13G/A Salem Communications



UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549






SCHEDULE 13G

(Rule 13d-102)






Under the Securities Exchange Act of 1934


(Amendment No. 8)*








Salem Communications Corporation





(Name of Issuer)




Class A Common Stock, $0.01 par value per share





(Title of Class of Securities)





 

794093 10 4





(CUSIP Number)



December 31, 2007





(Date of Event Which Requires Filing of this Statement)




Check the appropriate box to designate the rule pursuant to which this Schedule is filed:




¨ Rule 13d-1(b)




¨ Rule 13d-1(c)




x Rule 13d-1(d)



*

 

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.



The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).









 

 

 

 

 

CUSIP NO. 794093 10 4

 

Amendment No. 8 to Schedule 13G

 

Page 2 of 8 Pages

 

 

 

 

 

 

  1.

 

Name of Reporting Persons.


I.R.S. Identification Nos. of above persons (entities only)




Stuart W. Epperson,* individually and (i) Stuart W. Epperson, Trustee, Kathryn Epperson Fonville Trust U/A DTD 3/31/99 (“Kathryn Trust”), (ii) Stuart W. Epperson, Trustee, Stuart W. Epperson, Jr. Trust U/A DTD 3/31/99 (“Stuart Trust”), (iii) Stuart W. Epperson, Trustee, Kristine J. Epperson McBride Trust U/A DTD 3/31/99 (“Kristine Trust”), (iv) Stuart W. Epperson, Trustee, Karen Epperson Deneui Trust U/A DTD 3/31/99 (“Karen Trust”), and (v) Stuart Epperson, Co-Trustee, Epperson Family 2003 Trust** (“Family Trust”).

 

 

  2.

 

Check the Appropriate Box if a Member of a Group*


(a)  ¨


(b)  ¨

 

 

  3.

 

SEC Use Only


 

 

  4.

 

Citizenship or Place of Organization




United States of America

 

 

 

 

 

NUMBER OF


SHARES


BENEFICIALLY


OWNED BY


EACH


REPORTING


PERSON


WITH

 

  5.    Sole Voting Power


 


                351,730





  6.    Shared Voting Power


 


                2,808,222





  7.    Sole Dispositive Power


 


                1,359,250





  8.    Shared Dispositive Power


 


                2,808,222

 

 

 

 

 

  9.

 

Aggregate Amount Beneficially Owned by Each Reporting Person




4,167,472

 

 

10.

 

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*




¨

 

 

11.

 

Percent of Class Represented by Amount in Row 9




23.0%

 

 







12.

 

Type of Reporting Person*




IN, OO (Trustee)

 

 





*

Stuart W. Epperson, is Trustee for each of the Kathryn Trust, Stuart Trust, Kristine Trust and the Karen Trust (collectively, the “Children Trusts”) for all purposes other than voting matters. Kathryn Epperson Fonville, Stuart W. Epperson, Jr., Kristine J. Epperson McBride and Karen Epperson Deneui must act by a majority vote (i.e., 3 of the 4 individuals must vote in favor of a particular matter) to vote the shares contained in the Children Trusts.

**

Stuart W. Epperson and Nancy A. Epperson share voting and dispositive power as Trustees of the Family Trust.









 

 

 

 

 

CUSIP NO. 794093 10 4

 

Amendment No. 8 to Schedule 13G

 

Page 3 of 8 Pages


 

 

 

 

 

  1.

 

Names of Reporting Persons.


I.R.S. Identification Nos. of above persons (entities only).




Nancy A. Epperson, individually and as Co-Trustee of the Family Trust***

 

 

  2.

 

Check the Appropriate Box if a Member of a Group (See Instructions)


(a)  ¨


(b)  ¨

 

 

  3.

 

SEC Use Only


 

 

  4.

 

Citizenship or Place of Organization




United States of America

 

 

 

 

 

NUMBER OF


SHARES


BENEFICIALLY


OWNED BY


EACH


REPORTING


PERSON


WITH

 

  5.    Sole Voting Power




                0





  6.    Shared Voting Power




                2,808,222





  7.    Sole Dispositive Power




                0





  8.    Shared Dispositive Power




                2,808,222

 

 

 

 

 

  9.

 

Aggregate Amount Beneficially Owned by Each Reporting Person




2,808,222

 

 

10.

 

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*




¨

 

 

11.

 

Percent of Class Represented by Amount in Row (9)




15.5%

 

 

12.

 

Type of Reporting Person (See Instructions)




IN, OO (Trustee)

 

 


















***

See footnote ** from prior page.









 

 

 

 

 

CUSIP NO. 794093 10 4

 

Amendment No. 8 to Schedule 13G

 

Page 4 of 8 Pages

 

 

 

 

 

 

  1.

 

Names of Reporting Persons.


I.R.S. Identification Nos. of above persons (entities only).


Kathryn Epperson Fonville Trust U/A DTD 3/31/99

Stuart W. Epperson, Jr. Trust U/A DTD 3/31/99

Kristine J. Epperson McBride Trust U/A DTD 3/31/99

Karen Epperson Deneui Trust U/A DTD 3/31/99

 

 

  2.

 

Check the Appropriate Box if a Member of a Group (See Instructions)


(a)  ¨


(b)  ¨

 

 

  3.

 

SEC Use Only


 

 

  4.

 

Citizenship or Place of Organization




United States of America

 

 

 

 

 

NUMBER OF


SHARES


BENEFICIALLY


OWNED BY


EACH


REPORTING


PERSON


WITH

 

  5.    Sole Voting Power




            1,007,520





  6.    Shared Voting Power




                0





  7.    Sole Dispositive Power




                0





  8.    Shared Dispositive Power




                0

 

 

 

 

 

  9.

 

Aggregate Amount Beneficially Owned by Each Reporting Person




1,007,520

 

 

10.

 

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*




¨

 

 

11.

 

Percent of Class Represented by Amount in Row (9)




5.6%

 

 

12.

 

Type of Reporting Person (See Instructions)




OO (Trusts)

 

 













 

 

 

 

 

CUSIP NO. 794093 10 4

 

Amendment No. 8 to Schedule 13G

 

Page 5 of 8 Pages

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 1(a).

  

Name of Issuer




Salem Communications Corporation

 

 

Item 1(b).

  

Address of Issuer’s Principal Executive Offices




4880 Santa Rosa Road


Camarillo, California 93012

 

 

Item 2(a).

  

Name of Person Filing

 

 

 

 

  

(A)

  

Stuart W. Epperson

 

 

 

 

  

(B)

  

Nancy A. Epperson

 

 

(C)

 

Kathryn Epperson Fonville Trust U/A DTD 3/31/99, Stuart W. Epperson, Jr. Trust U/A DTD 3/31/99, Kristine J. Epperson

 

 

 

 

McBride Trust U/A DTD 3/31/99, and Karen Epperson Deneui Trust U/A DTD 3/31/99

 

 

Item 2(b).

  

Address of Principal Business Office or, if None, Residence

 

 

 

 

 

  

(A), (B) and (C):


4880 Santa Rosa Road


Camarillo, California 93012

  

 

  

 

 

 

Item 2(c).

  

Citizenship

 

 

 

 

  

(A)

  

United States of America

 

 

 

 

  

(B)

  

United States of America

 

 

(C)

 

United States of America

 

 

Item 2(d).

  

Title of Class of Securities




This Amendment No. 8 to the Statement on Schedule 13G (this “Statement”) relates to the Issuer’s Class A Common Stock, $0.01 par value per share (“Common Stock”).

 

 

Item 2(e).

  

CUSIP Number




794093 10 4

 

 

 

 

Item 3.

  

Not Applicable

  

 

  

 

 

 

Item 4.

  

Ownership

 

 

 

 

 

 

  

(a)

  

Amount Beneficially Owned:

  

 

  

 

 

 

 

 

 

 

 

  

 

  

(A)

  

4,167,472

  

 

  

 

 

 

 

  

Stuart W. Epperson, is deemed to beneficially own: (i) 351,730 shares subject to options currently exercisable or exercisable within 60 days, (ii) 2,808,222 shares, for which he shares voting and dispositive power with his wife, Nancy A. Epperson, and (iii) 1,007,520 shares held in the Children Trusts for which he has sole dispositive power and no voting power.

 

 

 

 

 

 

 

  

 

  

(B)

  

2,808,222

  

 

  

 

 

 

 

  

Nancy A. Epperson is deemed to beneficially own 2,808,222 shares, for which she shares voting and dispositive power with her husband, Stuart W. Epperson

 

 

(C)

    1,007,520

 

 

Kathryn Epperson Fonville Trust U/A DTD 3/31/99, Stuart W. Epperson, Jr. Trust U/A DTD 3/31/99, Kristine J. Epperson McBride Trust U/A DTD 3/31/99 and Karen Epperson Deneui Trust U/A DTD 3/31/99 have voting power and no dispositive power.











 

 

 

 

 

CUSIP NO. 794093 10 4

 

Amendment No. 8 to Schedule 13G

 

Page 6 of 8 Pages

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

(b)

  

Percent of Class:

  

 

  

 

 

 

 

 

 

 

 

  

 

  

(A)

  

23.0%

  

 

  

 

 

 

 

 

 

 

 

  

 

  

(B)

  

15.5%

  

 

  

 

 

 

 

 

(C)

 

5.6%

 

 

 

 

 

 

 

  

The percentages in (A), (B) and (C) have been calculated based on 18,115,092 shares of Common Stock issued and outstanding as of November 5, 2007, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2007, filed with the Securities and Exchange Commission on November 8, 2007 (File No. 000-26497).

 

 

 

 

 

 

  

(c)

  

Number of shares as to which such person has:

  

 

  

 

 

 

 

 

 

 

 

  

 

  

(i)

  

sole power to vote or to direct the vote:

  

 

  

 

 

 

 

 

 

 

 

  

 

  

 

  

(A)    351,730


(B)    0


(C)      1,007,520

  

 

  

 

 

 

 

 

 

 

 

  

 

  

(ii)

  

Shared power to vote or to direct the vote:

  

 

  

 

 

 

 

 

 

 

 

  

 

  

 

  

(A)    2,808,222


(B)    2,808,222


(C)      0

  

 

  

 

 

 

 

 

 

 

 

  

 

  

(iii)

  

sole power to dispose or to direct the disposition of:

  

 

  

 

 

 

 

 

 

 

 

  

 

  

 

  

(A)    1,359,250


(B)    0


(C)     0

  

 

  

 

 

 

 

 

 

 

 

  

 

  

(iv)

  

shared power to dispose or to direct the disposition of:

  

 

  

 

 

 

 

 

 

 

 

  

 

  

 

  

(A)    2,808,222


(B)    2,808,222


(C)      0

  

 

  

 

 

 

Item 5.

  

Ownership of Five Percent or Less of a Class

 

 

 

  

Not applicable.

 

 

Item 6.

  

Ownership of More Than Five Percent on Behalf of Another Person

 

 

 

  

Not applicable.

 

 

Item 7.

  

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person

 

 

 

  

Not applicable.

 

 

Item 8.

  

Identification and Classification of Members of the Group

 

 

 

  

Not applicable.

 

 

Item 9.

  

Notice of Dissolution of Group

 

 

 

  

Not applicable.

 

 

Item 10.

  

Certification

 

 

 

  

Not applicable.









 

 

 

 

 

CUSIP NO. 794093 10 4

 

Amendment No. 8 to Schedule 13G

 

Page 7 of 8 Pages

 

 

 

 

Exhibit No.





  

Description




1

  

Joint Filing Agreement, incorporated by reference to Amendment No. 2 to the Schedule 13G (File No. 005-58135) filed with the Securities and Exchange Commission on February 14, 2003 by Stuart W. Epperson and Nancy A. Epperson.









 

 

 

 

 

CUSIP NO. 794093 10 4

 

Amendment No. 8 to Schedule 13G

 

Page 8 of 8 Pages



SIGNATURE




After reasonable inquiry and to the best of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this Amendment No. 8 to Schedule 13G is true, complete and correct.


 


Dated as of February 12, 2008



 


/s/ Stuart W. Epperson




Stuart W. Epperson

 


/s/ Nancy A. Epperson




Nancy A. Epperson

 

 


/s/ Stuart W. Epperson




Stuart W. Epperson, Trustee, Kathryn Epperson Fonville Trust

U/A DTD 3/31/99

 


/s/ Stuart W. Epperson




S

Stuart W. Epperson, Trustee, Stuart W. Epperson, Jr. Trust

U/A DTD 3/31/99

 

 


/s/ Stuart W. Epperson




Stuart W. Epperson, Trustee, Kristin J. Epperson McBride Trust

U/A DTD 3/31/99

 


/s/ Stuart W. Epperson




Stuart W. Epperson, Trustee, Karen Epperson Deneui Trust

U/A DTD 3/31/99