Edward G. Atsinger III
Edward G. AtsingerIII is the president and chief executive officer of Salem Communications Corporation.
- "Edward G. Atsinger III-CNP Board of Governors (1996). President and C.E.O., Salem Communications Corporation; chairman, National Religious Broadcasters Music License Committee. Founded Salem Communications in 1986 with his brother- in-law Stuart W. Epperson, who is Chairman of Salem's board. Each partner owns half the company, but Atsinger remains more involved in day-to-day business decisions. Salem Communications includes 44 stations grouped primarily in major markets across the United States. It is the largest Christian radio group and among the top ten in commercial radio groups in the nation. Salem owns stations in eight of the 10 largest radio markets in America, all but Detroit and Miami. The company's goal is to run stations in the top 25 markets.
- "Atsinger is also a member of a secretive entity called the Capital Commonwealth Group (CCG) comprised of four multi-millionaires who collaborate to maximize their influence by recruiting and funding candidates for state political office in California: Howard Ahmanson (heir to the Home Savings & Loan fortune); Rob Hurtt (president of Container Supply Company, and now a state senator); Edward Atsinger III (owner of 19 Christian radio stations); and Roland Hinz (publisher of dirt bike magazines). In 1992, as the press began to report on CCG and its links to the Radical Right, Ahmanson, Hurtt, Atsinger, and Hinz formed Allied Business PAC. During the 1992 election cycle, Allied Business PAC and members of CCG as individuals contributed more than $2 million to various candidates and ballot initiatives.
- "'Unlike a traditional radio company, religious broadcaster Salem Communications Corp. relies largely on the sale of chunks of airtime to make money, rather than on the sale of advertising. More than 50% of Salem's 1998 gross broadcast revenue came from the sale of nationally syndicated and local 'block program time' to religious groups. That was one of the insights in a June 4 company filing with the Securities and Exchange Commission. Local advertising provided 30.6% of revenue, and national ads, 5.2%.
- "'The filing details Salem's plans to go public, probably by the end of this month, and provides a detailed look at the heretofore-closed world of a Christian radio broadcaster, in this case the nation's largest both in number of stations and audience coverage. Camarillo, Calif.-based Salem owns or is buying 52 radio stations, mostly in major markets. The company owns stations in nine of the top 10 markets and 14 of the top 20 and intends to keep buying stations in the top 50 markets, both where it already has stations and in new cities. The offering will be comprised of 7.5 million shares of stock (1.5 million from current shareholders) priced at $19-$21 per share. The stock will be sold on the Nasdaq National Market under the symbol 'SALM'. Salem plans to use the estimated $111.3 million in net proceeds to repay debt and fund recent station purchases.
- "'Upon completion of the offering, President Edward G. Atsinger III, Chairman Stuart W. Epperson and Nancy A. Epperson, Epperson's wife and Atsinger's sister, will control about 90% of the company. Salem executives and analysts working on the company's initial public offering could not comment for this story because of SEC restrictions.' [Broadcasting & Cable, Vol. 129, No. 25, p. 91, 6/99]."