Salem Communications (NASDAQ: SALM) is a U.S. radio broadcaster, Internet content provider, and magazine and book publisher specializing in evangelical Christian and conservative political talk radio. It owns 99 commercial radio stations, 65 of which are in the top 25 markets. Salem is the fifth largest U.S. radio station owner after Clear Channel, Cumulus, Citadel, and Entercom. The company focuses on acquiring radio stations with powerful transmitters, unlike most Christian broadcasters who tend to purchase many low-power translators. Salem owns slightly more AM than FM stations, and covers one-third of the U.S population.[1]
Salem Communications was founded by Stuart Epperson and Edward Atsinger III and, unlike many Christian broadcasters, is a for-profit corporation.[2] Also unlike their non-profit counterparts, Salem stations transmit high-powered signals in commercial radio bands.
Salem's CFO approximates that the company's income is as follows:
50% Teaching and talk stations
25% Christian contemporary music stations
15% Secular news/talk stations
10% Magazines and websites
Salem Communications Corporation (Salem) is a is a commercial radio broadcasting company in the United States, providing programming targeted at audiences interested in Christian and family-themed radio programming. The Company’s core business is the ownership and operation of radio stations in large metropolitan markets. Upon completion of all announced transactions, it will own a national portfolio of 94 radio stations in 37 markets, including 58 stations in 22 of the top 25 markets, which consists of 27 frequency modulation (FM) stations and 67 amplitude modulation (AM) stations. Salem also programs the Family Talk Christian-themed talk format station on XM Radio, Channel 170. The Company’s radio business focuses on the clustering of strategic formats, mainly Christian Teaching and Talk, Contemporary Christian Music and conservative News Talk. Salem owns and operates Salem Radio Network (SRN), a national radio network that syndicates music, news and talk to approximately 2,000 affiliated radio stations, in addition to its owned and operated stations. In April 2011, the Company launched Church Products Division, based in Richmond, Va.
Salem also owns and operates Salem Media Representatives (SMR), a national radio advertising sales firm with offices in 12 United States cities. In addition to its radio broadcast business, it also owns and operates a non-broadcast media division. This division consists of Salem Web Network (SWN), a provider of online Christian content and streaming, Salem Publishing, a publisher of Christian magazines and Xulon Press, a provider of print-on-demand publishing services targeting the Christian audience. SWN’s content, both in text and audio, can be accessed through its national portals that include OnePlace.com, Crosswalk.com, Christianity.com and Townhall.com. SWN’s content can also be accessed through its local radio station Websites, which provide content of interest to local listeners.
On July 24, 2009, Salem completed the purchase of radio station WZAB-AM in Miami, Florida. On June 1, 2009, it completed the sale of radio station KPXI-FM in Tyler-Longview, Texas. On March 31, 2009, Salem completed the purchase of radio station WAMD-AM in Aberdeen, Maryland.
SRN develops, produces and syndicates a range of programming specifically targeted to Christian and family-themed talk and music stations, as well as general market News Talk stations. It has rights to several full-time satellite channels to deliver SRN programs to affiliates via satellite. SRN has approximately 2,000 affiliate stations, in addition to its owned and operated stations, which broadcast one or more of the offered programming options. These programming options feature talk shows, news and music. The principal source of network revenue is from the sale of advertising time. SRN and its radio stations each have relationships with SMR for the sale of available SRN spot advertising. SMR also contracts with individual radio stations to sell airtime to national advertisers desiring to include selected company stations in national buys covering multiple markets.
Salem Communications syndicates a number of programs in two separate streams: mostly politically conservative secular talk, and Christian talk. This programming is distributed to stations, most of which are owned by Salem, under the name the Salem Radio Network.
Some programs are fed live, while many stations carry delayed feeds. Some stations substitute other conservative talk programs from other syndicators. Hosts such as Laura Ingraham and Dennis Miller appear on Salem-owned stations.
The satellite feed for Salem's general market programming can be heard on the CRN Digital Talk Radio Networks, on CRN3.
The founders of Salem Communications support various religious causes. Epperson was recently reported in Time magazine as one of the "25 Most Influential Evangelicals in America." In 2004 he co-chaired Americans of Faith, a religiously-based Republican electoral campaign. Both founders have served on the Council for National Policy. They gave $100,000 to the Bush presidential reelection campaign and $780,000 to the 2000 "California Defense of Marriage Act" (Proposition 22) ballot measure.
OVERALL
Beta: 1.96
Market Cap (Mil.): $87.64
Shares Outstanding (Mil.): 24.28
Annual Dividend: --
Yield (%): --
FINANCIALS
SALM.O Industry Sector
P/E (TTM): 20.69 628.15 21.07
EPS (TTM): 137.85 -- --
ROI: 0.79 3.96 1.78
ROE: 2.17 7.13 2.74
Name Age Since Current Position
Stuart Epperson 73 1986 Chairman of the Board
Edward Atsinger 70 2007 Chief Executive Officer, Director
Evan Masyr 38 2007 Chief Financial Officer, Senior Vice President
David Evans 47 2007 President - New Business Development, Interactive and Publishing
David Santrella 48 2010 President - Radio Division
Christopher Henderson 46 2008 VP - Legal and Human Resources, General Counsel, Corporate Secretary
Richard Riddle 65 1997 Director
Roland Hinz 71 1997 Director
David Davenport 59 2001 Director
Paul Pressler 79 2002 Director
Dennis Weinberg 58 2005 Director
COMPANY ADDRESS
Salem Communications Corp
4880 Santa Rosa Road
Suite 300
Camarillo CA 93012
Salem Communications was founded by Stuart Epperson and Edward Atsinger III and, unlike many Christian broadcasters, is a for-profit corporation.[2] Also unlike their non-profit counterparts, Salem stations transmit high-powered signals in commercial radio bands.
Salem's CFO approximates that the company's income is as follows:
50% Teaching and talk stations
25% Christian contemporary music stations
15% Secular news/talk stations
10% Magazines and websites
Salem Communications Corporation (Salem) is a is a commercial radio broadcasting company in the United States, providing programming targeted at audiences interested in Christian and family-themed radio programming. The Company’s core business is the ownership and operation of radio stations in large metropolitan markets. Upon completion of all announced transactions, it will own a national portfolio of 94 radio stations in 37 markets, including 58 stations in 22 of the top 25 markets, which consists of 27 frequency modulation (FM) stations and 67 amplitude modulation (AM) stations. Salem also programs the Family Talk Christian-themed talk format station on XM Radio, Channel 170. The Company’s radio business focuses on the clustering of strategic formats, mainly Christian Teaching and Talk, Contemporary Christian Music and conservative News Talk. Salem owns and operates Salem Radio Network (SRN), a national radio network that syndicates music, news and talk to approximately 2,000 affiliated radio stations, in addition to its owned and operated stations. In April 2011, the Company launched Church Products Division, based in Richmond, Va.
Salem also owns and operates Salem Media Representatives (SMR), a national radio advertising sales firm with offices in 12 United States cities. In addition to its radio broadcast business, it also owns and operates a non-broadcast media division. This division consists of Salem Web Network (SWN), a provider of online Christian content and streaming, Salem Publishing, a publisher of Christian magazines and Xulon Press, a provider of print-on-demand publishing services targeting the Christian audience. SWN’s content, both in text and audio, can be accessed through its national portals that include OnePlace.com, Crosswalk.com, Christianity.com and Townhall.com. SWN’s content can also be accessed through its local radio station Websites, which provide content of interest to local listeners.
On July 24, 2009, Salem completed the purchase of radio station WZAB-AM in Miami, Florida. On June 1, 2009, it completed the sale of radio station KPXI-FM in Tyler-Longview, Texas. On March 31, 2009, Salem completed the purchase of radio station WAMD-AM in Aberdeen, Maryland.
SRN develops, produces and syndicates a range of programming specifically targeted to Christian and family-themed talk and music stations, as well as general market News Talk stations. It has rights to several full-time satellite channels to deliver SRN programs to affiliates via satellite. SRN has approximately 2,000 affiliate stations, in addition to its owned and operated stations, which broadcast one or more of the offered programming options. These programming options feature talk shows, news and music. The principal source of network revenue is from the sale of advertising time. SRN and its radio stations each have relationships with SMR for the sale of available SRN spot advertising. SMR also contracts with individual radio stations to sell airtime to national advertisers desiring to include selected company stations in national buys covering multiple markets.
Salem Communications syndicates a number of programs in two separate streams: mostly politically conservative secular talk, and Christian talk. This programming is distributed to stations, most of which are owned by Salem, under the name the Salem Radio Network.
Some programs are fed live, while many stations carry delayed feeds. Some stations substitute other conservative talk programs from other syndicators. Hosts such as Laura Ingraham and Dennis Miller appear on Salem-owned stations.
The satellite feed for Salem's general market programming can be heard on the CRN Digital Talk Radio Networks, on CRN3.
The founders of Salem Communications support various religious causes. Epperson was recently reported in Time magazine as one of the "25 Most Influential Evangelicals in America." In 2004 he co-chaired Americans of Faith, a religiously-based Republican electoral campaign. Both founders have served on the Council for National Policy. They gave $100,000 to the Bush presidential reelection campaign and $780,000 to the 2000 "California Defense of Marriage Act" (Proposition 22) ballot measure.
OVERALL
Beta: 1.96
Market Cap (Mil.): $87.64
Shares Outstanding (Mil.): 24.28
Annual Dividend: --
Yield (%): --
FINANCIALS
SALM.O Industry Sector
P/E (TTM): 20.69 628.15 21.07
EPS (TTM): 137.85 -- --
ROI: 0.79 3.96 1.78
ROE: 2.17 7.13 2.74
Name Age Since Current Position
Stuart Epperson 73 1986 Chairman of the Board
Edward Atsinger 70 2007 Chief Executive Officer, Director
Evan Masyr 38 2007 Chief Financial Officer, Senior Vice President
David Evans 47 2007 President - New Business Development, Interactive and Publishing
David Santrella 48 2010 President - Radio Division
Christopher Henderson 46 2008 VP - Legal and Human Resources, General Counsel, Corporate Secretary
Richard Riddle 65 1997 Director
Roland Hinz 71 1997 Director
David Davenport 59 2001 Director
Paul Pressler 79 2002 Director
Dennis Weinberg 58 2005 Director
COMPANY ADDRESS
Salem Communications Corp
4880 Santa Rosa Road
Suite 300
Camarillo CA 93012