At various points in time, nearly TV station in town was based in Hollywood...KTTV (and Metromedia Square) were located across the street from KTLA until KTTV moved to West L.A. in 1997;.
From the late 50s to the early 70s, George Putnam (the inspiration for Ted Baxter on the MTM show) was the highest paid anchorman in America - reportedly making more $ than even Walter Cronkite. Media wags at the time used to joke that George would get an extra $100,000 every time he "crossed the street." He would anchor at KTTV for awhile, then move across the street to KTLA for money, then back to KTTV again, and so on.