Salem Media Group Inc. will transfer ownership of its three radio stations in Kentucky to a local broadcasting network, the company has announced.
The Camarillo media firm, which is the country’s largest commercial radio broadcaster specializing primarily in Christian and conservative programming, will sell its WFIA-AM, WFIA-FM and WGTK-AM stations in Louisville to Word Broadcasting Network effective Jan. 3. Word has 12 radio stations in that market. Terms of the deal were not announced.
“Salem rarely leaves a market because we desire...to serve the needs of audiences in cities like Louisville,” Salem Chief Executive Ed Atsinger said in a prepared statement. “This agreement is unique in that Word Broadcasting is like-minded with us in shared mission, shared values and passion for our formats.”
Salem Media’s radio network includes more than 100 stations across the United States, with nearly two-thirds in top 25 markets. The company also publishes books, magazines and websites focused on conservative and Christian content under its digital and print media properties, and sells nutritional supplements and access to financial advice through its health and business divisions.
The stock of Salem Media (SALM) rose 10 cents, or less than 2 percent, on Friday to close at $6.50 on the Nasdaq.