In broadband wireless communication systems, orthogonal frequency division multiplexing (OFDM) will suffer from severe performance degradation in the presence of phase noise (PHN) especially for the applications with narrow subcarrier spacing to support high bit rate. In the Chinese digital television terrestrial multimedia broadcasting (DTMB) system the time-domain synchronous OFDM (TDS-OFDM) is adopted in which the time-domain pseudo noise (PN) sequences and OFDM data block are combined into a signal frame. Continuous transmission parameter signaling (TPS) symbols are inserted into OFDM data blocks in the frequency domain which can be used for phase noise estimation. In this paper, joint channel estimation and phase noise reduction algorithms are investigated for DTMB systems using the common phase error (CPE) of PN sequences as an intermediate variable of channel frequency response (CFR) during estimation stage and removing it at compensation stage. A simplified channel and phase noise equalization method performed in both frequency and time domain is studied to suppress the distortion. Simulations prove that this proposed scheme has low complexity and works well under additive white Gaussian noise (AWGN) and multipath fading channels.