Salem Media to Go Private After Acquisition by WaterStone
Salem Media announces that it is entering into a definitive agreement to be acquired by The Christian Community Foundation, Inc., d/b/a WaterStone in a transaction that will take the company private. WaterStone will acquire all outstanding shares of Salem Media common stock for $1.00 per share, representing approximately a 250% premium over Salem’s recent trading price. Salem says that the consummation of 
this deal will “strengthen Salem’s longterm mission across radio, digital media, streaming, podcasting, television, and publishing.” Company co-founder and board member Edward Atsinger III says, “For the last 10 years the Atsinger and Epperson families have been looking for a successor that would continue to carry the torch of delivering quality Christian and conservative media into the next generation and beyond. When we met with WaterStone some 24 months ago we believed it was a divine appointment. WaterStone is deeply aligned with the vision we had when our families founded this company.” Richard von Gnechten is chairman of Salem Media’s board of directors and president of WaterStone. He comments, “This is about building on what makes Salem unique. Salem has spent decades earning the trust of listeners, ministries, advertisers, and audiences by staying true to its mission. WaterStone believes deeply in that mission and in the people behind it. This partnership gives Salem additional strength and longterm stability while creating new opportunities to expand its reach for the future – which is why we are making this investment.” This deal is expected to close in August, subject to shareholder and regulatory approvals.
through a bill that is before you now. AM radio stations continue to be the backbone of many communities. They serve their audiences with programming features like news updates, traffic/weather reports, sports play-by-play, and talk programs. In some municipalities, AM radio stations also cater to a specific immigrant community, reaching their listeners with a specific foreign language or other programming elements like music or sports.” They go on to say, “H.R. 1279, as it is written, would make Daylight 
Saving Time permanent, thus impacting AM radio stations’ power and, therefore, coverage in the crucial morning drive daypart. This issue would be even more detrimental during the darkest days of November, December, January, and February, when AM stations would not be at full power until at least 8:00 am. From a programming and revenue standpoint, the morning drive daypart is still one of the most significant dayparts on an entire radio station. It’s the daypart that generates the most amount of revenue and is a cornerstone for the rest of the programming day. AM radio is facing a multitude of challenges. Radio, in general, faces constant headwinds from an ever-changing media landscape. This challenge might likely be the death blow to many AM radio stations. I am confident you don’t want to see that happen.