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Salem Media Group Reports Fiscal Year 2024 Results


Salem Media Group
Salem Media Group

Salem Media Group reported its financial results for the fiscal year ended December 31, 2024 on Friday. Total net revenue decreased by 8.1% to $237.56 million in 2024, down from $258.65 million in 2023. Net broadcast revenue fell to $185.9 million, a decrease of 5.9% compared to the previous year. Digital media revenue increased by 7.2% to $45 million. Operating loss improved, narrowing to $5.46 million in 2024 from a loss of $46.31 million in 2023.

The company's net income turned positive at $16.18 million, compared to a net loss of $43.31 million in the prior year, largely due to a gain on troubled debt restructuring of $28.66 million. Diluted earnings per share were $0.58, a turnaround from a loss of $1.59 per share in 2023.

SMG reported significant asset repositioning with the sale of long-lived assets resulting in a substantial gain. Salem continued its strategy to optimize its digital media platforms, reflecting growth in digital revenue streams. Liquidity and Capital Resources:

Salem ended the year with no cash on hand, significantly reduced from $284,000 at the end of 2023. A major restructuring of debt was executed, including the issuance of $40,000 in Redeemable Series B convertible perpetual preferred stock and a reduction in long-term debt from $152.96 million to $5.25 million.

David Santrella, CEO of Salem Media Group, stated, "2024 was a transformative year for Salem as we streamlined operations and strengthened our balance sheet. The strategic decisions made have begun to yield financial stability and redirect the company towards sustainable profitability."

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