Conservative media powerhouse Salem Communications acquired three of its newest properties in an $8.5-million deal, according to SEC filings obtained by BuzzFeed.
According to the SEC filings, Salem will pay Eagle Publishing $8.5 million over three years for the acquisition of RedState, Regnery Publishing, and Human Events. The deal also includes earn out provisions that, if met, would mean an additional $8.5 million paid to Eagle Publishing. Details about those revenue benchmarks were not disclosed.
Salem has been on a buying spree in recent months, folding high-profile conservative media properties Twitchy, RedState, and Regnery Publishing into a portfolio that already included Hot Air and Townhall.
“The base purchase price of the Transaction is Eight Million Five Hundred Thousand Dollars ($8,500,000.00) to be paid as follows: Three Million Five Hundred Thousand Dollars ($3,500,000.00) on January 10, 2014; Two Million Five Hundred Thousand Dollars ($2,500,000.00) on or before January 10, 2015; and Two Million Five Hundred Thousand Dollars ($2,500,000.00) on or before January 10, 2016. Additional payments, up to Eight Million Five Hundred Thousand Dollars ($8,500,000.00), will be due if certain revenue benchmarks are met during the calendar years 2014, 2015 and 2016.”
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