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Salem Media Group Announces Purchase of WMYM 990 AM & 98.7 FM in Miami
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Salem Media Group (NASDAQ: SALM) has reached an agreement to acquire the assets of WMYM AM 990 and FM 98.7 from Actualidad Media Group. This strategic move aims to expand Salem's conservative programming to the Spanish-speaking audience in Miami, marking a significant growth opportunity in a key market. Salem's history in Spanish-language broadcasting dates back to 1984. The transaction is expected to close around early 2023, pending FCC approval. This acquisition will bolster Salem’s existing network of over 100 radio stations and enhance its reach, which currently exceeds 11 million listeners.
Positive
Acquisition of WMYM AM 990 and FM 98.7 expands Salem's market presence in Miami.
Enhances Salem's Spanish-language programming, appealing to a growing demographic.
Salem has a strong history in Spanish broadcasting, supporting credibility in this space.
Negative
None.
IRVING, Texas--(BUSINESS WIRE)--
Salem Media Group, Inc. (NASDAQ: SALM) announced today it has entered into an agreement with Actualidad Media Group, LLC to purchase the assets of WMYM AM 990 and its translator on FM 98.7 (W254DT).
Salem Media Executive Chairman Edward Atsinger commented, “Salem is beginning a new chapter in Miami as we expand our conservative and family themed programming to the Spanish-language audience. Miami is an obvious market for this expansion, and we’re excited to add great signals like WMYM AM 990 and FM 98.7 to our portfolio.”
Salem has a long history in Spanish-language broadcasting starting in 1984 in New York City with WNYM AM 1380, which was sold in the late 1980s and remains in the Spanish-language format today. Currently Salem owns Spanish-language radio stations in Dallas - KLTY FM 94.9 HD2 and translator FM 102.5 (Spanish Christian Contemporary Christian Music) and KTNO AM 620 (Spanish Christian Teaching and Talk), in Portland - KRYP FM 93.1 “El Rey” (Regional Mexican), and in Denver - KBJD AM 1650 (Spanish Christian Teaching and Talk).
Actualidad Media Group President, Adib Eden commented, “Actualidad will continue to own and operate our other South Florida stations, WURN AM 1040, translator FM 103.9 ‘Actualidad Radio’ (Spanish News/Talk) and WURN FM 107.1 ‘Exitos’ (Spanish Contemporary Music) and WLVJ AM 1020. We remain committed to our audience, our advertisers, and our community.”
With more than 100 owned and operated radio stations and more than 3,100 network affiliate stations, Salem Media Group reaches over 11 million radio listeners. Salem’s programming includes leading conservative voices of freedom, such as Hugh Hewitt, Mike Gallagher, Dennis Prager, Charlie Kirk, Dr. Sebastian Gorka, Dinesh D'Souza, Brandon Tatum and others. Salem Media's news and opinion websites, including Townhall.com and Redstate.com, along with its digital apps, average 30 million monthly visits and 80 million monthly page views. Its publishing subsidiaries, including Regnery Publishing, have issued 42 bestsellers in the past 10 years. Salem Media is now proud to add South Florida's Spanish voices of freedom to this lineup.
The transaction has been filed with the FCC and both parties anticipate closing around the beginning of 2023.
