Salem Media Narrows Q1 2026 Net Loss

Salem Media Group reported a significantly narrower net loss for the first quarter of 2026 as operating expenses declined sharply, even as total revenue fell year-over-year.

For the quarter ended March 31, Salem posted net revenue of $45.9 million, down from $51.7 million in Q1 2025. 

The company narrowed its net loss to $2.6 million, or $0.08 per share, compared with a loss of $7.1 million, or $0.24 per share, a year earlier.

Operating expenses decreased to $48.4 million from $61 million, helped by the absence of restructuring costs recorded in the prior-year quarter. Selling, general and administrative expenses also declined.

All major revenue categories posted declines:

• Broadcast programming revenue fell to $17.2 million from $18.4 million.
• Broadcast advertising revenue dropped to $9.3 million from $10.2 million.
• Digital revenue slipped to $18.1 million from $19.7 million.

Salem sold its economic interest in a tower site in Honolulu during the quarter for approximately $700,000, recording a matching pre-tax gain. The company also plans to complete a $6 million sale-leaseback transaction for its Irving, Texas headquarters in the second quarter.

As of March 31, Salem had $8.9 million outstanding under its asset-based revolving credit facility, with approximately $5.1 million in remaining borrowing availability.

Separately, the company announced on May 12 that WaterStone has agreed to acquire all outstanding shares of Salem Media common stock for $1.00 per share. The deal is expected to close in August, subject to shareholder and regulatory approvals.