Salem Media Group Expands Its Conservative Programming into Spanish-language in Miami

Rhea-AI Summary

Salem Media Group (NASDAQ: SALM) has announced an agreement to purchase the assets of two Miami radio stations, WWFE AM 670 and WRHC AM 1550, expanding its reach in Spanish-language broadcasting. The transaction, involving Fenix Broadcasting Corporation, aims to continue the stations' existing Spanish formats. Executive Chairman Edward Atsinger highlighted the importance of serving South Florida's Spanish-speaking community, especially given the recent passing of Fenix's founder. The deal, filed with the FCC, is expected to close in early 2023.

Positive

• Expansion into the Spanish-language broadcasting market enhances market presence.
• Acquisition aligns with Salem's long history in Spanish-language radio, potentially increasing audience reach.

Negative

• None.

IRVING, Texas--(BUSINESS WIRE)-- Salem Media Group, Inc. (NASDAQ: SALM) announced today it has entered into an agreement to purchase the assets of two Miami radio stations. In a transaction with Fenix Broadcasting Corporation and co-owned WRHC Broadcasting Corporation, Salem will purchase the assets of WWFE AM 670 and its FM translator on 103.1 (W276DV) along with WRHC AM 1550 and its FM translator on 98.7 (W254DV). The stations currently broadcast Spanish-language formats and it is Salem’s intent to continue broadcasting in Spanish post-closing.

Salem Media Executive Chairman Edward Atsinger commented, “From this nation’s early days its voices of freedom spoke loudly and were heard. This is one reason we are a true democracy, and not a totalitarian regime. At a time when the voices of freedom in Spanish-language programming are threatened, it is our duty to step up and serve the South Florida audience. For over four decades Salem Media Group has provided a platform for conservative voices on-air, and now online, and in print. Now we will do the same for South Florida's Spanish-speaking community as well, as we add leading Spanish-speaking voices of freedom to our lineup. The recent passing of Fenix Broadcasting’s President and Founder Jorge Rodriguez, Sr. makes this effort even more timely as we work to build upon the broadcast legacy that he and his wife Ana, and son Jorge, Jr. have created. Jorge Sr.’s passionate fight for freedom defined his operation of WWFE AM 670 'La Poderosa' and WRHC AM 1550 'Cadena Azul.' We are grateful to be entrusted with these legendary stations as a platform for our new Spanish-language conservative programming.”

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).

Fenix Broadcasting’s Ana Rodriguez commented, “Jorge, Sr. left us before his work was complete, but it gives me comfort that before his passing he and I had agreed that Salem Media Group shared his vision to provide a home for conservative Spanish-language programming in Miami. Parting with our stations is not easy, but Jorge, Jr. and I have more confidence about the transaction because of Salem Media Group’s track record as a platform for conservative ideals.”

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221014005552/en/

Company Contact:

Evan D. Masyr

Executive Vice President and Chief Financial Officer

(805) 384-4512

evan@salemmedia.com

Source: Salem Media Group, Inc.

FAQ

What is the recent acquisition made by Salem Media Group (SALM)?

Salem Media Group announced the acquisition of WWFE AM 670 and WRHC AM 1550, two Miami radio stations.

What are the future plans for the newly acquired radio stations by Salem Media (SALM)?

Salem intends to continue the existing Spanish-language formats after the acquisition.

When is the expected closure date for the Salem Media Group acquisition?

The acquisition is anticipated to close around early 2023.

Who are the sellers of the Miami radio stations acquired by Salem Media Group (SALM)?

The stations are being sold by Fenix Broadcasting Corporation and WRHC Broadcasting Corporation.

How does the acquisition impact Salem Media Group's market presence?

The acquisition enhances Salem's presence in the Spanish-language broadcasting sector, serving the South Florida audience.