NEW YORK, Dec. 12, 2011 /PRNewswire/ -- CBS Television
Stations, a division of CBS Corporation (NYSE: CBS.A and CBS),
today announced that it has signed a definitive agreement to
purchase independent New York
television station WLNY-TV (Channel 55). Terms of the
agreement with the seller, WLNY Holdings, Inc., were not
disclosed. The acquisition of WLNY-TV (whose call letters
stand for We Love New York), along with WCBS-TV (CBS 2), will give
CBS a duopoly in the nation's largest media market.
"Our acquisition of WLNY-TV presents a tremendous opportunity
for our TV Stations Division," said Peter
Dunn, President, CBS Television Stations. "The
combined strengths of CBS 2 and WLNY-TV will give us a terrific
platform for serving the entire New
York area. 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. And, of course, in doing so we will continue to honor
the station's already deep commitment to serving the people of
Long Island and the entire
tri-state area. We also look forward to having a bigger and
better news bureau on Long Island
that will be a terrific resource for WCBS."
"We look forward to leveraging our CBS Local Media assets,
including CBS 2, CBS RADIO and CBSNewYork.com, plus CBS Outdoor and
CBS Television Distribution, which already provides many of WLNY's
most-popular syndicated programs, to promote and broaden the appeal
of WLNY throughout the tri-state area and drive ratings and revenue
growth," said Anton Guitano, Chief
Operating Officer, CBS Local Media.
"WLNY-TV is a perfect fit for CBS as it will enhance its
position as a forward-thinking entertainment and news
organization," said David Feinblatt,
President, WLNY-TV.
WLNY-TV is widely distributed by cable, satellite and other
subscription television service providers in the New York-New
Jersey-Connecticut
tri-state area. The station appears as either Channel 10 or
Channel 55 on most channel lineups and Channel 55 as an
over-the-air service.
Once the acquisition of WLNY-TV has been finalized, CBS will own
duopolies in 10 markets, including New
York, Los Angeles,
Philadelphia, Dallas, San
Francisco, Boston,
Detroit, Miami, Sacramento and Pittsburgh. Currently,
the CBS Television Stations group includes 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.
The transaction is subject to customary conditions, including
regulatory and other approvals.
About CBS Corporation
CBS Corporation is a mass media company with constituent
parts that reach back to the beginnings of the broadcast industry,
as well as newer businesses that operate on the leading edge of the
media industry. The Company, through its many and varied
operations, combines broad reach with well-positioned local
businesses, all of which provide it with an extensive distribution
network by which it serves audiences and advertisers in all 50
states and key international markets. It has operations in
virtually every field of media and entertainment, including
broadcast television (CBS and The CW – a joint venture between CBS
Corporation and Warner Bros. Entertainment), cable television
(Showtime Networks, Smithsonian Networks and CBS Sports Network),
local television (CBS Television Stations), television production
and syndication (CBS Television Studios, CBS Studios International
and CBS Television Distribution), radio (CBS Radio), advertising on
out-of-home media (CBS Outdoor), publishing (Simon & Schuster),
interactive media (CBS Interactive), music (CBS Records), licensing
and merchandising (CBS Consumer Products), video/DVD (CBS Home
Entertainment), motion pictures (CBS Films), and socially
responsible media (EcoMedia). For more information, log on to
www.cbscorporation.com.
SOURCE CBS Corporation