SALM - Salem Media Group Announces Plan to Sell Its Contemporary Christian Music Stations in Nashville and Honolulu
Salem Media Group, Inc. (OTCQX: SALM) announced today that it entered into an agreement to sell its contemporary Christian music stations in Nashville, Tennessee and Honolulu, Hawaii to Educational Media Foundation (EMF). EMF operates Christian music stations across the country as K-LOVE and Air1. Salem’s Today’s Christian Music (TCM) network is not affected by these sales.
Salem Media CEO David Santrella stated, “Salem remains steadfast in our commitment to paying down debt and reducing our overall leverage. The sale of these radio stations helps achieve those goals. At the same time, we are focused on the stations staying in mission format. We are happy to be working with our good friends at EMF to continue impacting lives through music. We are grateful for our staff at these stations that have worked tirelessly over the years.”
Santrella continued, “With this change, Mike Blakemore, Salem’s VP of CCM Programming, will provide focus and leadership to programming TCM, which remains an important part of Salem’s content offerings.”
Salem expects to close on the sale of these stations sometime in late May or early June.
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 .
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Evan D. Masyr
Executive Vice President and Chief Financial Officer
(805) 384-4512
evan@salemmedia.com