IIRC WQXI was owned by Jefferson Pilot. Pre 80-90 there were several insurance companies that owned broadcasting properties. National Life owned WSM AM, FM and Channel 4 in Nashville. Not to be outdone Life and Casualty of Tennessee owned WLAC AM, FM and Channel 5 in Nashville. Nationwide Insurance Co. owned a bunch of stations. Insurance Companies use to look for stable investments with positive cash flows. They also tended to look a little longer for return on investment than today’s companies. Insurance Companies could be thought of as “deep pocket” investors that tended to look years or decades ahead.
Not knowing the cash flow inner workings of the old Jefferson Pilot, I would not be too sure that 790’s profit paid (or would be allow to pay for) for Channel 11.
But you are correct to state that the old WQXI / 790 made a whole lot of money. They could afford pay Gary McKee $17,000 (TAKEHOME!!) every two weeks.*
*http://radiotvtalk.blog.ajc.com/2014/05/02/catching-up-with-gary-mckee-former-94q-host/
I thought Pacific and Southern sold WQXI-TV/WXIA to Combined Communications pre-JP...? Or was Pacific & Southern another insurance company bought by JP, similar to how Lincoln bought JP?