SANTA ANA, Calif., April 5, 2004 (PRIMEZONE) -- ACME Communications, Inc. (Nasdaq:ACME) announced today the appointment of Michael G. Corrigan to the Company's Board of Directors. Mr. Corrigan fills an existing vacancy in the Board and will be included in the nominees for election at the upcoming annual stockholders meeting to be held in Los Angeles, California on May 26, 2004. Mr. Corrigan has also been appointed as Chairman of the Board's Audit Committee.
Mr. Corrigan, 46, is a co-founder and principal of Shelbourne Capital Partners, LLC, an independent financial advisory and merchant banking firm. Prior to the formation of Shelbourne, Mr. Corrigan was Senior Executive Vice President and Chief Financial Officer of Metro-Goldwyn-Mayer Inc., where he had strategic, financial and administrative responsibility for the studio, and also led its initial public offering. Prior to MGM, Mr. Corrigan served in various leadership positions, including Senior Audit Partner in the Entertainment, Media and Communications Group, during a 19-year career at Price Waterhouse LLP.
Commenting on the appointment, Jamie Kellner, ACME's Chairman and CEO, said, "Michael's long and successful tenure as an executive in both the media and public accounting industries, make him a perfect addition to ACME's Board of Directors. His deep and diverse skill set will undoubtedly complement our current team of Board members, and we look forward to his contributions as we strive to strengthen our station portfolio and maximize value for our shareholders."
In addition, ACME also announced today that its Board of Directors has formed a Nomination and Governance Committee. The Committee, which will be comprised of current non-employee members of ACME's Board of Directors, will set and review the Company's current corporate governance standards. The Committee will also lead in the review of the procedures and performance of the Company's Board of Directors, as well as in identifying and reviewing new nominees to the Board of Directors. Jim Collis, a director for the Company since its initial public offering in September 1999, shall serve as the Committee's Chairman.
About ACME Communications, Inc.
ACME Communications, Inc. owns and operates nine television stations serving markets covering 3.7% of the nation's television households, making the Company the fourth largest affiliate group of The WB Television Network. The Company's stations are: KUWB-TV, Salt Lake City, UT; KWBQ-TV and KASY-TV, Albuquerque-Santa Fe, NM; WBDT-TV, Dayton, OH; WBXX-TV, Knoxville, TN; WIWB-TV, Green Bay-Appleton, WI; WBUI-TV, Champaign-Springfield-Decatur, IL; WTVK-TV, Ft. Myers-Naples, FL and WBUW-TV, Madison, WI. All of the Company's stations, except KASY-TV, a UPN affiliate, are WB Network affiliates. ACME's shares are traded on the NASDAQ Stock Market under the symbol: ACME.