Moody’s trims Salem Media

Moody’s Investors Service said it downgraded Salem Media Group, Inc.'s corporate family rating and senior secured note rating to B3 from B2.

The outlook is stable.

“The downgrade is due to weaker than expected performance that has caused leverage to increase to 6.2x as of Q1 2019 from 5.6x as of Q1 2018,” the agency said in a news release.

“Results have continued to be impacted by the shift of ad dollars to digital mobile and social media, competitive conditions for local radio ad dollars, and declines in local block programing revenue.”

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