Salem Media Group Reports Fiscal Year 2024 Results

RADIO ONLINE | Friday, March 14, 2025

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."