{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-22-276897","form_type":"8-K","ticker":"SALM","cik":"0001050606","company_name":"SALEM MEDIA GROUP, INC. /DE/","filed_at":"2022-11-03T23:59:59+00:00","discovered_at":"2026-05-14T18:03:49.418576+00:00","generated_at":"2026-06-22T07:45:40.040735+00:00","sec_items":["2.02","7.01","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Salem Media Q3 revenue up 1.3% to $66.9M but net loss $11.9M vs prior year profit; guides Q4 revenue down 3-5%","bullets":["Net loss of $11.9M ($0.44 loss per share) compared to net income of $22.1M ($0.81 EPS) in Q3 2021.","Adjusted EBITDA fell 78.8% to $2.3M; operating loss of $8.8M vs operating income of $15.8M.","Recorded $7.7M impairment of broadcast licenses across 12 markets and $3.8M legal settlement expense.","Broadcast revenue up 3.1% to $51.1M, but station operating income (SOI) decreased 17.9% to $10.0M.","Q4 2022 outlook: total revenue expected to decrease 3-5% YoY; Recurring Operating Expenses up 4-7%."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-22-276897","json":"https://secwatch.observer/filing/0001193125-22-276897.json","markdown":"https://secwatch.observer/filing/0001193125-22-276897.md","text":"https://secwatch.observer/filing/0001193125-22-276897.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1050606/000119312522276897/0001193125-22-276897-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1050606/000119312522276897/d414340d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-22T07:45:40.040735+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"e8aedcacd90b5626f2a1fd3e8f5a12eaa160b4af","claim":"SALEM MEDIA GROUP, INC. /DE/ reported the quarter ended September 30, 2022 results: revenue $66.9 million, net income $11.9 million, EPS $0.44 net loss per share.","evidence_excerpt":"Third Quarter 2022 Results For the quarter ended September 30, 2022 compared to the quarter ended September 30, 2021: Consolidated • Total revenue increased 1.3% to $66.9 million from $66.0 million; • Total operating expenses increased 50.7% to $75.6 million from $50.2 million; • Operating expenses, excluding stock-based compensation expense, debt modification costs, gains and losses on the sale or disposition of assets, legal settlement, impairments, depreciation expense and amortization expense (1) increased 10.3% to $60.8 million from $55.2 million; • The company had an operating loss of $8.8 million compared to operating income of $15.8 million; • The company recognized $0.1 million in film distribution income from an unconsolidated equity investment; • The company had a net loss of $11.9 million, or $0.44 net loss per share compared to net income of $22.1 million, or $0.81 net income per diluted share; • EBITDA (1) decreased to $(5.7) million from $30.2 million; and • Adjusted EBI","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1050606/000119312522276897/0001193125-22-276897-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the quarter ended September 30, 2022"},{"label":"Revenue","value":"$66.9 million"},{"label":"Net income","value":"$11.9 million"},{"label":"EPS","value":"$0.44 net loss per share"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"fbc25fb458af0749242c26d54db5f8e83aa1c04f","claim":"SALEM MEDIA GROUP, INC. /DE/ reported the nine months ended September 30, 2022 results: revenue $198.2 million, net income $1.0 million, EPS $0.04 net loss per share.","evidence_excerpt":"Year to Date 2022 Results For the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021: Consolidated • Total revenue increased 4.8% to $198.2 million from $189.1 million; • Total operating expenses increased 19.2% to $194.6 million from $163.3 million; • Operating expenses, excluding stock-based compensation expense, debt modification costs, gains and losses on the sale or disposition of assets, legal settlement, impairments, depreciation expense and amortization expense (1) increased 9.2% to $176.6 million from $161.6 million; • The company’s operating income decreased 86.4% to $3.5 million from $25.8 million; • The company recognized $4.0 million in film distribution income from an unconsolidated equity investment; • The company had a net loss of $1.0 million, or $0.04 net loss per share compared to net income of $24.7 million, or $0.91 net income per diluted share; • EBITDA (1) decreased 63.6% to $17.0 million from $46.7 million; and • Adjusted E","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1050606/000119312522276897/0001193125-22-276897-index.htm","confidence":0.95,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the nine months ended September 30, 2022"},{"label":"Revenue","value":"$198.2 million"},{"label":"Net income","value":"$1.0 million"},{"label":"EPS","value":"$0.04 net loss per share"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}