CBS to Buy Second New York TV Station

CBS plans to buy a second TV station in New York, saying it plans to invest more dollars to attract viewers in the biggest U.S. media market.

The broadcaster said that it has agreed to buy WLNY-TV, one of the few remaining independent commercial TV stations in the New York area. CBS already owns WCBS-TV, which is affiliated with its eponymous TV network. The parties declined to specify the terms of the deal, but a person briefed on the matter said the purchase price was well over $10 million. WLNY, a Long Island-based station that once billed itself as a movie channel, is tiny in the context of the New York. Last year, the station had $3.8 million in ad revenue, roughly 0.3% of the $1.3 billion that advertisers spent on local TV commercials in the New York area, according to BIA/Kelsey, a local-media advisory firm. WCBS, by contrast, brought in $196 million. The person familiar with the matter said that WLNY's revenue is multiple times greater than that cited by BIA. CBS said it plans to add personnel to WLNY, and expand its local newscasts. The deal still must meet regulatory approval, but federal rules allow a broadcaster to own two stations in larger markets. The sale comes as some independently owned TV stations—especially those unaffiliated with a major national network—have struggled to survive amid growing competition. Independent stations' numbers have been declining for years, as cable television has grown.