Salem Media Group Net Revs Up 4.5% to $69.7 Million

RADIO ONLINE | Tuesday, August 6, 2024

Salem Media Group

Salem Media Group reported second quarter net revenue of $69.7 million, marking a 4.5% increase from the $66.7 million recorded in 2023. Digital media contributed $18.2 million, up 8% from the previous year, emphasizing a strategic pivot towards digital platforms. Broadcast operations generated $45.1 million, a 3% rise year-over-year, underscoring steady growth in traditional media segments.

The company's adjusted EBITDA stood at $10.8 million, a notable 10% growth compared to $9.8 million in Q2 2023. Salem posted a net income of $2.4 million, a significant improvement over the net loss of $1.2 million in Q2 2023, reflecting robust operational success and strategic initiatives.

This quarter, Salem continued to enhance its digital offerings, with a focused expansion in digital content and monetization strategies that cater to its core audience's preferences. The company's commitment to innovation is evident in its adaptive business strategies, which aim to blend traditional broadcasting with digital trends effectively.

Executive Vice President and Chief Financial Officer Evan D. Masyr expressed optimism about Salem's trajectory, stating, "Our Q2 results reflect the strength and resilience of our diversified media model. As we continue to expand our digital footprint, we remain dedicated to providing value to our listeners, readers, and shareholders. The positive shift in our financial outcomes is a direct result of the strategic initiatives we have implemented over the past quarters."