Salem Media Group reported a $17.6 million net loss for Q2 ending June 30, compared to a $2.3 million net income in the same period last year, driven by lower revenues and a $25.2 million impairment charge on broadcast licenses.
Total net revenue decreased 10.7% to $54.1 million from $60.6 million, with broadcast revenue falling to $42.1 million from $47.1 million, digital media revenue dropping to $10.6 million from $11.9 million, and publishing revenue slightly down to $1.5 million from $1.6 million.
Operating expenses rose to $76.5 million from $54.9 million, primarily due to the impairment charge, $0.4 million in restructuring costs from selling Contemporary Christian Music stations, and increased publishing costs. Excluding the impairment, operating expenses were slightly lower than last year.
The company recorded gains from asset sales, including an $11.2 million pre-tax gain from selling its remaining seven CCM stations for $80 million on April 4. The proceeds repaid a $72 million secured promissory note from late 2024.