Salem Media Group is giving itself more financial flexibility, amending its loan deal with Siena Lending Group to add real estate from Salem Radio Properties as collateral – an expansion that raises the company’s borrowing capacity.
The July 28 amendment applies to the original agreement signed in December 2023, when Salem entered into a new three-year, $26 million asset-based revolving credit facility with Siena, replacing its prior facility with Wells Fargo Bank. The arrangement was secured by a first-priority lien on accounts receivable, inventory, certain real estate, deposit, and securities accounts, plus a second-priority lien on most other assets.
By the end of 2024, the facility had been extended for another year.
Salem’s latest agreement with Siena Lending Group comes as the company continues to navigate the financial impact of its late-2024 exit from the CCM format. The $80 million sale of its final seven CCM stations to Educational Media Foundation helped pay down debt but also contributed to an 11.8% year-over-year revenue decline in Q1 2025.
The first quarter saw a $7.1 million net loss, widened by restructuring costs, transitional expenses, and asset disposition losses tied to the format change. Q2 financials have yet to be released.
With the Siena facility now Salem’s only major debt, the new amendment gives the broadcaster greater access to capital as it adjusts its portfolio and invests in its conservative media focus.
