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Posts Tagged ‘KASY’

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.