Salem Media Cuts Q1 Loss, Revenue Declines

RADIO ONLINE | Wednesday, May 13, 2026 | 2:10pm CT

Salem Media

Salem Media reported a narrower net loss for the first quarter of 2026 as the company reduced operating expenses, though total revenue declined compared to the same period a year earlier.

For the quarter ended March 31, Salem posted total net revenue of $45.9 million, down from $51.7 million in the first quarter of 2025. Net loss improved to $2.6 million, or $0.08 per share, compared to a loss of $7.1 million, or $0.24 per share, a year earlier.

Operating expenses fell to $48.4 million from $61 million, aided in part by the absence of restructuring costs recorded during the prior-year quarter. Selling, general and administrative expenses also declined year over year.

Broadcast programming revenue declined from $18.4 million to $17.2 million, while broadcast advertising revenue fell from $10.2 million to $9.3 million. Digital revenue also decreased, slipping from $19.7 million to $18.1 million.

During the quarter, Salem sold the economic interest in a tower site in Honolulu for approximately $700,000, generating a pre-tax gain of the same amount. The company also disclosed plans to complete a $6 million sale-leaseback transaction involving its Irving, Texas building during the second quarter.

As of March 31, Salem had $8.9 million outstanding under its asset-based revolving credit facility and borrowing availability of approximately $5.1 million.

The company also disclosed a pending acquisition agreement announced May 12 under which WaterStone would acquire all outstanding shares of Salem Media common stock for $1.00 per share in a deal expected to close in August, pending shareholder and regulatory approvals.