Ownership and Network Changes
In general, an O&O is very unlikely to experience changes in its ownership, since it is often a significant source of revenue for its owner; and since its owner is also its parent network, the chances for an O&O to ever switch networks are also rather low.
However, in instances where the network finds an O&O no longer financially viable, it may choose to sell the station to a new owner or simply close the station. Even profitable O&Os might be sold off, often as a result (or in anticipation) of mergers and corporate deals, especially ones which put the network over the ownership limit in its local jurisdiction (e.g. the aforementioned 39% ownership cap in the United States imposed by the FCC). In addition, a network might decide to sell some of its O&Os and use the money raised to (at least temporarily) alleviate financial problems. Depending on the new owner, the station might continue to carry programming from the same network, affiliate with another network, or even become another network's O&O.
The following are examples of transactions involving O&Os:
Read more about this topic: Owned-and-operated Station
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