CORRECT: CBS Unit To Buy Independent WLNY-TV, Expanding Presence In NY

Date : 12/12/2011 @ 4:08PM
Source : Dow Jones News
Stock : Cbs Corp. Class B (CBS)
Quote : 66.34  0.0 (0.00%) @ 7:54AM

CORRECT: CBS Unit To Buy Independent WLNY-TV, Expanding Presence In NY

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("CBS Unit To Buy Independent WLNY-TV, Expanding Presence In NY," published at 1:36 p.m. EST, incorrectly stated that Ellen is a CBS syndicated show. The correct version follows:)

CBS Television Stations, a division of CBS Corp. (CBS, CBSA), agreed to purchase independent New York television station WLNY-TV from WLNY Holdings Inc., giving CBS control of two TV stations in the New York City area.

The CBS Television Stations group currently consists of 28 stations, including 16 that are part of the CBS Television Network, eight affiliates of the CW Network, two independent stations and two MyNetworkTV affiliates. It owns WCBS-TV (CBS 2) in New York, as well as New York's WCBS Newsradio 880 and CBSNewYork.com.

WLNY-TV is widely distributed by cable, satellite and other subscription television service providers in the New York-New Jersey-Connecticut area. The station appears as either Channel 10 or Channel 55 on most channel lineups. It already syndicates many CBS shows, including Jeopardy! and Inside Edition. The terms of the deal weren't disclosed and no timeline for closing was mentioned.

"The combined strengths of CBS 2 and WLNY-TV will give us a terrific platform for serving the entire New York area," said Peter Dunn, president of CBS Television Stations. "Our plans for the station include adding people and resources to fuel a significant expansion of local news programming well beyond the nightly half-hour that currently airs."

Results have improved for CBS, a broadcasting and outdoor-ad company, over the past year as advertising rates are rebounding and the company's namesake broadcast network benefits from robust ratings.

In March, CBS said it agreed to acquire Clicker Media Inc.--an Internet guide of legal broadcast programming content that can be found online--and named its co-founder as the head of the broadcasting company's interactive division.

The company said last month that its third-quarter profit rose as deals for its existing content drove revenue higher amid essentially flat advertising sales.

Shares were trading down 3.3% at $25.75 amid a broad market decline. The stock is up 35% year to date.

 
   -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; 
   ben.rubin@dowjones.com 



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