Complex sentence: Owned by the LIN TV Corporation, it is sister to NBC affiliate WAVY-TV and the two share studios with Ion Television owned-and-operated affiliate WPXV-TV on Wavy Street in Downtown Portsmouth.
Split into simpler sentences: Owned by the LIN TV Corporation, it is sister to NBC affiliate WAVY-TV. The two share studios with Ion Television owned-and-operated affiliate WPXV-TV on Wavy Street in downtown Portsmouth.