Hey…want to buy a TV Network?

The CW Network, a joint venture between Warner Media and ViacomCBS, is for sale, according to The Hollywood Reporter. The network, which was created back in 2006 when the two media giants combined forces (and their WB and UPN networks, respectively) is best known now for its DC Comics-based shows like The Flash and Supergirl.

The shows are collectively known as being part of the Arrowverse, after Arrow, its first show set in that shared universe, which debuted in 2011. The initial arrangement between the two called for Warner and CBS to produce content for the network evenly, but the success of the DC Arrowverse meant Warner was providing most of the top shows.

One potential purchaser is local TV giant Nexstar, which owns 199 local TV stations as well as the cable channel NewsNation and The Hill. Nexstar is one of the largest owners of CW affiliate stations. It isn’t immediately clear whether ViacomCBS and WarnerMedia plan to sell the entire network, or retain minority stakes.

The Hollywood Reporter also noted in an article that The CW has “never been profitable since its formation in 2006.” Most of the revenue the network has brought in has been nonlinear – meaning not through broadcast advertising – through contracts with international broadcasters or other streaming services like Netflix. And now that WarnerMedia’s lucrative contract with Netflix has expired, the company has to make some hard decisions.

The lack of profitability for the network is part of the reason for the sale, an issue in the last few years that has been compounded further as both Warner and ViacomCBS renegotiated sales for international broadcast rights for CW shows—a primary source of revenue for the network—in order to bring those broadcasts in-house to their platforms Paramount Plus and HBO Max.

Now Warner is pushing that platform as the exclusive home for its TV streaming options, which includes both current CW/DC series like Flash, Batwoman, Superman & Lois, and Legends of Tomorrow, along with new shows like Naomi, and simultaneous releases such as Stargirl.

After briefly simultaneously airing them through both services, Warner moved much of its exclusive DC Universe streaming series such as Doom Patrol, Young Justice, Titans, and Harley Quinn over Max entirely once the service was established. Should the CW sale go through, it’s likely the same will happen for future seasons of the DC/CW series, and currently planned future shows like Gotham Knights.

CW President Mark Pedowitz sent a memo to staff today that read as follows.

I am sure you have seen the recent speculation in the press around The CW, so I wanted to take the opportunity to address this with you directly and share with you what we know.

First, as many of you are aware, over the past year or so, this transformative time in our industry has led to a series of business activity across media and content companies. Given that environment right now, ViacomCBS and Warner Bros. are exploring strategic opportunities to optimize the value of their joint venture in The CW Network.

It’s too early to speculate what might happen, but we promise to keep you updated as we learn more.

So, what does this mean for us right now? It means we must continue to do what we do best, make The CW as successful and vibrant as we have always done. We have a lot of work ahead of us – with more original programming than ever, this season’s expansion to Saturday night, our growing digital and streaming platforms – and we thrive when we come together and build The CW together.

Could a move to HBO Max as a dedicated home for DC-TV bring about a natural end point for some of the older CW/DC series, or could new corporate oversight reinvigorate the network? Only time will tell.