Salem Media Group (SALM) to Sell Contemporary Christian Music Stations in Nashville and Honolulu

Salem Media Group, Inc. (OTCQX: SALM) announced today that it entered into an agreement to sell its contemporary Christian music stations in Nashville, Tennessee and Honolulu, Hawaii to Educational Media Foundation (EMF). EMF operates Christian music stations across the country as K-LOVE and Air1. Salem’s Today’s Christian Music (TCM) network is not affected by these sales.

Salem Media CEO David Santrella stated, “Salem remains steadfast in our commitment to paying down debt and reducing our overall leverage. The sale of these radio stations helps achieve those goals. At the same time, we are focused on the stations staying in mission format. We are happy to be working with our good friends at EMF to continue impacting lives through music. We are grateful for our staff at these stations that have worked tirelessly over the years.”

Santrella continued, “With this change, Mike Blakemore, Salem’s VP of CCM Programming, will provide focus and leadership to programming TCM, which remains an important part of Salem’s content offerings.”

Salem expects to close on the sale of these stations sometime in late May or early June.

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