IRVING, Texas & Los Angeles—Nexstar Media Group, Inc. has announced that it has closed its previously announced acquisition of a 75% ownership  interest in The CW Network, LLC from co-owners Warner Bros. Discovery and Paramount Global. 

Warner Bros Discovery and Paramount each retain a 12.5% ownership  interest in The CW. 

Nexstar also announced that Dennis Miller has been named president of The CW,  effective immediately and that Mark Pedowitz is stepping down as chairman/CEO after 11-year tenure.

Miller has served as a member of Nexstar’s Board of Directors since 2014 and  has stepped down from the Board in connection with his appointment. Nexstar has initiated a search for  a new member of its Board of Directors. 

Miller is assuming leadership of The CW from Mark Pedowitz, who, after serving as chairman and CEO  of The CW for the past 11 years, has announced his intention to revive his successful production company. Pedowitz will provide support to The CW, Nexstar, and Mr. Miller in a streamlined transition. 

Throughout his tenure, Pedowitz was instrumental in charting the expansion of The CW and bringing  some of the most groundbreaking and generation-defining programming in television to millions of  viewers, the company said. 

“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. “I look forward to  working with Dennis and Sean Compton, Nexstar’s President of Networks, to build on the foundation that  Mark Pedowitz and his team have established at both the CW Network and the CW App. We sincerely  thank Mark for his many years of service to The CW and wish him the very best in his future endeavors.” 

Miller is a seasoned television executive who has held senior executive positions at Sony Pictures Entertainment, Lionsgate Television and Turner Network Television. 

He most recently served as Chairman of Industrial Media until  its sale to Sony Pictures Television earlier this year. Industrial Media is an independent production group  whose companies collectively produce more than 94 television shows airing across 34 networks, including  some of the most popular shows on television including “American Idol” on ABC; the “Matchmaker” series  on Netflix; the Selena Gomez cooking show, the upcoming “The Climb” with Jason Momoa and other programming. 

Miller also has significant experience as an investor, having  spent several years as a General Partner at Spark Capital and a Managing Director at Bear Stearns’ venture  arm, Constellation Ventures. He began his career in the entertainment and tax department of the law firm of Manatt, Phelps, Rothenberg and Tunney. 

“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.  “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.” 

NEW YORK—Nine broadcasting luminaries were celebrated at the Giants of Broadcasting & Electronic Arts event in New York Thursday. Held at Gotham Hall, “Nightline” anchor Juju Chang emceed. The Library of American Broadcasting Foundation hosted the event.

Former “CBS Evening News” co-anchor Connie Chung, CBS Television Stations President Peter Dunn, “NBC Nightly News” anchor Lester Holt, PBS President/CEO Paula Kerger, Urban One CEO Alfred C. Liggins III, Patrick Communications founder Larry Patrick, The CW President Mark Pedowitz, Advanced Television Systems Committee President Emeritus Mark Richer and Premiere Networks President Julie Talbott were named Giants.

Chung shared a bit about getting a one-on-one with President Nixon in the midst of his Watergate mess. Doing a full impersonation, she spoke of Nixon asking the young reporter how much money she made. “Just remember one thing,” she said Nixon said. “You have to make more money!”

Chung admitted she was a bit confused by the interchange. “To this day, I don’t know what he said,” said Chung. “And that’s the way it was.”

Juju Chang then resumed hosting duties. “We expect impressions from all of you,” she quipped.

She spoke about Peter Dunn getting lost at the massive CBS Broadcast Center as a kid, visiting his father at work. “I still get lost at the CBS Broadcast Center,” said Dunn.

He admitted he wasn’t used to being labeled a giant. “Being here today makes me feel a few inches taller,” said Dunn.

Next up, Holt admitted he “broke a lot of rules along the way,” and did not enjoy a formal journalism education. “I made some spectacular mistakes and miscues,” he said. “Thank God there was no YouTube.”

He urged those in the room to “spot the raw talent” in their shops, and “make them better.”

Pedowitz, for his part, said he wasn’t a giant of anything, except, perhaps, “a giant pain in the ass” to those he works with. He said he was a little uneasy at the podium, preferring to “let the work speak for itself.”

Pedowitz said his longevity in broadcasting is an asset. “If you survive in this industry long enough,” he said, “someone might notice you.”