EXHIBIT 99.2
Published on May 5, 2003
[SALEM COMMUNICATIONS LOGO]
SALEM COMMUNICATIONS ANNOUNCES THE ACQUISITION OF
AM RADIO STATIONS IN BOSTON AND COLORADO SPRINGS
Camarillo, CA, May 5, 2003 -- Salem Communications Corporation (Nasdaq: SALM),
the leading radio broadcaster focused on religious and family themes
programming, announced today the acquisition of two AM radio stations.
The Company will be acquiring WAMG-AM in Boston, Massachusetts, from Mega
Communications for approximately $8.6 million.
Edward G. Atsinger III, President and CEO commented, "It is increasingly
difficult to find quality radio properties at appropriate prices in large
markets, specifically the top 10. WAMG-AM has a good quality day and night
signal and will allow us to launch our conservative news/talk format in the
Boston market, as part of an integrated three-station cluster."
Salem Communications will also be acquiring KKCS-AM in Colorado Springs,
Colorado, from Walton Stations - Colorado, Inc. for approximately $1.5 million.
The station will be part of a three-station cluster and will broadcast a
conservative news/talk format.
Mr. Atsinger continued, "These acquisitions are in line with our long-term goal
of developing our clusters in large markets through our three strategic formats.
We expect these stations to bring economies of scale to each of these markets
and to deliver a strong return on investment."
Salem Communications Corporation, headquartered in Camarillo, California, is the
leading U.S. radio broadcaster focused on religious and family themes
programming. Upon the close of all announced transactions, the company will own
and operate 91 radio stations, including 58 stations in the top 25 markets. In
addition to its radio properties, Salem owns Salem Radio Network, which
syndicates talk, news and music programming to over 1,500 affiliated radio
stations; Salem Radio Representatives, a national sales force; Salem Web
Network, the leading internet provider of Christian content and online
streaming; and Salem Publishing, a leading publisher of contemporary Christian
music trade and consumer magazines.
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 station 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 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.
Analyst, Investor and Media Contacts:
Amanda Strong-Larson
Investor Relations Manager
Salem Communications
(805) 987-0400 x1081
amandas@salem.cc ###