CBS is near a deal to buy King World’s WIVB Buffalo for $100 million, according to industry sources last week.
King World, which bought the station several years ago at a pricetag of $105 million, has been looking to sell the property for some time.
Although station values are soaring, King World paid such a high price for WIVB that it will not make money on the deal. Other group owners have approached King World but the syndicator has held out for a bigger payday.
When the syndication giant first acquired the station, it was to be the first of several station acquisitions but no other deals materialized.
Although CBS recently entered into a station-buying venture with Group W, this purchase would not be part of that venture. Because of that acquisition, CBS has room to grow. It currently owns seven stations that reach almost 22% of the country. However, its Miami station and stations in Denver and Salt Lake City are attributed to the Group W/CBS venture as is Group W’s Philadelphia property.
Meanwhile, WKBW, the ABC affiliate in Buffalo owned by Queen City Broadcasting, is also for sale. Group owner Granite Communications, which owns 45% of Queen City, is expected to buy out the remaining 55%.
CBS and King World declined comment for this report.