Tuesday, November 14, 2023
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q3 results below expectations. The company reported Q3 revenue of $63.5 million, slightly below our forecast of $64.7 million. Adj. EBITDA was $2.5 million, 42% below our forecast of $4.3 million, primarily due to elevated expenses.
Key asset sale agreements. In the last month, the company sold 3 stations in Greenville, SC, for $6.8 million. Moreover, the sale of the Salem Church Products business ($30 million) is expected to close in Q4, as well as several other asset sales.
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