Acme Communications said its board approved a special cash distribution...
Acme Communications said its board approved a special cash distribution of 22 cents per share of common stock, and a special distribution of the remaining 300,000 shares of LIN TV Corp. common stock it got in connection with LIN’s May…
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purchase of some Acme stations. The proceeds to fund the cash distribution mainly came from the sale of its WBUW-TV Madison, Wis., in December and the settlement of some litigation against an ad rep firm that resulted in the release of about $1.2 million in escrowed funds, it said. “We believe our patience in selling assets has benefitted our shareholders and we will continue to be patient with our remaining assets, which consist solely of our duopoly in the Albuquerque-Santa Fe marketplace and our Daily Buzz production entity,” CEO Doug Gealy said.