Granite's Chief Executive Officer W. Don Cornwall said, "WBNG-TV is a very strong station with a long history as the market's leading news provider".
He says the purchase compliments Granite's other upstate TV stations in Syracuse and Buffalo.
The company operates a total of 20 TV stations in eight cities, including San Francisco and Detroit.
The sale needs approval from the Federal Communications Commission, but it's expected to be finalized in the second quarter.
WBNG-TV is currently owned by Television Station Group Holdings.