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Friday, March 27, 2020
Salem Media (SALM)
A Not Surprising Move
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.
Refer to the full report for the price target, fundamental analysis, and rating.
Withdraws Q1 guidance. The company announced that it has withdrawn revenue and its expense guidance for Q1 given the economic and advertising impact of the Coronavirus. Like most advertising driven businesses, this move was not a surprise.
Original guidance. Original guidance anticipated that revenues would be flat to a decrease of 2% and expenses would be flat to an increase of 3%, which was in line with our previous estimates. We believe that the quarter started strongly but quickly deteriorated in the last weeks of March when the Coronavirus had a large affect on the economy and…
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This 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.