Salem Communications to Acquire WTPS-AM in Miami, Florida
CAMARILLO, Calif.--(BUSINESS WIRE)--
Salem Communications Corporation (Nasdaq:SALM), a leading U.S. radio broadcaster, Internet content provider, magazine and book publisher targeting audiences interested in Christian and family-themed content and conservative values, today announced that it will acquire WTPS-AM in Miami, FL, for approximately $12.25 million. Additionally, Salem began operating the station today under a local marketing agreement.
Joe D. Davis, Division President, Radio, commented, "The programmers who have been heard on our WKAT-AM 1360 will now have a new and expanded home at 1080AM, and the coverage of this new 50,000 watt signal is enormous, reaching from the Florida Keys to Boca Raton. Our new call letters on 1080 will be WMCU, acknowledging the heritage of great Christian programming in south Florida. Miami is the 11<super>th</super> largest radio market in the United States, and we are pleased to serve the large number of people there interested in Christian and family themes."
In addition to its radio properties, Salem owns Salem Radio Network(R), which syndicates talk, news and music programming to approximately 2,000 affiliates; Salem Radio Representatives(TM), a national radio advertising sales force; Salem Web Network(TM), a leading Internet provider of Christian content and online streaming; and Salem Publishing(TM), a leading publisher of Christian-themed magazines. Upon the close of all announced transactions, Salem Communications will own 98 radio stations, including 59 stations in 22 of the top 25 markets. Additional information about Salem may be accessed at the company's website, www.salem.cc.
Forward-Looking Statements
Statements used in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of certain risks and uncertainties, including but not limited to the ability of Salem to close and integrate announced transactions, market acceptance of Salem's radio station formats, competition from new technologies, adverse economic conditions, and other risks and uncertainties detailed from time to time in Salem's reports on Forms 10-K, 10-Q, 8-K and other filings filed with or furnished to the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Salem undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
Source: Salem Communications Corporation
Released October 18, 2007