Salem Media’s 2025 Total Net Revenue Down 10.5%
Salem Media Group reveals its operating results for 2025 and reports total net revenue of $212.7 million, a decline of 10.5% over 2024’s reported $237.6 million. The company’s total operating expenses rose
3.9% to $252.4 million in 2025. After posting net income of $16.2 million in 2024, the company is reporting a net loss of $34.6 million in 2025. Salem reports revenue by segments and the erosion of its broadcast advertising revenue was dramatic after it shut down its Christian music formats and sold numerous radio stations, falling 36% — from $62.6 million in 2024 to $40.75 million in 2025. However, the company’s digital revenue (including advertising, streaming, downloads, and subscriptions) rose 5.5% from $83.8 million in 2024 to $88.4 million in 2025.
company says that digital revenue increased 25.8% to $4.3 million in the fourth quarter, compared to $3.5 million for the same period last year. For the full year of 2025, Saga posts a net loss of $7.9 million compared to the net income of $3.46 million it reported for the full year of 2024.
2024. Urban One CEO and president Alfred C. Liggins, III, states, “As expected, we had a tough fourth quarter due to a combination of non-recurring political advertising, soft radio markets and declining audience delivery in our cable television business. Despite this, we were able to achieve full-year Adjusted EBITDA within our previous guidance range at $56.7 million. The biggest revenue drag in the fourth quarter resulted from weak cable TV prime delivery, down approximately 20.0% from the third quarter, although we have seen a significant recovery in the first quarter 2026 as the revised Nielsen methodology has given us an approximate 40.0% – 50.0% lift compared to the fourth quarter 2025. Radio pacings in the first quarter of 2026 are currently down 5%, but we remain positive on the outlook for mid-term political revenues later in the year. I was pleased that we were able to repurchase a significant amount of our 2028 Notes at a discount, extend out the maturity on all but a small stub of the notes, and increase the size and term of our ABL Credit Agreement. This transaction sets up the company with a stable capital structure and extended maturity runway to allow us to continue to de-lever the business. In January 2026 we also regained compliance with the Nasdaq listing requirements by effectuating a 1-for-10 reverse stock split.”
out. The power-packed, one-day agenda is being organized and designed to address the field of talk media’s most pressing and existential issues. TALKERS publisher Michael Harrison states, “This important conference will illuminate the forward path of the expanding talk media universe, including all aspects of digital communications from AI and podcasting to streaming networks. As has been its tradition, this latest TALKERS conference will approach the onrushing future of the talk business from a radio perspective. This crucial gathering will cover the new undeniable realities of the radio business for those who not only want to survive but thrive as well. It will be about opportunities, networking, and entrepreneurism for individuals in talent, programming, sales, marketing, and management who are serious about staying in the game.”
News/talk, sports talk, all-news, and general talk will be amply covered. There will be over 50 top industry speakers, and registration is limited to insure intimacy. Attendance at the conference is only open to members of the working media and directly associated industries as well as students enrolled in accredited learning institutions. All attendees will be required to register in advance on the phone payable by credit card.
Because attendance will be limited, the conference is again expected to be an early sellout. The all-inclusive registration fee covering convention events, exhibits, food, and services for the day is $260. However, attendees can take advantage of the early bird fee of $150 available until 5:00 pm ET on Friday, April 3. All registrations are non-refundable. This power-packed, one-day event is being presented in association with Hofstra’s multi-award-winning station, WRHU Radio and the school’s Lawrence Herbert School of Communication.
podcasts that will deliver weekly gaming and culture programming across its multiplatform network. iHeartMedia president of business development and strategic partnerships Michael Biondo says, “This collaboration shows iHeart’s commitment to authentically elevating gaming culture. Together, iHeart and GGL are creating a new blueprint for how gaming lives inside mainstream culture—bringing competitive gaming to listeners and new fans nationwide by introducing them directly into the Global Gaming League ecosystem.”
pharmaceutical brand’s original buy targeting adults 18-54, 100% of the budget was allocated to traditional television, with 87% to broadcast and 13% to cable. This achieved a reach of 39%. By shifting only 5% of the total spend away from the usual go-to television outlets, and into podcasts, reach increased significantly. Reach among those ages 18-54 went from 39% in the old campaign to 55% in the new campaign, a lift of 41%. Note that this is shifting dollars, not adding dollars. The brand reached 26 million additional people without increasing the advertising budget.
during an informal conversation with his longtime friend, music industry publicist Anne Leighton on her YouTube program, “The Anne Leighton Inclusion Interview.” Harrison talks about the evolution of radio and its influence on popular culture through more than a half century of 
broadcasting adventures including his present-day role as a member of the classic rock band, Gunhill Road. Harrison states, “Anne is such a unique player in this business – a longtime proponent of music discovery – she has such a respect for the artists and their fans. Her podcast is SO refreshingly grassroots. It was a remarkable, fun experience talking with her about all that cool stuff.” Fans of music and radio history should not miss this. 
“conducting a search for a new director of sales, a dynamic leader who values their connection with the Long Island community. The ideal candidate will be a high-energy seller experienced in developing custom marketing solutions leveraging assets like broadcast media, digital capabilities, and event marketing. Leadership experience, a passion for driving results, and a talent for building strong client relationships are essential.” 
journalists. The attorney for Hoffman and co-litigants Brandi Kruse and Jonathan Choe argued that the “process used to deny them press credentials was vague and arbitrarily applied, violating their due-process rights, and withholding access because of they disagree with the lawmakers’ political views violates their constitutional rights of free speech and free press.” U.S. District Judge David Estudillo denied the TRO, saying, “The three failed to show that they are likely to succeed on their free press or due process claims, and the ‘House has a substantial interest in ensuring the reporters it permits to access the House floor meet the credential standards promulgated so the House may debate and pass laws without interruption or lobbying in that space.’” This story, as reported by KSL-FM, Salt Lake City, says, “The Washington State Capitol Correspondents Association guidelines for granting press passes says the person must be ‘a bona fide journalist’ and there must be a line ‘between professional journalism and political or policy work.’ The association shifted the credentialing process to the Legislature after the three threatened a lawsuit in 2025. The Senate eventually issued the passes, but the House took over the process and denied the pass requests.” The three say they will appeal. 
Amendment are challenged on every front, the journalists, organizations and individuals we honor today stand as powerful examples of courage, integrity and unwavering commitment to the free flow of information. Their work informs, supports and strengthens our communities, and it definitely protects the core principles that make a free press essential to democracy. We are proud to shine a spotlight on these champions of press freedom and to celebrate their vital contributions.” Honorees include recently retired WGN, Chicago news anchor Steve Bertrand; former “60 Minutes” executive producer Bill Owens; and FOX News pentagon reporter Jennifer Griffin. 
titled, “We’ll Do it Live!” The new podcast debuts this Thursday (3/12) at noon ET for his Concierge and Premium Members and at 7:00 pm ET for everyone else. O’Reilly’s first guest is comic and actor Rob Schneider. O’Reilly says he and Schneider will discuss his time on SNL, the impact of COVID, and what led him to where he is politically today.
reduction and asset-optimization initiatives, it went into refinancing mode in May of 2024, pushing loans that matured in 2026 into 2029. The filing states, “Despite these measures, ongoing industry revenue declines and macroeconomic headwinds continued to constrain liquidity and free cash flow. As a result of these various pressures, in the last quarter of 2025, the Company, with the assistance of its advisors, began to explore various strategic alternatives and potential liquidity-enhancing transactions. After considering the available options, the Debtors and their advisors determined that the best path forward was to implement a comprehensive recapitalization transaction either out-of-court or through the filing of prepackaged chapter 11 cases.” The key provisions of the Plan are: “2029 Secured Claims will be canceled in exchange for 95% of the equity in the reorganized Company” and “Other Funded Debt Claims will be canceled in exchange for 5% of the equity in the reorganized Company.” Additionally, the current Board of Directors will be discharged and it will be up to the new Board whether it keeps any or all of the current organization’s corporate officers. 
Small businesses often underestimate their greatest competitive edge. It’s not price. It’s not selection.
with Jon Marks (right) from 2013 to 2015. Beasley Philadelphia VP and market manager Paul Blake says, “Sean is back, and we’re better for it. He and Jon have proven chemistry and a shared competitive drive that fits this brand perfectly. Our fans expect passion and strong takes. That’s exactly what they’ll get every weekday at 10 am.” Brace comments, “‘97.5 The Fanatic’ is where this all began for me. So, to come back and join Jon Marks & Ray Dunne five days a week is something I’m incredibly proud of. Really looking forward to delivering the best four hours of sports radio in the city every day from 10 to 2.”
audience looking for real-time news and opinion.” Salem News VP and general manager Cary Pahigian adds, “Expanding Salem News Channel onto Prime Video allows us to bring our programming to one of the largest streaming audiences in the world. As more viewers shift to streaming platforms for news and commentary, we are focused on ensuring Salem’s voices and perspectives are available wherever audiences are watching.”
participating networks. In order from #1 to #5 are NPR’s “NPR News Now,” The New York Times’ “The Daily,” “Up First from NPR,” NBC Universal’s “Dateline NBC,” and FOX Audio Networks’ “FOX News Hourly Update.” Other talk radio-related shows of note include DailyWire’s “The Ben Shapiro Show” at #7 and Silverloch’s “The Dan Bongino Show” at #9. 
and 25–54 with double-digit shares of 13.9 and 13.1, respectively. The show is hosted by DJ Envy, Jess Hilarious, and Charlamagne Tha God and plays an important role in urban youth culture. iHeartMedia EVP of programming Thea Mitchem states, “The Breakfast Club continues to set the standard for what a truly multiplatform powerhouse looks like. These record‑setting ratings are a direct reflection of the team’s talent, consistency, and cultural impact. DJ Envy, Jess Hilarious, Charlamagne Tha God, and our exceptional production and digital teams deliver a show that resonates deeply with audiences across every platform. We’re incredibly proud of this achievement and grateful to the listeners of New York who make ‘The Breakfast Club’ a defining force in media.”
Networks has a sterling reputation in our industry with a tremendous product line and management team. I cannot wait to get started and superserve our clients.” Additional moves include Laura Peyer being promoted to SVP of advertising sales; Anthony Severino being upped to VP of sales planning; Michael Weiss rising to VP of advertising sales; and Laura Schaefer named as director of advertising sales & manager of sales planning. Compass president of advertising sales & marketing Paul Gregery states, “It is truly my very good fortune to work with such a talented, hardworking, and passionate group of people. We are thrilled to welcome Stephanie to our wonderful company and equally thrilled to honor her colleagues with their promotions.”
breathe talk radio? We’re looking for a program director to lead our talk radio stations to the next level.
macroeconomic and industry-wide pressures we have faced have remained unrelenting. Against that backdrop, it became clear that Cumulus’s remaining debt burden limited our ability to fully realize the company’s potential, and this agreement represents a major step forward. The prepackaged process is intended to address the company’s debt efficiently with no disruption to our operations, our people, and our strategies. On emergence, a stronger financial foundation will better position Cumulus to continue investing in premium content, enriched audience experiences, advertiser performance enhancements, and the ongoing growth of our digital marketing offerings.” Cumulus has filed a proposed Plan of Reorganization that incorporates the terms of the RSA and is subject to approval by the Court. The requisite majority of debtholders committed to vote in favor of the Plan, which calls for the cancellation of 100% of the company’s existing funded indebtedness in exchange for 100% of the company’s reorganized equity and $50 million of new convertible notes, as well as the amendment and restatement of the company’s asset-based revolving credit facility to provide continued liquidity. Cumulus expects that the Court will hold a hearing to consider the approval of the Plan within 60 days of the filing date and that the company will emerge from bankruptcy following receipt of required regulatory approvals from the Federal Communications Commission.