---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-276041"
form_type: "8-K"
ticker: "SALM"
cik: "0001050606"
company_name: "SALEM MEDIA GROUP, INC. /DE/"
filed_at: "2023-11-13T23:59:59+00:00"
generated_at: "2026-06-08T04:35:07.176981+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Salem Media Q3 revenue down 5% to $63.5M; net loss widens to $31.3M on $35.1M impairment

## Summary
- Total revenue $63.5M (-5.0% YoY); net loss $31.3M ($1.15 EPS) vs $11.9M loss prior year.
- Operating loss $36.3M includes $35.1M broadcast license impairment; adjusted EBITDA up 9.3% to $2.5M.
- Broadcast revenue down 4.2% to $49.0M; station operating income fell 31.8% to $6.8M.
- Agreed to sell Salem Church Products for $30M in Q4 2023; sold Greenville stations for $6.8M in Nov.
- Q4 2023 outlook: total revenue to decline 6-8% YoY; excluding political and asset sales, decline 2-4%.

## SEC filing metadata
- accession: 0001193125-23-276041
- form_type: 8-K
- ticker: SALM
- cik: 0001050606
- company_name: SALEM MEDIA GROUP, INC. /DE/
- filed_at: 2023-11-13T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1050606/000119312523276041/0001193125-23-276041-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1050606/000119312523276041/d396232d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-276041
- JSON: https://secwatch.observer/filing/0001193125-23-276041.json
- Plain text: https://secwatch.observer/filing/0001193125-23-276041.txt

## Key facts
- Earnings Releases
  SALEM MEDIA GROUP, INC. /DE/ reported the quarter ended September 30, 2023 results: revenue $63.5 million, net income $31.3 million, or $1.15 net loss per share, EPS $1.15 net loss per share.
  - Period: the quarter ended September 30, 2023
  - Revenue: $63.5 million
  - Net income: $31.3 million, or $1.15 net loss per share
  - EPS: $1.15 net loss per share
  - Result: reported results
  source text: of operations for the quarter ended September 30, 2023. --- EX-99.1 (EX-99.1) --- EX-99.1 Exhibit 99.1 SALEM MEDIA GROUP, INC. ANNOUNCES THIRD QUARTER 2023 TOTAL REVENUE OF $63.5 MILLION IRVING, TX November 13, 2023 – Salem Media Group, Inc. (the “company”) (Nasdaq: SALM) released its results for the three and nine months ended September 30, 2023. Third Quarter
  evidence_url: https://www.sec.gov/Archives/edgar/data/1050606/000119312523276041/0001193125-23-276041-index.htm
- Earnings Releases
  SALEM MEDIA GROUP, INC. /DE/ reported the nine months ended September 30, 2023 results: revenue $192.8 million, net income $43.5 million, or $1.60 net loss per share, EPS $1.60 net loss per share.
  - Period: the nine months ended September 30, 2023
  - Revenue: $192.8 million
  - Net income: $43.5 million, or $1.60 net loss per share
  - EPS: $1.60 net loss per share
  - Result: reported results
  source text: 2022. Year to Date 2023 Results For the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022: Consolidated • Total revenue decreased 2.7% to $192.8 million from $198.2 million; • Total operating expenses increased 21.9% to $237.3 million from $194.6 million; • Operating expenses, excluding gains or losses on the disposition of
  evidence_url: https://www.sec.gov/Archives/edgar/data/1050606/000119312523276041/0001193125-23-276041-index.htm

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