Complex sentence: WTVY is also the designated CBS affiliate for the Panama City, Florida market, where Gray also owns that city's NBC affiliate, WJHG-TV; in exchange, WJHG is available in Dothan on cable since Dothan does not have its own NBC affiliate.
Split into simpler sentences: WTVY is also the designated CBS affiliate for the Panama City, Florida market, where Gray also owns that city's NBC affiliate, WJHG-TV. In exchange, WJHG is available in Dothan on cable since Dothan does not have its own NBC affiliate.