WaterStone, a Christian philanthropic foundation, is taking Salem Media Group private in a deal that will remove one of America’s largest Christian and conservative broadcasters from public markets after more than five decades.
Under the terms of the agreement, The Christian Community Foundation, doing business as WaterStone, will acquire all outstanding shares of Salem Media common stock at $1.00 per share, a roughly 250% valuation over the company’s recent trading price. The transaction was unanimously approved by Salem’s Board of Directors and is expected to close in August, subject to shareholder and regulatory approvals.
Salem has traded on the OTCQX Market since early 2024, following a voluntary delisting from Nasdaq.
The deal formalizes a relationship years in the making. WaterStone already held a 49.5% voting interest in Salem through prior preferred stock investments, and the two organizations have collaborated on strategic initiatives over the past 18 months. In addition, WaterStone President Richard Von Gnechten was named Salem’s Board Chairman in August, having joined the board in January 2025.
Salem co-founder and former Chairman Ed Atsinger said the search for the right successor spanned a decade.
“For the last ten years, the Atsinger and Epperson families have been looking for a successor that would continue to carry the torch of delivering quality Christian and conservative media into the next generation and beyond,” Atsinger said. “When we met with WaterStone, some 24 months ago, we believed it was a divine appointment. WaterStone is deeply aligned with the vision we had when our families founded this company.”
Salem Media CEO David Santrella said the partnership centers on long-term alignment with the company’s mission. “WaterStone understands who we are and why Salem has mattered for over 50 years. This partnership will accelerate our ability to expand the reach of our mission for years to come.”
von Gnechten added, “Salem has spent decades earning the trust of listeners, ministries, advertisers, and audiences by staying true to its mission. This partnership gives Salem additional strength and long-term stability while creating new opportunities to expand its reach for the future.”
