Byrne Acquisition Group is buying the CW affiliate for $1.8 million. In addition, Acme’s board approves distribution of its LIN TV Corp. stock to its shareholders.
Acme Communications on Tuesday announced that it has entered into a definitive agreement to sell CW affiliate WBUW Madison, Wis. (DMA 85), to the Byrne Acquisition Group LLC for $1.8 million. Byrne Acquisition Group owns low-power WHHI Hilton Head, S.C.
The all-cash transaction is subject to FCC approval and, Acme said, is expected to close during the second quarter of 2012.
Acme also announced that its board of directors has approved a special distribution of the LIN TV Corp. common stock it received in connection with LIN’s May 2011 purchase of Acme’s WBDT Dayton, Ohio, and WCWF Green Bay, Wis. A total of 850,000 shares of LIN stock, which represents approximately 74% of the shares received in the May transaction, will be distributed pro-rata to Acme shareholders of record at the close of business on Dec. 23 and distributed on Dec. 29. Acme said it expects to distribute the remaining LIN shares following the expected second quarter 2012 closing of the Madison transaction.
Following the sale of WBUW, the Company will own KWBQ and KASY Albuquerque-Santa Fe, N.M., along with KRWB, KWBQ’s full-power satellite in Roswell, N.M., and The Daily Buzz LLC, which produces the weekday morning news and lifestyle television program The Daily Buzz.
Byrne Acquisition Group President John Byrne said, “We are more than excited to bring our broadcast experience to WBUW and their dedicated team of employees. We are looking forward to serving the community and the viewers of WBUW and the Madison market. We appreciate the efforts that Acme has provided to the community of Madison.”