Salem Media Now Private, As WaterStone Closes

Salem Media is now a private company after completing its acquisition by The Christian Community Foundation, which operates as WaterStone.

Under the deal, first announced in May, WaterStone acquired all outstanding shares of Salem common stock for $1.00 per share—a roughly 250% premium over the company’s trading price before the announcement. The transaction received unanimous approval from Salem’s board and shareholders.

“This is an exciting day for Salem and the beginning of an important new chapter for our company,” Salem CEO David Santrella said. “Salem enters this partnership with strong momentum, an extraordinary portfolio of talent and brands, and more ways than ever to reach audiences across the country. With WaterStone alongside us, we are positioned to invest for the future while remaining firmly committed to the mission that has guided this company from the very beginning.”

WaterStone already held substantial influence before the full acquisition, controlling a 49.5% voting interest through earlier preferred stock investments. The two organizations had collaborated over the past 18 months on strategic initiatives related to growth and long-term planning.

Richaed von Gnechten

Richard von Gnechten, president of WaterStone and chairman of Salem’s board, emphasized continuity of mission: “Today is not about changing what Salem is. It is about giving Salem an even stronger foundation to build on what it does best. What excites us about Salem is not only what the company has built, but how much opportunity remains ahead.”

The ownership change occurs as Salem continues expanding its national radio, streaming and podcast platforms and assembling one of the strongest talent lineups in Christian and conservative media. 

Company leaders say they will focus on strengthening those businesses and pursuing new long-term growth opportunities, describing a period of significant momentum in which Salem has outperformed broader industry trends.

Salem reported last week that second-quarter revenue fell 15% year-over-year, with $2.1 million of the decline attributed to asset sales; excluding those sales, the drop was 12%.