Colorado Media Newsroom
October 4th, 2023, 07:10 AM
From Radio Insight:
https://radioinsight.com/wp-content/images/2018/11/salem-200x200.pngSalem Media Group has announced the sale of its church products division to Gloo LLC for $30 million.
In addition to receiving $22,500,000 in cash and a promissory note for the final $7.5 million, Gloo will issue 833,333 Series A Preferred Membership Units to Salem. At any time after January 1, 2027, Salem may require Gloo Holdings to purchase the shares for a price of not less than $10,000,000. Gloo will also receive $10 million in advertising credits on Salem properties that must be used between the closing scheduled for November 1 and December 31, 2028.
Salem Media Group, Inc. (NASDAQ: SALM) announced today that it entered into an agreement to sell its Salem Church Products business to Gloo, LLC for $30 million. When the transaction closes, scheduled for November 1, the parties will also enter into a $10 million multi-year agreement for Salem to advertise the Gloo platform?s products and services across Salem?s radio and digital platform that serves the Christian audience.
Salem Church Products creates and distributes resources for churches and ministries in the areas of church media, worship, children?s ministry, preaching, teaching and employment through online resources including WorshipHouse Media, SermonSearch, ChurchStaffing, Children?s Ministry Deals and many others.
Salem?s Chief Operating Officer David Evans said, ?We are proud of the Church Products business we have built over the years. What started with a single website ? SermonSearch ? has grown into a successful organization providing valuable resources and services to local churches and their pastors. Any time we look to sell a business, we look for organizations that share our passion and that can take that business to the next level. Gloo is just such an organization and we couldn?t be more thrilled.?
Scott Beck, Chief Executive Officer of Gloo, said, ?Salem has been a tremendous partner for several years. We share their mission to equip and support the mission of the Church. Welcoming the Salem Church Products collection of brands to the Gloo platform will accelerate our ability to connect churches with a broad network of great products and producers in everything from Sunday weekend experiences, children?s resourcing, staffing and digital evangelism/discipleship. We are excited to support the Salem Church Products? great leadership team as they accelerate their ability to serve and expand their network.?
more (https://radioinsight.com/headlines/259551/salem-media-group-sells-church-products-division/)
https://radioinsight.com/wp-content/images/2018/11/salem-200x200.pngSalem Media Group has announced the sale of its church products division to Gloo LLC for $30 million.
In addition to receiving $22,500,000 in cash and a promissory note for the final $7.5 million, Gloo will issue 833,333 Series A Preferred Membership Units to Salem. At any time after January 1, 2027, Salem may require Gloo Holdings to purchase the shares for a price of not less than $10,000,000. Gloo will also receive $10 million in advertising credits on Salem properties that must be used between the closing scheduled for November 1 and December 31, 2028.
Salem Media Group, Inc. (NASDAQ: SALM) announced today that it entered into an agreement to sell its Salem Church Products business to Gloo, LLC for $30 million. When the transaction closes, scheduled for November 1, the parties will also enter into a $10 million multi-year agreement for Salem to advertise the Gloo platform?s products and services across Salem?s radio and digital platform that serves the Christian audience.
Salem Church Products creates and distributes resources for churches and ministries in the areas of church media, worship, children?s ministry, preaching, teaching and employment through online resources including WorshipHouse Media, SermonSearch, ChurchStaffing, Children?s Ministry Deals and many others.
Salem?s Chief Operating Officer David Evans said, ?We are proud of the Church Products business we have built over the years. What started with a single website ? SermonSearch ? has grown into a successful organization providing valuable resources and services to local churches and their pastors. Any time we look to sell a business, we look for organizations that share our passion and that can take that business to the next level. Gloo is just such an organization and we couldn?t be more thrilled.?
Scott Beck, Chief Executive Officer of Gloo, said, ?Salem has been a tremendous partner for several years. We share their mission to equip and support the mission of the Church. Welcoming the Salem Church Products collection of brands to the Gloo platform will accelerate our ability to connect churches with a broad network of great products and producers in everything from Sunday weekend experiences, children?s resourcing, staffing and digital evangelism/discipleship. We are excited to support the Salem Church Products? great leadership team as they accelerate their ability to serve and expand their network.?
more (https://radioinsight.com/headlines/259551/salem-media-group-sells-church-products-division/)