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Posts Tagged ‘ACME Communications’

ACME Out of Stations After Latest Sell

Acme Communications has sold its two remaining stations, KWBQ and KASY in Albuquerque-Santa Fe, to Tamer Media for  $17.3 million in an all-cash transaction.

“We are delighted to be in a position to sell our remaining television stations.” said Doug Gealy, ACME’s acting CEO.  ”This proposed transaction obviously puts us in the final phase of successfully completing our process of monetizing our assets, with only our Daily Buzz operation remaining. Upon the completion of this transaction, we plan to distribute virtually all of our cash to our shareholders. In the meantime, we will continue to pursue opportunities to monetize our remaining asset.”

ACME, which once had 11 stations in its portfolio, said the FCC is expected to approve the sale by the end of 2012 or early 2013.  The agreement is also subject to approval by ACME’s shareholders.

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Acme Reports Slight Increase in Station Revenue

Acme Communications, which currently owns and operates three stations in addition to producing the syndicated morning show “The Daily Buzz,” announced that it saw a 2% increase in station revenue in the first quarter, compared to the same period last year.

The 2% increase is from Acme’s “continuing” stations, since the company recently sold off three of its properties (WBXX in Knoxville, WBDT in Dayton, and WCWF in Green Bay). Acme currently owns KWBQ and KASY in Alberquerque-Santa Fe and WBUW in Madison.

“Market conditions continue to improve and we are cautiously optimistic that this positive trend will continue at our three remaining continuing stations and ‘The Daily Buzz’ through the remainder of the year,” said Doug Gealy, Acme’s president and CEO, in a press release.

Revenues at “The Daily Buzz” increased 16% for the quarter.

Shedding Stations, Acme Reports Transitional 2010

Acme Communications, whose roster of stations is dwindling, announced financial results this week for the fourth quarter as well as the full year of 2010, emphasizing that management is in the process of essentially righting the ship.

LIN Media recently took over Acme’s stations in Dayton and Green Bay while Lockwood Broadcast Group is set to purchase Knoxville’s WBXX. Acme excluded these stations from its financial results, stressing to shareholders that it was working to quell losses and cut costs.

“During this past year we made significant progress on our overarching goal of monetizing our assets for the benefit of our shareholders,” Doug Gealy, ACME’s President and CEO, said in a news release. “With our stations in Knoxville, Dayton and Green Bay expected to be sold in the current quarter, we expect to begin returning a meaningful portion of the cash component of those proceeds to our shareholders and will work to reduce corporate costs to reflect the reduced scale of our operations.” Read more

ACME Sells Knoxville’s WBXX to Lockwood Broadcast

ACME Communications announced on Tuesday that it has reached an agreement to sell WBXX to the Lockwood Broadcast Group for $5.6 million.

Lockwood’s all-cash purchase of the Knoxville CW-affiliate is now subject to approval by the FCC. ACME expects the deal to close by the end of the second quarter of 2011.

“The strategic monetization of this station reflects our focus on maximizing our assets to the benefit of our shareholders,” said Doug Gealy, ACME’s president and CEO, in making the announcement.

“Lockwood Broadcast Group acquires a station with a loyal audience base and a solid local management team. We thank all of our employees at WBXX for their hard work and dedication over the years.”

Lockwood Broadcast currently owns CW-affiliates in Huntington, WV, Huntsville, AL and Ada, OK.