CBS Television Stations said today that it has inked a deal to acquire independent New York station WLNY-TV, giving CBS two stations in the nation’s largest media market. When the deal is approved, it will mark the 10th duopoly in 10 U.S. cities for CBS, joining Los Angeles, Philadelphia, Dallas, San Francisco, Boston, Detroit, Miami, Sacramento and Pittsburgh. “The combined strengths of CBS 2 and WLNY-TV will give us a terrific platform for serving the entire New York area,” CBS TV Stations president Peter Dunn said in the release announcing the deal. “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.” WLNY is distributed in the New York-New Jersey-Connecticut tri-state area and on Long Island, where an expanded news bureau is expected. The station generated $3.8M in revenue last year, a tiny amount in the huge market, according to research firm BIA/Kelsey. But Wells Fargo analyst Marci Ryvicker calls the agreement “a smart, tuck-in acquisition that should provide some significant upside opportunities” for CBS. Duopolies typically generate more profit than stand-alone stations, she says, and WLNY has a lot of room to grow — especially if CBS makes it a player in local news.
Station Buy Give CBS Duopoly In NY Market
Trending Now on Deadline
Global Showbiz Briefs: 'Top Gear' Hosts Attacked In Argentina Over License Plate; Samantha Glynne Named VP Branded Entertainment At FremantleMedia; More
More From Lieberman
- Streaming Cash: Redbox Reports Losses From Its Joint Venture With Verizon
- Cable Programmers, Citing Privacy Concerns, Hold Up FCC's Review Of Comcast And DirecTV Deals
- Layer3 TV Taps Lindsay Gardner To Lead Programming And Content Acquisition
- Yahoo Shares Rise As Mobile Revenues Help It Beat Q3 Earnings Expectations
- Will Time Warner Feel A Bruise From Its Battle With Dish Network?
- Apple Beats Earnings Expectations With Help From iPhones, But Not iPads