Salem Communications to Buy 2nd Boston Station

Salem Communications Corp., a broadcaster of religious programming based in Camarillo, said it will buy Boston radio station WROL-AM 950 from closely held Carter Broadcasting Inc. for $11 million to boost its presence in the northeastern U.S.

Salem expects to complete the transaction in the first half of this year, said Tricia Whitehead, a company spokeswoman.

WROL-AM will be the company’s second Christian talk-radio station in the Boston area. Salem also owns WEZE-AM 590.

Salem will own 76 radio stations, including 54 in the top 25 U.S. markets. Its Salem Network syndicates talk and music programming to more than 1,400 stations nationwide.

Company officials bought about $4.2 million of stock in the religious radio broadcaster in November after the shares fell more than 50% from their 52-week high in January.

Other radio company insiders bought stock in their companies in recent months, including executives at Citadel Communications Corp. and Westwood One Inc. Investors often watch insider buying and selling for clues about how management expects a company to fare.

Radio stocks were battered last year because of a slowing economy, caused in part by higher interest rates and the collapse of advertising spending by Internet-related companies. The 12-member Bloomberg Broadcasting & Cable Radio Stock Index fell 51% last year.

Salem President and Chief Executive Edward Atsinger led the buying, purchasing 229,000 shares at $10.13 each in late November, according to the Washington Service, which tracks executive buying and selling.

Salem Chairman Stuart Epperson bought 150,000 shares at $11.19 each in November and Chief Financial Officer David Evans purchased 1,800 shares.