Salem Media acquired by WaterStone foundation for $1 per share

The Christian Community Foundation, Inc., operating as WaterStone, completed its acquisition of Salem Media, Inc., on Wednesday, making the company privately owned, according to a press release. WaterStone bought all remaining shares of Salem Media's common stock at $1.00 per share, a substantial 250% more than the stock's price before the deal was announced. This purchase eliminates Salem from public trading.

Salem Media operates in various media domains, including radio, digital, streaming, podcasting, television, and publishing. These platforms focus on Christian and conservative content. The company's CEO, David Santrella, expressed excitement about the acquisition, stating it marks a new chapter for the business. He mentioned the company's strong momentum, its talented team, and expanded reach across the country.

WaterStone's President and Salem's Board Chairman, Richard von Gnechten, stated the acquisition aims to provide Salem with a solid foundation to grow its operations further. Edward Atsinger III, co-founder and board member of Salem since its inception over 50 years ago, emphasized WaterStone's role as a Christian foundation dedicated to charitable giving for individuals and families.

Salem Media's team includes prominent Christian and conservative personalities such as Focus on the Family host Jim Daly, John MacArthur, Chuck Swindoll, David Jeremiah, Alistair Begg, Allen Jackson, Scott Jennings, Larry O’Connor, Alex Marlow, Mike Gallagher, Hugh Hewitt, and Lara Trump. The company's programming has reached audiences nationwide.