ACME Communications announced on Tuesday that it has reached an agreement to sell WBXX to the Lockwood Broadcast Group for $5.6 million.
Lockwood’s all-cash purchase of the Knoxville CW-affiliate is now subject to approval by the FCC. ACME expects the deal to close by the end of the second quarter of 2011.
“The strategic monetization of this station reflects our focus on maximizing our assets to the benefit of our shareholders,” said Doug Gealy, ACME’s president and CEO, in making the announcement.
“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.”
Lockwood Broadcast currently owns CW-affiliates in Huntington, WV, Huntsville, AL and Ada, OK.