I still think 7-9AM is a good option, as long as WHAM can get viewers to find the CW. Under Time Warner, it was a cable-only station. Under WHAM, it's now on digital TV, so anyone with DTV reception can get it.
As for news at 10PM... it's debateable. The "teen-based soap operas" are not an option at 10PM, because the CW network signs off at 10PM. So stations that don't do news are just back to the usual mix of syndicated fare and/or reruns that make up so much of the lineup for Fox, CW and MyTV affiliates. In many cases, you're going to have mediocre ratings whether it's local news or a 70's Show rerun. But the local news gives the station 100% of the ad revenue and complete control of how long the commercial breaks are. The 70's Show rerun likely comes with some of its own ads, and the local stations have a hard limit on how much time they can sell for themselves.
I don't know if doing a 10PM news would really bring many "financial costs" to WHAM (or any station that already does 11PM news). The way things are in most stations, you'd only need to hire one additional producer. The reporters, shooters, anchors and control room staff are usually the same people who also do the 11, so there's only one body to be hired, and that body's usually a lot cheaper than an anchor salary. If the ratings are going to be about the same either way, many stations will opt for the more profitable newscast. Sometimes it works, sometimes it doesn't. Mark, just as you said for the 7-9AM show, it's something they'd just have to try, and time will tell.
