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Business

WarnerMedia and ViacomCBS Are Exploring Possible Sale of CW Network

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AT&T Inc.’s

T 2.22%

WarnerMedia and

ViacomCBS Inc.

VIAC -1.00%

are exploring a possible sale of a significant stake or all of the CW Network, which they jointly own, according to people familiar with the matter.

Among the suitors is

Nexstar Media Group Inc.,

NXST -1.86%

the nation’s biggest broadcaster and a large owner of affiliates of the network, the people close to the talks said. The CW Network caters primarily to teens and young adults.

People close to the talks said they are far along and an agreement could be reached soon, though the talks could still fall apart. There are other interested parties as well, but the discussions with Nexstar are most advanced, they said.

The most prevalent scenario is Nexstar’s taking a controlling stake in the CW, with CBS and WarnerMedia remaining as minority owners and receiving commitments to be the primary program suppliers for the network, the people said.

CBS and WarnerMedia have been exploring strategic options for the CW Network for several months, some of the people involved in the talks said. The network isn’t profitable as a stand-alone broadcast entity, but the content produced for it is a valuable asset for other platforms at the parent companies.

Warner Bros., which produces some of the CW’s biggest shows, including “Riverdale,” has generated significant revenue selling the shows to

Netflix Inc.

over the years. Other popular shows on the CW include “All American” and “The Flash.”

Popular CBS-produced shows for the CW include “Walker,” based on intellectual property from the TV show “Walker Texas Ranger.”

With the launch of HBO Max, the WarnerMedia-owned direct-to-consumer streaming service, the CW shows made from Warner Bros. in the future will be funneled there.

AT&T is in the process of merging its WarnerMedia entertainment assets, which also include the cable networks TNT, TBS and CNN, with programming behemoth

Discovery Inc.

to create a separate company. The deal is expected to close in the spring.

For Nexstar, a controlling stake in the CW would represent a significant step in its content aspirations. It already has been investing heavily in a national cable news service called NewsNation.

ViacomCBS and WarnerMedia have been longtime partners in the CW Network since the merger of the UPN and WB networks in 2006.

Write to Joe Flint at joe.flint@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the January 6, 2022, print edition as ‘Warner, CBS Look To Sell CW Unit.’

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Business

WSJ Tech Live Conference Features Interviews With Alphabet CEO Sundar Pichai, CEOs of ViacomCBS and Reddit

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The Wall Street Journal is hosting its virtual Tech Live conference with top executives, technologists and policy makers to discuss a range of issues including the lasting impact of Covid-19, as businesses grapple with disrupted supply chains, a shrinking labor force and the continuing chip shortage.

The conference launches at a time when lawmakers are re-examining big tech on issues ranging from privacy to competition. The Wall Street Journal’s investigation of

Facebook Inc.

has also led to new momentum for tougher tech laws, including special online protections for children.

Here is a rundown of interviews. Access to the conference is complimentary for Journal subscribers. You can see more details here.

First, starting at 11:15 a.m. ET,

ViacomCBS Inc.

VIAC -0.32%

Chief Executive

Robert Bakish

discusses the company’s investments in content and plans to increase global subscribers, following a recent leadership revamp at Paramount Pictures.

The conference then features conversations about the cutting edge of transportation. Grab Holdings Inc. co-founder Hooi Ling Tan will discuss plans to go public in a record-setting special-purpose acquisition and the company’s future in last-mile deliveries and financial services at 11:40 a.m. ET. Two astronauts who traveled to the edge of space with actor William Shatner will talk about their space tourism experience at 12:05 p.m. ET. Later, one of the top researchers in artificial intelligence,

Raquel Urtasun,

will speak about the future of autonomous trucking at 12:40 p.m. ET.

Investor

Alexis Ohanian

speaks at 12:15 p.m. ET on his latest venture capital endeavor, Seven Seven Six, which has focuses on founders’ well-being at a time of increased burnout and always-on work culture.

Alphabet CEO

Sundar Pichai

speaks at 2 p.m. ET on Google’s evolving workplace culture, privacy concerns and regulatory challenges, as the company battles antitrust lawsuits domestically and a $5 billion antitrust fine in Europe. Then, Reddit CEO

Steve Huffman

will discuss the social media platform’s global expansion, as the popularity of “meme stocks” helped to catapult the platform to a $10 billion valuation.

Alphabet CEO Sundar Pichai in Switzerland last year.



Photo:

fabrice coffrini/Agence France-Presse/Getty Images

Online educator Sal Khan talks about the future of virtual learning at 3:15 p.m. ET, followed by Cameo CEO Steven Galanis, who will speak about the growing opportunities for content creators to monetize their fan bases.

Arm Holdings CEO

Simon Segars

speaks at 4:35 p.m. ET about the continuing chip supply issues, in light of companies like

Apple Inc.

designing their own microchips. Following that, Xbox head

Phil Spencer

will speak about cloud gaming and the future of the console.

At 5:30 p.m. ET, the day concludes with basketball star and Los Angeles Lakers forward Carmelo Anthony who will speak about his tech investments, including his investment with Overtime Sports Inc.

Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Business

Goldman, Morgan Stanley Limit Losses With Fast Sale of Archegos Assets

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Goldman Sachs Group Inc. and Morgan Stanley were quick to move large blocks of assets before other large banks that traded with Archegos Capital Management, as the scale of the hedge fund’s losses became apparent, according to people with knowledge of the transactions. The strategy helped limit the U.S. firms’ losses in last week’s epic stock liquidation, they said.

Losses at Archegos, run by former Tiger Asia manager Bill Hwang, have triggered the liquidation in excess of $30 billion in value. Banks were continuing to sell blocks of stocks linked to Archegos Monday, traders said.

“This is a challenging time for the family office of Archegos Capital Management, our partners and employees. All plans are being discussed as Mr. Hwang and the team determine the best path forward,” a company spokeswoman said in a statement Monday evening.

Archegos took big, concentrated positions in companies and held some positions in a mix of stock and swaps. Swaps are a common arrangement in which a trader gets access to the returns generated by a portfolio of shares or other assets in exchange for a fee.

Losses threatened to spill over into the so-called prime brokerage businesses that have been handling the firm’s trading. The group of large Wall Street banks includes Goldman, Morgan, Credit Suisse Group AG, Nomura Holdings Inc., UBS Group AG and Deutsche Bank AG , said people familiar with the firm’s trading.

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Business

Stocks End Lower Amid Decline in Tech Shares

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The Dow Jones Industrial Average gave up early gains Wednesday even though investors piled back into economically sensitive sectors on bets that the U.S. economy will continue to recover.

The index of blue-chip stocks ended the day near flat, down less than 0.1%, as companies ranging from American Express to Chevron to Caterpillar showed relative strength.

The S&P 500 however declined 0.6%, adding to losses it endured Tuesday. The Nasdaq Composite Index fell more sharply, its losses accelerating in afternoon trading. The technology-heavy index had dropped 2% by the 4 p.m. ET close of trading.

Markets have seesawed this week as investors have continued to assess the implications of a recent climb in bond yields, which, despite edging down this week, surpassed 1.7% this month for the first time in more than a year. Money managers are also assessing the valuations on stocks after the major indexes climbed over 70% since the pandemic-fueled rout last March.

“We are now one year into this rally: We’ve seen a massive decline and a massive rally, and my sense is that markets are just going to pause for breath from here,” said Brian O’Reilly, head of market strategy for Mediolanum International Funds. “Gains are going to be much harder to come by for the rest of the year.”

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Entertainment

Meghan Markle and Prince Harry Interview With Oprah Fetches at Least $7 Million From CBS

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Talk isn’t cheap when it comes to

Oprah Winfrey,

Prince Harry and Duchess of Sussex

Meghan Markle.

CBS

VIAC 3.28%

is paying a license fee of between $7 million and $9 million for the rights to air Ms. Winfrey’s interview with Prince Harry and the Duchess of Sussex, according to people familiar with the pact.

The two-hour interview is scheduled for Sunday on CBS at 8 p.m. ET, after the network’s popular news magazine “60 Minutes.” Sunday is one of the biggest nights of television consumption.

As part of the agreement between CBS and Ms. Winfrey’s production company, Harpo Productions, the network also has rights to license the special in international markets. In the U.K., the interview will air Monday on ITV. CBS is a unit of ViacomCBS Inc.

A spokeswoman for the couple said they are not being compensated for the interview.

CBS was seeking roughly $325,000 for 30 seconds of commercial time during the program, according to ad buyers, about twice the normal price of ad time in that time period.

Harpo also pitched

Comcast Corp.’s

NBC and

Walt Disney Co.

’s ABC, people familiar with the situation said.

Ms. Winfrey has ties to CBS. She had a brief stint as a member of the “60 Minutes” team and has been longtime friends with CBS News anchor Gayle King. In addition, CBS owns the company that distributed Ms. Winfrey’s daytime talk show.

Prince Harry and Ms. Markle said last year they would step away from Britain’s royal family. Their departure has been rocky. The Duke and Duchess of Sussex, as they are known, wanted to trademark the brand “Sussex Royal” but officials at Buckingham Palace said no.

The Sussexes moved to Montecito, Calif. and have focused on various ventures to create audio and video content, including a five-year pact with

Netflix Inc.

that is valued in the $100 million range, according to people with knowledge of the deal.

The couple no longer receives a stipend from Prince Harry’s father, Prince Charles, or funds from the U.K. taxpayer.

Interest in the interview has heated up in recent days after clips promoting it were released in which the couple talked about why they wanted to leave Buckingham Palace.

Big ticket TV interviews used to be a staple of broadcast television. Networks would battle each other to land top newsmakers or celebrities. While TV news divisions say they are loath to pay subjects for interviews, they often end up licensing footage or paying consultants high fees to land the subject.

In this case, CBS News isn’t involved in the interview, nor is it being promoted as a news event. The special is being programmed by the CBS entertainment division.

—Max Colchester contributed to this article.

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the March 6, 2021, print edition as ‘CBS to Pay Royally for Winfrey’s Sussexes Interview.’

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