CHRISTIAN BROADCASTER SELLS DENVER STATION.Byline: Chris Sieroty Staff Writer CAMARILLO - Salem Communications Salem Communications (NASDAQ: SALM) is a media company specializing in religious and conservative talk radio which operates in the United States, with 99 U.S. commercial radio stations (pending acquisitions) that are primarily concentrated in the nation's biggest markets, Corp. said Tuesday that it has sold Denver radio station KALC-FM to Emmis Communications Emmis Communications (NASDAQ: EMMS) is a media conglomerate based in Indianapolis, Indiana. The company owns radio and television stations and magazines in the United States, Belgium, Hungary and Slovakia. Corp. for $98.8 million in an effort to strengthen the company's bottom line. Camarillo-based Salem also said its newly established Salem Web Network Salem Web Network represents the largest faith-based audiences on the Internet and is headquartered in Richmond, Virginia with offices in Dallas and Nashville. Salem Web Network is owned and operated by Salem Communications Salem Corp. , a division of OnePlace.com, has entered into a strategic relationship with Crosswalk.com Inc. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the terms of the deal, Crosswalk.com will begin to webcast via live and archived streaming media, the Salem Web Network that consists of radio shows and ministry programs, including 130 broadcast programs and 50 Internet radio stations. William Park, Crosswalk's president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , said the deal will allow the Chantilly, Va., company to generate additional advertising revenue from its online operations. Meanwhile, Indianapolis-based Emmis will begin managing KALC-FM next month. The cash transaction, subject to regulatory approvals, is expected to close in January. Upon close of this transaction, Salem will continue to own four other radio stations in the Denver market. ``Because this sale will significantly strengthen our balance sheet without sacrificing our major presence in the Denver market, we felt obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to seriously consider and accept the offer from Emmis,'' Edward G. Atsinger III, Salem's president and chief executive officer, said in a statement. Salem, the nation's largest provider of Christian-oriented media, will own and/or operate 71 radio stations once the deal closes. Salem's stock gained 37.5 cents, or 3.14 percent, to close Tuesday at $12.3125 on heavy volume of 135,800 shares traded on the Nasdaq exchange. |
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