The company releases its third quarter 2023 operating results and reports total revenue of $63.5 million, a decline of 5% from the same period in 2022. Salem reports that total operating expenses for the quarter increased 31.9% to $99.8 million, while operating expenses, excluding stock-based
compensation expense, debt modification costs, gains and losses on the sale or disposition of assets, impairments, depreciation expense and amortization expense increased 0.2% to $61.0 million. The company reports a net loss of $31.3 million for the quarter, an increase of 163% over the same period in 2022. Salem presents operating results by segment and reveals that its Broadcast segment’s revenue was $49 million, down 4.2% year-over-year; its Digital Media segment’s revenue was $10 million, down 2.2%; and the Publishing segment’s revenue was $4.6 million, a decline of 17.5%.
