Acquisition of WLNY gives the net its 10th duopoly
CBS has pacted to purchase a second station in New York City, WLNY.
It’s not a big station, as Wells Fargo analyst Marcy Ryvicker said the independent WLNY generated $3.8 million in revenue in 2010 — less than 1% of total revenue for the country’s largest market. Terms of the deal were not disclosed.
But the acquisition gives CBS a duopoly in Gotham, something the broadcaster said “presents a tremendous opportunity for our TV stations division,” according to a quote attributed to division prexy Peter Dunn in a statement from CBS. “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,” Dunn said.
WLNY is CBS’s 10th duopoloy; other markets with two CBS stations include Los Angeles, Philadelphia, Dallas, San Francisco, Detroit, Miami, Sacramento and Pittsburgh. Ryvicker said the move likely will increase margins for the market, and it also provides another base for local CBS news crews.
The Melville, N.Y.-based WLNY is an independent station serving most of Long Island, including Nassau and Suffolk counties, and extending into parts of New Jersey and Connecticut as well as New York.