Salem Media Group may have suffered a revenue decline in 2024, yet the Conservative, Christian-focused broadcaster ended the year on a much more positive note – literally and figuratively – than 2023 after aggressive divestments and debt elimination.
As stated in its annual report, the company closed 2024 with total revenue of $237.560 million, down from $258.653 million in 2023. Broadcast remained the primary revenue driver at $185.903 million, though it saw a dip from $197.676 million the prior year. Digital Media, however, continued its upward trajectory, increasing to $45.004 million from $41.973 million.
Publishing suffered the steepest drop, from $19.004 million to $6.653 million, which was expected given the company’s sale of its Regnery imprint to end 2023.
The company benefited from a $28.656 million gain on troubled debt restructuring. As a result, Salem reported a net income of $16.179 million – a sizeable recovery from the $43.312 million net loss recorded the year prior.
A major factor in Salem’s turnaround was a sharp reduction in operating expenses, slashed from $304.962 million in 2023 to $243.017 million in 2024. While Broadcast costs saw a slight decline to $169.289 million, Digital Media expenses rose to $37.120 million.
Looking to the future, Salem is seeking to expand its $28.656 million gain on troubled debt restructuring. On December 30, 2024, the company completed the sale of its final seven CCM stations to Educational Media Foundation for $80 million, which was put toward the company’s outstanding debt.
As Salem refocuses on its core broadcast properties and broader financial stabilization, its pivot will remain a critical test of whether cost-cutting measures and strategic realignment can sustain long-term profitability.
Salem’s strategy of debt reduction and divestments seems to be paying off. It’ll be interesting to see if they can maintain long-term growth with this new focus