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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 5, 2003

SALEM COMMUNICATIONS CORPORATION

Registrant’s telephone number, including area code: (805) 987-0400

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

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     The following information and the exhibits relating thereto are furnished pursuant to “Item 9. Regulation FD Disclosure” of this Current Report on Form 8-K and pursuant to the “Item 12. Results of Operations and Financial Condition” in accordance with SEC Release No.33-8216.

     On May 5, 2003, Salem Communications Corporation issued a press release regarding the first quarter 2003 earnings. A copy of the press release is attached hereto as Exhibit 99.1. In addition, Salem Communications Corporation issued a press release on May 5, 2003 to announce the pending acquisitions of WAMG-AM in Boston, Massachusetts, and KKCS-AM, Colorado Springs, Colorado. A copy of the press release is attached hereto as Exhibit 99.2.

     * The information furnished under Item 9 and Item 12 of this Current Report on Form 8-K, including Exhibits 99.1, and 99.2 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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EXHIBIT INDEX

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