For its first six years, WREC-TV was the only locally owned station in Memphis (WHBQ-TV was owned by General Tire and NBC affiliate WMC-TV was owned by Scripps-Howard). However, in 1963, Wooten sold WREC-AM-FM-TV to Cowles Communications, earning a handsome return on his original investment of 40 years earlier. In turn, Cowles sold WREC-TV to The New York Times Company in 1971. Cowles later sold the radio stations to other interests. The station also maintained studio space in the Peabody Place shopping center, adjacent to the Peabody Hotel, marking a partial return of sorts to its early years. The studio was shut down in 2011 when Peabody Place closed.