Salem profits soar on higher Internet revenue
Christian and conservative media operator Salem Communications Corp.’s third-quarter profits jumped 58 percent to $5.3 million, or 21 cents per share, as revenue increased 3.1 percent to $58.5 million.
The Camarillo-based firm’s revenue continued to shift to the Web, with third-quarter Internet revenue increasing 20.4 percent to $9.4 million.
In contrast, Salem’s broadcast revenue flatlined at $46 million and station operating income fell 0.6 percent to $15.2 million. Salem’s publishing revenue increased 1.6 percent to $3.1 million.
Salem, traded on the Nasdaq stock exchange, serves up political commentary on websites such as HotAir.com and on dozens of talk-radio stations across the country.
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