Salem Media Group Announces Closing on the Sale of its Contemporary Christian Music Stations in Nashville and Honolulu

Rhea-AI Summary

Salem Media Group (OTCQX: SALM) has finalized the sale of its contemporary Christian music stations in Nashville, Tennessee, and Honolulu, Hawaii, to Educational Media Foundation for $7 million. The transaction, initially announced on March 21, 2024, was completed on June 26, 2024. Salem Media Group is a leading multimedia company focused on Christian and conservative content, operating through radio, digital media, and publishing. The sale reflects Salem's strategic realignment to focus on its core assets and content areas, aiming to strengthen its presence in the Christian and conservative media landscape.

Positive

• Salem Media Group secured $7 million from the sale of its Nashville and Honolulu Christian music stations.
• The sale supports Salem's strategic focus on core media assets and content areas.

Negative

• Salem Media Group's sale of two stations might indicate a reduction in asset base.

CAMARILLO, Calif.--(BUSINESS WIRE)-- Salem Media Group, Inc. (OTCQX: SALM) announced today that it closed the sale of its Christian Music Stations in Nashville, Tennessee and Honolulu, Hawaii to Educational Media Foundation for $7 million, on Wednesday, June 26, 2024. This transaction was previously announced on March 21, 2024.

ABOUT SALEM MEDIA GROUP:

Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape. Learn more about Salem Media Group, Inc. at www.salemmedia.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240702778593/en/

Evan D. Masyr

Executive Vice President and Chief Financial Officer

(805) 384-4512

evan@salemmedia.com

Source: Salem Media Group, Inc.

FAQ

What did Salem Media Group announce on June 26, 2024?

Salem Media Group announced the closing of the sale of its contemporary Christian music stations in Nashville and Honolulu on June 26, 2024.

Who purchased Salem Media Group's music stations?

Educational Media Foundation purchased Salem Media Group's contemporary Christian music stations.

What is the sale price of Salem Media Group's Nashville and Honolulu stations?

The sale price for the Nashville and Honolulu stations was $7 million.

What is the stock symbol for Salem Media Group?

The stock symbol for Salem Media Group is SALM.

When was the sale of Salem Media Group's stations initially announced?

The sale of the stations was initially announced on March 21, 2024.