Salem Media Group fetches $31.7M in sale to WaterStone
Salem Media Group, a conservative, Christian media network, will be under new ownership after the Camarillo-based company announced it has been sold to The Christian Community Foundation, also known as WaterStone, in a deal worth approximately $31.7 million.
Announced May 13, Salem, which has traded on the OTCQX Market since early 2024 after being delisted from the Nasdaq Global Market, agreed to have all outstanding shares purchased by WaterStone at a price of $1 per share, approximately a 250% premium over Salem’s recent trading price.
Salem, whose shares closed at 42 cents on May 13, has roughly 31.76 million outstanding shares, according to Yahoo Finance.
First founded in 1974 by Stuart Epperson and Edward Atsinger III, Salem Media owns approximately 62 radio stations in 16 states and Washington, D.C. It syndicates Christian and conservative talk, news and music programming to approximately 2,400 affiliates via its Salem Radio Network, according to the company.
The conservative media group moved its corporate headquarters to Irving, Texas in 2021, but maintained a large, similar presence in Camarillo, where it was originally founded.
Atsinger III said in a press release that helping Salem find “the right long-term steward for the company was a priority.”
“For the last ten years, the Atsinger and Epperson families have been looking for a successor who would continue to carry the torch of delivering quality Christian and conservative media into the next generation and beyond. 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,” he said.
Salem and WaterStone have been intertwined for some time as well.
In March 2025, WaterStone, which is based in Colorado Springs, became a major shareholder of Salem, filing for approval with the Federal Communications Commission to gain about $40 million worth of preferred shares in the company.
As a result, WaterStone’s previous preferred stock investments in Salem gave them 49.5% voting interest in the company.
David Santrella, CEO of Salem Media, said the partnership was built around long-term alignment and a shared commitment to Salem’s mission.
“WaterStone understands who we are and why Salem has mattered for over 50 years,” Santrella said. “This partnership will accelerate our ability to expand the reach of our mission for years to come.”
The agreement also comes during a period of “significant momentum” for Salem, WaterStone believes.
The company noted that while much of the radio industry faces declining advertising revenue of -3.4% in the first quarter, according to Miller Kaplan, Salem posted positive local radio growth of +2.8%, excluding the impact of recently sold stations, outperforming broader industry trends by more than six percentage points through its strong programming, trusted talent, and longstanding relationships with ministries, advertisers, and audiences nationwide.
Richard von Gnechten, chairman of Salem Media’s Board of Directors and president of WaterStone, said the partnership reflects years of shared vision and alignment between the organizations.
“This is about building on what makes Salem unique,” von Gnechten said.
“Salem has spent decades earning the trust of listeners, ministries, advertisers, and audiences by staying true to its mission. WaterStone believes deeply in that mission and in the people behind it. This partnership gives Salem additional strength and long-term stability while creating new opportunities to expand its reach for the future – which is why we are making this investment.”
The transaction was unanimously approved by Salem’s Board of Directors and is expected to close in August 2026, subject to shareholder and regulatory approvals.
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