KTTV's origins can be traced to 1947, when the station's license and construction permit was secured by the Times Mirror Company, publishers of the "Los Angeles Times". It was one of five licenses that were granted simultaneously by the Federal Communications Commission (FCC) to parties interested in launching commercial television stations in Los Angeles. In 1948, CBS, which owned KNX radio, purchased a 49% interest in the station and assisted in completing its construction in exchange for making channel 11 the network's Los Angeles television outlet. KTTV began operations on January 1, 1949 and was operated initially by KTTV, Incorporated, the "Times"/CBS-owned holding company. The station's first telecast was the Tournament of Roses Parade, which channel 11 would air every New Year's Day until 1995.