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ACME Communications Announces Sale of Its Albuquerque-Santa Fe Stations to Tamer Media, LLC(September 10, 2012)
SANTA ANA, Calif., Sept. 10, 2012 (GLOBE NEWSWIRE) -- ACME Communications, Inc. (Pink Sheets:ACME) today announced that Tamer Media, LLC ("Tamer") will acquire licenses issued by the Federal Communications Commission (the "FCC") and certain related assets used and useful in ACME's television stations KWBQ (CW) and its satellite station KRWB, and KASY (MyNetworkTV), all serving the Albuquerque-Santa Fe, NM market.
Tamer is a company founded by John S. Viall, Jr., who has 47 years of experience in the broadcast industry and the transaction represents Tamer's first television station acquisition.
LIN Media, which has a Shared Services Agreement with ACME, will acquire certain of the stations' non-license assets, which it will use to continue to provide services in support of the stations' operations.
The combined purchase price for the three stations' assets is approximately $17.3 million in an all-cash transaction. CobbCorp, LLC served as advisor to ACME in connection with the transaction.
It is expected that applications to assign the stations' FCC licenses will be filed with the FCC shortly. The Company expects that the assignments will be approved by the FCC by the end of 2012 or early 2013. The Agreement is subject to approval by ACME's shareholders.
Commenting on the transaction, Doug Gealy, ACME's Acting CEO, said, "We are delighted to be in a position to sell our remaining television stations. 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."
Viall said, "I am excited about the opportunity to enter broadcast ownership and to provide a compelling program service to the viewing public in the Albuquerque-Santa Fe marketplace."
About ACME Communications, Inc.
ACME Communications, Inc. owns and operates television stations KWBQ-TV (a CW Television Network affiliate), KASY-TV (a MyNetworkTV affiliate) and KRWB (KWBQ's satellite) in the Albuquerque-Santa Fe, NM market. The Company also produces The Daily Buzz, a nationally syndicated morning news and lifestyle program which airs on more than 179 television markets covering approximately 73% of the country. The Company's shares are traded over-the-counter under the symbol: (Pink Sheets:ACME).
CONTACT: ACME Communications, Inc.
Doug Gealy, Acting Chief Executive Officer
Related Keywords: ENTERTAINMENT, ACQUISITIONSBroadcast, Broadcast Technology, Broadcast, Inc., Television, Lifestyle, Entertainment,