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NEW YORK – Salem Communications announced Monday the acquisition of Eagle Publishing Inc., including Regnery Publishing, HumanEvents.com and Redstate.com, as well as the sister companies Eagle Financial Publications and Eagle Wellness, completing a deal WND first announced was in the works Dec. 30.
David Evans, president of Salem New Media, confirmed to WND that the current president of Eagle Publishing, Jeffrey J. Carneal, has decided to leave Eagle Publishing now that the acquisition is complete.
Carneal has been at Eagle Publishing since 1993, when Tom Phillips, Eagle’s founding president, recruited Carneal to assist him in establishing the company.
Evans told WND that Carneal’s move was a mutual decision and he expressed his wishes for Carneal’s continued success in his future ventures.
WND was not able to reach Carneal for comment.
Evans confirmed that Marji Ross will stay on as president of Regnery Publishing.
According to Evans, Salem Communications paid $8.5 million to acquire Eagle Publishing guaranteed, structured with an initial purchase price of $3.5 million on Friday, plus $2.5 million on Jan. 10, 2015, and another $2.5 million on Jan. 10, 2016. Additional payments of up to $8.5 million will be paid if revenue benchmarks are met in 2014, 2015 and 2016.
Evans expressed enthusiasm at the acquisition, noting the combination of the strength of Salem Communications in conservative radio broadcasting and Eagle Publishing in conservative publishing offers a bright prospect.
“Adding Eagle’s business units to Salem’s already considerable portfolio of multi-media assets creates a conservative media powerhouse,” said a Salem Communications press release announcing the acquisition.
“The two companies represent many of conservatism’s finest voices in talk radio, book publishing and digital media. Salem’s syndicated programming, individual radio stations, and popular websites reach millions of listeners and readers across the country, while Regnery Publishing, RedState.com, and Human Events provide compelling ideas and opinion to millions of conservatives online and in print. The acquisition of these highly regarded conservative media properties will allow Salem to strengthen and deepen their already extensive presence in the conservative market.”
The Salem Radio Network is currently syndicating talk, news and music programing to some 2,400 affiliates nationwide.
Founded in 1947, Regnery Publishing first established itself by publishing conservative classics such as William F. Buckley’s “God and Man at Yale,” in 1951, followed by Whittaker Chambers’ “Witness” in 1952.
Choosing to publish a select number of books each year, Regnery bestsellers have in recent years have included “Unfit for Command: Swift Boat Veterans Speak Out Against John Kerry,” co-authored by John O’Neill and Jerome Corsi (the author of this article) in 2004, as well Michelle Malkin’s “Culture of Corruption: Obama and His Team of Tax Cheats, Crooks, and Cronies” in 2009, and David Limbaugh’s “The Great Destroyer: Barack Obama’s War on the Republic” in 2012.
Human Events, often touted as President Reagan’s “favorite newspaper,” has been a conservative stalwart since “the nation’s first conservative weekly” was established in 1944.
Eagle Publishing, a private company, was established by Tom Philips in 1993. Phillips entered publishing in 1974, founding Phillips Publishing in the garage of his home in Chevy Chase, Md., with a small staff and a view to expand into the then-thriving independent newsletter business.
Run by Ed Atsinger, CEO, and Stu Epperson, chairman of the board, Salem Communications is a public company, traded on NASDAQ (Symbol: SALM). Since the company’s initial public offering in July 1999, Salem Communications has grown from 46 to a total of 99 radio stations, with 61 stations in the nation’s top 25 markets and 29 in the top 10.
In December 2011, the American Arbitration Association released a ruling in the arbitration case involving a dispute over royalties brought by three Regnery authors (including Corsi), ruling in favor of Regnery on all counts.