CBS TELEVISION STATIONS GROUP TO ACQUIRE NEW YORK STATION WLNY-TV, GIVING CBS A DUOPOLY IN NATION'S LARGEST MEDIA MARKET
New York, December 12, 2011 - 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.