HILTON HEAD ISLAND, S.C. and SANTA ANA, Calif., June 20, 2007 (PRIME NEWSWIRE) -- GOCOM Media of Illinois, LLC and ACME Communications, Inc. (Nasdaq:ACME) announced today that they have entered into a definitive agreement whereby GOCOM Media of Illinois will purchase substantially all of the assets of station WBUI-TV in Decatur, Illinois from ACME for $4.0 million. The all-cash transaction is expected to close by the end of the fourth quarter of 2007. WBUI-TV, which is currently affiliated with The CW Network, serves the Central Illinois region including Champaign/Urbana, Springfield and Decatur, representing the nation's 82nd largest television market, based on television households. The transaction is subject to the approval of the Federal Communications Commission and other customary closing conditions.
GOCOM Media of Illinois is also the licensee of WRSP-TV and WCCU-TV, the FOX Network affiliates serving the Springfield, Decatur and Champaign/Urbana Illinois markets. GOCOM Media of Illinois is principally owned by Robinson Everett and Ric Gorman. Both Mr. Everett and Mr. Gorman have extensive track records in ownership of television stations.
ACME Communications, Inc. owns and operates seven television stations serving markets covering 2.6% 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; 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 MyNetworkTV affiliate, are affiliates of The CW Network. ACME's shares are traded on the NASDAQ Stock Market under the symbol: ACME.
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, the failure to satisfy closing conditions, 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.