Salem Media’s sale to Christian nonprofit WaterStone has officially closed, ending its run as a public company after more than five decades and formalizing a relationship the two organizations have been building since WaterStone first took a preferred-stock stake.
The Christian nonprofit foundation agreed in May to take the Christian and conservative broadcaster private. WaterStone acquired all outstanding shares of Salem Media common stock for $1.00 per share, a deal Salem said represented approximately a 250% premium over its trading price before the announcement.
WaterStone, the operating name of The Christian Community Foundation, already held a 49.5% voting interest in Salem through prior preferred stock investments before the buyout agreement was announced. Salem had traded on the OTCQX Market since 2024, following a voluntary delisting from Nasdaq.
Salem said it will continue operating its radio, digital, streaming, podcasting, television and publishing platforms as a private company, working with WaterStone to pursue new investment and growth opportunities.
Salem Media CEO David Santrella said, “This is an exciting day for Salem and the beginning of an important new chapter for our company. Salem enters this partnership with strong momentum, an extraordinary portfolio of talent and brands, and more ways than ever to reach audiences across the country. With WaterStone alongside us, we are positioned to invest for the future while remaining firmly committed to the mission that has guided this company from the very beginning.”
WaterStone President and Salem Media Board Chairman Richard von Gnechten said, “Today is not about changing what Salem is. It is about giving Salem an even stronger foundation to build on what it does best. What excites us about Salem is not only what the company has built, but how much opportunity remains ahead.”
Salem co-founder and board member Edward Atsinger III said, “When Stuart Epperson and I founded Salem more than 50 years ago, we could not have imagined the reach and impact it would have today. Knowing Salem’s mission will be carried forward by a partner that shares our values gives me tremendous confidence in what comes next.”
