Acme Communications took another step toward liquidating its
broadcast portfolio, agreeing to sell KWBQ-KRWB-KASY Albuquerque to Tamer Media
for $17.3 million.
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.
