Salem Media Group has sold its former corporate California headquarters for more than $6 million and will use the new funds to pay down its debt.
The company moved its headquarters from the Los Angeles suburb of Camarillo to the Dallas suburb of Irving in 2021.
Under the new deal, Salem Media Group agreed to sell the location, but continue to lease the building for $500,000 per year.
The sale is the latest in a string of moves by Salem to pay down its debt. It recently sold both its publishing and church products divisions. The Christian and conservative broadcaster also recently delisted itself from the Nasdaq market.
“We’re looking at pretty much all parcels that we own if there’s an opportunity to sell the land for reasonable value and either move somewhere or diplex (radio towers) at another location that we have,” Salem Media Group CEO David Santrella said during the company’s earnings call, according to Inside Radio.
