Salem Media‘s era as a publicly traded company has come to its conclusion.
Effective immediately, The Christian Community Foundation, Inc., doing business as WaterStone, formally took Salem private, beginning a new chapter “focused on long-term growth and expanding its Christian and conservative media mission.”
Under the terms of the transaction, 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.
“The partnership brings together two organizations with a shared commitment to Christian ministry and faithful stewardship,” Salem Media and WaterStone said in a joint announcement.
As a private company, Salem will work with WaterStone to pursue new opportunities for investment and growth.
“This is an exciting day for Salem and the beginning of an important new chapter for our company,” said Salem CEO David Santrella. “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 President Richard von Gnechten, who serves as Chairman of Salem Media’s Board of Directors, said, “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.”
Ed Atsinger III, Salem’s co-founder and a board member, said, “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.”
With the transaction complete, Salem and WaterStone say they will focus on strengthening its radio, digital, streaming, podcasting, television and publishing platforms and pursuing new opportunities for long-term growth.
