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Local TV Acquiring CBS-Owned WGNT For $16.5 Million

CBS Corp. has signed an agreement to sell WGNT Norfolk to Local TV Holdings for $16.5 million. WGNT is a CW affiliate.

Norfolk is DMA No. 43. WGNT took in $10.7 million last year, according to BIA/Kelsey, good for over 11% of the market's revenue, which is high for a CW affiliate.

Formerly a UPN outlet, WGNT prides itself on airing family entertainment. It's licensed out of Portsmouth, VA.

Local TV owns WTKR Norfolk, a CBS affiliate. WTKR President/General Manager Jeff Hoffman will head up both. "WGNT is one of the strongest CW affiliates in the country and comes with heritage programming, call letters and channel position," said Hoffman. "Everyone at WTKR is excited about adding the station to our operations. Plus, I heard duopoly GMs get better stuff, so I'm hoping I'm up for a raise."

The transaction is subject to customary conditions, including regulatory and other approvals.