See, the problem I have with believing this is, Warner doesn't produce or own distribution rights for every single CW show. What about the ones that originate from CBS, as well as any future CBS owned pilots in the pipelines? Those wouldn't go to Paramount? I'm hesitant to believe that this is the plan but then again, this has been speculation for months and we've never heard any official announcement. Besides, Warner would have been out of owning broadcast networks a long time ago had CBS not agreed to merge UPN with the WB. CBS at least owned some of UPNs stations. Most of the WB shows worth picking up would have likely jumped to UPN or TNT. Paramount could easily run the CW (which may or may not be renamed) by itself.
Honestly, based on all of the shutdowns and spinoffs that WBD has done (paring down content for TBS, TNT, selling off TMZ, Telepictures gradually putting out smaller output in general, among other things), I think it's only Warner that wants out of CW and not Paramount. Heck, by now, I'm expecting the announcement that Fox is buying the rest of Telepictures. But that's for another thread.