WAVY-TV (channel 10) is a television station licensed to Portsmouth, Virginia, USA, serving the Hampton Roads area as an NBC affiliate. It is owned by Nexstar Media Group along with Virginia Beach-licensed Fox affiliate WVBT (Channel 43). Both stations share studios on Wavey Street in downtown Portsmouth, with WAVY-TV's transmitter located in Suffolk, Virginia.
WAVY-TV, the third oldest television station in the Hampton Roads area, began operations on September 1, 1957. It was originally owned by Tidewater Teleradio along with WAVY radio (13:50 AM, now WGPL). It was originally registered as an ABC affiliate, but exchanged network memberships with NBC affiliate WVEC-TV (Channel 13) in 1959 due to its radio sister's long association with NBC radio. In 1968, it became the second station owned by LIN Broadcasting.
In April 1989, WAVY-TV moved into its current studio located on Wavey Street in Portsmouth city centre. The station had 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 next to or across the street from the Elizabeth River.
Shortly after WVBT became a WB regional affiliate in 1995, WAVY began operating the station through a local marketing agreement (LMA). LIN TV entered into an affiliation agreement with Fox in November 1995, and WVBT joined Fox's original affiliate WTVZ (channel 33) in 1998. LIN TV immediately purchased the station in February 2002. WAVY was the first on the market. 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, after which WAVY and WVBT went under common ownership with ABC affiliate WRIC-TV in St. Petersburg (serving the Richmond market).
On September 8, 2015, Media General announced it would acquire Meredith Corporation of Des Moines, Iowa for $2.4 billion, with the intention of naming the combined group Meredith Media General if the sale was completed.
However, on September 28, Nexstar Broadcasting Group of Irving, Texas made an unsolicited cash and stock merger offer to Media General, initially valued at $14.50 per share. November 16, after minority shareholders of Oppenheimer Holdings and Starboard Capital objected to the merger with Meredith (primarily because Meredith's magazine ownership was included in a deal that would have re-entered Media General's publishing house after it sold its newspapers BH Media in 2012 to reduce debt) and management's rejection of Nexstar's original offer, Media General agreed to enter into negotiations with Nexstar for a suitable counter-deal, while Meredith's merger offer remained active; they eventually concluded negotiations on January 6, 2016, with a merger agreement at $17.14 per share ($4.6 billion valuation plus $2.3 billion debt assumption).