Salem stock nearing $1

By Eric O Brien

National News:

It seems to be happening frequently in these tough times, but Salem Communications' stock price is nearing $1 a share. In the midst of this, President and COO Eric Halvorson is leaving...again. This would be the second time Halvorson left the company as he did in the late '90s. He returned to the company in 2007 to his current position where he received a first-year base salary of $500,000. He has also been a board member since 1988.

Salem has apparently sold some properties and and is open to selling others. Like other companies, Salem has more debt than it wants and the stock sank to a 52-week low on Friday. Last fall, the stock traded for $9 a share and declined steadily throughout the winter. After a rally in the spring, the stock fell over the summer again. Friday's price was $1.02 a share.

Salem owns WORD-FM (101.5) and WPIT (730) in Pittsburgh.



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Posted at October 06, 2008 at 10:13 am by






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