Acme Communications reported third quarter revenues from continuing operations of $4.8 million, a 3% increase over the third quarter of 2009. The increase was driven primarily by higher advertising revenue at KWBQ/KASY Albuquerque-Santa Fe.
Continuing stations' revenues increased 5%, while revenues at Acme's syndicated show The Daily Buzz decreased 9% for the quarter, compared to 2009.
"Driven by heavy political spending during the back half of third quarter, our market total revenues grew nicely, including a small uptick for core advertising categories," said Acme President/CEO Doug Gealy. "We completed the vast majority of our LIN transition process related to our joint sales and shared services agreements by late September. Cost savings and revenue growth continue a positive trend in the fourth quarter."
Gealy says Acme's exit strategy is in the works. "We remain focused on creating opportunities to replicate our LIN deal," he said, "and are looking for similar or other arrangements to unlock shareholder value by selling off our remaining assets in a swift, orderly fashion."
The company also announced that it sold three of its broadcast towers, including analog towers in Dayton and Green Bay, for $600,000, and a Madison tower to Gray Television for $1.4 million.
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