Acme Sells Albuquerque Stations to Viall for $17.3 Million
Broadcast vet's Tamer Media grabs New Mexico CW, MyNet as Acme cashes out
By Michael Malone -- Broadcasting & Cable, 9/11/2012 9:41:21 AM
Tamer is founded by John S. Viall, Jr., who has 47 years of experience in the broadcast industry. It's Tamer's first television station acquisition.
"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," said Viall.
KWBQ is a CW affiliate and KRWB is its satellite station. KASY is a MyNetworkTV affiliate.
Acme said 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.
CobbCorp. served as adviser to Acme in the deal.
The deal needs regulatory approval, and Acme expects the FCC to sign off on it by the end of 2012 or early 2013. The agreement is also subject to approval by Acme's shareholders.
"We are delighted to be in a position to sell our remaining television stations," said Doug Gealy, Acme's acting CEO. "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."
Gealy said Acme will continue to pursue opportunities to monetize syndicated morning show Daily Buzz, which airs in more than 179 TV markets.
In 2010, Acme and Fisher Communications entered into a licensing and consulting agreement for Daily Buzz.
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