Salem Media Inc. has entered into a definitive agreement to be acquired by The Christian Community Foundation, Inc., doing business as WaterStone, in a transaction that will take the company private.
For Salem, it is an arrangement designed to “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. At the closing bell for U.S. financial markets on Tuesday, Salem stock closed at $0.40, down 7%. It trades on the OTC Markets.
Ed Atsinger III, Salem co-founder and board member, said in prepared comments that 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,” he said. “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.”
The agreement, Salem Media notes, follows a period of “significant momentum” for Salem, which has faced declining revenue for several years and was delisted from the Nasdaq exchange due to failure to meet minimum trading valuations for its stock.
“While much of the radio industry faced declining advertising revenue of -3.4% in the first quarter, according to Miller Kaplan, Salem posted positive local radio growth of 2.8%, excluding the impact of recently sold stations, outperforming broader industry trends by more than six percentage points through its strong programming, trusted talent, and longstanding relationships with ministries, advertisers, and audiences nationwide,” the company boasted while announcing the Waterstone deal.
Salem Media CEO David Santrella (pictured, top left), 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.”
As previously reported, WaterStone’s previous preferred stock investments in Salem gave them 49.5% voting interest in the company.
Today, Salem remains one of the largest Christian and conservative multimedia companies in America, competing against entities including K-LOVE, Hope Media Group and Radio Training Network (home to The Joy FM and HIS Radio).
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,” he 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.”
The transaction was unanimously approved by Salem’s Board of Directors and is expected to close in August 2026, subject to shareholder and regulatory approvals.
