Salem Media Group Reports $2.3 Million Q3 Loss

RADIO ONLINE | Monday, November 10, 2025 | 2:35pm CT

Salem Media Group

Salem Media Group reported a net loss of $2.3 million for the third quarter ended September 30, as the company continued restructuring efforts and completed several major asset sales. The result compares to a $6.6 million loss in the same quarter a year ago. For the first nine months of 2025, the company reported a total net loss of $27 million, widening from a $9.5 million loss during the comparable 2024 period.

Total net revenue for the quarter declined 13% to $51.3 million, reflecting decreases across Salem's broadcast, digital, and publishing divisions. Broadcast revenue fell to $40.7 million from $46.0 million in Q3 2024, while digital media revenue slipped slightly to $10.6 million from $10.9 million. Publishing revenue was negligible following the divestiture of Salem Author Services earlier in the year.

The company recorded $57.7 million in total operating expenses for the quarter, including restructuring charges and impairment costs tied to the write-down of certain broadcast licenses. In June, Salem recognized a $25.2 million impairment on licenses in 11 markets -- among them Atlanta, Los Angeles, Dallas, and San Francisco -- reflecting weaker projected industry growth rates.

As part of an ongoing shift in its portfolio, Salem sold its remaining seven Contemporary Christian Music (CCM) stations on April 4 for $80 million, generating a pre-tax gain of $11.2 million. It also completed the sale of its Greenville, SC office building and other smaller transactions. Proceeds helped retire a $72 million secured promissory note and strengthen liquidity.

At quarter's end, total assets stood at $326.4 million, down from $423.1 million at December 31, 2024. Stockholders' equity was $186.2 million, compared with $189 million at year-end. Broadcast licenses totaled $151.9 million after impairment adjustments, and goodwill rose slightly to $23.3 million due to acquisitions completed earlier in the year.

CEO David Santrella and CFO Evan Masyr certified the financial statements on November 10, 2025, noting that the report fairly presents Salem's financial condition and results of operations for the reporting period.

The company said it continues to focus on its core Christian and conservative media portfolio, which includes broadcast radio, digital media platforms, and publishing assets, while seeking to streamline operations and reduce debt following the divestiture of non-core properties.