DMA 65, 70

LIN To Buy Acme's WIWB, WBDT

LIN will pay $11.5 million for Acme's CW affiliates WIWB Green Bay-Appleton, Wis., and WBDT Dayton, Ohio.
TVNewsCheck,

Acme Communications Inc. today announced that LIN Television Corp. has exercised its option to purchase Acme's CW affiliates WIWB Green Bay-Appleton, Wis. (DMA 70), and WBDT Dayton, Ohio (DMA 65).

The combined purchase price for the two stations is $11.5 million. LIN has the right to fund up to 50% of its portion of the combined purchase price via issuance of unregistered shares of its common stock.

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It is expected that applications to assign the stations' FCC licenses will be filed with the FCC within the next three weeks and that a failing station waiver will be requested of the FCC in connection with the WIWB assignment. Acme expects that the assignments will be approved by the FCC by the end of 2010 or early 2011.

As required under Acme's revolving credit agreement, upon closing of the sales, all borrowings under the agreement will be repaid and it will be terminated.

Commenting on the transactions, Doug Gealy, Acme's president-CEO, said: "We are delighted that LIN has exercised its option for our Dayton and Green Bay stations. The proposed transactions conform with Acme's plans for the ultimate disposition of all its stations and will ultimately redound to the benefit of our shareholders. Upon the completion of these two transactions, and upon our sale of any LIN stock offered as part of the consideration, we plan to distribute any excess cash to our shareholders. In the meantime, we continue to pursue other opportunities to monetize our remaining assets."

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