Salem Communications Increases Quarterly Cash Distribution by 5%
CAMARILLO, CA -- (Marketwired) -- 09/12/13 -- Salem Communications Corporation (NASDAQ: SALM), a leading U.S. radio broadcaster, Internet content provider, and magazine and book publisher targeting audiences interested in Christian and conservative opinion content, announced that its Board of Directors has increased its quarterly cash distribution from $0.05 per share to $0.0525 per share. The cash distribution will be paid on October 4, 2013 to all Class A and Class B common stockholders of record as of September 26, 2013.
Edward G. Atsinger III, Chief Executive Officer of Salem Communications, said, "This increase in our cash distribution is in response to our growing free cash flow stemming from both our refinancing that was completed in March and from our operations, particularly the growth in our Internet division."
About Salem Communications
Salem Communications Corporation is the largest commercial U.S. radio broadcasting company that provides programming targeted at audiences interested in Christian and conservative opinion content, as measured by the number of stations and audience coverage. Upon completion of all announced transactions, the company will own and/or operate a national portfolio of 99 radio stations in 38 markets, including 61 stations in 22 of the top 25 markets. Salem also programs the Family Talk™ Christian-themed talk format on Sirius XM Radio, channel 131. Additionally the company operates Christianradio.com.
Salem also owns Salem Radio Network, a national radio network that syndicates talk, news and music programming to approximately 2,400 affiliated radio stations and Salem Media Representatives, a national media advertising sales firm with offices across the country.
In addition to its radio broadcast business, Salem owns an Internet and a publishing division. Salem Web Network is a provider of online Christian and conservative-themed content and streaming and includes websites such as Christian faith focused Christianity.com, Questions and Answers about Jesus Christ at Jesus.org, Christian living focused Crosswalk.com®, online Bible at BibleStudyTools.com, Christian videos at GodTube.com, a leading website providing church media at WorshipHouseMedia.com and Christian radio ministries online at OnePlace.com. Additionally Salem owns conservative news leader Townhall.com™ and conservative political blog HotAir.com, providing conservative commentary, news and blogging. Salem Publishing™ circulates Christian and conservative magazines such as Homecoming® The Magazine, YouthWorker Journal™, The Singing News, FaithTalk Magazine, Preaching and Townhall Magazine™. Xulon Press™ is a provider of self-publishing services targeting the Christian audience.
Company Contact
Evan D. Masyr
Salem Communications
(805) 384-4512
Email Contact
Source: Salem Communications Corporation
Released September 12, 2013