Salem Media Group Releases 2023 Annual Report
Salem Media Group’s total net revenue for the full year of 2023 was $258.6 million, a decrease of 3.1% from the full year of 2022, according to its just-released annual report. The company saw operating expenses rise from 2022 to 2023 and took a considerable impairment charge on its long-term assets that factored heavily into it reporting a net loss of $43.3 million in 2023, compared to the net loss of $3.2 million it posted in 2022. Salem operated three business segments: broadcast, digital, and publishing.
The company states, “Net broadcast revenue decreased 3.7%, or $7.6 million, principally due to a $7.3 million decline in national and local spot advertising revenue. Spot advertising revenue has been declining in the industry due to reduced time spent listening, particularly on AM radio stations. Also, the political revenue decreased $3.6 million, or 61.5% to $2.3 million from $5.9 million. This decrease was partially offset by an increase in our broadcast digital revenue which increased $1.5 million or 4.1% due to increases from Salem Podcast Network, Salem News Channel and digital marketing services through Salem Surround. On a Same Station basis, net broadcast revenue decreased 4.0%, or $8.2 million, which reflects these items net of the impact of stations acquisitions and dispositions.” On the digital side, the company reports, “Net digital media revenue increased 0.7%, or $0.3 million. Net digital advertising revenue decreased due to Facebook algorithms that limit political content, the growing use of browsers that block third-party cookies limiting advertising, and the overall state of the economy that has weakened demand for advertising resulting in a lower number of advertisements and a reduction in rates.” Salem’s 2023 annual report can be found here.
Nashville-based Today’s Christian Music network (TCM) is not affected by these transactions. Salem Media Group CEO David Santrella comments, “Salem remains steadfast in our commitment to paying down debt and reducing our overall leverage. The sale of these radio stations helps achieve those goals. At the same time, we are focused on the stations staying in mission format. We are happy to be working with our good friends at EMF to continue impacting lives through music. We are grateful for our staff at these stations that have worked tirelessly over the years. With this change, Mike Blakemore, Salem’s VP of CCM programming, will provide focus and leadership to programming TCM, which remains an important part of Salem’s content offerings.”
away from this radio role as he prepares to enter the race for district attorney of the newly created 23rd judicial district. Brauchler led the 18th judicial district and left that position as term limits required him to. The Salem Media Group station has replaced Brauchler with “The Jeff and Bill Show” starring Jeff Hunt and Bill Thorpe. 
Rosa Road in Camarillo, California. Although the company officially moved its headquarters to Irving, Texas, the Camarillo offices are still the base of some of its corporate operations. In notifying and seeking approval from lender Siena Lending Group LLC, Salem notes that the Camarillo officers are being sold to Greg Robinson for $6.2 million and that cash will be applied to the company’s debt. It will then lease the property for $500,000 per year.
monumental five-volume Bible commentary, The Rational Bible, as well as three other books.” Salem adds that each hour of Prager’s show will contain six more minutes of talk than at present and that third-hour affiliates are being offered the opportunity to take an hour of the Charlie Kirk show, which airs at the same time as Prager’s program. Additionally, Prager will do a monthly virtual “hangout” with subscribers to his Pragertopia +. Salem SVP of spoken word Phil Boyce comments, “Dennis Prager is a true talk radio icon and has been for the last 42 years since he first began on the radio at KABC in Los Angeles hosting the original ‘Religion on the Line.’ Millions of listeners spend the day with Dennis, enjoying his wit, wisdom, and knowledge. He is one of the most viral talk hosts on the air today, and we wanted him to remain on the Salem Radio Network for years to come.”
ticker symbol SALM. Salem Media Group previously traded on NASDAQ. Yahoo!Finance writes, “Trading on the OTCQX Market offers companies efficient, cost-effective access to the U.S. capital markets. Streamlined market requirements for OTCQX are designed to help companies lower the cost and complexity of being publicly traded, while providing transparent trading for their investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.”
Salem’s government affairs efforts since September of 2021 and focuses on it full time. Salem CEO Dave Santrella comments, “Nic’s passion and commitment to advocating for the 
interests of Salem and our industry in the halls of government has proven that he is a natural for this role. This promotion to VP of government affairs is a recognition of his talents and the value of the role to Salem.” As a result of Anderson’s promotion, Salem ups Minneapolis station manager Mike Murphy to the general manager position. Salem president of broadcast media Allen Power states, “Mike’s leadership as station manager has earned this elevation into the GM chair. We are grateful for how he has provided oversight in Minneapolis that made it possible for Nic Anderson to take on government affairs. We are excited to see Mike move into the full GM job.”
Podcast Network on January 16. New shows will be delivered three times per week. Salem SVP of spoken word Phil Boyce says, “Lara Trump is a true star in conservative political circles and has developed a fan base of millions. She is committed to doing her part to save America, and we are thrilled to have her join our excellent lineup.”
last trading day of its common stock on the Nasdaq Global Market will be on or about January 18, 2024. Further, prior to March 29, 2024, the company intends to file a Form 15 with the SEC to suspend its reporting obligations under Sections 12(g) and 15(d) of the Exchange Act. In June of 2023, Salem lost compliance with NASDAQ as its stock price slipped below the minimum bid price and never regained compliance and consequently Salem’s board of directors determined that the voluntary delisting is in the best interests of the company and its stockholders. Salem says it anticipates significant financial savings because of this decision. Salem expects that its Class A Common Stock will be quoted on the OTCQX or other market operated by OTC Markets Group Inc.
his Salem News Channel TV show and SiriusXM radio show. Wilkow says, “The charities our team works with are low to no overhead organizations where every dollar donated goes directly to the cause of veterans from suicide prevention, to getting homeless veterans off the streets, to providing PTSD therapy dogs. What also makes this year unique is the added support from The Salem News Channel. Many of the charities made appearances on both Salem News Channel and SiriusXM Patriot.”
Group’s general manager for Christian talk WAVA-FM, Washington, DC Chuck Olmstead. Olmstead tells TALKERS, “It was an amazing day to be at that at that gathering. I met some amazing people. One Jewish woman I interviewed has a home in Bethesda, MD as well as a home in Israel. She was at her home in Israel on 10/7 and continued to stay in Israel but came back for the rally. She was articulate and had a great story to tell. It is interviews like that, that are hard to distill down to sound bites.”
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%. 
NYC include WMCA “The Mission” and WNYM “AM 970 The Answer.” This is a fantastic opportunity for the right individuals. VP/GM Jerry Crowley who has been running Salem’s NYC market for 11 years, tells TALKERS, “I know our future is stronger than ever and that’s based on reality – contrary to how a lot of broadcasters think. We are looking for two multi-talented folks to participate in harnessing the power of the number one Christian/conservative cluster in America. Interested candidates should contact 
News for its podcasts from John Solomon, Victor Davis Hanson, and “Bauer and Rose” on the SPN platform. The agreement allows Salem to market and sell the podcasts to its array of advertisers and provide additional promotional support. Salem SVP Phil Boyce says, “John Solomon and his team are a perfect fit for Salem and will provide an additional layer of news credibility to the stories he covers. When you add Victor Davis Hanson’s podcasts, and those of Bauer and Rose, it makes the partnership complete.” Solomon comments, “Salem Podcast Network has amassed one of the most formidable audiences and lineups in the industry. We are excited to be joining the team and introducing our news and analysis to a whole new audience.”
Segment” every Friday at 11:45 am. Salem New York VP and general manager Jerry Crowley says, “At a time when politics and legal matters are inextricably linked, like at no time in America’s glorious past, AM970 has brought Mike Gallagher and Arthur Aidala together to make sense of it all.” Aidala adds, “Mike Gallagher consistently delivers informed and intelligent conversation to a vast national audience. I’m grateful for the opportunity to visit with him each Friday and provide context and insight to the legal issues of the day. I hope Mike and his listeners are as excited as I am.”
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.”