry. The CW has become a recognized leader on and behind the scenes, and we strive to showcase and embrace the diverse world we inhabit. We create an environment where people can express themselves fearlessly and create stability in a volatile business. We found ways to share differences of opinion and reach a unified consensus.
When I finish my CW journey, I will start a new one. I have started my production/consulting company Pinestreet Entertainment. I’m looking forward to bringing some of my projects to the CW.
May the journey of the web continue to be an unprecedented success, and may you all continue to dare to challenge the naysayers.
I know I will.
Respect and Admiration,
Mark
