The year 2024 closed out with a significant radio deal as Educational Media Foundation announced it had reached an agreement with Salem Media Group to acquire seven of its FM signal properties, including the heritage signal 94.9 KLTY(FM) in the Dallas-Ft. Worth market.
“We have made a strategic decision to exit the contemporary Christian music format in order to pay off all of Salem’s long-term debt,” said Edward Atsinger, Salem’s executive chairman and co-founder, in a release on Dec. 30.
Salem agreed to sell the seven stations to EMF for a total of $80 million. The acquisitions are pending FCC approval. If granted, EMF expects to take control of the stations on Feb. 1 via an LMA. The result will be the launch of EMF’s K-Love or Air 1 networks in the respective markets, depending on the presence of prior affiliates in the region, according to EMF.
Here’s a look at the seven stations that are part of the deal:
Dallas-Ft. Worth
EMF is acquiring Class C 94.9 KLTY(FM), licensed to Arlington. It has served the DFW metroplex with a contemporary Christian format since 1985 according to its program director, Mike Prendergast, who shared the news on social media.
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EMF does not currently have a K-Love affiliate in the market. Its Air 1 network airs on 101.7 KYDA(FM), licensed to Azle, located northwest of the metroplex.
Atlanta
EMF receives Class C1 104.7 WFSH(FM), licensed to Athens, Ga. Its popular Kevin & Taylor morning show announced the EMF acquisition on Instagram.
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EMF owns 106.7 WAKL(FM), licensed to Gainesville and co-located with WFSH, airing the K-Love format. Air 1 operates on translator 92.3 FM, licensed to Marietta.
Cleveland
EMF acquires Class B 95.5 WFHM(FM), licensed to Cleveland. It has run the contemporary Christian format since 2001.
EMF does not own any full-power signals in the Cleveland market, with its K-Love and Air 1 networks running on 103.7 FM and 105.3 FM translators respectively.
Portland, Ore.
EMF is getting Class C2 104.1 KFIS(FM), licensed to Scappoose.
EMF owns 97.9 KLVP(FM), licensed to Aloha, which runs K-Love. Its Air 1 network is heard on a 92.7 FM Portland translator.
Orange County, Calif.
EMF receives Class A 95.9 KFSH(FM), licensed to La Mirada, which is located approximately 35 miles southeast of Los Angeles. EMF operates 100.3 KKLQ(FM) as K-Love in Los Angeles.
Colorado Springs
EMF acquires 102.7 KBIQ(FM), licensed to Manitou Springs with its antenna atop Cheyenne Mountain operating at 72 kW ERP. The nearest EMF properties are located in Pueblo, about 65 miles to the south.
Sacramento
EMF receives 103.9 KKFS(FM), licensed to Lincoln. Full-power 99.5 KLVB(FM), licensed to Citrus Heights, currently covers the California capital with K-Love.
“As Salem has leaned into its talk and information programming, we are honored to carry the torch and keep Christian music flowing over these frequencies,” said Tom Stultz, EMF’s interim CEO, in a release.
[Related: “EMF Unveils New HQ in Tennessee”]
The sales are part of a strategy by Salem to get out from under outstanding debt. In a release, the company also announced that it repurchased all $159.4 million of its 7.12% Senior Secured Notes due 2028 for $104 million in cash and $24 million in Subordinated Notes. This repurchase was done at a $37.1 million discount, reducing its total debt burden. Salem also said it issued $40 million of Series B Convertible Preferred Stock to WaterStone, a strategic investor.
Salem still owns approximately 80 radio stations nationwide airing conservative talk and religious teachings, according to its website. Its “Fish” contemporary Christian format is still heard in the Columbus, Ohio market on 95.9 FM, a translator for WTOH(HD2).
EMF owns and operates K-Love and Air 1 with approximately 1,100 broadcast signals across all 50 states.
