The two stations share studios with dual CBS/Fox affiliate KRQE (channel 13) on Broadcast Plaza in Albuquerque; KASY-TV's transmitter is located atop Sandia Crest.

Nexstar Media Group, which owns KRQE and holds a majority stake in The CW, provides master control, technical, engineering and accounting services for KASY-TV and KWBQ through a shared services agreement (SSA), though the two stations are otherwise operated separately from KRQE as Mission handles programming, advertising sales and retransmission consent negotiations.

KASY-TV first signed on the air on October 6, 1995, owned by Ramar Communications and managed by Lee Enterprises (then-owners of CBS affiliate KRQE) under a local marketing agreement (LMA).

In the interim, WB programming was brought in out-of-market from KTLA in Los Angeles or Chicago-based superstation WGN on Albuquerque area cable providers.

On January 24, 2006, Time Warner and CBS Corporation announced that The WB and UPN would merge to create The CW Television Network.

On June 4, 2010, ACME Communications announced that it would enter into a shared services agreement with LIN Media; as a result, LIN's own duopoly of KASA-TV and KRQE would provide technical, engineering and accounting services for KWBQ and KASY, with the mutual operating costs shared in order to help reduce overall costs for ACME.

[4] On September 10, 2012, ACME announced a proposed sale of KASY-TV as well as KWBQ (and its Roswell repeater, KRWB-TV) to Tamer Media, a company founded by broadcast industry veteran John S. Viall, Jr.

As part of the SAFER Act,[19] KASY-TV kept its analog signal on the air until June 26 to inform viewers of the digital television transition through the loop of public service announcements from the National Association of Broadcasters.