Paramount may consider selling Philly 57

CBS parent company Paramount Global may be considering selling some of its local television stations, according to a new report.

This includes a television station in Philadelphia, reports Bloomberg.

But which television station in Philly could be sold?

Well, Paramount Global owns both KYW-TV (CBS 3) and WPSG-TV (that’s Philly 57).

It was not immediately clear from reporting which station might be sold, but it is safe to assume it will likely be Philly 57, as that station is likely not a priority for the company compared to a locally owned CBS station such as Channel 3 in Philadelphia.

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Philly 57 has had several affiliates over the years, including UPN for much of the ’90s and early 2000s before becoming a CW affiliate in 2006. That agreement ended last year, and CW programming now airs on PHL-17.

Other Paramount TV channels could also be sold in 2024

According to reports from Bloomberg, a total of 12 Paramount TV channels could be at risk.

The channels that may be broadcast in New York, Dallas and Tampa in addition to Philadelphia include Paramount channels.

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The affected stations are not CBS affiliates. In most cases, the stations were formerly CW affiliates, Bloomberg’s sources say. Those contracts (as we told you above) were set to expire in 2023.

So again, don’t panic if you’re a CBS TV viewer in New York. It’s probably similar to what’s happening in Philadelphia.

We think it’s unlikely they would sell their flagship station WCBS 2. More likely they would sell New York-based WLNY-TV (channel 55) instead.

Why is Paramount considering selling assets?

In July, Paramount agreed to merge with Skydance Media to form a “New
Paramount” in a deal that could be worth $8 billion.

In early August, Edgar Bronfman Jr. made a counteroffer for the company and was reportedly looking for a “major technology company” to partner with on the deal.

However, this offer was withdrawn this week.

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So Paramount’s exact future is not immediately clear, but Bloomberg confirmed that the company has hired a banker to review assets that could be sold in the near future.

It is estimated that these 12 stations could bring in a total of between $500 million and $1 billion.

Experts now assume that the path to a merger with Skydance could soon be paved.