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!, Ellen 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;