Salem Communications Corp. joins the Russell 3000 Index this month, joining other companies with strong market capitalization.
The Camarillo-based radio broadcaster, publisher and online provider of Christian content will remain on the Russell Index for at least a year.
“This will increase exposure of our equity at a time when we are growing our investor relations outreach,” said Senior Vice President and Chief Financial Officer Evan Masyr in a prepared statement.
Inclusion on the Russell Index is based on total market capitalization and is used by investment managers and institutional investors as benchmarks for passive and active investment strategies.
As of June 19, Salem had a market cap of $137.87 million.
Mark R. Madler