Salem Media Group has completed its sale to WaterStone, taking the Christian and conservative media company private and ending its run as a publicly traded company after more than five decades.
WaterStone acquired all outstanding shares of Salem Media common stock for $1 per share. Salem said the deal represented about a 250 percent premium over the company’s trading price before the transaction was announced in May.
The closing formalizes a relationship between Salem and WaterStone that had been developing through earlier preferred stock investments. WaterStone, the operating name of The Christian Community Foundation, already held a 49.5 percent voting interest in Salem before the buyout agreement was reached.
Salem had traded on the OTCQX Market since 2024 after voluntarily delisting from Nasdaq. With the close of the WaterStone deal, Salem will now operate as a private company.
The company said it will continue operating its radio, digital, streaming, podcasting, television and publishing platforms while working with WaterStone on new investment and growth opportunities.
“This is an exciting day for Salem and the beginning of an important new chapter for our company,” David Santrella, the Chief Executive Officer of Salem Media, said in a statement. “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.”
Santrella said WaterStone’s ownership will allow Salem to invest for the future while remaining focused on the mission that has guided the company since its founding.
“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,” Santrella said.
WaterStone President Richard von Gnechten, who also serves as Salem Media Board Chairman, said the transaction is intended to support Salem’s existing identity rather than redirect the company.
“Today is not about changing what Salem is,” von Gnechten said. “It is about giving Salem an even stronger foundation to build on what it does best.”
Von Gnechten said WaterStone sees additional opportunity ahead for Salem across its media platforms.
Salem co-founder and board member Edward Atsinger III said the company’s reach has grown far beyond what he and co-founder Stuart Epperson envisioned when they launched Salem more than 50 years ago.
“Knowing Salem’s mission will be carried forward by a partner that shares our values gives me tremendous confidence in what comes next,” Atsinger said.
