• by David Goetzl  @dgoetzl, November 10, 2009

As Acme Communications looks to dissolve itself, the station group has significantly cut compensation for its corporate management. But it is allowing top executives to simultaneously earn additional income elsewhere.

Salaries have been chopped nearly in half, but executives -- including President/COO Doug Gealy and Executive Vice President/CFO Tom Allen -- are working on a "non-exclusive" basis. The changes were instituted via modified employment contracts inked Sept. 30; they will save Acme $525,000 a year, the company revealed Tuesday.

CEO Jamie Kellner has previously said the management team is overqualified for the small company, which once owned a slew of WB affiliates, but now has six stations and is looking to sell them.

On an investor call Tuesday, Kellner said discussions with the board of directors involving how to keep Gealy and Allen at the company resulted in the "non-exclusive" arrangement. The pair's responsibilities will remain the same at Acme with the new structure.

SEC filings show that in 2007 -- the last year for which figures are available -- Gealy and Allen both made a base salary of $388,000. Chairman-CEO Jamie Kellner made $215,000, but will now forgo a salary entirely.

All three are significant shareholders. The stock is now trading at less than 3 cents a share on the pink sheets market.

Acme's stations are in mid-sized markets and include five CW affiliates, with locations ranging from DMA 44 (Albuquerque) to 85 (Madison, Wis.). The company also owns the MyNetworkTV station in Albuquerque.

The company was launched by Kellner to acquire affiliates of the WB network, which he launched in 1995. At one time, it had a large portfolio that included outlets in St. Louis, Portland, Ore., and Salt Lake City. For several years, however, it has been selling off assets.

The company has been cutting salaries as it looks to reduce overhead in the face of the economic turmoil. In the recent third quarter, revenues fell 21% to $6.7 million. The company also runs a syndicated lifestyle/news show "The Daily Buzz," where revenues increased 5%.

Acme posted a loss of $1.4 million. A year ago, it lost $1 million.