Salem Communications Agrees to Sell WBGB-FM in Jacksonville, Fla. to Cox Radio Press Release
JACKSONVILLE, Fla.--(BUSINESS WIRE)--July 6, 2006--Salem Communications Corporation (NASDAQ:SALM), a leading U.S. radio broadcaster, Internet content provider and magazine publisher targeting audiences interested in Christian and family-themed content and conservative values announced today that it has entered into an agreement to sell WBGB-FM (106.5 FM) serving the Jacksonville, Florida market to Cox Radio (NYSE:CXR) for approximately $7.7 million in cash. The station is programmed in the contemporary Christian music format. Pending regulatory approvals, the company expects the transaction to close in the second half of 2006.
In addition to its radio properties, Salem owns Salem Radio Network(R), which syndicates talk, news, and music programming to approximately 2,000 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. Upon the close of all announced transactions, the company will own 103 radio stations, including 66 stations in 24 of the top 25 markets. Additional information about Salem may be accessed at the company's website, www.salem.cc.
JACKSONVILLE, Fla.--(BUSINESS WIRE)--July 6, 2006--Salem Communications Corporation (NASDAQ:SALM), a leading U.S. radio broadcaster, Internet content provider and magazine publisher targeting audiences interested in Christian and family-themed content and conservative values announced today that it has entered into an agreement to sell WBGB-FM (106.5 FM) serving the Jacksonville, Florida market to Cox Radio (NYSE:CXR) for approximately $7.7 million in cash. The station is programmed in the contemporary Christian music format. Pending regulatory approvals, the company expects the transaction to close in the second half of 2006.
In addition to its radio properties, Salem owns Salem Radio Network(R), which syndicates talk, news, and music programming to approximately 2,000 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. Upon the close of all announced transactions, the company will own 103 radio stations, including 66 stations in 24 of the top 25 markets. Additional information about Salem may be accessed at the company's website, www.salem.cc.