CAMARILLO, Calif. - Salem Media Group, Inc. (OTCQX: SALM) has announced the upcoming retirement of Jerry Crowley, the Vice President/General Manager of Salem Media of New York, effective the end of 2024. Crowley, who has been with Salem since 2013, will be concluding his 11-year tenure with the company, where he has played a pivotal role in managing New York's WMCA 570 AM and WNYM 970 AM.
During his career at Salem Media Group, Crowley has been acknowledged for his visionary leadership and dedication, which have been instrumental in strengthening the company's presence in the competitive New York market. His contributions to the industry span over a significant period, preceding his Salem career with an 18-year stint at WOR, New York, where he held positions including Sales Manager and VP/GM.
Dave Santrella, CEO of Salem Media, praised Crowley's depth of knowledge and influence on the New York staff, ministry partners, and local advertising clients. Santrella's statement highlighted Crowley's remarkable energy and the educational impact of his daily work on those around him.
Crowley's departure marks the end of a notable chapter in New York talk radio history. He expressed gratitude for his time with Salem, considering it an inspiring company for those wishing to make a difference through broadcast media.
Salem Media Group, recognized for its Christian and conservative content, operates media properties across radio, digital media, and book and newsletter publishing. The company serves a dedicated national audience, offering content from respected figures in the Christian and conservative media landscape.
As Crowley's retirement approaches, Salem Media Group extends its congratulations for his successful career and impactful leadership, wishing him well in his future endeavors. This transition is noted as a significant moment for the company, which will be looking to build on the strong foundation established by Crowley's leadership.
The information in this article is based on a press release statement.
InvestingPro Insights
As Salem Media Group prepares for Jerry Crowley's retirement, recent financial data from InvestingPro sheds light on the company's current position. Salem's market capitalization stands at $7.48 million, reflecting its status as a small-cap media entity. The company's revenue for the last twelve months as of Q2 2024 was $248.61 million, with a revenue growth rate of -6.16% over the same period, indicating some challenges in the competitive media landscape.
InvestingPro Tips highlight potential areas of concern and opportunity for Salem Media Group:
1. The company's revenue growth has been negative, suggesting difficulties in expanding its market share or monetizing its audience effectively.
2. Salem's stock is trading at a significant discount to its fair value based on analyst price targets, which could indicate potential upside for investors if the company can improve its performance.
These insights are particularly relevant given the upcoming leadership transition. Crowley's departure comes at a time when Salem Media Group faces financial headwinds, as evidenced by its negative operating income of $1.75 million in the last twelve months. The new leadership will need to address these challenges while maintaining the company's strong position in the Christian and conservative media niche.
For investors and industry observers interested in a deeper analysis, InvestingPro offers 13 additional tips for Salem Media Group, providing a more comprehensive view of the company's financial health and market position.
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