Salem Communications Corporation (Salem) is a domestic multi-media company with integrated business operations covering radio broadcasting, publishing and the Internet. Salem�s core business is the ownership and operation of radio stations in metropolitan markets. Upon the close of all announced transactions, the Company will own and/or operate a national portfolio of 99 radio stations in 38 markets, including 61 stations in 22 of the top 25 markets, which consist of 29 frequency modulation (FM) stations and 70 amplitude modulation (AM) stations. Its broadcast business also includes Salem Radio Network (SRN), a wholly owned national radio network syndicating music, news and talk programs to over approximately 2,400 affiliated radio stations, in addition to those stations that it owns and operates. In August 2012, the Company acquired SermonSpice.com, an online provider of church media for local churches and ministries.