Moody's downgrades Salem Media Group's CFR to Caa3, outlook remains negative
Moody's Investors Service (Moody's) downgraded Salem Media Group, Inc.'s ("Salem") Corporate Family Rating ("CFR") to Caa3 from Caa1, the Probability of Default Rating ("PDR") to Caa3-PD from Caa1-PD, and the senior secured notes to Caa3 from Caa1. The outlook remains negative. The SGL-4 Speculative...Salem Media Group is a domestic multimedia company focusing on Christian and conservative content, with media properties comprising radio broadcasting, digital media, and publishing. The company's operating segments are: Broadcasting, which includes the operating results of its radio stations, broadcast networks, and its national sales agencies including its new digital agency Salem Surround; Digital Media, which provides Christian, conservative, investing and health-themed content, e-commerce, audio and video streaming, and other resources digitally through the web; and Publishing, which include Regnery Publishing, Salem Author Services; and Singing News? magazine.
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