“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. In the meantime, we will continue to pursue opportunities to monetize our remaining asset.”
ACME, which once had 11 stations in its portfolio, said the FCC is expected to approve the sale by the end of 2012 or early 2013. The agreement is also subject to approval by ACME’s shareholders.
Additionally, LIN Media, which has a Shared Services Agreement with ACME, will acquire certain of the stations’ non-license assets to continue to provide services in support of the stations’ operations.