Salem Media Group Announces Plan to Sell Its Salem Church Product Business
04 Ottobre 2023 - 3:00PM
Business Wire
Salem Media Group, Inc. (NASDAQ: SALM) announced today that it
entered into an agreement to sell its Salem Church Products
business to Gloo, LLC for $30 million. When the transaction closes,
scheduled for November 1, the parties will also enter into a $10
million multi-year agreement for Salem to advertise the Gloo
platform’s products and services across Salem’s radio and digital
platform that serves the Christian audience.
Salem Church Products creates and distributes resources for
churches and ministries in the areas of church media, worship,
children’s ministry, preaching, teaching and employment through
online resources including WorshipHouse Media, SermonSearch,
ChurchStaffing, Children’s Ministry Deals and many others.
Salem’s Chief Operating Officer David Evans said, “We are proud
of the Church Products business we have built over the years. What
started with a single website – SermonSearch – has grown into a
successful organization providing valuable resources and services
to local churches and their pastors. Any time we look to sell a
business, we look for organizations that share our passion and that
can take that business to the next level. Gloo is just such an
organization and we couldn’t be more thrilled.”
Scott Beck, Chief Executive Officer of Gloo, said, “Salem has
been a tremendous partner for several years. We share their mission
to equip and support the mission of the Church. Welcoming the Salem
Church Products collection of brands to the Gloo platform will
accelerate our ability to connect churches with a broad network of
great products and producers in everything from Sunday weekend
experiences, children’s resourcing, staffing and digital
evangelism/discipleship. We are excited to support the Salem Church
Products’ great leadership team as they accelerate their ability to
serve and expand their network.”
ABOUT SALEM MEDIA GROUP:
Salem Media Group is America’s leading multimedia company
specializing in Christian and conservative content, with media
properties comprising radio, digital media and book and newsletter
publishing. Each day Salem serves a loyal and dedicated audience of
listeners and readers numbering in the millions nationally. With
its unique programming focus, Salem provides compelling content,
fresh commentary and relevant information from some of the most
respected figures across the Christian and conservative media
landscape. Learn more about Salem Media Group, Inc. at
www.salemmedia.com, Facebook and Twitter.
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version on businesswire.com: https://www.businesswire.com/news/home/20231002251234/en/
Evan D. Masyr Executive Vice President and Chief Financial
Officer (805) 384-4512 evan@salemmedia.com
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