KTTV, a television station in Los Angeles, California, signed on the air on January 1, 1949 as KTTV, Inc., a holding company owned by the Times Mirror Company, publishers of the Los Angeles Times, and CBS. The station was one of five licenses granted simultaneously by the Federal Communications Commission to parties interested in launching commercial television stations in Los Angeles. In 1948, CBS purchased a 49% stake in KTTV and assisted in its construction in exchange for making channel 11 the network's Los Angeles outlet. The station's first broadcast was the Tournament of Roses Parade, which it aired every New Year's Day until 1995. KTTV was initially an affiliate of the Dumont Television Network, later becoming a primary CBS affiliate before switching to ABC. In 1950, Times-Mirror purchased the Nassour Studios and moved KTTV's operations there, turning it into a major production house for television. In 1951, the Los Angeles Times regained full ownership of KTTV when it acquired CBS's stake in the station. KTTV later became an affiliate of the DuMont Television Network.