Edgar Filing: EPPERSON STUART W

Ownership Submission

FORM 4

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

EPPERSON STUART W

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

(Last)

(First)

(Middle)

3780 WILL SCARLET ROAD

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

(Street)

WINSTON-SALEM, NC 27104

4. If Amendment, Date 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

(City)

(State)

(Zip)

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⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
EPPERSON STUART W 3780 WILL SCARLET ROAD WINSTON-SALEM, NC 27104	X	X	Chairman of the Board

Signatures

/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

Explanation of Responses:

*	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).
(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.

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