---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-250383"
form_type: "8-K"
ticker: "SALM"
cik: "0001050606"
company_name: "SALEM MEDIA GROUP, INC. /DE/"
filed_at: "2023-10-04T23:59:59+00:00"
generated_at: "2026-06-10T04:30:47.933098+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Salem Media Group to sell Salem Church Products to Gloo for $30M; expects close Nov 1

## Summary
- Sale price includes $22.5M cash and $7.5M secured promissory note; total $30M.
- Gloo Holdings to issue Salem 833,333 Series A Preferred Units with a put option for min $10M after Jan 2027.
- Salem grants $10M advertising credit to Gloo (spot/digital ads) to use by Dec 2028.
- Salem agrees to 5-year non-compete in church resources ecommerce retail business.
- Transition services agreement to support Gloo through migration post-closing.

## SEC filing metadata
- accession: 0001193125-23-250383
- form_type: 8-K
- ticker: SALM
- cik: 0001050606
- company_name: SALEM MEDIA GROUP, INC. /DE/
- filed_at: 2023-10-04T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1050606/000119312523250383/0001193125-23-250383-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1050606/000119312523250383/d520355d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-250383
- JSON: https://secwatch.observer/filing/0001193125-23-250383.json
- Plain text: https://secwatch.observer/filing/0001193125-23-250383.txt

## Key facts
- Material Agreements
  SALEM MEDIA GROUP, INC. /DE/ entered into Asset Purchase Agreement with Gloo Acquisition Corp I, LLC valued at $30,000,000 (effective 2023-09-29).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Gloo Acquisition Corp I, LLC
  - Value: $30,000,000
  - Effective: 2023-09-29
  source text: On September 29, 2023, Salem Web Network, LLC (“SWN”), a subsidiary of Salem Media Group, Inc. (the “Company” or “Salem”) entered into an Asset Purchase Agreement (“APA”) to sell its Salem Church Products business to Gloo Acquisition Corp I, LLC (“Gloo”) for $30,000,000 (the “Transaction”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1050606/000119312523250383/0001193125-23-250383-index.htm
- Material Agreements
  SALEM MEDIA GROUP, INC. /DE/ entered into Series A Preferred Membership Unit Purchase Agreement with Gloo Holdings, LLC (effective 2023-09-29).
  - Action: entry
  - Counterparty: Gloo Holdings, LLC
  - Effective: 2023-09-29
  source text: Salem and Gloo Holdings, LLC (“Gloo Holdings”) will enter into a “Series A Preferred Membership Unit Purchase Agreement” (“Membership Interest Purchase Agreement”) pursuant to which Gloo Holdings will issue 833,333 Series A Preferred Membership Units (the “Units”) to Salem.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1050606/000119312523250383/0001193125-23-250383-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.