WAVY-TV (channel 10) is a television station licensed to Portsmouth, Virginia, United States, serving the Hampton Roads area as an affiliate of NBC. It is owned by Nexstar Media Group alongside Virginia Beach–licensed Fox affiliate WVBT (channel 43). Both stations share studios on Wavy Street in downtown Portsmouth, while WAVY-TV's transmitter is located in Suffolk, Virginia.
History
WAVY-TV, the Hampton Roads area's third-oldest television station, began operations on September 1, 1957. It was originally owned by Tidewater Teleradio along with WAVY radio (1350 AM, now WGPL). It originally signed on as an ABC affiliate, but traded network affiliations with NBC affiliate WVEC-TV (channel 13) in 1959 due to its radio sister's long affiliation with NBC radio. In 1968, it became the second television station owned by what was then known as LIN Broadcasting.
In April 1989, WAVY-TV moved into its current studio, located on Wavy Street in downtown Portsmouth. The station previously broadcast from a former farmers market on Middle Street, also in downtown Portsmouth. The Wavy Street studio is located across the street from the Atlantic Union Bank Pavilion and near or across the street from the Elizabeth River.
Shortly after WVBT became the area's WB affiliate in 1995, WAVY began operating that station though a local marketing agreement (LMA). LIN TV came to an affiliation agreement with Fox in November 1995, and WVBT took the affiliation from original Fox affiliate WTVZ (channel 33) in 1998. LIN TV purchased that station outright in February 2002. WAVY was the first in the market to broadcast a digital signal in 2001.
On March 21, 2014, Richmond-based Media General announced that it would buy LIN Media in a $1.6 billion deal, described as a "merger." The merger was completed on December 19, at which point WAVY and WVBT came under common ownership with ABC affiliate WRIC-TV in Petersburg (serving the Richmond market).
On September 8, 2015, Media General announced that it would acquire the Des Moines, Iowa-based Meredith Corporation for $2.4 billion with the intention to name the combined group Meredith Media General if the sale were finalized. However, on September 28, Irving, Texas–based Nexstar Broadcasting Group made an unsolicited cash-and-stock merger offer for Media General, originally valued at $14.50 per share. On November 16, following opposition to the merger with Meredith by minority shareholders Oppenheimer Holdings and Starboard Capital (primarily because Meredith's magazine properties were included in the deal, which would have re-entered Media General into publishing after it sold its newspapers to BH Media in 2012 to reduce debt) and the rejection of Nexstar's initial offer by company management, Media General agreed to enter into negotiations with Nexstar on a suitable counter deal, while the Meredith merger proposal remained active; the two eventually concluded negotiations on January 6, 2016, reaching a merger agreement for valued at $17.14 per share (an evaluation of $4.6 billion, plus the assumption of $2.3 billion debt).
On January 27, 2016, Meredith formally broke off the proposed merger with Media General and accepted the termination fee of $60 million previously negotiated under the original merger proposal; Media General subsequently signed an agreement to be acquired by Nexstar, in exchange for giving Meredith right of first refusal to acquire any broadcast or digital properties that may be divested (a clause that Meredith did not exercise). The transaction was approved by the FCC on January 11, 2017; the sale was completed on January 17, at which point the existing Nexstar stations and the former Media General outlets that neither group had to sell in order to rectify ownership conflicts in certain markets became part of the renamed Nexstar Media Group; this brought WAVY-TV and WVBT under common ownership with the Roanoke duopoly of Fox affiliate WFXR and CW affiliate WWCW (which necessitated Media General to sell its NBC-affiliated station in that market, WSLS-TV, to Graham Media Group in order to alleviate said ownership conflict with the two existing Nexstar-owned stations).
