Acme Reports Narrowed Q1 Loss

May 15, 2006  •  Post A Comment

Acme Communications reported a narrower first-quarter loss Monday as increases in advertising revenue lifted results.

Acme, which owns eight WB-affiliated stations, lost $3.8 million last quarter, compared with a loss of $4.6 million the year before. On a per-share basis, Acme’s loss was 23 cents, compared with 29 cents a year ago. Revenue climbed 10 percent to $10.6 million, reflecting stronger advertising revenue and improved performance at “The Daily Buzz,” a morning show that Acme owns jointly with Emmis Communications.

Acme also said in a statement Monday that it has entered into a definitive agreement to sell WTVK-TV in Fort Myers-Naples, Fla., to Sun Broadcasting for $45 million in cash. WTVK is a WB affiliate that will become a CW affiliate in September.

The sale is part of Acme’s strategy to sell off stations in order to pay down debt. In April, the company sold KUWB-TV, another WB affiliate, to Clear Channel Broadcasting for $18.5 million cash.