We knew that CBS was selling its semi-O&O, CW WGNT-TV, to the licensee holding affiliation rights to CBS’s top network – Local TV and its WTKR-TV. Now thanks to a filing with the FCC, we know how much Local TV will be paying.
The transaction is valued at $16.5M cash. Local TV is required to plunk $2.475M into an escrow account and come up with the full price by closing time.
WGNT was the only network O&O in the Norfolk-Portsmouth-Newport News VA DMA. That distinction will come to an end, but Local will join LIN Media as a TV duopoly operator there. LIN owns NBC WAVY-TV and Fox WVBT-TV.
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.