It's been a while since we heard on the Privileged front, but with the CW starting to air season one repeats on Fridays, things are certainly looking up for the show.
Now according to TV Guide, "the CW is digging Rina Mimoun's outline for Season 2, which she presented just a few weeks ago." They believe the show is getting close to being picked up, but that the show will likely air on Friday nights this season.
Friday night graveyard shift is better than no renewal to us!
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