Salem Media To Go Private In Acquisition By WaterStone.

Salem Media has entered into a definitive agreement to be acquired by WaterStone in a transaction that would take the company private while expanding its long-term investment in Christian and conservative media platforms.

Under the agreement, WaterStone will acquire all outstanding shares of Salem common stock for $1.00 per share, representing roughly a 250% premium over the company’s recent trading price. The transaction was unanimously approved by Salem’s board and is expected to close in August, pending shareholder and regulatory approvals.

Salem executives framed the acquisition as the culmination of a years-long search for a long-term partner aligned with the company’s founding mission.

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,” 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 acquisition comes during a period in which Salem says it has outperformed broader radio industry trends. The company said local radio revenue increased 2.8% during the first quarter, excluding recently divested stations, even as industrywide radio advertising revenue declined 3.4%, according to Miller Kaplan data cited by Salem.

The company has also continued expanding its podcasting, streaming, and digital businesses while growing its lineup of conservative and Christian personalities. Salem’s national platforms include programming from commentators such as Scott Jennings, Larry O'Connor, Alex Marlow, and Lara Trump, alongside Christian broadcasters including Greg Laurie, Sean McDowell, Becket Cook, and Kirby Kelly.

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.”

WaterStone already held significant influence in Salem prior to the acquisition announcement. Through previous preferred stock investments, the organization controlled a 49.5% voting interest in the company. Over the past 18 months, the two organizations have collaborated on multiple strategic initiatives tied to Salem’s growth and long-term organizational planning.

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.”