Salem Media Group has reported its Q3 2024 earnings, with the outcome markedly better than the year prior as the company’s restructuring efforts and zeroing in on its broadcast properties begin to show results, even as total revenue declined year-over-year.
The Christian broadcaster recorded a net loss of $6.62 million for the quarter, a considerable improvement from the $31.93 million net loss reported in the same period last year.
Salem’s total net revenue for the quarter was $58.71 million, down from $63.50 million in Q3 2023, with most of the decline stemming from its publishing segment, which fell to $1.75 million from $4.57 million after the divestment of its Regnery imprint. However, the company’s digital media revenue saw year-over-year growth, increasing to $10.91 million from $9.97 million.
The company made notable strides in cutting operating expenses, which declined sharply to $63.06 million from $99.79 million in Q3 2023.
In June, the company completed the sale of three radio stations in Nashville and one in Honolulu to Educational Media Foundation for $7 million. Salem would sell its accompanying Honolulu real estate on September 18 for $3.5 million. Other sales completed in Q3 included land in Apopka, FL, sold for $600,000 on June 3 and an FM translator in Greenville, SC, sold for $400,000 on June 1.
Salem has also reported two pending sales in Little Rock, AR. KZTS-AM and two FM translators to JCS Media for $700,000. Additionally, the company reached an agreement to sell KKSP to Encouragement Media Group for $1.6 million. Both these stations are now under Local Marketing Agreements, with the sales expected to close before the year’s end.
These reductions contributed to a much narrower operating loss of $4.35 million, compared to a substantial $36.29 million loss in Q3 2023.
Layoffs and sell offs doesn’t make Salem profitable. Their debt ratio is out of control and their OTC stock is .21…. Typical corporation that ruined radio. Look deeper into their broadcast income. What a joke.