CBS Exits Norfolk, Va. Market

CBS Corp. is exiting the Norfolk, Va. market with an agreement to sell WGNT-TV, the CW affiliate, to Local TV Holdings, LLC. WGNT was CBS’ smallest market station.

Terms were not disclosed.

If approved by government regulators, the deal would give Local TV a duopoly in market No. 43, where it currently owns and operates WTKR-TV, the CBS affiliate.

Created in 2007, Local TV is owned by Oak Hill Capital Partners.