The owner of conservative and Christian-themed spoken word radio stations and a fledgling FAST channel devoted to news and insight has submitted its FY 2024 financial report with the Securities and Exchange Commission.
How did Salem Media Group perform in ’24, from a dollars perspective?
The company led by CEO Dave Santrella (pictured, top left) and CFO Evan Masyr says its net broadcast revenue lowered to $185.9 million in 2024, compared to $197.68 million in 2023, as net publishing revenue declined to $6.65 million from $19 million. On a positive note, net digital media revenue grew to $45 million, from $41.98 million.
And, expenses were down, moving to $243 million from just shy of $305 million. Factor in a $28.66 million gain on “troubled debt restructuring,” and Salem swung to net income of $16.2 million in 2024 from a 2023 net loss of $43.3 million.
By source of revenue, Block Programming Revenue dipped to $75.33 million, from $78.47 million. At the same time, Broadcast Programming Revenue declined to $63.63 million, from $71.35 million.
And, based on Salem’s review and analysis, the company recorded impairment charges of $4.4 million during the year ended December 31, 2024.
The charge came in Q4, and relates to the value of broadcast licenses in Cleveland, Dallas and Honolulu as of December 31, 2024. “The impairment charge was driven by declines in market revenue projections in excess of those used in our prior valuations,” Salem said.
