WMET-AM DC owner buying back stock


Newly independent CTM Media Holdings, which was spun off from IDT Corporation, is now seeking to reduce the number of shares it has floating on Wall Street. CTM, whose holdings include WMET-AM Washington, DC, is offering to buy back up to 30% of its outstanding shares.

CTM’s shares have been trading on the Pink Sheets for just over a buck each since the separation from IDT. With plenty of cash sitting in its coffers, the company is offering a premium price of $1.10 to buy in nearly three million of its shares.

CTM’s tender says it is offering to purchase shares of its Class A common stock and Class B common stock, or any combination thereof, up to an aggregate of 2,790,013 shares, representing up to thirty percent (30%) of its total outstanding capital stock, at a price per share of $1.10, for a maximum aggregate purchase price of $3,069,014. The offer is set to expire at 5:00 pm, New York City Time, on Wednesday, December 16, 2009, unless extended.

In accordance with the rules of the SEC, CTM Media Holdings noted that it may purchase up to an additional two percent (2%) of the outstanding shares of either or both classes without amending or extending the tender offer.

In addition to WMET, CTM owns:

CTM Media Group, a brochure distribution company, which also offers other advertising-based product initiatives focused on small to medium sized businesses; and a majority interest in Idea and Design Works, LLC, a comic book and graphic novel publisher that creates and licenses intellectual property.