a leading bidder. Network president and CEO Mark Pedowitz confirmed talks of a potential sale but added that it was "too early to speculate what might happen". Nexstar CEO Perry Sook in Spring 2022 did not confirm the rumored buyout but stated that he would not be surprised if Nexstar owned a broadcast network. In May 2022, three months before Nexstar made their purchase official, The CW canceled a number of shows. Ten shows, three times the average number per year that The CW had canceled over the previous decade, were axed, including one-season shows 4400 and Naomi, and longtime fixtures Batwoman, Charmed, Dynasty, In the Dark, Legends of Tomorrow, Roswell, New Mexico, and Legacies. More shows were cancelled or given final season orders in the following months. In late June 2022, The Wall Street Journal indicated a purchase of The CW by Nexstar was close, and on August 15 Nexstar confirmed it had "entered into a definitive agreement" to acquire a 75% majority share in the network; the remaining 25% would be shared equally by Paramount Global (the former ViacomCBS) and Warner Bros. Discovery (the company formed by Discovery, Inc.'s acquisition of WarnerMedia from AT&T). Additionally, Nexstar stated that Mark Pedowitz would remain the chairman and CEO of The CW. Though no monetary terms were announced, Nexstar reportedly would not pay any cash or stock up front, and would absorb approximately $100 million of network debt. The Hollywood Reporter stated that Nexstar retained $54 million based on its cash on hand, accounts receivable, accounts payable and other liabilities. As the sale did not entail the transfer of any FCC broadcast licenses, Nexstar immediately took operational control of the network. Nexstar, in a conference call that took place the day its purchase was announced, indicated a desire to run The CW cost-consciously. Citing research that indicated the network spends “almost twice” the amount other broadcast networks spend on programming, a partial reason for the May 2022 cancellations, Nexstar stated that it planned to seek shows with smaller production budgets and/or a reasonably-priced acquisition fee, including unscripted fare, syndicated content, and other content that can create profits through broadcast airings. Nexstar also stated that it aimed for The CW to turn a profit by 2025. In the conference call, Nexstar indicated that it wanted to convert The CW into a network with broad appeal. It cited data indicating that the young