Big news from the Home Office, folks. Salem Media has secured its long-sought partner for its future in Christian and conservative political communication. A new deal with the Christian Community Foundation, dba WaterStone, will take Salem Media entirely private and secure all of our current strategies for future growth.
Salem Media released this statement 90 minutes ago:
Salem Media, Inc. (OTCQX: SALM) today announced it has entered 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 and strengthen Salem’s long-term mission across radio, digital media, streaming, podcasting, television, and publishing.
Under the terms of the agreement, 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.
Edward Atsinger III, Salem co-founder and board member, said finding the right long-term steward for the company was a priority. “For the last ten 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.”
If Ed Atsinger's happy about it, I'm happy about it. Ed is a visionary leader and has always made the mission and ethics the focus of Salem Media. It's one reason I have enjoyed working for Salem for the last 16 years, and having an association with Salem through the Northern Alliance Radio Network back to 2004. Salem has always been rated as one of the best places to work in national surveys, and for very good reasons. The people and the environment here can't be beat.
Everyone's happy about this move:
David Santrella, Chief Executive Officer of Salem Media, said the partnership was built around long-term alignment and a shared commitment to Salem’s mission. “WaterStone understands who we are and why Salem has mattered for over 50 years,” Santrella said. “This partnership will accelerate our ability to expand the reach of our mission for years to come.” ...
Richard von Gnechten, Chairman of Salem Media’s Board of Directors and President of WaterStone, said the partnership reflects years of shared vision and alignment between the organizations. “This is about building on what makes Salem unique,” von Gnechten said. “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 long-term stability while creating new opportunities to expand its reach for the future - which is why we are making this investment.”
This helps solidify our future for the long term, and puts us with a real partner in our mission. I'm very excited to see where this leads us, and I hope our readers and VIP members will be just as excited.
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