---
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"
generated_at: "2026-06-22T07:45:40.040735+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# 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%

## Summary
- 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%.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-22-276897
- JSON: https://secwatch.observer/filing/0001193125-22-276897.json
- Plain text: https://secwatch.observer/filing/0001193125-22-276897.txt

## Key facts
- Earnings Releases
  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.
  - Period: the quarter ended September 30, 2022
  - Revenue: $66.9 million
  - Net income: $11.9 million
  - EPS: $0.44 net loss per share
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1050606/000119312522276897/0001193125-22-276897-index.htm
- Earnings Releases
  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.
  - Period: the nine months ended September 30, 2022
  - Revenue: $198.2 million
  - Net income: $1.0 million
  - EPS: $0.04 net loss per share
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1050606/000119312522276897/0001193125-22-276897-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.