SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

EPPERSON STUART W

(Last)

(First)

(Middle)

3780 WILL SCARLET ROAD

(Street)

WINSTON-SALEM

27104

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
SALEM COMMUNICATIONS CORP /DE/ [ SALM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman of the Board

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2009

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	03/31/2009		P		600	A	$0.49	2,758,822	D⁽¹⁾
Class A Common Stock	03/31/2009		P		3,100	A	$0.5	2,761,922	D⁽¹⁾
Class A Common Stock	03/31/2009		P		1,200	A	$0.51	2,763,122	D⁽¹⁾
Class A Common Stock	03/31/2009		P		100	A	$0.515	2,763,222	D⁽¹⁾
Class A Common Stock	03/31/2009		P		5,000	A	$0.52	2,768,222	D⁽¹⁾
Class A Common Stock	03/31/2009		P		3,100	A	$0.53	2,771,322	D⁽¹⁾
Class A Common Stock	03/31/2009		P		100	A	$0.54	2,771,422	D⁽¹⁾
Class A Common Stock	03/31/2009		P		1,400	A	$0.55	2,772,822	D⁽¹⁾
Class A Common Stock	03/31/2009		P		200	A	$0.558	2,773,022	D⁽¹⁾
Class A Common Stock	03/31/2009		P		200	A	$0.57	2,773,222	D⁽¹⁾
Class A Common Stock	03/31/2009		G	V	15,000	D	⁽²⁾	2,758,222	D⁽¹⁾
Class A Common Stock								1,007,520	I	By Children's Trusts⁽³⁾
Class A Common Stock								50,000	I	By Epperson Family 2003 Trust⁽⁴⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Stuart W. Epperson and Nancy A. Epperson, as Joint Tenants.

2. Stuart W. Epperson and Nancy A. Epperson jointly gifted 1,000 shares of Class A common stock to a custodial account for each of fifteen (15) grandchildren, for a total of 15,000 shares. Stuart W. Epperson and Nancy A. Epperson have not retained any voting or dispositive power over such gifted shares.

3. Stuart W. Epperson as Trustee of each of the four (4) Epperson Children's Trusts for all purposes other than voting matters.

4. Stuart W. Epperson and Nancy A. Epperson, as Trustees of the Epperson Family 2003 Trust.

	/s/ Christopher J. Henderson, Attorney-in-fact for Stuart W. Epperson pursuant to a continuing power of attorney	04/02/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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