Acme Restructures, Moves Toward Exit Plan
Kellner no longer CEO, major cuts at stations as Acme looks to sell
Michael Malone -- Broadcasting & Cable, 6/17/2010 8:45:19 PM
WBDT Dayton VP/General Manager John Hannon moves up to corporate executive vice president.
The three will oversee all of Acme's stations and its syndicated program, The Daily Buzz, and manage the relationship with LIN. All three promotions are effective July 1, 2010.
Acme will significantly pare the rest of its corporate staff. Effective mid-July 2010, Tom Allen, a co-founder of the company and its e.v.p. and CFO, will transition into a consulting role, and will assist Gealy in finding "appropriate exit paths" for the company. Allen will continue to serve on the Acme board of directors.
Co-founder/Chairman/CEO Jamie Kellner will continue to serve as chairman.
Acme owns six stations and has been looking to sell for some time.
Fisher Communications announced in April it had entered a licensing and consulting agreement with Acme regarding The Daily Buzz, with Fisher VP of Digital Content Troy McGuire overseeing the show. Earlier this month, LIN announced it would provide operational support for Acme's stations in Albuquerque, Dayton and Green Bay.
"The recently completed LIN Media and Fisher Communications deals were important events for the company and will hopefully speed an orderly exit for Acme," said Gealy. "This reorganization allows the company to focus on exit strategies while leveraging our best internal resources on building value for our remaining assets."
Gealy said Acme will save in excess of $600,000 per year with the personnel cuts. "Between this restructure and the LIN Media transaction, we will be terminating a meaningful percentage of our corporate management and, along with the elimination of our local general managers at our stations, our station employee base," he said. "Those affected employees have served the company well, many for over a decade, and we thank them for their loyal service and wish them the best in their future endeavors."
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