IRVING, TX (CelebrityAccess) – Salem Media Group has decided to sell its seven remaining contemporary Christian music radio stations to Educational Media Foundation (EMF) in an $80 million deal, as confirmed on Monday (December 30). The transaction is pending FCC approval and will expand EMF’s footprint in seven US markets, including stations KLTY-FM in Arlington, TX; WFSH-FM in Athens, GA; WFHM-FM in Cleveland, OH; KFSH-FM in La Mirada, CA; KKFS-FM in Lincoln, CA; KBIQ-FM in Manitou Springs, CO; and KFIS-FM in Scappoose, OR.
EMF, known for its K-LOVE and Air1 Worship Now programming, plans to begin broadcasting its content on these stations by February 1, assuming the approval of the FCC. EMF’s interim CEO Tom Stultz was enthusiastic, saying, “We are honored to carry the torch and keep Christian music flowing over these frequencies. These strong stations expand our coverage area and help us deliver on our mission to reach more people with the gospel of Jesus Christ.”
Salem Media Group’s executive chairman and co-founder, Edward G. Atsinger, explained that the sale is part of a strategic decision to exit the contemporary Christian music format to address the company’s long-term debt. “We could not be more delighted that the buyer is EMF. They have demonstrated a unique ability to create and distribute the highest quality Christian music content,” Atsinger said.
The sale is part of Salem’s broader financial strategy, which includes settling $159.4 million in outstanding senior secured notes at 7.125% due in 2028 for $104 million in cash and $24 million in promissory notes.
