Salem Media Group is set to sell its three FM stations in South Carolina to Educational Media Foundation, the parent of Christian Contemporary giant KLOVE and its Worship Music-focused sibling, Air1.
The stations involved in the transaction are 94.5 The Answer (WGTK) in Greenville, WRTH in Greer, and WLTE in Powdersville. The deal does not include the translator signal which rebroadcasts WGTK-HD3 as Rejoice 96.9.
The $6,775,000 sale is expected to bring full market coverage to KLOVE listeners in Upstate South Carolina, a region where Air1 does not have a presence. It is anticipated that both Air1 and KLOVE will gain on-air homes in the market after the deal is closed.
The sale comes at a financially sensitive time for Salem, which recently saw its stock value drop to a level last seen in July 2009. The company is projecting a decline in total revenue for Q3 2023 and expects minor fluctuations in Recurring Operating Expenses compared to Q3 2022.
Salem Media Group CEO David Santrella stated, “We have enjoyed our years in the Greenville-Spartanburg market but have made the strategic decision to divest our interests there. As we do, we are grateful to be able to place these signals in the hands of Educational Media Foundation who share a like-minded mission with Salem through their music programming. We are also thankful to our Greenville-Spartanburg staff for their many years of service.”
Financially a great deal for Salem, selling these translators at DOUBLE the price for which it purchased three SIGNALS in GSP for about 10 years ago