The oldest television station in the South now officially belongs to one of the newest media companies in the country. Local TV Holdings closed on the deal with Raycom yesterday, acquiring the CBS affiliate WTVR from Raycom in exchange for the Birmingham, Ala., Fox affiliate WBRC. Because the Birmingham station is in a larger market than the Richmond station, Raycom is also paying a sum of cash, reported by TVNewsday.com to be $85 million.

WTVR is finally changing hands. Raycom Media Inc. will swap the Richmond CBS affiliate with Local TV LLC, which will give Raycom the Birmingham, Ala., Fox affiliate, WBRC.