WAVY-TV (channel 10) is a television station licensed to Portsmouth, Virginia, United States, serving the Hampton Roads area as an affiliate of NBC.

It is owned by Nexstar Media Group alongside Virginia Beach–licensed dual Fox affiliate/CW owned-and-operated station WVBT (channel 43).

The two stations share studios on Wavy Street in downtown Portsmouth; WAVY-TV's transmitter is located in Suffolk, Virginia.

Shortly after WVBT became the area's WB affiliate in 1995, WAVY began operating that station though a local marketing agreement (LMA).

"[3] The merger was completed on December 19, at which point WAVY and WVBT came under common ownership with ABC affiliate WRIC-TV in Petersburg (serving the Richmond market).

[5][6][7][8][9] However, on September 28, Irving, Texas–based Nexstar Broadcasting Group made an unsolicited cash-and-stock merger offer for Media General, originally valued at $14.50 per share.

[10] On November 16, following opposition to the merger with Meredith by minority shareholders Oppenheimer Holdings and Starboard Capital (primarily because Meredith's magazine properties were included in the deal, which would have re-entered Media General into publishing after it sold its newspapers to BH Media in 2012 to reduce debt) and the rejection of Nexstar's initial offer by company management, Media General agreed to enter into negotiations with Nexstar on a suitable counter deal, while the Meredith merger proposal remained active; the two eventually concluded negotiations on January 6, 2016, reaching a merger agreement for valued at $17.14 per share (an evaluation of $4.6 billion, plus the assumption of $2.3 billion debt).

[16][17][18] On December 3, 2018, Nexstar announced it would acquire the assets of Chicago-based Tribune Media—which has operated CBS affiliate WTKR (channel 3) and CW affiliate WGNT (channel 27) through a shared services agreement with partner company Dreamcatcher Broadcasting since December 2013—for $6.4 billion in cash and debt.

(WAVY and WTKR consistently rank among the top four in terms of total-day viewership in the Norfolk–Virginia Beach–Hampton Roads market, while WVBT and WGNT have occasionally rotated between fourth and fifth place, a situation that allowed for Media General and, later, Nexstar to acquire WVBT directly in their respective group acquisitions involving the WAVY/WVBT duopoly.

Furthermore, any attempt by Nexstar to assume the operations of WTKR/WGNT through local marketing or shared services agreements would have been subject to regulatory hurdles that could have delayed completion of the FCC and Justice Department's review and approval process for the acquisition.)

It was not the market's first prime time show as CBS affiliate WTKR produced a short-lived newscast on WGNT from 1995 until 1997.

The WAVY Weather Station was seen on Cox Cable digital channel 227 in the Greater Hampton Roads area until late 2011.

(Incidentally, CBN – which is based in Virginia Beach – previously owned WGNT [channel 27, now a CW affiliate] from 1961 to 1989.