Salem Media Group Inc. on March 12 provided an update on its recent acquisitions and divestitures activity.
On March 1, the company said it agreed to acquire the pjmedia.com website for $100,000 in cash. The purchase is expected to close during the first quarter.
On Feb. 28, the company sold Mike Turner's line of investment products, including TurnerTrends.com and other domain names and related assets. The company received no cash from the buyer who assumed all deferred subscription liabilities for Mike Turner's investment products. The company incurred a loss of about $200,000 associated with the sale reflecting the sales price as compared to the carrying value of the assets and the estimated cost to sell.
Salem Media on Feb. 22 agreed to sell HumanEvents.com, a conservative opinion website that provides news and commentary for $300,000. The company incurred a loss of roughly $200,000 associated with the sale that closed Feb. 27, reflecting the sales price as compared to the carrying value of the assets and the estimated cost to sell.
Meanwhile, Word Broadcasting Network Inc. in December 2018 notified Salem Media Group of its intent to buy its Louisville, Ky., radio stations. The companies will continue operating the stations under a time brokerage agreement until the purchase agreement is executed and the transaction closes.
On Oct. 31, 2018, the company closed the sale of radio stations KCRO-AM and KOTK-AM in Omaha, Neb., for $1.4 million in cash.
In more station news, Salem Media Group struck a deal in April 2018 to exchange radio station KKOL-AM in Seattle for KPAM-AM in Portland, Ore. The transaction is expected to close in the first half of 2019.
Salem Media Group is a multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing.