Salem Media Group reported a steep second-quarter loss – but it comes with an asterisk. A one-time, non-cash accounting adjustment significantly skewed the bottom line as the company continues reshaping its strategy following the sale of its CCM portfolio.
The Christian and Conservative broadcaster posted a net loss of $17.6 million for Q2 2025, compared to net income of $2.3 million during the same period last year. Total net revenue declined to $54.1 million from $60.6 million, with net broadcast revenue falling to $42.1 million from $47.1 million.
Digital media revenue also declined year-over-year, dropping to $10.6 million from $11.9 million.
Operating expenses rose to $76.5 million, largely due to a $25.2 million non-cash impairment charge on the company’s goodwill. While broadcast and digital media operating costs were slightly lower, publishing and unallocated corporate expenses increased. The impairment led to a sharp reversal in operating income, which dropped from a $5.7 million gain in Q2 2024 to a $22.3 million loss in the current quarter.
Salem also reported a $744,000 loss on the early retirement of long-term debt and recorded a nearly $5 million provision for income taxes. Excluding the impairment, depreciation, and amortization, the company’s financial performance still showed deterioration, though the net loss would have been considerably narrower without the impairment charge.
Separately, Salem’s filing revealed an agreement made in 2023 to sell property in Sarasota, FL, for $8.5 million collapsed in June 2025 when the buyer withdrew, potentially impacting anticipated cash flow for the quarter.
