Group operator Local TV and CBS Television already have a relationship in Norfolk-Portsmouth-Newport News. Local TV is CBS’s local network affiliate. Now Local TV is operating CBS’s semi-O&O there, CW WGNT-TV, and has a contract to buy the station.
WGNT is the only station CBS holds in the market. It’s a semi-O&O since CBS is half-owner of the CW Television Network the station is affiliated with.
Local TV owns CBS WTKR-TV in the market.
WTKR GM Jeff Hoffman is looking forward to his expanding role, and is already angling for personal advantage. “WGNT is one of the strongest CW affiliates in the country and comes with heritage programming, call letters and channel position. Everyone at WTKR is excited about adding the station to our operations Plus, I heard duopoly GMs get better stuff, so I’m hoping I’m up for a raise.”
Local TV CEO Bobby Lawrence says, “Yea right, Jeff. Nice try. But we do share your excitement in adding WGNT to our line-up. It’s a great station.”
An LMA was put into effect immediately, with a broad target date to close the deal set at sometime in Q3 2010. Terms of the transaction were not revealed.
RBR-TVBR note: Now available RBR-TVBR’s ‘2010’ new guide to help chart a course through the treacherous waters of buying, owning and selling radio or television stations.
Click to purchase: “Profitably Buying and Selling Radio Stations,” or 1-800-288-4677, ext. 5022 for $49.95, paperback, $39.95, e-book.
