Salem Media Group EVP & CFO Evan Masyr provides a preview of their upcoming presentation at NobleCon18 NobleCon18 – Noble Capital Markets 18th Annual Small and Microcap Investor Conference – April 19-21, 2022 – Hard Rock, Hollywood, FL 100+ Public Company Presentations | Scheduled Breakouts | Panel Presentations | High-Profile Keynotes | Educational Sessions | Receptions & Networking Events Free Registration Available – More Info News and Advanced Market Data on SALM About Salem Media Group 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. Learn more about Salem Media Group, Inc. at www.salemmedia.com

Tuesday, March 22, 2022

Forbes Media Group: CEO Discusses Strategy; Raise Price Target

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to end of report for Analyst Certification & Disclosures

C-suite interview highlights. Forbes CEO, Mike Federle, recently participated in Channelchek’s C-suite Interview series. This report highlights some of the topics discussed in the interview, such as the company’s recent favorable results and outlook, and the strategic investment in the Forbes SPAC merger by blockchain titan, Binance. The full interview may be viewed here.

Revising estimates upwards. The company’s full year results outperformed management’s forecast, achieving revenue and adj. EBITDA targets for 2022 in 2021. As a result, we are applying management’s forecasted growth rates to 2021 full year results to arrive at updated 2022 and 2023 estimates for revenue and adj. EBITDA, detailed later in this report.

Strategic investor joins merger deal. Forbes recently announced that Binance has committed to a $200 million investment in the SPAC merger that will take Forbes public. The investment by Binance will also give Forbes a valuable partnership due to Binance’s blockchain technology expertise. Forbes will be able to leverage that expertise to enhance the value of the recourses Forbes provides to investors who are interested in learning about digital assets.

Forbes CEO to participate at Noblecon 18. Forbes CEO, Mike Federle, will be participating in a panel about blockchain and cryptocurrency technology at NobleCon 18. Forbes will also be giving a company presentation at the conference, which is takes place at the Hard Rock Hotel in Hollywood, FL from April 19-21, 2022. To register for the conference, click here.

Raising price target. Near current levels, the OPA shares trade at 9.5 times Enterprise Value to expected 2022 EBITDA and 7.6 times EV to 2023 EBITDA estimates, which reflects upwardly revised EBITDA forecasts following the company’s strong recent results. We are revising our price target to $16 from $14.

Investment Summary

Forbes Media Group CEO, Mike Federle, recently participated in Channelchek’s C-suite Interview series. In the interview, he discussed the company’s strong fundamentals, favorable results and outlook, as well as the recent strategic investment in the Forbes SPAC merger by blockchain titan, Binance. The full interview can be found here.

Regarding the favorable results, the company’s strong Q4 revenue growth of 51% year-over-year capped off a successful 2021. For the full year, revenue increased 40% to $259 million, which was 15% above management’s most recent projection of $225 million. Full year adj. EBITDA of $60 million topped management’s estimate of $46 million by 31%. Figure #1 Operating Results illustrates the company’s results over the last 3 years. Notably, 2021 profit margins were well above the previous 2 years and revenue exceeded 2019 pre-pandemic levels.

Figure #1 Operating Results

Source: Company filings

The company’s growth in 2021 provides a promising sign for Forbes’ growth initiatives for its Consumer segment. For the full year, Consumer revenue grew an impressive 266% from $18 million to $66 million. Consumer includes subscription revenue from memberships to services such as Forbes Profiles as well as e-commerce. Consumer accounted for 25% of total revenue in 2021 compared with prior estimates by management that it would represent 12%. Management’s long-term expectation is that Consumer will account upwards of 38% of total revenue. As such, 2021 was meaningful step forward towards the company’s goal of growing the segment.

In addition to the strong revenue and EBITDA growth in 2021, the company generated its highest-ever free cash flow, at $43 million, representing free cash flow conversion of just over 70%. Post-merger, the company is expected to have $145 million in cash from investors and virtually no debt on the balance sheet. The cash from the transaction, together with the strong free cash flow generation, should provide flexibility to continue pursuing the company’s growth initiatives.

In February 2022, Forbes announced that cryptocurrency infrastructure provider, Binance, agreed to join the SPAC merger as one of the PIPE investors. Binance will account for $200 million of the $400 million in PIPE commitments. Notably, Binance Chief Communications Officer, Patrick Hillman and Head of Labs, Bill Chin will now be joining the Forbes Board of Directors, upon the completion of the SPAC merger. Binance will not only be an investor, but also a partner, as Binance’s expertise in blockchain technology can help Forbes continue to be a resource for investors interested in cutting-edge digital assets.

The 2021 operating results topped management’s forecasts for both 2021 and 2022. As such, the company will likely be revising estimates upwards for 2022 and 2023. However, management has not released new guidance yet. Therefore, for valuation purposes, we are applying management’s previously indicated growth rates to the full year 2021 reported revenue and adj. EBITDA to arrive at estimates for 2022 and 2023. The valuation detailed in this report assumes year-over-year revenue growth of 12% for both 2022 and 2023. Adj. EBITDA for 2022 and 2023 assumes growth of 20% and 25%, respectively. 

Figure #2 Forbes Peer Group highlights the company’s industry peers. The peer group consists of five different sectors in which the company operates: Publishers, Data Information, Media, Education, and Entertainment. The OPA shares trade at a discount when compared to the company’s peer group, based on upwardly revised estimates of adj. EBITDA of $72 million in 2022 and $90 million in 2023. The enterprise value calculation for Forbes is based on 83 million shares outstanding, proforma post-merger cash of $145 million, and no debt. Near current levels, the OPA shares trade at 9.5 times EV to 2022 EBITDA and 7.6 times EV to 2023 EBITDA. If the shares were to trade in line with the company’s peer group average of 16.7 times of 2022 EBITDA and 13.5 times of 2023 EBIDA, the shares would trade near $16, a 60% premium to current levels. Therefore we are revising our price target on the OPA shares from $14 to $16.

Figure #2 Forbes Peer Group

Source: TIKR and Noble Capital Markets

GENERAL DISCLAIMERS

All statements or opinions contained herein that include the words “we”, “us”, or “our” are solely the responsibility of Noble Capital Markets, Inc.(“Noble”) and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Any opinions expressed herein are subject to change without notice. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio. The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision.

This publication is intended for information purposes only and shall not constitute an offer to buy/sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice. Past performance is not indicative of future results.

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This publication is confidential for the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or discussed to another party, without the written consent of Noble Capital Markets, Inc. (“Noble”). Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints. Research reports are not published at regular intervals; publication times and dates are based upon the analyst’s judgement. Noble professionals including traders, salespeople and investment bankers may provide written or oral market commentary, or discuss trading strategies to Noble clients and the Noble proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this research report.

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The SPAC Company in this report is a participant in the Company Sponsored Research Program (CSRP); Noble receives compensation from the Company for such participation. No part of the CSRP compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed by the analyst in this research report.

Noble is not a market maker in any of the companies mentioned in this report. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) with any or all of the companies mentioned in this report within the next 3 months

ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE

Director of Research. Senior Equity Analyst specializing in Media & Entertainment. 34 years of experience as an analyst. Member of the National Cable Television Society Foundation and the National Association of Broadcasters. BS in Management Science, Computer Science Certificate and MBA specializing in Finance from St. Louis University.
Named WSJ ‘Best on the Street’ Analyst six times.
FINRA licenses 7, 24, 66, 86, 87

WARNING

This report is intended to provide general securities advice, and does not purport to make any recommendation that any securities transaction is appropriate for any recipient particular investment objectives, financial situation or particular needs. Prior to making any investment decision, recipients should assess, or seek advice from their advisors, on whether any relevant part of this report is appropriate to their individual circumstances. If a recipient was referred to Noble Capital Markets, Inc. by an investment advisor, that advisor may receive a benefit in respect of transactions effected on the recipients behalf, details of which will be available on request in regard to a transaction that involves a personalized securities recommendation. Additional risks associated with the security mentioned in this report that might impede achievement of the target can be found in its initial report issued by Noble Capital Markets, Inc.. This report may not be reproduced, distributed or published for any purpose unless authorized by Noble Capital Markets, Inc.

RESEARCH ANALYST CERTIFICATION

Independence Of View
All views expressed in this report accurately reflect my personal views about the subject securities or issuers.

Receipt of Compensation
No part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public
appearance and/or research report.

Ownership and Material Conflicts of Interest
Neither I nor anybody in my household has a financial interest in the securities of the subject company or any other company mentioned in this report.

NOBLE RATINGS DEFINITIONS	% OF SECURITIES COVERED	% IB CLIENTS
Outperform: potential return is >15% above the current price	99%	30%
Market Perform: potential return is -15% to 15% of the current price	7%	3%
Underperform: potential return is >15% below the current price	0%	0%

NOTE: On August 20, 2018, Noble Capital Markets, Inc. changed the terminology of its ratings (as shown above) from “Buy” to “Outperform”, from “Hold” to “Market Perform” and from “Sell” to “Underperform.” The percentage relationships, as compared to current price (definitions), have remained the same.

Additional information is available upon request. Any recipient of this report that wishes further information regarding the subject company or the disclosure information mentioned herein, should contact Noble Capital Markets, Inc. by mail or phone.

Noble Capital Markets, Inc.
150 East Palmetto Park Rd., Suite 110
Boca Raton, FL 33432
561-994-1191

Noble Capital Markets, Inc. is a FINRA (Financial Industry Regulatory Authority) registered broker/dealer.
Noble Capital Markets, Inc. is an MSRB (Municipal Securities Rulemaking Board) registered broker/dealer.
Member – SIPC (Securities Investor Protection Corporation)

Report ID: 24586

Salem Media Announces Promotion of Bill Long

Research, News, and Market Data on Salem Media

 

IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (NASDAQ: SALM) announced today that William “Bill” F. Long, Jr. has been promoted to Senior Vice President and General Manager, Salem Church Products (SCP). Bill will continue to oversee all aspects of the SCP business.

“Since becoming General Manager of SCP in 2017, Bill has done a tremendous job of growing the business,” said David Evans, Chief Operating Officer at Salem. “Bill has successfully overseen a number of important acquisitions that have been integrated into SCP including Childrens-Ministry-Deals.com, ShiftWorship.com, and Centerline New Media. At the same time he has assembled a very talented team of colleagues, and I am confident Bill will continue to successfully develop and grow SCP.”

Bill Long has been with Salem for twenty-one years, initially as Chief Technology Officer before being promoted to Director of Technology in 2005. Bill’s knowledge and expertise of new technologies and his active role in the rapid expansion of Salem Web Network’s properties and web capabilities led to his Promotion to Vice President of Operations in 2010. In 2017, Long was promoted to Vice President and General Manager, SCP. Since Bill took this important leadership role, SCP has seen impressive growth in content development, and increased clients and subscribers. SCP now serves over 31,000 churches weekly.

Bill said, “I am honored and grateful to be working with such an incredible team of people at Salem Church Products. Our mission is to help equip pastors and church leaders with the tools they need to minister and spread the Gospel. Assisting the local church is the calling our team is focused on fulfilling each and every day of the year.”

ABOUT SALEM MEDIA GROUP:

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. Learn more about Salem Media Group, Inc. at www.salemmedia.com, Facebook and Twitter.

Evan D. Masyr
Executive Vice President and Chief Financial Officer
(805) 384-4512
evan@salemmedia.com

Source: Salem Media Group

Noble Capital Markets Senior Research Analyst Michael Kupinski sits down with Forbes CEO Mike Federle and CFO Mike York. Exclusive SPAC Report on Forbes View all C-Suite Interviews The 2022 C-Suite Interview series is now available on major podcast platforms About Forbes Forbes champions success by celebrating those who have made it, and those who aspire to make it. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. The Forbes brand today reaches more than 150 million people worldwide through its trusted journalism, signature LIVE and Forbes Virtual events, custom marketing programs and 44 licensed local editions in 77 countries. Forbes Media’s brand extensions include real estate, education and financial services license agreements. Forbes recently announced plans to go public through a business combination with Magnum Opus (NYSE: OPA), a special purpose acquisition company (SPAC), which is expected to close in Q1 of 2022.

Salem Media Announces Promotion of Bill Long

Research, News, and Market Data on Salem Media

 

IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (NASDAQ: SALM) announced today that William “Bill” F. Long, Jr. has been promoted to Senior Vice President and General Manager, Salem Church Products (SCP). Bill will continue to oversee all aspects of the SCP business.

“Since becoming General Manager of SCP in 2017, Bill has done a tremendous job of growing the business,” said David Evans, Chief Operating Officer at Salem. “Bill has successfully overseen a number of important acquisitions that have been integrated into SCP including Childrens-Ministry-Deals.com, ShiftWorship.com, and Centerline New Media. At the same time he has assembled a very talented team of colleagues, and I am confident Bill will continue to successfully develop and grow SCP.”

Bill Long has been with Salem for twenty-one years, initially as Chief Technology Officer before being promoted to Director of Technology in 2005. Bill’s knowledge and expertise of new technologies and his active role in the rapid expansion of Salem Web Network’s properties and web capabilities led to his Promotion to Vice President of Operations in 2010. In 2017, Long was promoted to Vice President and General Manager, SCP. Since Bill took this important leadership role, SCP has seen impressive growth in content development, and increased clients and subscribers. SCP now serves over 31,000 churches weekly.

Bill said, “I am honored and grateful to be working with such an incredible team of people at Salem Church Products. Our mission is to help equip pastors and church leaders with the tools they need to minister and spread the Gospel. Assisting the local church is the calling our team is focused on fulfilling each and every day of the year.”

ABOUT SALEM MEDIA GROUP:

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. Learn more about Salem Media Group, Inc. at www.salemmedia.com, Facebook and Twitter.

Evan D. Masyr
Executive Vice President and Chief Financial Officer
(805) 384-4512
evan@salemmedia.com

Source: Salem Media Group

  Image: White House Press Corps, January 5, 2022

Is ‘Headline Stress Disorder’ Real? Yes, But Those Who Thrive on the News Often Lose Sight of It

 

It began with a basic “news you can use” feature from National Public Radio. Titled “5 ways to cope with the stressful news cycle,” producer Andee Tagle’s piece, published in late February, offered tips on how to cope with anxiety caused by news consumption in tense times.

Among Tagle’s tips: “Do something that feels good for your body and helps you get out of your head.” Also: “The kitchen is a safe space for a lot of us. Maybe this is the weekend that you finally re-create Grandpa’s famous lasagna … or maybe just lose yourself in some kitchen organization.”

Tagle’s simple self-help counsel quickly ignited social media scorn, seemingly touching a nerve among numerous commentators.

National Review’s Dan McLaughlin tweeted that the piece indicated that NPR employees “really do not envision their audience as grown adults.”

“I’m all for mental health awareness and therapeutic care,” tweeted Daily Beast editor Anthony Fisher, before ultimately dismissing Tagle’s article as “a lifestyle guide for narcissists.”

 

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It was written by and represents the research-based opinions of Michael J. Socolow, Associate Professor, Communication and Journalism, University of Maine.

 

The piece and its condemnation raise issues involving research about the mental and psychological toll of everyday news consumption that’s gone largely unnoticed by the public over the last few years. Recent surveys and research on the subject have only occasionally been publicized in the general press. The COVID-19 global pandemic – and the doomsday news reports it sparked – attracted a bit more attention to this research.

Yet the mental and psychological toll of news consumption remains largely unknown to the general news consumer. Even if the research isn’t widely known, the emotions felt by what one Northwestern University Medical School article called “headline stress disorder” probably exist for an certain unknown proportion of news consumers. After all, if these feelings didn’t exist for at least some of their listening audience, NPR would never have published that piece. Nor would Fox News have published a similar article to help its viewers cope.

 

Image: Barron’s headline, December 2022

 

News Threatens Mental Stability

The idea that more news, delivered faster through new and addicting technologies, can cause psychological and medical harm has a long history in the United States.

Media scholars like Daniel Czitrom and Jeffrey Sconce have noted how contemporaneous research linked the emergence and prevalence of neurasthenia to the rapid proliferation of telegraphic news in the late 19th century. Neurasthenia is defined by Merriam-Webster as “a condition that is characterized especially by physical and mental exhaustion usually with accompanying symptoms (such as headache and irritability).” Early 19th-century scientific exploration in neurology and psychiatry suggested that too much news consumption might lead to “nervous exhaustion” and other maladies.

In my own research into social psychology and radio listening, I noticed the same medical descriptions recurring in the 1920s, once radio became widespread. News reports chronicled how radio listening and radio news consumption seemed to threaten some people’s mental stability.

One front-page New York Times article in 1923 noted that a woman in Minnesota was divorcing her husband on the then-novel grounds that he suffered from “radio mania.” The wife felt her husband “paid more attention to his radio apparatus than to her or their home,” which had apparently “alienated his affection” from her.

Similar reports of addiction, mania and psychological entanglement spawned by new media emerged again as television proliferated in the American home in the 1950s, and again with the proliferation of the internet.

The public discussion of psychological addiction and mental harm caused by new technologies, and the ensuing moral panics they spawn, appears periodically as new communication technologies emerge. But, historically, adjustment and integration of new media occurs over time, and disorders such as neurasthenia and “radio mania” are largely forgotten.

 

Image: A story from the Dec. 2, 1923, New York Times
front page. New York Times
archive

 

Anxious about Frightening News

“Headline stress disorder” might sound ridiculous to some, but research does show that reading the news can make certain subsets of news consumers develop measurable emotional effects.

There are numerous studies looking into this phenomenon. In general, they find some people, under certain conditions, can be vulnerable to potentially harmful and diagnosable levels of anxiety if exposed to certain types of news reports.

The problem for researchers is isolating the exact subset of news consumers this happens to, and describing precisely the effect that occurs in response to specific identified news subjects and methods of news consumption.

 

Image: Canadian Press headline, March 2022

 

It is not only probable, but even likely, that many people are made more anxious by the widespread distribution of frightening news. And if a news consumer has a diagnosed anxiety disorder, depression, or other identified mental health challenge, the likelihood that obviously distressing news reports would amplify and inflame such underlying issues seems almost certain.

Just because popular culture manages to pathologize much of everyday behavior doesn’t mean identified problems aren’t real, as those skewering the NPR story implied.

We all eat; but some of us eat far too much. When that occurs, everyday behavior is transformed into actions that can threaten health and survival. Likewise, most of us strive to stay informed, but it’s likely that in certain situations, for certain people, staying informed when the news is particularly frightening can threaten their mental health.

Therefore, the question is not whether the problem is real, but how research might quantify and describe its true prevalence, and how to address the problem.

And that’s precisely why the NPR article caused such a stir. Many people who consume news without problem couldn’t fathom why others might benefit from learning how to cope with “headline stress disorder.”

In reality, the criticism aimed at NPR says nothing about those who find our current run of bad news, particularly anxiety provoking. It does say a lot about the lack of empathy from those who would scoff at the idea.

 

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Are ESG Social and Governance Policies Why Companies Stopped Russian Operations?

EV Inflation Outpacing Traditional Cars

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Stay up to date. Follow us:

  Image: White House Press Corps, January 5, 2022

Is ‘Headline Stress Disorder’ Real? Yes, But Those Who Thrive on the News Often Lose Sight of It

 

It began with a basic “news you can use” feature from National Public Radio. Titled “5 ways to cope with the stressful news cycle,” producer Andee Tagle’s piece, published in late February, offered tips on how to cope with anxiety caused by news consumption in tense times.

Among Tagle’s tips: “Do something that feels good for your body and helps you get out of your head.” Also: “The kitchen is a safe space for a lot of us. Maybe this is the weekend that you finally re-create Grandpa’s famous lasagna … or maybe just lose yourself in some kitchen organization.”

Tagle’s simple self-help counsel quickly ignited social media scorn, seemingly touching a nerve among numerous commentators.

National Review’s Dan McLaughlin tweeted that the piece indicated that NPR employees “really do not envision their audience as grown adults.”

“I’m all for mental health awareness and therapeutic care,” tweeted Daily Beast editor Anthony Fisher, before ultimately dismissing Tagle’s article as “a lifestyle guide for narcissists.”

 

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It was written by and represents the research-based opinions of Michael J. Socolow, Associate Professor, Communication and Journalism, University of Maine.

 

The piece and its condemnation raise issues involving research about the mental and psychological toll of everyday news consumption that’s gone largely unnoticed by the public over the last few years. Recent surveys and research on the subject have only occasionally been publicized in the general press. The COVID-19 global pandemic – and the doomsday news reports it sparked – attracted a bit more attention to this research.

Yet the mental and psychological toll of news consumption remains largely unknown to the general news consumer. Even if the research isn’t widely known, the emotions felt by what one Northwestern University Medical School article called “headline stress disorder” probably exist for an certain unknown proportion of news consumers. After all, if these feelings didn’t exist for at least some of their listening audience, NPR would never have published that piece. Nor would Fox News have published a similar article to help its viewers cope.

 

Image: Barron’s headline, December 2022

 

News Threatens Mental Stability

The idea that more news, delivered faster through new and addicting technologies, can cause psychological and medical harm has a long history in the United States.

Media scholars like Daniel Czitrom and Jeffrey Sconce have noted how contemporaneous research linked the emergence and prevalence of neurasthenia to the rapid proliferation of telegraphic news in the late 19th century. Neurasthenia is defined by Merriam-Webster as “a condition that is characterized especially by physical and mental exhaustion usually with accompanying symptoms (such as headache and irritability).” Early 19th-century scientific exploration in neurology and psychiatry suggested that too much news consumption might lead to “nervous exhaustion” and other maladies.

In my own research into social psychology and radio listening, I noticed the same medical descriptions recurring in the 1920s, once radio became widespread. News reports chronicled how radio listening and radio news consumption seemed to threaten some people’s mental stability.

One front-page New York Times article in 1923 noted that a woman in Minnesota was divorcing her husband on the then-novel grounds that he suffered from “radio mania.” The wife felt her husband “paid more attention to his radio apparatus than to her or their home,” which had apparently “alienated his affection” from her.

Similar reports of addiction, mania and psychological entanglement spawned by new media emerged again as television proliferated in the American home in the 1950s, and again with the proliferation of the internet.

The public discussion of psychological addiction and mental harm caused by new technologies, and the ensuing moral panics they spawn, appears periodically as new communication technologies emerge. But, historically, adjustment and integration of new media occurs over time, and disorders such as neurasthenia and “radio mania” are largely forgotten.

 

Image: A story from the Dec. 2, 1923, New York Times
front page. New York Times
archive

 

Anxious about Frightening News

“Headline stress disorder” might sound ridiculous to some, but research does show that reading the news can make certain subsets of news consumers develop measurable emotional effects.

There are numerous studies looking into this phenomenon. In general, they find some people, under certain conditions, can be vulnerable to potentially harmful and diagnosable levels of anxiety if exposed to certain types of news reports.

The problem for researchers is isolating the exact subset of news consumers this happens to, and describing precisely the effect that occurs in response to specific identified news subjects and methods of news consumption.

 

Image: Canadian Press headline, March 2022

 

It is not only probable, but even likely, that many people are made more anxious by the widespread distribution of frightening news. And if a news consumer has a diagnosed anxiety disorder, depression, or other identified mental health challenge, the likelihood that obviously distressing news reports would amplify and inflame such underlying issues seems almost certain.

Just because popular culture manages to pathologize much of everyday behavior doesn’t mean identified problems aren’t real, as those skewering the NPR story implied.

We all eat; but some of us eat far too much. When that occurs, everyday behavior is transformed into actions that can threaten health and survival. Likewise, most of us strive to stay informed, but it’s likely that in certain situations, for certain people, staying informed when the news is particularly frightening can threaten their mental health.

Therefore, the question is not whether the problem is real, but how research might quantify and describe its true prevalence, and how to address the problem.

And that’s precisely why the NPR article caused such a stir. Many people who consume news without problem couldn’t fathom why others might benefit from learning how to cope with “headline stress disorder.”

In reality, the criticism aimed at NPR says nothing about those who find our current run of bad news, particularly anxiety provoking. It does say a lot about the lack of empathy from those who would scoff at the idea.

 

Suggested Reading

Are ESG Social and Governance Policies Why Companies Stopped Russian Operations?

EV Inflation Outpacing Traditional Cars

Nancy Pelosi’s Coattail Investors Get an Update

Cathie Wood is Even More Positive About Innovative Companies with Global Turmoil

 

Stay up to date. Follow us:

Friday, March 11, 2022

Townsquare Media (TSQ)
A Digital Media Company At A Radio Multiple

Townsquare Media Inc is an entertainment and media company offering digital marketing solutions in the United States and Canada. It owns and operates radio stations, social media properties focusing the small and mid-cap companies. Services offered to the clients include live events, local advertising, digital advertising, e-commerce offerings, few others. The segments through which the company operates its businesses are classified into Local marketing solutions and Entertainment segments. Revenues are generated from commercials through broadcasts and sale of internet based advertisements.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q4 exceeds expectations. The company reported Q4 net revenue of $110.5 million, 2% above our expectation of $108.5 million. Adj. EBITDA of $25.6 million beat our estimate of $24.5 million by 4.4%. The enhanced results were driven by better than expected revenue growth in its Digital businesses, which grew nicely in the double digits.

Digital shines.  The company revised its segment reporting to provide more transparency in its attractive Digital businesses. Digital revenue grew at double-digit rates and was 48% of total revenue in 4Q21. Given the strong performance, management updated its Digital revenue guidance to $275 million in 2024, up from $250 million previously, a compelling 11.5% CAGR from 2021 to 2024 …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Salem Media Group, Inc. Schedules 2022 Annual Meeting of Stockholders

Research, News, and Market Data on Salem Media

 

IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (NASDAQ: SALM) announced today that it has scheduled its 2022 Annual Meeting of Stockholders to be held on Wednesday, May 4, 2022, at Salem’s principal executive offices, which are located at 6400 N. Belt Line Road, Irving, Texas, 75063, at 11:30 a.m. C.D.T.

Salem also announced the record date applicable for the voting of shares at the Annual Meeting to be March 9, 2022.

ABOUT SALEM MEDIA GROUP:

Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising of 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. Learn more about Salem Media Group, Inc. at www.salemmedia.com, Facebook and Twitter.

Evan D. Masyr
Executive Vice President and Chief Financial Officer
(805) 384-4512
evan@salemmedia.com

Source: Salem Media Group, Inc.

Salem Media Group, Inc. Schedules 2022 Annual Meeting of Stockholders

Research, News, and Market Data on Salem Media

 

IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (NASDAQ: SALM) announced today that it has scheduled its 2022 Annual Meeting of Stockholders to be held on Wednesday, May 4, 2022, at Salem’s principal executive offices, which are located at 6400 N. Belt Line Road, Irving, Texas, 75063, at 11:30 a.m. C.D.T.

Salem also announced the record date applicable for the voting of shares at the Annual Meeting to be March 9, 2022.

ABOUT SALEM MEDIA GROUP:

Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising of 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. Learn more about Salem Media Group, Inc. at www.salemmedia.com, Facebook and Twitter.

Evan D. Masyr
Executive Vice President and Chief Financial Officer
(805) 384-4512
evan@salemmedia.com

Source: Salem Media Group, Inc.

Friday, March 04, 2022

Travelzoo (TZOO)
Why Investors Should Not Look In The Rearview Mirror

Travelzoo is a US-based company which acts as a publisher of travel and entertainment offers. The company informs a varied number of members in Asia Pacific, Europe, and North America, as well as millions of website users, about the best travel, entertainment and local deals available from various companies. It provides travel, entertainment, and local businesses in a flexible manner to the various customer. The company operates in three geographic segments namely Asia Pacific, Europe, and North America. Travelzoo derives its revenue through advertising fees including listing fees paid by travel, entertainment, and local businesses to advertise their offers on company’s media properties. Most of the company’s revenue is derived from the North America.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Disappointing results. For the 4th quarter of 2021, the company reported revenue of $14.1 million, 20% below our estimate of $17.6 million. Adj. EBITDA was negative in the quarter, at a loss of $2 million, $4.5 million below our estimate of $2.5 million.


The Omicron effect.  We believe that the Omicron variant, which adversely affected Q4, appears to be waning. In our view, there is a strong pent up demand for travel. While many consumers are booking travel close to the travel time, there appears to be a strong pent up demand for travel …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Friday, March 04, 2022

Entravision Communications (EVC)
A Strong Growth, Digital Media Company Below A Radio Multiple

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Strong finish to 2021. Q4 2021 revenue was $233.9 million, beating our forecast of $226.1 million. Adj. EBITDA was $32.5 million, beating our estimate of $30.3 million. All three of the company’s segments contributed to the stronger than expected results.


Digital remains strong.  Digital Media accounted for 76% of total company revenue. Digital cash flow margins also improved in 2021. Cash flow margins for the year were 6.7% compared with 4% in 2020 …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Friday, March 04, 2022

Salem Media (SALM)
On Track For A Good Year

Salem Media Group is America’s leading radio broadcaster, Internet content provider, and magazine and book publisher targeting audiences interested in Christian and family-themed content and conservative values. In addition to its radio properties, Salem owns Salem Radio Network, which syndicates talk, news and music programming to approximately 2700 affiliates; Salem Radio Representatives, a national radio advertising sales force; Salem Web Network, a leading Internet provider of Christian content and online streaming; and Salem Publishing, a leading publisher of Christian themed magazines. Salem owns and operates 115 radio stations, with 73 stations in the nation’s top 25 top markets – and 25 in the top 10. Each of our radio properties has a full portfolio of broadcast and digital marketing opportunities.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Andres Miranda Lopez, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q4 results. Fourth-quarter revenues of $69.1 million were stronger than our $64.8 million, growing a remarkable 7.2% year-over-year. The Publishing segment was the main driver of revenue growth, generating $6.5 million in revenue, a 27.1% increase YoY. Adjusted EBITDA was $10.8 million compared to our $9.6 million estimate, a 9.3% upside variance.


Continuing the digital path.  Digital revenue comprised roughly 29% of total revenues, ten years ago that figure was only 12%. The newest channel of digital revenues, Podcast revenues, were $1.6 million in the quarter, a notable result to end its first year of existence. Management intends to expand the company’s digital footprint through its different platforms …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.