CORRECTING and REPLACING Salem Communications Announces Redemption of its $94.0 Million of 9% Senior Subordinated Notes

Tuesday, June 6, 2006 6:31 pm PDT
CAMARILLO, Calif.--(BUSINESS WIRE)--June 6, 2006--First graph, last sentence should read: Salem will report a loss of approximately $3.6 million resulting from this early redemption (sted a loss of approximately $6.7 million).

The corrected release reads:


Salem Communications Corporation (NASDAQ:SALM), a leading U.S. radio broadcaster, Internet content provider and magazine publisher targeting audiences interested in Christian and family-themed content and conservative values, today announced that Salem Communications Holding Corporation, a wholly-owned subsidiary, has given notice to redeem the remainder of its outstanding 9% senior subordinated notes due July 2011. This redemption will occur on July 6, 2006 at a redemption price, as set forth in the notes, of 104.5% of the principal amount outstanding, $94.0 million. Salem will report a loss of approximately $3.6 million resulting from this early redemption.

In addition to its radio properties, Salem Communications 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), an Internet provider of Christian content and online streaming; and Salem Publishing(TM), a publisher of Christian-themed magazines. Upon the close of all announced transactions, the company will own 104 radio stations, including 66 stations in 24 of the top 25 markets. Additional information about Salem may be accessed at the company's website,

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.

Salem Communications Corporation
Denise Davis, 805-987-0400 ext. 1081