Salem Media Group has announced plans to voluntarily delist itself from Nasdaq later this month.
The company claims it will depart the stock exchange “on or around January 18, 2024”. The announcement comes after the company secured a new $26 million revolving credit with Siena Lending Group. The new asset-based credit is a three-year deal, and replaces the previous line of credit Salem Media Group featured with Wells Fargo.
According to a press release, the radio broadcaster “anticipates significant financial savings as a result of this decision. In addition, delisting and deregistration provide several benefits to the Company and its stockholders including lower operating costs and reduced management time commitment for compliance and reporting activities.”
The move is the latest in a line of business moves looking to strengthen the conservative and Christian broadcasting giant. Late last month, the company agreed to sell its publishing division to Skyhorse Publishing. Additionally, Salem sold its Church Products division for $30 million after selling off the tower land and a pair of stations in South Carolina for $10 million.
As of this publication, Salem Media Group’s stock was trading at 39 cents per share.
