Local TV Acquiring CBS-Owned WGNT For $16.5 Million
Local TV seeks duopoly in Norfolk with CBS' high-rated CW affiliate
Michael Malone -- Broadcasting & Cable, 6/14/2010 10:40:34 AM
CBS Corp. has signed an agreement to sell WGNT Norfolk to Local TV Holdings for $16.5 million. WGNT is a CW affiliate.
Norfolk is DMA No. 43. WGNT took in $10.7 million last year, according to BIA/Kelsey, good for over 11% of the market's revenue, which is high for a CW affiliate.
Formerly a UPN outlet, WGNT prides itself on airing family entertainment. It's licensed out of Portsmouth, VA.
Local TV owns WTKR Norfolk, a CBS affiliate. WTKR President/General Manager Jeff Hoffman will head up both. "WGNT is one of the strongest CW affiliates in the country and comes with heritage programming, call letters and channel position," said Hoffman. "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."
The transaction is subject to customary conditions, including regulatory and other approvals.
That's great news! Now if only CBS Corp would sell Fort Worth's KTVT and KTXA to another hopeful media company...(sorry, these stations act like an evil corporation here due to them being CBS O&Os!)
S.N. - 7/12/2010 2:49:11 PM EDT
More likely, what will happen is that WGNT will disappear as a physical station and be run from TKR's master control. It's much cheaper than having two separate facilities. Nearly everyone at WGNT can look forward to being laid off. Wait and see.
Trib_Eng - 6/15/2010 4:34:37 PM EDT
So Jeff Homman is all happy he gets to head up two stations? Like he will get a raise, and isn't he conveniently forgetting the GM of the station that will now lose his job. Not to mention all the others that will lose thier jobs and the fact in almost all cases the weaker station of a duopoly just turns into a dumping ground for show the stronger station has bought and has the rights to air for a while but don't do well enough to air.
EricPost - 6/14/2010 3:13:03 PM EDT
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