Mark Pedowitz Out As Chairman & CEO of The CW Following Nexstar Acquisition

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As The CW goes through one of the biggest changes in its 16-year history, there will be a change in leadership.

Mark Pedowitz, who has been at the helm of the young-skewing network for more than 11 years, is immediately vacating his post as chairman and CEO.

News of the departure comes after Nexstar acquired 75% of the network earlier this year.

 (Photo by John Sciulli/Getty Images for The CW)

Nexstar assumed control on October 1, and intends to take the network in a different direction.

Dennis Miller has been named President of the revamped CW.

Mark Pedowitz, President of The CW Network and Victor Garber attend the CW Network's 2015 Upfront party

Pedowitz is said to be reviving his Pine Street Entertainment company with an eye on producing for the next stage of his career.

“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," said Perry Sook, Nexstar’s CEO.

"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," Sook continued.

The CW Television Network Mark Pedowitz speaks onstage at the CW Network's 2015 Upfront presentation

“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.”

Pedowitz was widely credited for transforming The CW into the destination it is today, introducing viewers to a wider genre of series.

“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,” Pedowitz said in a statement, according to THR.

 Actress Emily Bett Rickards and Mark Pedowitz, President of The CW Television Network attend the CW, CBS and Showtime

“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.”

The CW, which has been known to lean heavily toward renewing the most marginally rated shows, canceled some of its most popular shows earlier this year as rumors of a sale loomed.

Under the ownership of Warner Bros. TV and Paramount Global, the aim was to create shows that would turn in a profit on streaming and with international sales.

Mark Pedowitz and Rachel Bilson attend the CW launch party presented by Bing

As a result, none of the shows were profitable when they aired on The CW, something that Nexstar plans to change by 2025.

Whether that means to unscripted or cheaper programming, we don't know, but all we can do is wait and see what becomes of the network.

The fall schedule is made up of some original programming, acquisitions from other countries, and unscripted projects.

What are your thoughts on the big departure?

What are your thoughts on the shape of the network these days?

Hit the comments.

Paul Dailly is the Associate Editor for TV Fanatic. Follow him on Twitter.

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