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Salem Media of Kentucky to Sell Station

August 13, 2008

Salem Communications Corporation (NASDAQ:SALM), a leading U.S. radio broadcaster, Internet content provider, magazine and book publisher targeting audiences interested in Christian and family-themed content and conservative values, today announced it has entered into an agreement to sell WRVI (105.9FM) to the WAY-FM Media Group, Inc. for $3 million. Pending regulatory approvals, the company expects today’s announced transaction will close in the fourth quarter of 2008. Salem will continue to own and operate three other stations in the Louisville market, including WGTK (970AM), WFIA (900AM), and WFIA (94.7FM).

Commenting on the transaction, Joe D. Davis, President of Salem’s Radio Division, said, “This is a good example of market synergy, allowing us to continue the operation of three strategic assets in Louisville, and enabling our friends at WAY-FM to improve their service and coverage of the market as well. All this will be accomplished without change of format or interruption of service.”

Bob Augsburg, President of WAY-FM, commented, “We are thrilled at this opportunity to strengthen our position in Louisville. WAY-FM Media Group purchased WLRX (now WAYI) from Radio One earlier this year serving the northern suburbs of Louisville. Now with the addition of WRVI in the heart of the city, WAY-FM will be really strong throughout the entire market. This is a real growth season for WAY-FM with a launch in Charleston, South Carolina last month and a new WAY-FM launch in Panama City, Florida scheduled for next month.” WAY-FM’s home page is www.wayfm.com.

WAY-FM will begin to operate WRVI under an LMA on October 1. Greg Guy, broker for Patrick Communications, represented WAY-FM in the transaction.

In addition to its radio properties, Salem owns Salem Radio Network(R), which syndicates talk, news and music programming to approximately 2,000 affiliates; Salem Radio Representatives(TM), a national radio advertising sales force; Salem Web Network(TM), an Internet provider of Christian content and online streaming; and Salem Publishing(TM), a publisher of Christian-themed magazines. Upon the close of all announced transactions, the company will own 93 radio stations, including 58 stations in 23 of the top 25 markets. Additional information about Salem may be accessed at the company’s website, www.salem.cc.




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