Salem Communications Adds Second Station in Detroit, Michigan; Exchanges its Cincinnati Radio Stations with Christian Broadcasting SystemTuesday, September 20, 2005 12:38 pm PDT
Edward G. Atsinger III, president and CEO, commented, "WLQV-AM offers Detroit area listeners a full market signal already programmed in a Christian teaching and talk format, Salem's foundational radio format. We will continue to serve WLQV-AM listeners with many familiar names in Christian programming who represent the best in Christian teaching and talk. This acquisition, combined with our existing News Talk station WDTK-AM (1400), gives us a two-station cluster in Detroit providing improved market presence and important operating efficiencies."
Salem Communications Corporation (NASDAQ:SALM), headquartered in Camarillo, Calif., is the leading U.S. radio broadcaster focused on Christian and family-themed programming. Upon the close of all announced transactions, the company will own 103 radio stations, including 66 stations in 24 of the top 25 markets. In addition to its radio properties, Salem owns Salem Radio Network(R), which syndicates talk, news and music programming to approximately 1,900 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. Additional information about Salem may be accessed at the company's website, www.salem.cc.
Christian Broadcasting System, Ltd. operates radio stations WSNL Victory 600 in Flint/Saginaw Michigan, WJIV Victory 101.9 & Utica 99.1, serving greater Albany, New York, Victory 1450 WLYV, serving Ft. Wayne, Indiana, and WLCM Victory 1390 serving Lansing, Michigan.
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 reports filed with 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.
Released September 20, 2005