John S. Viall Jr.’s Tamer Media is buying the CW and MNT affilis, plus a satellite, which comprise Acme’s final stations. LIN Media, which has a shared services agreement with Acme, will acquire certain non-license assets, which it will use to continue supporting the stations’ operations.
Doug Gealy, a co-founder of the company who has been its president-CEO, becomes a consultant and acting CEO, while Stan Gill is elevated to president-COO as the company continues to sell its stations.
A 14% drop in advertising at the group’s two remaining stations was offset somewhat by increased revenue from it’s The Daily Buzz show.
The FCC has granted Acme Communications’ sale of CW affiliate WBUW Madison, Wis. (DMA 85), to the Byrne Acquisition Group LLC for $1.8 million. Byrne owns low-power WHHI Hilton Head, S.C. When Acme announced the sale last December, it said it expected it to close in the second quarter of this year.
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.
The company, in the process of selling all its stations, posts a net loss for the third quarter of $432,000 compared to a $390,000 net loss for the third quarter of 2010.
The broadcast group posts gains in revenues and broadcast cash flow as it continues liquidating its assets. Its net loss for the first quarter of 2011 was $1.7 million compared to a $1.9 million net loss for the first quarter of 2010. The board approves a 35-cents-per-share distribution.
It gets $17.1 million for WBXX Knoxville, Tenn.; WBDT Dayton, Ohio; and WCWF Green Bay-Appleton, Wis.
In announces the management appointment after closing on its purchase of the Knoxville, Tenn., CW affiliate from Acme.
The group owner’s net loss for the fourth quarter was $5.3 million compared to a $4.5 million net loss for the fourth quarter of 2009