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MURPHY

Salem Communications to Acquire 8 Radio Stations

March 21, 2000|BARBARA MURPHY

Salem Communications Corp. in Camarillo, which owns various Christian-oriented radio, electronic and print media, has signed an agreement with Clear Channel Communications to acquire radio stations KEZY-AM and KXMX-FM in Los Angeles, as well as six other stations in Dallas, Denver, Cleveland and Cincinnati.

Salem will pay $185.6 million in cash for the stations. The acquisitions are subject to regulatory approval and consummation of a planned merger between Clear Channel and AMFM Inc.

"We are always looking for opportunistic ways in which to enhance the growth of the company and believe that no greater opportunity to acquire radio stations of this caliber may present itself this decade," said Edward G. Atsinger III, Salem's chief executive. "These radio stations are tremendous broadcast facilities that complement our existing operations and strengthen our strategic position in the radio industry."

Atsinger said Salem now owns at least one radio station in 21 of the nation's top 25 markets.

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