Streaming Changes Diminish CW’s Value to its Owners

WarnerMedia and ViacomCBS Inc.’s decision to ponder a sale of some or all of the CW Network is a reflection of dramatic changes within the two companies and the entertainment industry, people familiar with the matter said.

The CW Network has long been a valuable outlet for the programming of joint owners WarnerMedia and ViacomCBS and a healthy source of licensing fees from Netflix Inc., which frequently has streamed CW shows once they have aired.