ACME Communications has a deal to spin off its Knoxville CW affiliate, WBXX-TV, and the buyer is television station owner and operator Lockwood Broadcast Group. When the deal closes, it will mark the fourth area of operation for the group, and it says it has its eyes peeled for further growth opportunities.
The price of the station will be $5.6M cash, and the deal is expected to close in Q2 2011. Brokerage firm CobbCorp participated in the deal on behalf of the seller.
Lockwood President Dave Hanna said, “We’re excited about the addition of this outstanding property to our group – we think the market and the station present a tremendous opportunity for our company. And, we like what the acquisition signals to the industry: Lockwood has been looking for, and will continue to seek, opportunity for growth.”
Doug Gealy, ACME’s President and CEO, commenteds, “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.”
Lockwood’s other stations include CW WQCW-TV in Charleston-Huntington WV, CW WHDF-TV in Huntsville-Decatur AL, and KTEN-TV Sherman TX-Ada OK, which mixes in programming from NBC, CBS and CW.
ACME announced the sale of CW WBDT-TV in Dayton OH and CW WIWB-TV Green Bay-Appleton WI to LIN Television last September for $11.5M. That transaction is still under FCC review.