Beasley Receives Non-Compliance Notice from Nasdaq
On Friday (10/13), Beasley Broadcast Group received a delisting warning from Nasdaq because its Class A common stock had traded at less than $1 for the past 30 business days. There’s no immediate effect on the BBGI stock as it has a “cure period” that gives it until April 10, 2024 to trade for at least a dollar per share for 10 consecutive business days. Even if that doesn’t happen, Beasley could get
another 180-calendar day compliance period if it moves its stock to the Nasdaq Capital Market and satisfies other certain requirements. Beasley is the fourth audio company to face delisting this year. Audacy received notice from the New York Stock Exchange and in June engineered a 1-for-30 reverse stock split. Its stock closed at 35 cents per share on Monday (10/16). Salem Media Group received a delisting notice from Nasdaq in June giving it 180 days to rise above the $1 threshold. It closed at 68 cents per share on Monday (10/16). Urban One also received a delisting notice from Nasdaq but not for its share price. That company is late with quarterly reports due to independent accounting issues.
Media Group CEO David Santrella says, “Salem Media Group and the Salem Radio Network are honored to be chosen by the Republican National Committee to be a part of this historic Republican presidential primary debate. Salem is an experienced partner of the RNC, having co-moderated four RNC debates in 2015-2016. We look forward to working closely with NBC News and other selected partners to deliver an event that will shine a light on the candidates and educate voters ahead of the primary.”
audience. Salem Church Products creates and distributes resources for churches and ministries in the areas of church media, worship, children’s ministry, preaching, teaching and employment through online resources including WorshipHouse Media, SermonSearch, ChurchStaffing, Children’s Ministry Deals and many others. Salem COO David Evans says, “We are proud of the Church Products business we have built over the years. What started with a single website – SermonSearch – has grown into a successful organization providing valuable resources and services to local churches and their pastors. Any time we look to sell a business, we look for organizations that share our passion and that can take that business to the next level. Gloo is just such an organization and we couldn’t be more thrilled.”
conservative political parties have been captured by the same left-wing influences that set the agenda and frame the debate in so many institutions, including the media, academia and the corporate world. Drawing on her 10 years of service in Tory governments – when she often found herself to be the only conservative in the room – the scrappy champion of limited government and individual freedom exposes the threat of the massive, unaccountable administrative state and the complacent political and corporate establishment.”
me that they intend to be the most conservative radio station in America. I just didn’t fit the bill anymore.” Although Howell doesn’t profess to be conservative or liberal, he’s been a talk host for years (in addition to his work at country outlet WUSN-FM), not only with WLS-AM but with Salem Media Group’s crosstown conservative news/talk WIND-AM. However, he’s made no bones about his contempt for former President Donald Trump. He laments to Axios, “Nobody broadcasts anymore. Everybody narrowcasts.” WLS-AM has not revealed its permanent plans for the afternoon drive daypart other than to slide the syndicated Mark Levin program into the 5:00 pm to 8:00 pm slot. 
work. In a Westword profile, Tubbs talks about his ascent in the news business, his plans for the “final chapter” of his working life, and his current film project about the deadly drug fentanyl. Locally, Tubbs has caused controversy with his 2020 documentary, Denver in Decay. About that film, Tubbs tells Westword, “That documentary kind of put me on the map as being one of the most hated media members by local politicians in Colorado in recent memory, and I embrace that. But with all the hate and praise, the one thing no one has ever said is that Denver in Decay is inaccurate. You can say all you want if you don’t like the messaging, but you can’t attack the accuracy or the credibility.” 
presented a five-part series profiling Colorado Christian University and its new president Eric Hogue. Earlier in his career, the ordained minister served with Salem Media Group as a talk show host at KTKZ, Sacramento.
exits his role as director of programming for the Los Angeles operations that includes news/talk KRLA AM 870 “The Answer,” Christian talk KKLA-FM, and Christian contemporary KFSH-FM. Tyler tells TALKERS magazine he’s ready to apply his 20-plus years of director of programming and on-air experience in Los Angeles to his next successful situation. You can contact him at: 
Broadcast revenue decreased 5.3% to $49.7 million from $52.5 million; Station Operating Income decreased 43.5% to $6.2 million from $10.9 million; Same Station net broadcast revenue decreased 5.8% to $49.4 million from $52.4 million; and Same Station operating income decreased 37.7% to $6.8 million from $10.9 million. Digital Media revenue increased 0.5% to $10.9 million from $10.8 million, and Publishing revenue decreased 3.5% to $5.2 million from $5.4 million. Salem reports that as of June 30, 2023, the company was not in compliance with its fixed charge coverage ratio. On August 7, 2023 it signed a forbearance whereby the bank agreed not to exercise remedies on the default during the month of August. Additionally, the notional amount of the revolver was reduced from $30 million to $25 million with a minimum availability of $1 million. The interest rate associated with the revolver increased by two percentage points effective July 1, 2023 through the date of the forbearance amendment.
-owned SeniorResource.com. Salems says, “‘Retire Repurposed’ challenges the notion that 
retirement is simply an end to one’s working life. Instead, it’s an opportunity to repurpose one’s skills, passions, and experiences in a way that can impact the world in a meaningful way.” The program is hosted by Ben Taatjes and Jerrid Sebesta, who add, “The two most dangerous years of a person’s life are the year they were born and the year they retire. That’s why ‘Retire Repurposed’ aims to provide practical advice and inspiration to help listeners navigate this important life transition.”
Seattle as well; Kevin Isaacs, GM for Cleveland, will now also manage Pittsburgh; and Mark Durkin, regional VP/GM for Sacramento, will also manage Phoenix. This comes months after Carolyn Cassidy was assigned both Tampa and Columbus and John Gallagher began leading Chicago and Little Rock. Salem adds, “In some cases, the former GM will stay on in a sales/sales management role.” Company CEO David Santrella comments, “These changes were made to allow Salem to continue to innovate and invest in our business and to allow the very best leaders to oversee our radio stations.” Salem is also combining the sales efforts of Salem Media Reps and the Salem Web Network with the combined sales team reporting to Mike Reed and Mike DeAmicis at Salem Media Reps. Company COO David Evans adds, “This unified sales team will now have easier access to all digital assets within our company to more fully grow into a ‘One-World’ company that offers ministries, advertisers, and our audiences’ multiple platforms with which to consume content and reach communities.”
politically conservative news/talk formatted radio stations and media assets nationwide. Epperson was a longtime leader in Christian radio as a former member of the board of directors of the National Religious Broadcasters Association. In 2005, Time Magazine named him one of the 25 most influential evangelicals in America. Salem executive chairman Ed Atsinger comments, “Stuart will be greatly missed by many. I will miss him, but I take comfort in realizing that he is already receiving his reward for a life well-lived. A life that personifies the words of the Apostle Paul in 2 Timothy 4:7-8: ‘I have fought the good fight. I have finished the race. Now there Is in store for me the crown of righteousness, which the Lord, the righteous Judge, will award to me on that day and not only to me, but also to all who have longed for his appearing.’”
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.”