AceShowbiz -

"Nashville" might have found a new home. The country music drama series is reportedly nearing a deal for a fifth-season renewal by CMT. CMT was one of the rumored potential new homes for "Nashville" alongside Hulu, Lifetime, Bravo and E!.

A formal announcement of the season 5 renewal could come on Wednesday, June 8 during the CMT Awards. Sources tell THR the central issue is stacking rights, as CMT, Hulu and Lionsgate TV are eyeing a number of different options.

There likely will be a dual play for "Nashville" on a traditional network and a streaming platform. Hulu, which has already had second-window rights to the drama starring Connie Britton and Hayden Panettiere, was previously mentioned as a potential exclusive home. CMT, meanwhile, has already had syndication rights to the first three seasons of the drama.

ABC canceled "Nashville" after four seasons back in May. Since then, Lionsgate TV has actively been shopping the drama for the cliffhanger finale.

"There's a little short-term pain but ultimately long-term gain because we intend and are quite focused and are in substantive and serious conversations with multiple buyers about continuing the show on another platform," Lionsgate TV chariman told THR the day after the ABC finale. "If we didn't feel that was going to happen, we might have gone a different way."

Kevin noted the ABC conclusion was the one that Dee Johnson and series creator Callie Khouri originally planned. "The ending we ran was the ending always envisioned for this season," he explained, "These things are crafted over weeks and months. In our estimation, to go with a quickly assembled too-easy wrap-up is more of a disservice to the fans who have invested four years in this great cast and these great stories. And there's more stories to tell. We're not looking to write ourselves into a corner, and actually wrapping up stories in a somewhat saccharine way is the worst box you can put yourself in."