All good things come to an end and that may soon be true of the “Happy Net”. Not that The CW itself would go away–a potential sale is in the works—but things could be changing if new owners come onboard. I have referred to The CW for years as the “Happy Net” because it has been more likely to renew its shows rather than cancel them, typically issuing a blanket renewal to the majority of its lineup around mid-season. But if the ownership structure changes, that could impact the decision-making of the network execs and put any of a number of its current shows on the chopping block.
The CW is jointly owned by ViacomCBS and Warner Bros., and it came into existence when the part-time networks UPN and The WB merged back in 2006. It has acted as a feeder network for shows from both studios, and while the network itself has never been profitable, it has produced some very lucrative and long-running television franchises such as the Arrow-verse shows, Vampire Diaries and its spin-offs, Supernatural (which started on The WB), Gossip Girls, and more. It has typically been the lowest-performer among the broadcast networks in linear ratings (often even coming in behind the Spanish-Language Telemundo), but the network has pushed digital viewing on its app and worked out profitable streaming deals for encore runs of its shows. A sale is in the works, with Nexstar Media Group as the leading buyer, which would reduce ViacomCBS and Warner Bros. to minority holders of the network. And that could have a dramatic impact on its operating structure.
It is far too early to assess the impact of a sale because the details of how that will play out are not known yet. But with the two current partners almost certainly losing controlling interest, we can probably assume that major changes will be on the way. Shows like Arrow, Vampire Diaries, Gossip Girls, and Supernatural had long runs on the network because they have typically been the best performers ratings-wise. But fan-favorite entries such as The 100, Black Lightning, and Jane the Virgin had multi-season runs despite tepid ratings because the network focused more digital viewing and has also kept a close eye on the long game. Whereas the Big Four broadcast nets (ABC, CBS, FOX, NBC) have remained fixated on the short-term numbers, The CW has kept many of its shows going knowing that its patience would eventually pay off. But the unique structure of the network allowed it to operate that way, and a new partner would more than likely shift closer to the model of the Big Four nets.
For the first half of the current season, The CW averaged only a 0.08 rating with 448K total viewers for non-sports, non-special, and non-repeat programming. That puts it well below the lowest-performing of the Big Four nets, and a new owner may want to change that.
| Network | StD Rtg Avg | Std Tot Viewers Avg |
| CBS | 0.55 | 5.27 |
| FOX | 0.54 | 2.35 |
| NBC | 0.48 | 3.62 |
| ABC | 0.44 | 2.85 |
| CW | 0.08 | 0.45 |
Genre entries such as Nancy Drew and Riverdale are performing rather poorly this season, but I have both on track for renewal based on the fact that The CW has not outright cancelled a show that has made it past its second season for the past five-plus years. The network also has five regular-season Arrow-verse shows on the schedule including new entry Naomi (Stargirl counts as a Summer entry) which takes up 42% of the twelve hours the network currently schedules each week. A new owner may not want to dedicate as much Prime Time real estate to that franchise. So I definitely see some shakeups on the way.
I would expect ViacomCBS and Warner Bros. to place conditions on the sale, though, which would assure that some shows would not be outright cancelled. Nancy Drew and Batwoman are both one season away from a syndication-friendly count of episodes. The Flash, Legends of Tomorrow, and Riverdale will probably all be assured at least a final (though possibly shortened) season to send them out with some sense of resolution. In fact, the current network brass may go ahead and do its usual blanket renewal of the Fall shows just to assure continuity into next season. But with corporate executives involved, it’s always hard to say how these things will play out.
I was preparing my yearly assessment of the Arrow-verse shows when the news of the sale broke, so I am holding off from that for now. And I will also be changing my tone on the renewal prospects for The CW’s shows until we know for certain if a new owner will be staking a claim to the network. I don’t expect mass cancellations to follow, especially if the two current partners retain minority shares. But I was already leaning towards change coming to the network with non-genre entries such as All American and Walker as well as the Waltons special outperforming the Arrow-verse shows and other genre entries on the lineup. But for now we will just have to wait and see what direction the network takes with or without new owners in place.
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