Salem Media Group’s third-quarter revenue story is similar to other broadcast companies, featuring a slight drop compared to previous periods.
The company’s broadcast division saw a decline of 4.2% in revenue. In total, the organization’s broadcast revenue dropped to $48.97 million for the quarter, down from the $51.14 million it saw in the previous three-month period.
National advertising revenue was down 18%, while local spots dropped 6%.
Salem Media Group CEO David Santrella said the company can expect new deals that will bring an infusion of capital to the company to help mitigate the $179.9 million in debt the company holds. In an announcement yesterday, it was revealed the company had agreed to sell the 30-acre property currently housing its Sarasota towers for $9.5 million. That is in addition to its expected sale of its Salem Church Products division.
Despite the future deals, the company is projected a revenue decline of 6 to 8% in the fourth quarter due to a slight decline in political advertising. However, that ad market is expected to grow exponentially in 2024 with the upcoming Presidential election.
