Coastal also operates ABC affiliate KTWO-TV (channel 2) under a separate SSA with owner Vision Alaska LLC.

Nalbone tried to sell the station's assets and CBS affiliation to Gray Television in 2018 but was denied by federal authorities.

[13] Under Stauffer, cuts were made to the operation in Casper to reduce costs, respond to the weak regional economy, and take advantage of synergies with the Cheyenne station.

[16] Under Benedek's ownership, KGWC received significant investment and increased the visibility of its product, running billboards and TV advertisements for its newscasts.

[17] Benedek leased an electronics store building on CY Avenue to serve as the station's studios and outfitted it with $500,000 in new equipment, improving the technical quality of its broadcasts.

On June 4, 2000, the entire Casper operation, except for an engineer, was laid off and the station turned into a satellite of KGWN with no local newscasts or advertising.

[19] The vice president of KGWN-TV noted that, despite good ratings, poor personnel and "management problems" made a closure necessary; Benedek vowed to restore local news but did not give a timetable.

The early 2000s recession reduced ad sales and caused the company to miss interest payments on a set of bonds issued in 1996, prompting a filing for Chapter 11 bankruptcy.

KGWN and Scottsbluff, Nebraska, satellite KSTF were sold to SagamoreHill Broadcasting, while KGWC, KGWL, and KGWR were sold separately to Mark III Media, headed by Mark Nalbone, general manager of Casper Fox affiliate KFNB.

KTWO sponsored an "Anchorman for a Day" contest, which was won by Marvin Nolte, a retired man from Bar Nunn with no previous broadcasting experience; he wound up getting a permanent position after one of KGWC-TV's anchors moved to Cheyenne.

[25] Mark III Media announced the sale of KGWC-TV to Gray Television, owner of KCWY-DT and KGWN, on February 12, 2018.

Central Wyoming College planned to convert channel 14 into a non-commercial license as KEWY, with the station being used to broadcast PBS Kids programming full-time.

[27] The sale of KGWC-TV and its satellites was canceled in October 2018;[32][33] on January 24, 2019, Gray disclosed that its acquisition of the CBS affiliation had been blocked by the Department of Justice (DOJ).

[35] On October 8, 2019, Mark III Media announced that it would sell KGWC-TV and its satellites to Big Horn Television, run by Michael Hogan; the sale was concurrent with Vision Alaska's purchase of KTWO-TV and Coastal Television Broadcasting Company's purchase of KFNB.