SANTA ANA, Calif., April 5, 2006 (PRIMEZONE) -- ACME Communications, Inc. (Nasdaq:ACME) announced today that it has completed the previously announced sale of KUWB-TV serving Salt Lake City to Clear Channel Communications (NYSE:CCU) for $18.5 million in cash.
Doug Gealy, ACME's President and COO, commented, "The sale of this non-strategic asset will allow us to better focus our resources and reduce our debt. I would like to thank all of our employees at the station for their dedication and service. We remain committed to maximizing our asset base and generating value for our shareholders."
Proceeds from the sale of KUWB-TV were used to repay debt, including the repayment and termination of all of the outstanding debt under the Company's second-lien term loan.
About ACME Communications, Inc.
ACME Communications, Inc. owns and operates eight television stations serving markets covering 3.0% of the nation's television households. The Company's stations are: KWBQ-TV and KASY-TV, Albuquerque-Santa Fe, NM; WBDT-TV, Dayton, OH; WBXX-TV, Knoxville, TN; WTVK-TV, Ft. Myers-Naples, FL; WIWB-TV, Green Bay-Appleton, WI; WBUI-TV, Champaign-Springfield-Decatur, IL and WBUW-TV, Madison, WI. All of the Company's stations, except KASY-TV, a UPN affiliate, are WB Network affiliates. ACME's shares are traded on the NASDAQ Stock Market under the symbol: ACME.