Salem Communications Announces Acquisition of Detroit Radio Station

Tuesday, March 30, 2004 1:00 pm PST
market not identified:
CAMARILLO, Calif.--(BUSINESS WIRE)--March 30, 2004--Salem Communications Corporation (Nasdaq:SALM), the leading radio broadcaster focused on religious and family themes programming, today announced it will be acquiring WQBH-AM in Detroit, Michigan for approximately $4.75 million.

Edward G. Atsinger III, President and CEO, commented, "With the addition of WQBH-AM in Detroit, Salem becomes only the fourth radio broadcaster to have a presence in every one of the top 10 markets in the country. This is significant because these markets reach more than 31 percent of the U.S. population, generate approximately 37 percent of U.S. radio revenues, and are regarded by many as the most sought after properties in the U.S. radio industry."

Salem Communications Corporation headquartered in Camarillo, California, is the leading U.S. radio broadcaster focused on religious and family themes programming. Upon completion of all pending transactions, the company will own and/or operate 95 radio stations, mainly comprised of three primary formats: Christian Teaching/Talk; News/Talk; and Contemporary Christian Music. In addition to its radio properties, Salem owns the Salem Radio Network, which syndicates talk, news and music programming to over 1,600 affiliated radio stations; Salem Radio Representatives, a national sales organization; Salem Web Network, the leading Internet provider of Christian content and online streaming; and Salem Publishing, a Christian magazine publisher. For more information, visit Salem Communications' web site at

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 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.

Salem Communications
Denise Davis, 805-384-4508