Salem Receives Delisting Notice from Nasdaq
On Friday (6/23), Salem Media Group, Inc received notice from The Nasdaq Stock Market that Salem’s Common Stock failed to comply with the $1 minimum bid price required for continued listing on The Nasdaq Capital Market based upon the closing bid price of the Common Stock for the 32 consecutive business days
prior to the date of the notice. Salem now has a compliance period of 180 calendar days in which to regain compliance for the minimum bid price requirement. That expires on December 20, 2023. To regain compliance, the minimum bid price of the Common Stock must meet or exceed $1.00 per share for a minimum of 10 consecutive business days at any time prior to the compliance date. In its filing with the Securities and Exchange Commission, Salem says it intends to monitor the closing bid price of the Common Stock and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.
Last week I had the privilege of moderating a panel at the TALKERS conference. Confession: I listen to speech patterns and tones more than words.
News/Talk Radio in the Digital Era – Part 2.” The session, sponsored by “Our American Stories,” is introduced by Alex Fife, VP operations, Southeast, iHeartMedia – Total Traffic & Weather Network (pictured at right) and moderated by Walter Sabo, CEO, Sabo Media and host (Walter Sterling) of Sterling on Sunday (pictured above). Panelists (pictured below from left to right) include Dan Mandis, program director and host, WTN-FM, Nashville; Ross Kaminsky, host KOA, Denver; Phil Boyce, SVP, spoken word format, Salem Media Group/ops VP, New York region/WMCA/AM 970; Josh Leng, CEO, Talk Media Network; and Matt Meany, program director, WABC, New York/Red Apple Media. 
SalemNOW for rental or purchase. SalemNOW general manager Robert Ellis comments, “It’s a privilege to partner with The Epoch Times to offer their incredible film, LEAVING CALIFORNIA, on SalemNOW.” The film’s writer and producer Siyamak Khorrami 
comments, 
increased 17.4% to $67.7 million leading to an operating loss of $4.2 million as compared to operating income of $5 million posted in Q1 of 2022. Salem reports a net loss of $5.2 million, compared to Q1 2022’s net income of $1.7 million. Salem reports in three segments – Broadcast, Digital Media, and Publishing. Broadcast revenue for the quarter was $48.3 million (down 0.2%), Digital Media was $10.5 million (up 2%), and Publishing revenue was $4.6 million (up 19.7%). Looking ahead, the company is projecting total revenue to decline between 5% and 7% from the second quarter 2022 total revenue of $68.7 million and expects operating expenses to increase between 3% and 6% compared to Q2 of 2022. 
Tampa and Sarasota responsibilities. Salem Media Group regional VP Val Carolin comments, “As we worked to fill the big shoes that Barb Yoder has worn so effectively these past 12 years as general manager, we were thrilled to learn that Carolyn had a strong desire to return to her Florida roots and serve the communities in her home state. Carolyn has proven herself to be a tireless leader with a deep commitment to service. She’s a hard and smart worker who gets involved and gets things done. I’m confident that the dedication and the skills she possesses will prove to be a great fit for our strong Tampa/Sarasota operation.”
special show. Salem Tampa general manager Barb Yoder says, “When I read that Jack Harris regretted not having the opportunity to say goodbye to his fans at the end of his most recent morning show, it really touched my heart. I’ve been in broadcasting for many years as well and though he’s been on a competing radio station, I’ve always admired and respected him and the way he connects with the Tampa Bay community. So, to honor Jack we were going to devote one of our morning shows on ‘The Answer’ Tampa and Sarasota for a Jack Harris Tribute.” Salem is hosting another recently let go Tampa host as former “Q105” personality Mason Dixon will appear on its “Faith Talk” stations on “The Bill Bunkley Show” today (4/14) from 4:00 pm to 5:00 pm.
Harris tells the Tampa Bay Times that there is interest from other broadcasters but the six-month non-compete in his iHeart contract prevents him from working elsewhere right away. Harris says he didn’t get the chance to do a farewell show – something iHeartMedia West Florida president Chris Soechtig denies. Salem Media Group says it’s offered to host a farewell show on its crosstown news/talk WGUL “AM860 The Answer,” but also doesn’t want Harris to get into a legal tussle. 
additional 7.125% Senior Secured Notes due 2028 of the company (the “2028 Notes”), a portion of the proceeds of which was used to satisfy and discharge the Indenture relating to the 2024 Notes on March 20, 2023 and to complete the redemption on March 27, 2023. The additional 2028 Notes and the related guarantees were sold to certain existing holders of the company’s outstanding 2028 Notes whom the company believes to be qualified institutional buyers, in a private placement. The company believes that the completion of this refinancing will strengthen its balance sheet.
including physical and mental wellness, nutrition, positivity, and the motivation seniors and families need for leading healthy and active lifestyles. Chen says, “We hope to reach a wider audience and help shed more light on important topics regarding physical fitness, mental health, and wellness that matter most to seniors as we continue to roll out podcast episodes now and into the future. We’re proud to be a part of a great network of people who are like-minded and dedicated to providing the best content online for a demographic that we feel is underserved, and we are looking forward to helping that change.”
help retirees make sensible financial decisions in retirement. Armuth says, “Today’s investors deserve to know that investing is simple, affordable, and accessible to all! Collaborating with Senior Resource was a no-brainer for me because our missions are so similar. My podcast is dedicated to empowering and educating retirees on personal finance and investing, and Senior Resource helps me share this message with a broader audience. I’m thrilled to see my podcast has reached listeners from all across the country, and I remain steadfast in my commitment to giving real people the knowledge and tools they need to better understand investing and their finances in retirement.”
committee that he operates. This is the second such complaint filed by Illinois Democrats against Proft in the past four months. Proft co-hosts the “Chicago’s Morning Answer” program with Amy Jacobson on Salem Media Group’s news/talk WIND-AM, Chicago “560 The Answer.”
2022. Salem reports in segments and for the fourth quarter of 2022, net Broadcast revenue increased 4.5% to $53.3 million from $51 million in the same period in 2021. However, Digital media revenue decreased 10.3% to $10.4 million from $11.6 million in Q4 of 2021. The Publishing segment decreased 21.3% to $5.2 million from $6.5 million in the same period a year ago. For the full year of 2022, net Broadcast revenue increased 7.2% to $205.3 million from $191.4 million in 2021. Digital media revenue decreased 1.2% to $41.7 million from $42.2 million, and Publishing revenue decreased 18.9% to $20 million from $24.6 million in 2021. Looking ahead, Salem offers guidance for the first quarter of 2023, saying, “The company is projecting total revenue to be between flat and a decline of 2% from the first quarter 2022 total revenue of $62.6 million.”
through a bill that is before you now. AM radio stations continue to be the backbone of many communities. They serve their audiences with programming features like news updates, traffic/weather reports, sports play-by-play, and talk programs. In some municipalities, AM radio stations also cater to a specific immigrant community, reaching their listeners with a specific foreign language or other programming elements like music or sports.” They go on to say, “H.R. 1279, as it is written, would make Daylight 
Saving Time permanent, thus impacting AM radio stations’ power and, therefore, coverage in the crucial morning drive daypart. This issue would be even more detrimental during the darkest days of November, December, January, and February, when AM stations would not be at full power until at least 8:00 am. From a programming and revenue standpoint, the morning drive daypart is still one of the most significant dayparts on an entire radio station. It’s the daypart that generates the most amount of revenue and is a cornerstone for the rest of the programming day. AM radio is facing a multitude of challenges. Radio, in general, faces constant headwinds from an ever-changing media landscape. This challenge might likely be the death blow to many AM radio stations. I am confident you don’t want to see that happen. 
of November during which more than 2,800 radio spots were broadcast on 21 of the most popular stations in NYC. The campaign included digital and social media marketing, trade press, and signage at venues during Advertising Week in New York City. According to independent brand lift analysis by DYNATA, ad professionals who saw or heard the campaign were 29% more likely to consider radio for their media 
campaigns compared to those that had not seen the campaign. Of those that saw the campaign, 82% said they were somewhat/extremely likely to consider using radio for their next campaign compared to 53% of respondents who did not see the campaign. Audacy New York market president and NYC Radio Committee chair Chris Oliviero says, “The outstanding results of the campaign prove when we tell our story, with data and creativity, that radio can substantially enhance its position with advertising professionals. While radio continues to earn its place as an essential part of any media plan, we still must communicate our benefits and invite more marketing partners to collaborate together. This innovative multi-platform outreach accomplished just that. My appreciation to all my colleagues in New York City, across several ownership groups, who came together with a commitment to make ‘Fall in Love with Radio’ a success.”
Answer.” Elswick notes that he’s beginning his 23rd year as a talk host in the Little Rock market. He says that with COVID protocols now in the rear-view mirror, he’s returning to hosting live broadcasts of the state legislature’s general session. Prior to joining Salem, Elswick served with iHeartMedia at crosstown news/talk KARN-FM.
known South Florida media personality who was born in Cuba and raised in Miami and is an activist in the fight for freedom in Cuba, has appeared in national and international media outlets including “Nightline,” CNN, “Hannity,” “The O’Reilly Factor,” Al Punto Univision, and MSNBC as an expert on Cuban issues. Salem Media Miami VP and general manager Monica Rabassa comments, “We are extremely happy and honored to have Ninoska Pérez Castellón join Salem Media Miami. Ninoska’s unrelenting voice in support of freedom and just causes now has a new home at ‘La Nueva Poderosa 670 AM.’” Pérez Castellón states, “I am thankful that Salem Media, a powerhouse in conservative thought, has stepped up and given Hispanic conservative voices a home at a time when we have been under attack for the sole purpose of silencing us. I am extremely happy to be back on the airwaves connecting with the audience I love.” In addition to Ninoska’s program, the station’s revised lineup will also feature Father Albert Cutié, a.k.a. Padre Alberto, who currently hosts a television talk show produced and transmitted by Mega TV in South Florida, and nationally on DirectTV and AT&T U-verse. 
together since my earliest days at Salem. He always impressed me as one of those people that can take an idea and bring it to life. To this day, I can give Danny just the seed of an idea and the next thing you know he has a full-blown working model. I am thrilled to see Danny get this well-deserved promotion.” Salem Media’s president of broadcast media, Allen Power, adds “Dan has consistently set a high standard for everything he has undertaken. His talents are many including creativity, attention to detail, excellence in follow-through, and giftedness in visual marketing and production. Perhaps, his greatest strength is his ability to work with leaders at literally every level of our company to advance Salem’s brand and image. He does all of this with passion, humility, and a great sense of humor. If you look up the definition of ‘go-to’ person, it’s highly likely you’ll see Dan’s smiling face.”
Answer” and hosts the 10:00 am to 12:00 noon talk program on Cumulus Media’s KCMO-AM, Kansas City. He says, “I want to thank the Salem Podcast Network for bringing our podcast into their family of great shows. As a radio guy my entire career, I wasn’t sure how the podcast version would be received when we launched. Our advertising partners who invested in the show early as well as the smartest audience in the digital space have helped our young podcast crest four million downloads, and we’re just getting started!” Salem SVP of spoken word Phil Boyce adds, “Chris Stigall is a special host who has developed a unique relationship with a very loyal audience. We saw this when we brought him over to ‘AM 990 The Answer’ a few years ago, and we know he will have the same reaction from audiences nationwide with his podcast.”
has led his team to unprecedented revenue heights. His leadership across the Western Region played a significant factor in Salem’s overall revenue growth. In addition to Andy’s leadership for the Western Region, Andy will work closely with Chris Gould, SVP national programming and ministry relations and all our national ministry partners to better leverage our digital assets, generating more time with our quality audience while delivering outstanding results.” Massingill comments, “The last three years have been an incredible journey with Salem and the Western Region. I’m proud of our work, the work we will continue to do, and the relationships established across the board. I am very excited to work with Chris and our national ministry partners who are at the core fabric of what Salem stands for.” 
metrics, including person-level demographic, sociographic, media behavior, and purchase intent data to further inform podcast audience development and advertising decisions. Salem CEO David Santrella says, “We are thrilled to extend our partnership with Triton Digital, which has helped drive a significant increase in digital revenue while delivering our engaging content to our growing audience. We’re looking forward to this next chapter together, gaining increased visibility and a more comprehensive understanding of the behaviors and demographics of our audiences.”