SALEM MEDIA GROUP Business Summary

Salem Media Group, Inc. (SALM) is a premier multimedia company specializing in Christian and conservative content, generating revenue through a diversified mix of advertising, airtime programming, digital subscriptions, and publishing services. The company operates through three primary segments: Broadcast, Digital Media, and Publishing. The Broadcast segment manages approximately 91 owned-and-operated radio stations and syndicates talk, news, and music programming to over 2,900 affiliates nationwide. The Digital Media segment, which includes platforms like Townhall.com, RedState.com, and the Salem Podcast Network, leverages high-margin streaming and subscription models, such as Eagle Financial Publications. Following the 2023 sale of its Regnery Publishing imprint to Skyhorse Publishing, the company’s Publishing segment now focuses on Salem Books and author services. Salem Media Group competes directly with iHeartMedia, Cumulus Media, SiriusXM, and the Educational Media Foundation (EMF), maintaining a dominant niche position as the leading commercial provider of values-based media for the religious and conservative demographic. Founded in 1974 by Stuart W. Epperson and Edward G. Atsinger III, Salem is currently led by Chief Executive Officer David Santrella, a veteran who previously spearheaded the company’s broadcast division. The executive team includes Evan D. Masyr as Executive Vice President and CFO, and Jamie Cohen, who was promoted to the newly created role of Chief Digital Officer in late 2025 to unify the company’s digital transformation strategy. Linnae Young serves as Chief Revenue Officer, overseeing integrated sales across all platforms. Following a major 2025 leadership transition, Richard von Gnechten, the COO of strategic investor WaterStone, serves as Chairman of the Board, while co-founder Edward G. Atsinger III remains a Director after stepping down from his Executive Chairman role. WaterStone (the Christian Community Foundation) is a notable strategic investor, holding significant voting power through Series B convertible preferred stock, which has anchored the company’s recent debt restructuring and digital-first pivot.