Nashville’s NewsChannel5 Network is being sold in a deal announced Tuesday morning worth $215 million. WTVF has been for sale since 2008.

Owner Landmark Media had announced it would sell NewsChannel5 in a deal that ultimately fell apart because of the economic crisis four years ago.

So long as the Federal Communications Commission approves, WTVF’s new owner will be Milwaukee-based Journal Communications. CEO Steven Smith says NewsChannel5 will become a “cornerstone asset” for the company, lauding Nashville’s economy and diversity of industry.

After selling off WTVF, Landmark – which once owned the profitable Weather Channel – will be left with a single TV station in Las Vegas.

More Deals to Come?

The last TV station purchased by Journal Communications is the Fox affiliate in Boise, Idaho, where the company already owned another TV station and four radio stations

WTVF is Journal’s first move in Nashville. But broadcast analyst Craig Huber of Huber Research Partners figures it probably won’t be the last.

“They’ve tried to have more than one broadcast – radio or TV station – in a given market. I wouldn’t be surprised if over time they try to pick off some radio stations in Nashville.”

Huber says he doesn’t expect NewsChannel5’s new owner to make sweeping changes to the station’s news operation, which has consistently been top-rated in the market. A press release from Journal Communications touts WTVF’s regional and national reporting awards.

The company – which began by publishing the Milwaukee Journal Sentinel – also owns TV stations in Milwaukee, Las Vegas and Tucson.