SANTA ANA, Calif., Dec. 13, 2011 (GLOBE NEWSWIRE) -- ACME Communications, Inc. (Pink Sheets:ACME) today announced that it has entered into a definitive agreement to sell WBUW in Madison, WI to the Byrne Acquisition Group, LLC for $1.8 million. The all-cash transaction is subject to the approval of the Federal Communications Commission ("FCC") and is expected to close during the second quarter of 2012. WBUW is currently affiliated with the CW Network. ACME is also announcing that its Board of Directors has approved a special distribution of the LIN TV Corp. ("LIN") common stock it received in connection with LIN's May 2011 purchase of the Company's television stations in Dayton and Green Bay. A total of 850,000 shares of LIN stock, which represents approximately 74% of the shares received in the May transaction, will be distributed pro-rata to ACME shareholders of record at the close of business on December 23, 2011 and distributed on December 29, 2011. The Company expects to distribute the remaining LIN shares following the expected second quarter 2012 closing of the Madison transaction.
Following the sale of WBUW, the Company will own television stations KWBQ and KASY in the Albuquerque-Santa Fe market along with KRWB, KWBQ's full-power satellite in Roswell, and The Daily Buzz, LLC, which produces the weekday morning news and lifestyle television program The Daily Buzz.
Commenting on the sale of station WBUW, Doug Gealy, ACME's President and CEO, said, "The sale of our Madison station reflects our continued focus on prudently liquidating our remaining assets. We want to thank our Madison employees for their dedicated services in a difficult operating environment and believe that the Byrne family will provide a new and transforming chapter in the station's life."
Byrne Acquisition Group, LLC currently owns and operates WHHI-TV in Hilton Head, SC. Byrne Acquisition Group President John Byrne said, "We are more than excited to bring our broadcast experience to WBUW and their dedicated team of employees. We are looking forward to serving the community and the viewers of WBUW and the Madison market. We appreciate the efforts that ACME has provided to the community of Madison."
Forward-Looking Statements:
The matters discussed in this press release include forward-looking statements. In addition, when used in this press release, the words "will", "expects" and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including, but not limited to, the transaction not closing (due to the buyer not completing the transaction, the transfer not being approved by the Federal Communications Commission, or for any other reason). The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.