Salem Media Group Inc. acquired a Bible reader app and sold a radio station in Omaha, Neb., in August, the company disclosed in an earnings release.
Salem on Aug. 8 disclosed several transactions that it has completed since April 1, which included acquiring on Aug. 7 the bible reader app Just1Word for $300,000 in cash, with up to an additional $100,000 of contingent earnout consideration that will be paid in the next two years, depending on the achievement of certain revenue benchmarks.
The company also sold radio station KGBI-FM in Omaha, Neb. for $3.2 million, on Aug. 6. The company said it recorded an estimated loss on the sale of $3.2 million as of June 30, which reflects the sales price in comparison to the carrying value of the assets and the estimated cost to sell.
Additionally, Salem bought radio station KZTS-AM and an FM Translator in Little Rock, Ark., for $200,000 in cash on July 25 and acquired ChildrensMinistryDeals.com, an online platform for Bible-based curricula, for $3.7 million in cash on July 24. The company paid $3.5 million in cash upon closing, as well as $200,000 million in cash plus interest, at an annual rate of 5%, for twelve months from deal completion, considering that the seller is able to satisfy certain post-closing requirements with regard to intellectual property.
On June 25, the media company completed the acquisition of radio station KDXE-FM, previously KZTS-FM, in Little Rock, Ark., for $1.1 million in cash. The company then began programming the station under a local marketing agreement that began April 1. On June 20, the company closed on the sale of radio station WBIX-AM in Boston for $700,000 in cash. The buyer had been operating the station under an LMA agreement as of Jan. 8.
Salem also disclosed the company's April 19 purchase of the HearItFirst.com domain name and other related social media assets for $70,000 in cash.