Salem Media announced it has entered into an agreement to be acquired by WaterStone in a transaction that will take the company private.
The transaction was unanimously approved by Salem Media’s board of directors and is expected to close in August, subject to shareholder and regulatory approvals.
The Irving, Texas-based Salem owns approximately 62 radio stations in 16 states and Washington, D.C., according to Wikipedia. It syndicates Christian and conservative talk, news and music programming to approximately 2,400 affiliates via its Salem Radio Network.
The company was founded as Salem Communications by brothers-in-law Stuart Epperson and Edward G. Atsinger III in 1974.
Atsinger said in a release that both families had been looking for a suitable buyer for the last decade. “When we met with WaterStone, some 24 months ago, we believed it was a divine appointment,” he said.
Under the terms of the agreement, WaterStone will acquire all outstanding shares of Salem Media common stock for $1.00 per share, representing an approximately 250% premium over Salem’s recent trading price, the Salem release said.
As of May 11, Salem has 31.8 million shares of common stock outstanding, according to PitchBook.
WaterStone’s previous preferred stock investments in Salem gave it 49.5% voting interest in the company, the release said.
Salem had previously sold off its contemporary Christian “Fish” properties as part of its strategy to get out from under outstanding debt. At the time, Salem also said it issued $40 million of Series B Convertible Preferred Stock to WaterStone.
The release cited Salem’s local radio growth of 2.8% in Q1 2026, “excluding the impact of recently sold stations.”
WaterStone is a foundation whose mission statement is to advance Christianity through stewardship, generosity and mission-driven leadership.
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