LOS ANGELES--(BUSINESS WIRE)--April 10, 2006--Salem Communications
(Nasdaq:SALM), a leading U.S. radio broadcaster, Internet content
provider and magazine publisher targeting audiences interested in
faith, family and values, announced today that it has agreed to
acquire Washington D.C.-based Townhall.com, a leading online source
for conservative news and opinion. Founded in 1995, Townhall.com
offers content from more than 115 member groups and commentary from
the world's best known and most respected conservative writers to
create the destination of choice for conservatives interested in
public policy and current events. According to NielsonNetRatings,
Townhall.com serves more than 1.2 million unique visitors and
generates 12 million page views each month.
Edward G. Atsinger III, president and chief executive officer of
Salem, said, "The acquisition of Townhall.com fits with Salem's
strategy of integrating our traditional radio platform with new media
assets that serve the same target audience. This leading news and
conservative opinion website combined with our News Talk radio
stations and nationally syndicated talk show network gives us the
ability to share and repurpose content. The acquisition also provides
a highly effective means to promote across a multi-media platform. We
see an opportunity to significantly grow the Townhall.com brand while
broadening the exposure and popularity of our News Talk radio hosts
and radio stations."
Jim Cumbee, president of Salem's non-broadcast media, said, "Given
Salem's strong presence in conservative news talk radio, we have been
evaluating how best to expand the reach of this platform into the
Internet space. Under the leadership of Salem's Director of Online
Strategy, Chuck DeFeo, we had developed a comprehensive News Talk web
site that we were about to launch when we learned about the
Townhall.com opportunity. Under Chuck's continued leadership, we will
integrate the content and functions we had planned for our own web
site with the comprehensive content and rich heritage of
Townhall.com."
Salem owns and operates 34 radio stations programmed in a
conservative News Talk format including stations in 24 of the top 25
markets. Through Salem Radio Network (SRN), the company syndicates
some of the nation's most popular conservative talk radio hosts
including Bill Bennett, Mike Gallagher, Dennis Prager, Michael Medved
and Hugh Hewitt. Content from these hosts will be integrated with
content from Townhall.com.
Douglas Wilson, Ph.D, chairman of Townhall, said, "Townhall.com
brings Internet users, conservative public policy organizations,
congressional staff and political activists together under the broad
umbrella of conservative thoughts, ideas and actions.
"Salem Communications is an ideal home for Townhall.com because of
its substantial radio platform and dynamic and profitable web
properties. The future for Townhall.com is bright, and member groups
and users will appreciate how the web site can be more fully developed
and promoted." Dr. Wilson will continue as chairman of Townhall.com
and will be a regular columnist on the site.
Townhall's editor-in-chief, Jonathan Garthwaite, will continue to
serve in this capacity reporting to DeFeo. Members of Townhall.com
will continue to have access to the site and will see no interruption
of service during the period of transition.
About Townhall.com
Townhall has been delivering political news and commentary in
various forms since 1991 when it was a private online bulletin board
run by National Review magazine. Townhall.com was launched in 1995 on
the World Wide Web as the first conservative web community. At that
time, only a handful of political sites existed and Townhall.com was
the first major investment in online activism made by either side. In
2005, Townhall.com split off from The Heritage Foundation in order to
expand the scope of Townhall.com's mission to inform, empower and
mobilize citizens for political change. Today, Townhall.com is a web
site that pulls together news and information from its 115 different
"partner organizations," political commentary and analysis from over
70 different columnists, and activism tools developed to empower an
active citizenry.
About Salem Communications
Salem Communications Corporation (Nasdaq:SALM) is a leading U.S.
radio broadcaster, Internet content provider and magazine publisher
focused on Christian and family themes. In addition to its radio
properties, Salem owns Salem Radio Network(R), which syndicates talk,
news and music programming to approximately 2,000 affiliates; Salem
Radio Representatives(TM), a national radio advertising sales force;
Salem Web Network(TM), a leading Internet provider of Christian
content and online streaming and Salem Publishing(TM), a leading
publisher of Christian-themed magazines. Upon the close of all
announced transactions, the company will own 104 radio stations,
including 66 stations in 24 of the top 25 markets. Additional
information about Salem may be accessed at the company's website,
www.salem.cc.
Forward-Looking Statements
Statements used in this press release that relate to future plans,
events, financial results, prospects or performance are
forward-looking statements as defined under the Private Securities
Litigation Reform Act of 1995. Actual results may differ materially
from those anticipated as a result of certain risks and uncertainties,
including but not limited to the ability of Salem to close and
integrate announced transactions, market acceptance of Salem's radio
station formats, competition from new technologies, adverse economic
conditions, and other risks and uncertainties detailed from time to
time in Salem's reports on Forms 10-K, 10-Q, 8-K and other filings
filed with or furnished to the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
Salem undertakes no obligation to update or revise any forward-looking
statements to reflect new information, changed circumstances or
unanticipated events.
CONTACT: Salem Communications
Denise Davis, (805) 384-4508
DeniseD@salem.cc
Janet Chismar, (805) 987-0400 x1092
Janet.Chismar@salem.cc
SOURCE: Salem Communications
