In the newspaper industry, comic strips, horoscopes and national columns are often syndicated. A company has the right to sell the content to various local papers across the country.
It works the same way in broadcasting. Popular TV programs like Wheel of Fortune are sold directly to local stations.
That's why Wheel of Fortune may air on an ABC station in one city and on an NBC station somewhere else. Each station gets to choose the time slot to run its syndicated programming.
Often, reruns of a TV network hit will be syndicated to local stations. Even though a series like Everybody Loves Raymond is no longer on the CBS prime time schedule, reruns air on local stations across the country, including those not affiliated with CBS.
The broadcasting networks often have their own syndication companies. For instance, a company called CBS Television Distribution is responsible for selling shows like Dr. Phil, Inside Edition and Judge Judy to local stations. That's why you may see a CBS logo at the end of these programs, even though you may be watching an ABC, NBC or Fox station.