Salem Buys 8 Stations From Clear Channel

Salem Communications Corp. said it has acquired eight radio stations from radio broadcast company Clear Channel Communications for about $185.6 million. Salem Communications, a religious and family radio broadcaster, said that the stations acquired are KEZY-AM (1190) and KXMX-FM (95.9) in Anaheim; KDGE-FM (94.5) in Dallas; KALC-FM (106) in Denver; WKNR-AM (1220) and WRMR-AM (850) in Cleveland; and WBOB-AM (1160) and WYGY-FM (96.5) in Cincinnati. This acquisition is the largest single deal in the company’s history. Salem Communications restructured its existing $150-million credit facility to allow a borrowing capacity of up to $325 million. Salem Communications has more than 70 radio stations. It also operates the Salem Radio Network, a producer of religious programming. Clear Channel is a major radio broadcast firm in the United States and among the world’s largest outdoor advertising companies. Shares of Camarillo-based Salem Communications rose 25 cents to close at $13.25 on Nasdaq, while shares of San Antonio-based Clear Channel rose $2.63 to close at $76 on the NYSE.