Salem Communications Corporation is a commercial radio broadcasting company in the United States, providing programming targeted at audiences interested in Christian and family-themed radio programming. The Company’s core business is the ownership and operation of radio stations in large metropolitan markets. As at December 31, 2008, the Company owned a national portfolio of 93 radio stations in 37 markets, which consists of 27 frequency modulation (FM) stations and 66 amplitude modulation (AM) stations. The Company’s radio business is focused on the clustering of formats, such as Christian Teaching and Talk, Contemporary Christian Music and conservative News Talk. It has also introduced Spanish language Christian Teaching and Talk format. The Company also owns and operates Salem Radio Network (SRN), a national radio network that syndicates music, news and talk to approximately 2,000 affiliated radio stations, in addition to its owned and operated stations.