Revenue in the publishing division of Salem Media Group more than doubled in 2014, rising to $26.8 million from $13.2 million in 2013. The increase was due to the acquisition in early 2014 of Eagle Publishing, parent company of Regnery Publishing, as well as HumanEvents.com, Redstarte.com, Eagle Financial Publications and Eagle Wellness.
The Eagle purchase lifted the publishing unit into profitability in 2014 when the group posted a profit of $608,000 compared to a net loss of $1.0 million in 2013. In addition to Regnery, the publishing group includes self publishing division Xulon as well as some magazines.
According to Salem’s 10-K filing, the company paid $8.5 million for Eagle with $3.5 million in cash paid on the completion of the deal and another $2.5 million due in both January 2015 and 2016.
Salem reported total company revenue of $266.5 million in 2014, up 12.5% from 2013, and net income of $5.5 million compared to a net loss of $2.7 million in 2013.