RadioInsight Lance Venta
Salem Media Group has announced a series of transactions that will pay off all of the company’s debt including the sale of seven of their Christian AC stations to Educational Media Foundation.
EMF will acquire Salem’s music stations “104.7 The Fish” WFSH-FM Athens/Atlanta GA, “95.5 The Fish” WFHM Cleveland, 102.7 KBIQ Manitou Springs/Colorado Springs, 94.9 KLTY Dallas, “95.9 The Fish” KFSH La Mirada/Los Angeles, “104.1 The Fish” KFIS Scoppoose/Portland, and “103.9 The Fish” KKFS Lincoln/Sacramento for $80 million, plus a $10 million advertising and marketing agreement. EMF will take over those stations around February 1 with EMF paying for the stations with a $72 million promissory note due in 2027 at 3-month SOFR + 1.00% starting July 1, 2025.
With the sale, Salem will conclude its operations in the Christian AC format focusing in the future on just its Christian Preaching and Conservative Talk operations. The company for now retains “95.9 The Fish” W240CX /WTOH-HD2 Columbus.
Salem has also repurchased its remaining $159.4 million of its outstanding 7.125% Senior Secured Notes due 2028 and issued $40 million of a new series of convertible preferred stock. The new stock series was issued to The Christian Community Foundation, Inc’s WaterStone who will become a major investor in Salem not to exceed 49% of the company’s common stock or 46% of the company’s voting rights. The Waterstone investment will be overseen by their COO Rick von Gnechten…
READ FULL ARTICLE HERE… (radioinsight.com)
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