Honoree: Evan Masyr

EVP & Chief Financial Officer
Salem Media Group, Inc.

Evan Masyr has been with Salem Media Group, Inc. for more than 24 years and has served as chief financial officer since July 2007. Over that period, he has been actively involved with transitioning the company from a pure-play radio operator to a multimedia corporation with approximately 30% of its revenue now coming from digital sources. Salem is America’s leading media company specializing in Christian and conservative content with media properties, including radio, digital media and book and newsletter publishing. During his time at Salem, Masyr has been involved with raising $1.8 billion in capital ($1.2 billion raised as CFO). He manages a team of approximately 50 professionals, encompassing accounts payable, payroll, staff accounting, SEC reporting, investor relations, finance, treasury, risk management, internal audit and radio traffic.

Over the years, Masyr has instituted many operational efficiencies and cost savings initiatives, such as reducing the monthly closing process by 16 days, completing various tax reorganizations, instituting a corporate purchasing card program and significantly improving the company’s cash management system. He also moved certain insurance lines to an offshore group captive insurance company, saving millions of dollars. Over the past several years, Masyr has been able to guide his departments through the pandemic, seamlessly transitioning to a remote work environment. During the pandemic, he was able to effectively refinance almost $115 million of debt during those trying times.

Also, Masyr played a key role in guiding the company through the process of obtaining $11.2 million in PPP loans and then later getting the loans forgiven by the Small Business Administration. In 2021, the company sold almost $26 million in real estate while still being able to broadcast its radio programming. The media industry and the radio broadcast industry, in particular, have been challenged over the past few years. Time spent listening and advertising revenue has atrophied. During the majority of 2024, Salem was in default on some of its debt. Masyr worked tirelessly to resolve these issues. In particular, he managed to get two new debt facilities in place despite the growing leverage and financial struggles.