Thursday, December 28, 2023
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Announces a new credit facility. The company announced that it has a new $26.0 million credit facility with Siena Lending Group, replacing its prior revolver with Wells Fargo Bank. We believe that the new revolver allows some financial flexibility as the company works to close on the sale of its Church Publishing division.
Likely to largely pay off the revolver. The sale of Salem Church Products business to Gloo, LLC for $30 million has been somewhat delayed, but is still on track to close imminently. In our view, the proceeds from the sale will be used to largely pay off the company’s revolver, providing further financial flexibility.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.