SANTA ANA, Calif., Mar 26, 2012 (GlobeNewswire via COMTEX) -- ACME Communications, Inc. ACME 0.00% today announced that its Board of Directors has approved a special cash distribution of $.22 per share of common stock and a special distribution of the remaining approximate 300,000 shares of LIN TV Corp. ("LIN") common stock it received in connection with LIN's May 2011 purchase of the Company's television stations in Dayton and Green Bay. Both the cash distribution and LIN stock distribution, the latter which will be distributed on a pro-rata basis to ACME shares held, will be made to shareholders of record at the close of business on April 4, 2012 and distributed on April 10, 2012. Absent any further asset sales which generate taxable profits in 2012, the Company expects these cash and stock distributions to be returns of capital.
The proceeds to fund the cash distribution were generated primarily through a combination of the Company's recently completed sale of its Madison television station, WBUW, the settlement on December 30, 2011 of the Company's MMT litigation for $2.0 million, which resulted in a return of approximately $1.2 million of previously escrowed funds, and a recent state tax refund related to the settlement of a 2003 tax filing dispute.
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