Salem Media Group ( SALM Quick Quote SALM - Free Report) recently announced that it would restructure Chicago Station AM 560’s news and traffic operations from the beginning of 2022. Mike Scott who has been anchoring the newscasts on the station each weekday, between 5 am and noon, for the last 17 years, came in through an agreement between AM 560 and Total Traffic and Weather Network and NBC News Radio. This contract, which expires at the end of 2021, will not be renewed. As part of Salem’s overhaul program, Mike Scott will transition into a full-time position with AM 560 as news director, effective Jan 1, 2022. Mike Scott would also anchor Salem Podcast Network’s Daybreak Insider Podcast, which was launched in September 2021. The Salem Podcast Network is a recent addition by the Salem, launched in January 2021. AM 560 entered into an agreement with Remote News Service to bring in JoAnn Genette as an afternoon news anchor on the AM 560 station. Another new addition to AM 560 will be Jill Urchak, a long-time Chicago traffic reported, who will handle afternoon traffic reports on the station. Focus on Broadcasting Business Drives Top Line
Salem has been expanding its footprint in the broadcasting segment.
To attract more listeners, the company has been investing in making its content more consumer friendly and relatable. In addition, Salem has been strongly focusing on providing more content to its consumers, adding new shows and podcasts and bringing in new hosts and artists to expand its subscriber base. Earlier this month, Salem added Pastor Lenny Gaines, a well-known inspirational gospel on-air personality, to Salem Music Network’s queue of syndicated music hosts. Beginning Jan 31, 2022, Salem Music Network will produce Lenny Gaines’ Praise Party, a daily five-hour show. Recently, Salem announced the extension of Jenifer Horn’s agreement with The Morning Answer Show, its fast-growing caller-driven live and local News/Talk radio program. The agreement was renewed right after the company announced Grant Stinchfield, a broadcast veteran, as Jenifer’s co-host on The Morning Answer Show. Salem added a number of podcasts to the Salem Podcast Network in 2021. Some of the recent additions include the launch of Todd Starnes Podcast, which began streaming on Apr 5, Doug Collins Podcast on the Salem Podcast Network, which began broadcasting on Oct 25, and Daybreak Insider Daily Podcast, which began on Sep 7. Amid a dynamic marketplace, Salem is committed to augmenting its media platform. The company is aggressively managing operating costs and cash flows. Its expansion opportunities involve providing state-of-the-art broadcast and digital marketing services, increasing the distribution and page views for print and digital content and boosting the strength and reach of its broadcast signals. In third-quarter 2021, the company reported net broadcast revenues of $49.6 million, up 9.3% year over year. Its Same Station net broadcast revenues increased 8.9% year over year to $49.1 million. Zacks Rank and Stocks to Consider
Currently, Salem Media has a Zacks Rank #3(Hold).
Some of the better-ranked stocks in the Zacks Consumer Discretionary sector are Bluegreen Vacations ( BVH Quick Quote BVH - Free Report) and Funko ( FNKO Quick Quote FNKO - Free Report) , both sporting a Zacks Rank #1 (Strong Buy), and Brunswick ( BC Quick Quote BC - Free Report) carrying a Zacks Rank #2 (Buy). You can see . the complete list of today’s Zacks #1 Rank stocks here Bluegreen Vacations, a private vacation ownership company, has a trailing four-quarter earnings surprise of 695.01% on average. The Zacks Consensus Estimate for Bluegreen Vacation's current financial year sales and earnings per share (EPS) suggests an increase of 27.47% and 199.29%, respectively, from the year-ago period’s tallies. Funko, engaged in manufacturing a wide range of consumer products, has a trailing four-quarter earnings surprise of 110.7%, on average. The Zacks Consensus Estimate for Funko's current financial year sales and EPS suggests an increase of 48.3% and 240.5%, respectively, from the year-ago period’s tallies. Brunswick, engaged in developing, manufacturing and marketing a wide variety of products, has a trailing four-quarter earnings surprise of 27.51% on average. The Zacks Consensus Estimate for Brunswick's current financial-year sales and EPS suggests an increase of 33.24% and 60.95%, respectively, from the year-ago period’s tallies.