The Christian Community Foundation Inc., which operates as WaterStone, has closed on its purchase of Salem Media.
WaterStone acquired all outstanding shares of Salem Media common stock for $1.00 per share, representing approximately a 250% premium over Salem’s trading price prior to the announcement of the transaction. WaterStone says that the deal “brings together two organizations with a shared commitment to Christian ministry and faithful stewardship. As a private company, Salem will continue operating its radio, digital, streaming, podcasting, television and publishing platforms while working with WaterStone to pursue new opportunities for investment and growth.”
Salem CEO David Santrella said, “This is an exciting day for Salem and the beginning of an important new chapter for our company. Salem enters this partnership with strong momentum, an extraordinary portfolio of talent and brands, and more ways than ever to reach audiences across the country. With WaterStone alongside us, we are positioned to invest for the future while remaining firmly committed to the mission that has guided this company from the very beginning.”
WaterStone Chairman/President Richard von Gnechten commented, “Today is not about changing what Salem is. It is about giving Salem an even stronger foundation to build on what it does best. What excites us about Salem is not only what the company has built, but how much opportunity remains ahead.”
Salem co-founder and board member Edward Atsinger III stated, “When Stuart Epperson and I founded Salem more than 50 years ago, we could not have imagined the reach and impact it would have today. Knowing Salem’s mission will be carried forward by a partner that shares our values gives me tremendous confidence in what comes next.”
