CBS, NBC to Swap TV Stations, Other Assets in Four Cities

In another rearrangement of the broadcasting landscape, CBS Inc. and NBC said Monday that they have agreed to swap several TV stations and other assets in four major cities.

The deal gives National Broadcasting Co. a powerful station in Philadelphia, the nation’s fourth-largest market, where it recently lost its affiliate to CBS.

CBS gets stations in Denver and Salt Lake City, a stronger broadcast tower and a place on the dial for its Miami station. All three stations will become part of a joint venture CBS agreed to create with Westinghouse Broadcasting Co. in July. Westinghouse will own 51% of that venture, while CBS will own 49%. The CBS-Westinghouse venture plans to buy more stations and make them affiliates of the CBS Television Network, assuring that the CBS program lineup will reach a wider audience.

The latest moves are part of a series of station affiliation changes triggered when News Corp.’s Fox Broadcasting division bought a stake in New World Communications Group. New World announced plans to switch the affiliation of its 12 stations to the Fox Network from CBS, NBC and ABC. That sent the three major networks scrambling to find new affiliates.

In the latest deal, CBS is giving NBC its WCAU station in Philadelphia. That station was CBS’ first network affiliate, on board since 1948. In exchange for its Philadelphia station, CBS will get NBC’s Denver station, KCNC, along with $30 million in cash and a stronger position in the Miami market for the station CBS owns there, WCIX. NBC’s new affiliate in Denver will be KUSA, owned by Gannett Co.

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