Salem Media Group has released its second-quarter financial results, and while revenues were down, profits were up for the company after a series of divestments.
Total revenue for the quarter was $60.6 million, which was a decline from the $65.7 million it saw in the same time frame during 2023. Broadcast revenue dropped from $49.6 million to $47.1 million, while digital revenue grew to $11.9 million, up from $10.8 million.
Despite the decline in revenue, Salem Media Group turned a $2.29 million profit during April, May, and June due to several sales the company made. It sold three Nashville stations and a station in Honolulu during the quarter for $7 million. It also sold real estate in Florida for $600,000 and sold an FM translator in South Carolina for $400,000 during that same time period.
The profit the company made is in sharp contrast to its finish from the same quarter in 2023. During the second quarter of last year, Salem lost $7.09 million.
The operating income of the company was a marked improvement, as well, compared to 2023. Last year, Salem saw an operating loss of $4.1 million compared to the operating income of $5.68 million during the lastest quarter.
