Salem Communications Corp. announced that it intends to offer, subject to market and other conditions, $300 million aggregate principal amount of Senior Secured Second Lien Notes due 2016 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States in compliance with Regulation S under the Act. The company intends to use the net proceeds from such offering, together with borrowings under a new $30 million senior secured credit facility to be entered into at the time of the closing of the offering and up to approximately $27 million of cash on hand, to repay its existing credit facilities and its 7 3/4% Senior Subordinated Notes due 2010.

Salem Communications Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company's total revenue decreased 10.2% to $48.9 million from $54.4 million for the same quarter a year ago. Operating loss from continued operations was $5.5 million compared to $14.2 million in the same quarter for the prior year. Net loss was $4.6 million, or $0.19 net loss per share, as compared to $11.0 million, or $0.47 net loss per share for the same quarter a year ago. EBITDA was a loss of $0.2 million compared to a loss of $9.7 million in the prior year and Adjusted EBITDA decreased 2.3% to $12.5 million from $12.7 million. Loss from continuing operations before income taxes was $9 million compared to $19.4 million for the same quarter a year ago. Loss from continuing operations was $4.7 million or $0.19 per diluted share compared to loss from continuing operations of $11.1 million or $0.47 per diluted share for the same quarter a year ago. For the nine months, the company' total revenue decreased 11.3% to $147.3 million from $165.9 million for the same period a year ago. Operating loss from continued operations was $3.3 million compared to operating income of $8.9 million in the prior year. Net loss was $6.8 million, or $0.28 net loss per share, as compared to $2.5 million, or $0.11 net loss per share for the same period a year ago. EBITDA decreased 54.7% to $10.5 million from $23.3 million for the same period a year ago and adjusted EBITDA increased 0.3% to $39.1 million from $38.9 million for the same period a year ago. Loss from continuing operations before income taxes was $12.2 million compared to $7.7 million for the same period a year ago. Loss from continuing operations was $6.9 million or $0.29 per diluted share compared to loss from continuing operations of $4.6 million or $0.20 per diluted share for the same period a year ago. For the fourth quarter of 2009, the company is projecting total revenue to decrease 8% to 10% over fourth quarter 2008 total revenue of $54.8 million.

Salem Communications Corp. announced that Pat Ryan has been appointed General Manager of its three Boston radio stations, WEZE (590 AM), WROL (950 AM), and WWDJ Radio Luz (1150AM). Ryan has more than 14 years of broadcasting experience all in the Salem Boston cluster. Most recently she served as General Sales Manager.