Salem Communications Announces Acquisition of KHLP 1420 AM in Omaha, NEWednesday, April 6, 2005 1:52 pm PDT
Joe D. Davis, executive vice president and chief operating officer, commented, "The addition of KHLP (1420 AM) supports our strategy of building radio station clusters in each of our markets allowing us to better serve our listeners and our advertisers and, at the same time, gain technical and operating efficiencies. KHLP (1420 AM) will join KCRO (660 AM), our Christian Teaching and Talk-formatted station, and KGBI (100.7 FM), our Contemporary Christian Music station, providing Salem with a third format to serve Omaha and surrounding areas."
Doug Kiel, chief executive officer of Journal Broadcast Group and president of Journal Communications, Inc., said, "While Journal rarely seeks station divestitures, the sale of KHLP (1420 AM) to Salem actually strengthens our very successful Omaha operations by allowing our people and resources to be even better focused on our core stations in the market."
Johnny Andrews, general manager KGB I (100.7 FM) and KCRO (660 AM), will add KHLP (1420 AM) to his responsibilities as market manager for Salem in Omaha.
Salem Communications Corporation (Nasdaq:SALM), headquartered in Camarillo, CA, 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 106 radio stations, including 68 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 more than 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. Information may be accessed at the company's website, www.salem.cc.
Journal Broadcast Group owns a total of 38 radio stations and seven television stations in 11 states and operates an additional television station under a local marketing agreement. The broadcast business of Journal Communications Inc., Journal Broadcast Group is headquartered in Milwaukee. Journal Communications (NYSE:JRN) is a diversified media and communications company with operations in publishing, broadcasting, telecommunications and printing services.
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 recently launched music formats, competition in the radio broadcast, Internet and publishing industries and from new technologies, adverse economic conditions, and other risks and uncertainties detailed from time to time in Salem's periodic reports on Forms 10-K, 10-Q, 8-K and other filings 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 April 6, 2005