I assume the CW is or was profitable enough to make the joint venture worthwhile but if it gets to the point where it's not, it would dissolve. CBS would operate it or find a new partner for the joint venture, and but I'm not sure if WB would allow branding of CW to continue. (I'd be really surprised if WarnerMedia went full scale into broadcast spectrum like the Univision example you mentioned. If it did it could buy out ION, but I really doubt it. It'd also nullify The CW in any event as well). I don't really think if CBS and Viacom merge back, that it would have a direct impact to the CW. It'd affect Pop as that cable channel would join the family of other numerous Viacom cable channels.
On a side note: apparently, Scripps will the buyer for WPIX (NYC) which covers CW's largest market. Scripps owns 9 other CBS affiliates, so I assume it will keep it's CW affiliation. It has better exposure than WLNY that CBS owns. Interestingly, Scripps owns Katz Broadcasting that owns Bounce, Escape, Laff, Grit, Court TV. There might be a subchannel shuffle in the NYC market as a result. I'd assume content from these networks can be a fallback if The CW ends or the affiliation moves to WLNY.
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