The Knoxville, Tenn., CW affiliate is being sold for $5.6 million and follows earlier sales by Acme of its Dayton, Ohio, and Green Bay-Appleton, Wis., stations.
DMA 59
Acme Selling WBXX Knoxville To Lockwood
Acme Communications Inc. announced Tuesday that it has entered into a definitive agreement to sell CW affiliate WBXX Knoxville, Tenn. (DMA 59), to the Lockwood Broadcast Group for $5.6 million.
The all-cash transaction is subject to FCC approval and Acme said it expects to close by the end of the second quarter of 2011.
Doug Gealy, Acme president-CEO, said: “The strategic monetization of this station reflects our focus on maximizing our assets to the benefit of our shareholders. Lockwood Broadcast Group acquires a station with a loyal audience base and a solid local management team. We thank all of our employees at WBXX for their hard work and dedication over the years.”
In September 2010, the Acme announced the sale of WBDT, its Dayton, Ohio, CW affiliate to WBDT Television LLC and WIWB, its Green Bay-Appleton, Wis., CW affiliate, to LIN Television Corp. for $11.5 million. Those transactions are still being reviewed by the FCC and Acme said it expects that they will be approved by the FCC and completed by June 2011. Acme said that the majority of the cash components of the net proceeds from those sales along with the net proceeds from the WBXX sale will be distributed to shareholders shortly after the transactions are completed.
CobbCorp LLC served as financial adviser to Acme in connection with all three transactions.
Comments (0)