Salem Media (SALM) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	SALM
Entity Registrant Name	SALEM MEDIA GROUP, INC. /DE/
Entity Central Index Key	1,050,606
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		19,904,323
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,553,696

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 192	$ 33
Trade accounts receivable (net of allowances of $12,727 in 2014 and $12,678 in 2015)	34,842	34,781
Other receivables	1,558	3,546
Inventories (net of reserves of $1,227 in 2014 and $1,499 in 2015)	858	572
Prepaid expenses	6,771	$ 5,580
Income tax receivable	17
Deferred income taxes	8,153	$ 8,153
Assets held for sale	1,700	1,700
Total current assets	54,091	54,365
Notes receivable (net of allowances of $539 in 2014 and $476 in 2015)	$ 173	228
Fair value of interest rate swap		475
Property and equipment (net of accumulated depreciation of $155,495 in 2014 and $158,949 in 2015)	$ 101,843	99,227
Broadcast licenses	387,367	385,726
Goodwill	24,816	24,684
Other indefinite-lived intangible assets	833	833
Amortizable intangible assets (net of accumulated amortization of $34,130 in 2014 and $36,774 in 2015)	11,343	12,395
Deferred financing costs	2,826	3,166
Other assets	2,699	2,060
Total assets	585,991	583,159
Current liabilities:
Accounts payable	4,587	2,964
Accrued expenses	11,920	12,704
Accrued compensation and related expenses	8,320	8,777
Accrued interest	49	48
Deferred revenue	$ 12,695	13,205
Income tax payable		154
Current portion of long-term debt and capital lease obligations	$ 5,327	1,898
Total current liabilities	42,898	39,750
Long-term debt and capital lease obligations, less current portion	272,912	$ 275,607
Fair value of interest rate swap	501
Deferred income taxes	51,306	$ 49,109
Deferred revenue	11,851	10,576
Other liabilities	1,115	4,123
Total liabilities	$ 380,583	$ 379,165
Commitments and contingencies (Note 16)
Stockholders' equity:
Additional paid-in capital	$ 241,389	$ 240,493
Accumulated deficit	(2,253)	(2,770)
Treasury stock, at cost (2,317,650 shares at December 31, 2014 and June 30, 2015)	(34,006)	(34,006)
Total stockholders' equity	205,408	203,994
Total liabilities and stockholders' equity	585,991	583,159
Class A Common Stock [Member]
Stockholders' equity:
Common stock	222	221
Class B Common Stock [Member]
Stockholders' equity:
Common stock	$ 56	$ 56

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Trade accounts receivable, allowances	$ 12,678	$ 12,727
Inventories, reserves	1,499	1,227
Notes receivable, allowance	476	539
Property and equipment, accumulated depreciation	158,949	155,495
Amortizable intangible assets, accumulated amortization	$ 36,774	$ 34,130
Treasury stock, shares	2,317,650	2,317,650
Class A Common Stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	80,000,000	80,000,000
Common stock, issued	22,219,848	22,082,140
Common stock, outstanding	19,902,198	19,764,490
Class B Common Stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	20,000,000	20,000,000
Common stock, issued	5,553,696	5,553,696
Common stock, outstanding	5,553,696	5,553,696

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net broadcast revenue	$ 49,060	$ 49,129	$ 95,599	$ 95,898
Net digital media revenue	11,499	12,319	22,290	23,631
Net publishing revenue	6,734	7,189	11,260	11,452
Total net revenue	67,293	68,637	129,149	130,981
Operating expenses:
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $364 and $365 for the three months ended June 30, 2014 and 2015, respectively, and $723 and $730 for the six months ended June 30, 2014 and 2015, respectively, paid to related parties)	35,187	35,815	69,104	69,161
Digital media operating expenses, exclusive of depreciation and amortization shown below	8,767	9,270	17,767	18,120
Publishing operating expenses, exclusive of depreciation and amortization shown below	6,469	6,809	10,966	11,815
Unallocated corporate expenses exclusive of depreciation and amortization shown below (including $5 and $36 for the three months ended June 30, 2014 and 2015, respectively, and $169 and $69 for the six months ended June 30, 2014 and 2015, respectively paid to related parties)	3,518	3,976	7,509	9,040
Depreciation	3,060	3,167	6,232	6,296
Amortization	1,315	1,529	2,644	3,137
Change in the estimated fair value of contingent earn-out consideration	(307)	242	(189)	369
Loss on the sale or disposal of assets	30	338	159	221
Total operating expenses	58,039	61,146	114,192	118,159
Operating income	9,254	7,491	14,957	12,822
Other income (expense):
Interest income	2	26	3	41
Interest expense	(3,874)	(4,068)	(7,678)	(7,847)
Change in the fair value of interest rate swap	$ 444	$ (1,373)	(976)	(2,469)
Loss on early retirement of long-term debt			(41)	(8)
Net miscellaneous income and expenses		$ 14	7	80
Income from operations before income taxes	$ 5,826	2,090	6,272	2,619
Provision for income taxes	2,303	827	2,454	925
Net income	$ 3,523	$ 1,263	$ 3,818	$ 1,694
Basic earnings per share data:
Basic earnings per share	$ 0.14	$ 0.05	$ 0.15	$ 0.07
Diluted earnings per share data:
Diluted earnings per share	0.14	0.05	0.15	0.07
Distributions per share	$ 0.07	$ 0.06	$ 0.13	$ 0.12
Basic weighted average shares outstanding	25,429,127	25,172,696	25,387,813	25,118,839
Diluted weighted average shares outstanding	25,829,493	25,950,600	25,875,306	25,916,205

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Broadcast operating expenses exclusive of depreciation and amortization	$ 35,187	$ 35,815	$ 69,104	$ 69,161
Unallocated corporate expenses exclusive of depreciation and amortization	3,518	3,976	7,509	9,040
Related Party [Member]
Broadcast operating expenses exclusive of depreciation and amortization	365	364	730	723
Unallocated corporate expenses exclusive of depreciation and amortization	$ 36	$ 5	$ 69	$ 169

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
Net income	$ 3,818,000	$ 1,694,000
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash stock-based compensation	487,000	932,000
Tax benefit related to stock options exercised	112,000	77,000
Depreciation and amortization	8,876,000	9,433,000
Amortization of bank loan fees	314,000	344,000
Accretion of acquisition-related deferred payments and contingent consideration	160,000	540,000
Provision for bad debts	911,000	1,510,000
Deferred income taxes	2,197,000	648,000
Change in the fair value of interest rate swap	976,000	2,469,000
Change in the estimated fair value of contingent earn-out consideration	(189,000)	369,000
Loss on early retirement of long-term debt	41,000	8,000
Loss on the sale or disposal of assets	159,000	221,000
Changes in operating assets and liabilities:
Accounts receivable	6,315,000	4,024,000
Prepaid expenses and other current assets	(1,463,000)	(407,000)
Accounts payable and accrued expenses	(2,674,000)	3,512,000
Deferred revenue	(4,359,000)	(3,733,000)
Other liabilities	327,000	(767,000)
Income taxes payable	(154,000)	(38,000)
Net cash provided by operating activities	15,947,000	20,930,000
INVESTING ACTIVITIES
Cash paid for capital expenditures net of tenant improvement allowances	(4,207,000)	(5,980,000)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements	(947,000)	(137,000)
Escrow deposits related to acquisitions	(225,000)	(50,000)
Purchases of broadcast assets and radio stations	$ (5,186,000)	(4,563,000)
Proceeds from the sale of assets		2,000
Other	$ (390,000)	(228,000)
Net cash used in investing activities	$ (12,277,000)	(16,859,000)
FINANCING ACTIVITIES
Payments of costs related to bank credit facility		$ (14,000)
Payments of acquisition related contingent earn-out consideration	$ (1,177,000)
Payments of deferred installments due from acquisition activity	(935,000)
Proceeds from the exercise of stock options	298,000	$ 975,000
Payments on capital lease obligations	(58,000)	(62,000)
Payment of cash distributions on common stock	(3,301,000)	(2,958,000)
Book overdraft	978,000	(269,000)
Net cash used in financing activities	(3,511,000)	(3,904,000)
CASH FLOWS FROM DISCONTINUED OPERATIONS
Net increase in cash and cash equivalents	159,000	167,000
Cash and cash equivalents at the beginning of year	33,000	65,000
Cash and cash equivalents at end of period	192,000	232,000
Cash paid during the period for:
Cash paid for interest, net of capitalized interest	7,071,000	6,682,000
Cash paid for income taxes	316,000	238,000
Other supplemental disclosures of cash flow information:
Trade revenue	3,189,000	3,524,000
Trade expense	2,960,000	3,379,000
Non-cash investing and financing activities:
Capital expenditures reimbursable under tenant improvement allowances	947,000	$ 137,000
Non-cash capital expenditures for property & equipment acquired under trade agreements	11,000
Estimated present value of contingent earn-out consideration	$ 300,000	$ 2,047,000
Deferred payments due 2014 under asset purchase agreement		300,000
Present value of deferred cash payments (due 2015)		2,392,000
Present value of deferred cash payments (due 2016)		2,289,000
Digital Media [Member]
INVESTING ACTIVITIES
Purchases of businesses and assets	$ (1,322,000)	(3,129,000)
Publishing [Member]
INVESTING ACTIVITIES
Purchases of businesses and assets		(2,774,000)
Term Loan B [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of bank loan fees	$ 27,000
Accretion of discount on Term Loan B	93,000	94,000
FINANCING ACTIVITIES
Repayments of borrowings	(2,000,000)	(2,250,000)
Revolver [Member]
FINANCING ACTIVITIES
Repayments of borrowings	(24,538,000)	(25,718,000)
Proceeds from borrowings	$ 27,222,000	$ 26,392,000

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2015
BASIS OF PRESENTATION [Abstract]
BASIS OF PRESENTATION	NOTE 1. BASIS OF PRESENTATION The accompanying Condensed Consolidated Financial Statements of Salem Media Group, Inc. (“Salem” “we,” “us,” “our” or the “company”) includes the company and all wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Information with respect to the three and six months ended June 30, 2015 and 2014 is unaudited. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim financial statements contain all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position, results of operations and cash flows of the company. The unaudited interim financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Annual Report for Salem filed on Form 10-K for the year ended December 31, 2014. Our results are subject to seasonal fluctuations. Therefore, the results of operations for the interim periods presented are not necessarily indicative of the results of operations for the full year. The balance sheet at December 31, 2014 included in this report has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by GAAP. Description of Business Salem is a domestic multi-media company with integrated operations including radio broadcasting, digital media, and publishing. Effective as of February 19, 2015, we changed our name from Salem Communications Corporation to Salem Media Group, Inc. Salem was formed in 1986 as a California corporation and was reincorporated in Delaware in 1999. Our content is intended for audiences interested in Christian and family-themed programming and conservative news talk. We maintain a website at www.salemmedia.com. Our foundational business is the ownership and operation of radio stations in large metropolitan markets. We also own and operate Salem Radio Network® (“SRN”), SRN News Network (“SNN”), Salem Music Network (“SMN”), Solid Gospel Network (“SGN”) and Salem Media Representatives (“SMR”). SRN, SNN, SMN and SGN are networks that develop, produce and syndicate a broad range of programming specifically targeted to Christian and family-themed talk stations, music stations and general News Talk stations throughout the United States, including Salem owned and operated stations. SMR, a national advertising sales firm with offices in 11 Web based and digital content has been a significant growth area for Salem and continues to be a focus of future development. Salem Web Network™ (“SWN”) and our other web-based businesses provide Christian and conservative-themed content, audio and video streaming, and other resources digitally through the web. SWN's web portals include Christian content websites: OnePlace.com, Christianity.com, Crosswalk.com®, GodVine.com, Jesus.org and BibleStudyTools.com. Our conservative opinion websites, collectively known as Townhall Media, include Townhall.com™, HotAir.com, Twitchy.com, HumanEvents.com and RedState.com. We also issue digital newsletters, including Eagle Financial Publications, that provide market analysis and investment advice for individual subscribers from financial commentators. Church product websites including WorshipHouseMedia.com, SermonSpice.com, and ChurchStaffing.com offer downloads and service platforms to pastors and other educators. Our web content is accessible through all of our radio station websites that feature content of interest to local listeners throughout the United States. E-commerce sites include Salem Consumer Products (“SCP”), an e-commerce business that sells books, DVD's and editorial content developed by our on-air personalities and Eagle Wellness and Gene Smart Wellness, On January 10, 2014, we acquired which resulted in Our publishing operating segment also includes Salem Publishing™ and Xulon Press. Salem Publishing™ produces and distributes numerous Christian and conservative opinion print magazines, including : Homecoming ® ™ , Singing News ® , FaithTalk Magazine ™ , Preaching Magazine ™. Townhall Magazine ™ Variable Interest Entities We account for entities qualifying as variable interest entities (“VIEs”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation, We may enter into Local Marketing Agreements (“LMAs”) contemporaneously with entering an Asset Purchase Agreement (“APA”) to acquire or sell a radio station. We may also enter into Time Brokerage Agreements (“TBAs”). Typically, both LMAs and TBAs are contractual agreements under which the station owner/licensee makes airtime available to a programmer/licensee in exchange for a fee and reimbursement of certain expenses. LMAs and TBAs are subject to compliance with the antitrust laws and the communications laws, including the requirement that the licensee must maintain independent control over the station and, in particular, its personnel, programming, and finances. The FCC has held that such agreements do not violate the communications laws as long as the licensee of the station receiving programming from another station maintains ultimate responsibility for, and control over, station operations and otherwise ensures compliance with the communications laws. The requirements of FASB ASC Topic 810 may apply to entities under LMAs or TBAs, depending on the facts and circumstances related to each transaction. As of June 30, 2015 , we did not consolidate any entities with which we entered into LMAs or TBAs under the guidance in FASB ASC Topic 810. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant areas for which management uses estimates include: (1) asset impairments, including broadcasting licenses, goodwill and other indefinite-lived intangible assets; (2) income tax valuation allowances; (3) uncertain tax positions; (4) allowance for doubtful accounts; (5) inventory reserves; (6) reserves for royalty advances; (7) self-insurance reserves; (8) fair value of equity awards; (9) estimated lives for tangible and intangible assets; (10) fair value measurements; (11) contingency reserves; (12) probabilities associated with the potential for contingent earn-out consideration; and (13) sales returns and allowances. These estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The estimates will change as new events occur, as more experience is acquired and as more information is obtained. We evaluate and update our assumptions and estimates on an ongoing basis and we may consult outside experts to assist as considered necessary. Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. These reclassifications include the change in composition of our operating segments based on our acquisition of Eagle Publishing during 2014 to conform to how our chief operating decision makers, who we define as a collective group of senior executives, assesses the performance of each operating segment and determines the appropriate allocations of resources to each segment. Refer to Note 17 – Segment Data for additional information.

IMPAIRMENT OF GOODWILL AND OTHE

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2015
IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS [Abstract]
IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS	NOTE 2. IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS Approximately 71 June 30, 2015 consist of indefinite-lived intangible assets, such as broadcast licenses, goodwill and mastheads, the value of which depends significantly upon the operating results of our businesses. In the case of our radio stations, we would not be able to operate the properties without the related FCC license for each property. Broadcast licenses are renewed with the FCC every eight Intangibles – Goodwill and Other 94 6 We complete our annual impairment tests in the fourth quarter of each year. We believe that our estimate of the value of our broadcast licenses, mastheads, and goodwill is a critical accounting estimate as the value is significant in relation to our total assets, and our estimates incorporate variables and assumptions that are based on past experiences and judgment about future operating performance of our markets and business segments. If actual future results are less favorable than the assumptions and estimates we used, we are subject to future impairment charges, the amount of which may be material. The fair value measurements for our indefinite-lived intangible assets use significant unobservable inputs that reflect our own assumptions about the estimates that market participants would use in measuring fair value including assumptions about risk. The unobservable inputs are defined in FASB ASC Topic 820 Fair Value Measurements and Disclosures, June 30, 2015 .

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS	6 Months Ended
	Jun. 30, 2015
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
IMPAIRMENT OF LONG-LIVED ASSETS	NOTE 3. IMPAIRMENT OF LONG-LIVED ASSETS We account for property and equipment in accordance with FASB ASC Topic 360-10, Property, Plant and Equipment June 30, 2015 .

ACQUISITIONS AND RECENT TRANSAC

ACQUISITIONS AND RECENT TRANSACTIONS	6 Months Ended
	Jun. 30, 2015
ACQUISITIONS AND RECENT TRANSACTIONS [Abstract]
ACQUISITIONS AND RECENT TRANSACTIONS	NOTE 4. ACQUISITIONS AND RECENT TRANSACTIONS During the six months ending June 30, 2015, we completed or entered into the following transactions: Debt On January 30, 2015, we repaid $ 2.0 300.0 15,000 27,000 Equity On June 2, 2015 0.0650 1.7 June 30, 2015 June 16, 2015 On March 5, 2015 0.0650 1.6 March 31, 2015 March 17, 2015 Acquisitions On June 4, 2015, we acquired the Gene Smart Wellness e-commerce website for $ 0.1 On May 12, 2015, we completed the acquisition of radio station WPGP-AM (formerly WDDZ-AM) in Pittsburgh, Pennsylvania, for $ 1.0 5,400 On May 7, 2015, we completed the acquisition of radio station WDWD-AM in Atlanta, Georgia, for $ 2.8 5,200 On May 6, 2015, we acquired domain names, mobile applications and code functionality for the Daily Bible Devotion for $ 1.1 0.3 two 0.1 two 0.1 On April 7, 2015, we acquired land and real estate in Greenville, South Carolina, for $ 0.2 On March 27, 2015, we completed the acquisition of radio station WDYZ-AM in Orlando, Florida for $ 1.3 3,200 On February 6, 2015, we acquired the assets and assumed deferred subscription liabilities for Bryan Perry's Cash Machine and Bryan Perry's Premium Income financial publications (“Bryan Perry Newsletters”). We recorded the net assets acquired at their estimated fair value of $ 0.2 two 50 0.2 14,167 2,600 Throughout the six month period ending June 30, 2015, we acquired domain names and other assets associated with our digital media operating segment for approximately $ 0.1 A summary of our business acquisitions and asset purchases for the six months ended June 30, 2015, none of which were individually or in the aggregate material to our Condensed Consolidated financial position as of the respective date of acquisition, is as follows: Acquisition Date Description Total Cost (Dollars in thousands) June 4, 2015 Gene Smart Wellness (asset acquisition) 100 May 12, 2015 WPGP-AM (formerly WDDZ-AM), Pittsburgh, Pennsylvania (business acquisition) $ 1,000 May 7, 2015 WDWD-AM, Atlanta, Georgia (business acquisition) 2,750 May 6, 2015 Daily Bible Devotion (business acquisition) 1,242 April 7, 2015 Land and Studio Building, Greenville, South Carolina (asset purchase) 201 March 27, 2015 WDYZ-AM, Orlando, Florida (business acquisition) 1,300 February 6, 2015 Bryan Perry Newsletters (business acquisition) 158 Various Purchase of domain names and digital media assets (asset purchases) 122 $ 6,873 The operating results of our business acquisitions and asset purchases are included in our consolidated results of operations from their respective closing date or the date that we began operating them under an LMA or TBA. Under the acquisition method of accounting as specified in FASB ASC Topic 805, Business Combinations Estimates of the fair value include discounted estimated cash flows to be generated by the assets and their expected useful lives based on historical experience, market trends and any synergies believed to be achieved from the acquisition. Acquisitions may include contingent consideration, the fair value of which is estimated as of the acquisition date as the present value of the expected contingent payments as determined using weighted probabilities of the payment amounts. We may retain a third-party appraiser to estimate the fair value of the acquired net assets as of the acquisition date. As part of the valuation and appraisal process, the third-party appraiser prepares a report assigning estimated fair values to the various asset categories in our financial statements. These fair value estimates are subjective in nature and require careful consideration and judgment. Management reviews the third party reports for reasonableness of the assigned values. We believe that these valuations and analysis provide appropriate estimates of the fair value for net assets acquired. Property and equipment are recorded at the estimated fair value and depreciated on a straight-line basis over their estimated useful lives. Finite-lived intangible assets are recorded at their estimated fair value and amortized on a straight-line basis over their estimated useful lives. Goodwill, which represents the organizational systems and procedures in place to ensure the effective operation of the entity, may also be recorded and tested for impairment. Costs associated with acquisitions, such as consulting and legal fees are expensed as incurred in corporate operating expenses. We recognized costs associated with acquisitions of $ 0.2 0.3 The total acquisition consideration is equal to the sum of all cash payments, the fair value of any deferred payments and promissory notes, and the present value of any estimated contingent earn-out consideration. We estimate the fair value of contingent earn-out consideration using a probability-weighted discounted cash flow model. The fair value measurement is based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in Note 14 -Fair Value Measurements. The following table summarizes the total acquisition consideration for the six months ended June 30, 2015: Description Total Consideration (Dollars in thousands) Cash payments $ 6,508 Escrow deposits paid in prior years 65 Present value of estimated fair value contingent earn out consideration due 2016 176 Present value of estimated fair value contingent earn out consideration due 2017 124 Total purchase price consideration $ 6,873 The total acquisition consideration was allocated to the net assets acquired as follows: Net Broadcast Assets Acquired Net Digital Media Net Assets (Dollars in thousands) Assets Property and equipment $ 3,823 $ 361 $ 4,184 Broadcast licenses 1,414 — 1,414 Goodwill 14 118 132 Customer lists and contracts — 15 15 Domain and brand names — 404 404 Subscriber base and lists — 1,122 1,122 Non-compete agreements — 49 49 Liabilities Deferred revenues — (447 ) (447 ) $ 5,251 $ 1,622 $ 6,873 Pending Transactions On June 2, 2015 1.5 On May 22, 2015 0.5 the third quarter of 2015. On May 22, 2015 3.0 the third quarter of 2015. On April 1, 2015 1.5

CONTINGENT EARN-OUT CONSIDERATI

CONTINGENT EARN-OUT CONSIDERATION	6 Months Ended
	Jun. 30, 2015
CONTINGENT EARN-OUT CONSIDERATION [Abstract]
CONTINGENT EARN-OUT CONSIDERATION	NOTE 5. CONTINGENT EARN-OUT CONSIDERATION Our acquisitions may include contingent consideration as part of the purchase price. The fair value of the contingent consideration is estimated as of the acquisition date based on the present value of the contingent payments to be made using a probability-weighted discounted cash flow model for probabilities of possible future payments. The unobservable inputs used in determining the fair value of the contingent consideration include assumptions as to the ability of the acquired businesses to meet the targets and discount rates used in the calculation. Should the actual results of the acquired business increase or decrease as compared to our estimates and assumptions, the fair value of the contingent consideration obligations would increase or decrease, up to the contracted limit, as applicable. The fair value measurement includes revenue forecasts which are a Level 3 measurement as discussed in Note 14 to our condensed consolidated financial statements On May 6, 2015 1.1 .03 two 0.1 two On February 6, 2015, we recorded an estimate of contingent earn-out consideration payable upon the realization of subscription revenue from our acquisition of the Bryan Perry Newsletters over a two 171,000 158,000 June 30, 2015 . On January 10, 2014, we recorded an estimate of contingent earn-out consideration payable upon achievement of certain revenue benchmarks over a three 8.5 2.0 0.4 22,000 June 30, 2015 . The net increase reflects actual revenues earned by Eagle entities in excess of those estimated at the time of our projections. We will continue to review our estimates over the remaining earn-out period of 1.5 June 30, 2015 , we have paid Eagle of $ 0.9 of amounts earned under the contingent consideration arrangement 6.0 1.7 June 30, 2015 . On December 10, 2013, we recorded an estimate of contingent earn-out consideration payable upon achievement of page view milestones over a two 1.2 0.6 0.1 0.2 June 30, 2015 . The change reflects actual page views for the current year that are below those estimated at the time of our projections. We will continue to review our estimates over the remaining 0.5 June 30, 2015 , we have paid $ 0.6 0.7 0.2 June 30, 2015 . Any changes in the estimated fair value of the contingent earn-out consideration, up to the contracted amount as applicable, will be reflected in our results of operations in future periods as they are identified. Changes in the fair value of the contingent earn-out consideration may materially impact and cause volatility in our future operating results. The following table reflects the changes in the present value of our acquisition-related contingent earn-out consideration for the three and six months ended June 30, 2015 : Three Months ending June 30, 2015 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of April 1, 2015 $ 2,251 $ 1,035 $ 3,286 Acquisitions 88 54 142 Accretion of acquisition-related contingent consideration 21 11 32 Change in the estimated fair value of contingent earn-out consideration (293 ) (14 ) (307 ) Reclassification of payments due in next 12 months to short-term — — — Payments (877 ) — (877 ) Ending Balance as of June 30, 2015 $ 1,190 $ 1,086 $ 2,276 Six Months ending June 30, 2015 Short-Term Accrued Expenses Long-Term Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2015 $ 1,575 $ 1,710 $ 3,285 Acquisitions 176 124 300 Accretion of acquisition-related contingent consideration 31 26 57 Change in the estimated fair value of contingent earn-out consideration (213 ) 24 (189 ) Reclassification of payments due in next 12 months to short-term 798 (798 ) — Payments (1,177 ) — (1,177 ) Ending Balance as of June 30, 2015 $ 1,190 $ 1,086 $ 2,276

STOCK INCENTIVE PLAN

STOCK INCENTIVE PLAN	6 Months Ended
	Jun. 30, 2015
STOCK INCENTIVE PLAN [Abstract]
STOCK INCENTIVE PLAN	NOTE 6. STOCK INCENTIVE PLAN The company has one 5,000,000 four five Compensation—Stock Compensation The following table reflects the components of stock-based compensation expense recognized in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2014 and 2015: Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 (Dollars in thousands) Stock option compensation expense included in corporate expenses $ 215 $ 88 $ 620 $ 316 Restricted stock awards compensation expense included in corporate expenses — 14 — 15 Stock option compensation expense included in broadcast operating expenses 64 25 189 77 Stock option compensation expense included in digital media operating expenses 36 19 94 55 Stock option compensation expense included in publishing operating expenses 14 10 29 24 Total stock-based compensation expense, pre-tax $ 329 $ 156 $ 932 $ 487 Tax provision for stock-based compensation expense (132 ) (63 ) (373 ) (195 ) Total stock-based compensation expense, net of tax $ 197 $ 93 $ 559 $ 292 Stock option and restricted stock grants The Plan allows the company to grant stock options and shares of restricted stock to employees, directors, officers and advisors of the company. For grants of stock options, the option exercise price is set at the closing price of the company's common stock on the date of grant, and the related number of shares underlying the stock option is fixed at that point in time. The Plan also provides for grants of restricted stock. Eligible employees may receive stock options annually with the number of shares and type of instrument generally determined by the employee's salary grade and performance level. In addition, certain management and professional level employees typically receive a stock option grant upon commencement of employment. The Plan does not allow key employees and directors (restricted persons) to exercise options during pre-defined blackout periods. Employees may participate in plans established pursuant to Rule 10b5-1 under the Exchange Act that allow them to exercise options according to pre-established criteria. We use the Black-Scholes valuation model to estimate the grant date fair value of stock options and of restricted stock. The expected volatility reflects the consideration of the historical volatility of our stock as determined by the closing price over a six ten The weighted-average assumptions used to estimate the fair value of the stock options and restricted stock awards using the Black-Scholes valuation model were as follows for the three and six months ended June 30, 2014 and 2015: Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 Expected volatility 67.08 % n/a 74.98 % 52.37 % Expected dividends 2.82 % n/a 2.70 % 4.28 % Expected term (in years) 8.0 n/a 7.8 3.0 Risk-free interest rate 2.21 % n/a 2.27 % 0.85 % Stock option information with respect to the company's stock-based equity plans during the six months ended June 30, 2015 is as follows: Options Shares Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value) Outstanding at January 1, 2015 1,816,204 $ 4.88 $ 3.39 4.8 $ 5,718 Granted 10,000 6.08 1.98 Exercised (137,708 ) 2.16 1.31 Forfeited or expired (54,462 ) 12.15 8.05 Outstanding at June 30, 2015 1,634,034 $ 4.87 $ 3.40 4.7 $ 2,979 Exercisable at June 30, 2015 885,859 $ 5.22 $ 3.72 3.6 $ 1,365 Expected to Vest 710,395 $ 4.46 $ 3.01 6.0 $ 1,532 The aggregate intrinsic value represents the difference between the company's closing stock price on June 30, 2015 of $ 6.33 1.5 1.3 Non-employee directors of the company have been awarded restricted stock awards that vest one The fair values of shares of restricted stock awards are determined based on the closing price of the company common stock on the grant dates. Information regarding the company's restricted stock awards during the six months ended June 30, 2015 is as follows: Restricted Stock Awards Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value) Outstanding at January 1, 2015 — $ — $ — Granted 10,000 5.83 1.0 63 Vested — — Forfeited — — Unvested outstanding at June 30, 2015 10,000 $ 5.83 0.7 $ 63 As of June 30, 2015, there was $ 0.6 This cost is expected to be recognized over a weighted average period of 1.24

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2015
RECENT ACCOUNTING PRONOUNCEMENTS [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 7. RECENT ACCOUNTING PRONOUNCEMENTS Changes to accounting principles are established by the FASB in the form of accounting standards updates (“ASU's”) to the FASB's Accounting Standards Codification. We consider the applicability and impact of all ASU's. ASU's that are not listed below were assessed and determined to be not applicable to our financial position, results of operations, cash flows, or presentation thereof. In June 2015, the FASB issued ASU 2015-10, Technical Corrections and Improvements, which covers a wide range of Topics in the Codification. The amendments in this ASU represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost on most entities. As the objectives of this standard are to clarify the Codification; correct unintended application of guidance, eliminate inconsistencies, and to improve the codification's presentation of guidance, the adoption of this standard is not expected to impact our financial position, results of operations, cash flows, or presentation thereof. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entities Ability to Continue as a Going Concern In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity

EQUITY TRANSACTIONS

EQUITY TRANSACTIONS	6 Months Ended
	Jun. 30, 2015
EQUITY TRANSACTIONS [Abstract]
EQUITY TRANSACTIONS	NOTE 8. EQUITY TRANSACTIONS We account for stock-based compensation expense in accordance with FASB ASC Topic 718, Compensation-Stock Compensation 0.2 0.5 0.3 0.9 While we intend to pay regular quarterly distributions, the actual declaration of such future distributions and the establishment of the per share amount, record dates, and payment dates are subject to final determination by our Board of Directors and dependent upon future earnings, cash flows, financial requirements, and other factors. The current policy of the Board of Directors is to review each of these factors on a quarterly basis to determine the appropriate amount, if any, to allocate toward a cash distribution with the general principle of using approximately 20% of free cash flow. Free cash flow is a non-GAAP measure defined in Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations included with this quarterly report. The following table shows distributions that have been declared and paid since January 1, 2014: Announcement Date Payment Date Amount Per Share Cash Distributed ( Dollars in thousands June 2, 2015 June 30, 2015 $ 0.0650 $ 1,654 March 5, 2015 March 31, 2015 $ 0.0650 1,647 December 2, 2014 December 29, 2014 $ 0.0650 1,646 September 2, 2014 September 30, 2014 $ 0.0625 1,579 May 27, 2014 June 30, 2014 $ 0.0600 1,514 March 6, 2014 March 31, 2014 $ 0.0575 1,444 Based on the number of shares of Class A and Class B currently outstanding, and the currently approved distribution amount, we expect to pay total annual distributions of approximately $ 6.6

NOTES PAYABLE AND LONG-TERM DEB

NOTES PAYABLE AND LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2015
NOTES PAYABLE AND LONG-TERM DEBT [Abstract]
NOTES PAYABLE AND LONG-TERM DEBT	NOTE 9. NOTES PAYABLE AND LONG-TERM DEBT Salem Media Group, Inc. has no independent assets or operations, the subsidiary guarantees are full and unconditional and joint and several, and any subsidiaries of Salem Media Group, Inc. other than the subsidiary guarantors are minor. Term Loan B and Revolving Credit Facility On March 14, 2013, we entered into a senior secured credit facility, consisting of the Term Loan B of $ 300.0 25.0 298.5 48,000 94,000 47,000 93,000 27,000 The Term Loan B has a term of seven 60.0 750,000 We have made prepayments on our Term Loan B, including interest through the date of the as follows: Date Principal Paid Unamortized Discount (Dollars in Thousands) January 30, 2015 $ 2,000 $ 15 December 31, 2014 4,000 16 November 28, 2014 4,000 15 September 29, 2014 5,000 18 March 31, 2014 2,250 8 December 30, 2013 750 3 September 30, 2013 4,000 16 June 28, 2013 4,000 14 The Revolver has a term of five Borrowings under the Term Loan B may be made at LIBOR (subject to a floor of 1.00 3.50 2.50 2.00 5.04 Revolver Pricing Pricing Level Consolidated Leverage Ratio Base Rate Loans LIBOR Loans 1 Less than 3.00 1.250 % 2.250 % 2 Greater than or equal to 3.00 to 1.00 but less than 4.00 1.500 % 2.500 % 3 Greater than or equal to 4.00 to 1.00 but less than 5.00 1.750 % 2.750 % 4 Greater than or equal to 5.00 to 1.00 but less than 6.00 2.000 % 3.000 % 5 Greater than or equal to 6.00 to 1.00 2.500 % 3.500 % The obligations under the credit agreement and the related loan documents are secured by liens on substantially all of the assets of Salem and its subsidiaries, other than certain exceptions set forth in the Security Agreement, dated as of March 14, 2013, among Salem, the subsidiary guarantors party thereto, and Wells Fargo Bank, National Association, as Administrative Agent (the “Security Agreement”) and such other related loan documents. With respect to financial covenants, the credit agreement includes a minimum interest coverage ratio, which started at 1.50 2.50 6.75 5.75 5.39 6.25 3.30 2.25 Other Debt We have several capital leases related to office equipment. The obligation recorded at December 31, 2014 and June 30, 2015 represents the present value of future commitments under the capital lease agreements. Summary of long-term debt obligations Long-term debt consisted of the following: As of December 31, 2014 As of June 30, 2015 (Dollars in thousands) Term Loan B $ 274,933 $ 273,041 Revolver 1,784 4,468 Capital leases and other loans 788 730 277,505 278,239 Less current portion (1,898 ) (5,327 ) $ 275,607 $ 272,912 In addition to the outstanding amounts listed above, we also have interest payments related to our long-term debt as follows as of June 30, 2015: • Outstanding borrowings of $ 274.0 3.50 2.50 • Outstanding borrowings of $ 4.5 3.00 2.00 • Commitment fees of 0.50 Maturities of Long-Term Debt Principal repayment requirements under all long-term debt agreements outstanding at June 30, 2015 for each of the next five years and thereafter are as follows: Amount For the Twelve Months Ended June 30, (Dollars in thousands) 2016 $ 5,327 2017 3,109 2018 3,112 2019 3,102 2020 3,103 Thereafter 260,486 $ 278,239

DEFERRED FINANCING COSTS

DEFERRED FINANCING COSTS	6 Months Ended
	Jun. 30, 2015
DEFERRED FINANCING COSTS [Abstract]
Deferred Financing Costs [Text Block]	NOTE 10. DEFERRED FINANCING COSTS Deferred financing costs consist of bank loan fees incurred upon entering our Term Loan B and Revolver as of March 14, 2013. The costs are being amortized over the seven five 27,000 3.2 2.8

AMORTIZABLE INTANGIBLE ASSETS

AMORTIZABLE INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2015
AMORTIZABLE INTANGIBLE ASSETS [Abstract]
AMORTIZABLE INTANGIBLE ASSETS	NOTE 11. AMORTIZABLE INTANGIBLE ASSETS The following tables provide details, by major category, of the significant classes of amortizable intangible assets: As of June 30, 2015 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 19,925 $ (17,824 ) $ 2,101 Domain and brand names 15,871 (10,458 ) 5,413 Favorable and assigned leases 2,379 (1,842 ) 537 Subscriber base and lists 5,424 (3,142 ) 2,282 Author relationships 2,245 (1,451 ) 794 Non-compete agreements 937 (721 ) 216 Other amortizable intangible assets 1,336 (1,336 ) — $ 48,117 $ (36,774 ) $ 11,343 As of December 31, 2014 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 19,910 $ (16,558 ) $ 3,352 Domain and brand names 15,465 (9,722 ) 5,743 Favorable and assigned leases 2,379 (1,795 ) 584 Subscriber base and lists 4,302 (2,671 ) 1,631 Author relationships 2,245 (1,379 ) 866 Non-compete agreements 888 (669 ) 219 Other amortizable intangible assets 1,336 (1,336 ) — $ 46,525 $ (34,130 ) $ 12,395 Based on the amortizable intangible assets as of June 30 2015, we estimate amortization expense for the next five years to be as follows: Year Ending December 31, Amortization Expense (Dollars in thousands) 2015 (July – Dec) $ 2,463 2016 3,266 2017 1,862 2018 1,632 2019 1,228 Thereafter 892 Total $ 11,343

BASIC AND DILUTED NET EARNINGS

BASIC AND DILUTED NET EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2015
BASIC AND DILUTED NET EARNINGS PER SHARE [Abstract]
BASIC AND DILUTED NET EARNINGS PER SHARE	NOTE 12. BASIC AND DILUTED NET EARNINGS PER SHARE Basic net earnings per share is computed using the weighted average number of Class A and Class B shares of common stock outstanding during the period. Diluted net earnings per share is computed using the weighted average number of shares of Class A and Class B common stock outstanding during the period plus the dilutive effects of stock options. Options to purchase 1,913,958 1,634,034 777,904 400,366

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
DERIVATIVE INSTRUMENTS [Abstract]
DERIVATIVE INSTRUMENTS	NOTE 13. DERIVATIVE INSTRUMENTS We are exposed to fluctuations in interest rates. We actively monitor these fluctuations and use derivative instruments from time to time to manage the related risk. In accordance with our risk management strategy, we may use derivative instruments only for the purpose of managing risk associated with an asset, liability, committed transaction, or probable forecasted transaction that is identified by management. Our use of derivative instruments may result in short-term gains or losses that may increase the volatility of our earnings. Under FASB ASC Topic 815, Derivatives and Hedging, On March 27, 2013, we entered into an interest rate swap agreement with Wells Fargo Bank, N.A. that began on March 28, 2014 with a notional principal amount of $ 150.0 0.625 March 28, 2019 1.645 0.5 As of December 31, 2014 As of June 30, 2015 (Dollars in thousands) Fair value of interest rate swap asset (liability) $ 475 $ (501 )

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2015
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 14. FAIR VALUE MEASUREMENTS FASB ASC Topic 820, Fair Value Measurements and Disclosures, The fair value provisions include guidance on how to estimate the fair value of assets and liabilities in the current economic environment and reemphasizes that the objective of a fair value measurement remains an exit price. If we were to conclude that there has been a significant decrease in the volume and level of activity of the asset or liability in relation to normal market activities, quoted market values may not be representative of fair value and we may conclude that a change in valuation technique or the use of multiple valuation techniques may be appropriate. The degree of judgment utilized in measuring the fair value of financial instruments generally correlates to the level of pricing observability. Pricing observability is affected by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market, and the characteristics specific to the transaction. Financial instruments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized in measuring fair value. Conversely, financial instruments rarely traded or not quoted will generally have less (or no) pricing observability and a higher degree of judgment utilized in measuring fair value. FASB ASC Topic 820 established a hierarchal disclosure framework associated with the level of pricing observability utilized in measuring fair value. This framework defined three levels of inputs to the fair value measurement process and requires that each fair value measurement be assigned to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety. The three broad levels of inputs defined by the FASB ASC Topic 820 hierarchy are as follows: • Level 1 Inputs—quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; • Level 2 Inputs—inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability; and • Level 3 Inputs—unobservable inputs for the asset or liability. These unobservable inputs reflect the entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances (which might include the reporting entity's own data). As of June 30, 2015, the carrying value of cash and cash equivalents, trade accounts receivables, accounts payable, accrued expenses and accrued interest approximates fair value due to the short-term nature of such instruments. The carrying value of other long-term liabilities approximates fair value as the related interest rates approximate rates currently available to the company. The following table summarizes the fair value of our financial assets and liabilities that are measured at fair value: June 30, 2015 Total Fair Value and Carrying Value Fair Value Measurement Category on Balance Sheet Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 192 $ 192 $ — $ — Trade accounts receivable, net 34,842 34,842 — — Liabilities: Accounts payable 4,587 4,587 — — Accrued expenses including estimated fair value of contingent earn-out consideration 11,920 10,730 — 1,190 Accrued interest 49 49 — — Long term liabilities including estimated fair value of contingent earn-out consideration 1,115 29 — 1,086 Long-term debt 278,239 278,239 — — Fair value of interest rate swap 501 — 501 —

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 15. INCOME TAXES We account for income taxes in accordance with FASB ASC Topic 740, Income Taxes. We recorded no adjustments to our unrecognized tax benefits as of June 30, 2015 and 2014. At December 31, 2014, we had $ 0.5 0.02 0.02 0.4 Valuation Allowance (Deferred Taxes) For financial reporting purposes, we recorded a valuation allowance of $ 3.0

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 16. COMMITMENTS AND CONTINGENCIES The company enters into various agreements in the normal course of business that contain minimum guarantees. These minimum guarantees are often tied to future events, such as future revenue earned in excess of the contractual level. Accordingly, the fair value of these arrangements is zero. The company also records contingent earn-out consideration representing the estimated fair value of future liabilities associated with acquisitions that may have additional payments due upon the achievement of certain performance targets. The fair value of the contingent earn-out consideration is estimated as of the acquisition date as the present value of the expected contingent payments as determined using weighted probabilities of the expected payment amounts. The company and its subsidiaries, incident to its business activities, are parties to a number of legal proceedings, lawsuits, arbitration and other claims. Such matters are subject to many uncertainties and outcomes that are not predictable with assurance. The company maintains insurance that may provide coverage for such matters. Consequently, the company is unable to ascertain the ultimate aggregate amount of monetary liability or the financial impact with respect to these matters. The company believes, at this time, that the final resolution of these matters, individually and in the aggregate, will not have a material adverse effect upon the company's annual consolidated financial position, results of operations or cash flows.

SEGMENT DATA

SEGMENT DATA	6 Months Ended
	Jun. 30, 2015
SEGMENT DATA [Abstract]
SEGMENT DATA	NOTE 17. SEGMENT DATA FASB ASC Topic 280, Segment Reporting two ur acquisition of Eagle Publishing on January 10, 2014, which included Regnery Publishing, Eagle Financial Publications, Eagle Wellness, Human Events and Red State, resulted in operational changes in our business and a realignment of our operating segments. three operating segments: (1) Broadcast, (2) Digital Media, and (3) Publishing. We changed the composition of our operating s Our operating segments reflect how our We measure and evaluate our operating segments based on operating income and operating expenses that do not include allocations of costs related to corporate functions, such as accounting and finance, human resources, legal, tax and treasury; nor do they include costs such as amortization, depreciation, taxes or interest expense. Changes to our operating segments did not impact the reporting units used to test non-amortizable assets for impairment. All prior periods presented have been updated to reflect the new composition of our operating segments. Segment performance, as we define it in accordance with the FASB's guidance relating to segment reporting, is not necessarily comparable to other similarly titled captions of other companies. composition of our operating s Broadcast Digital Media Publishing Unallocated Consolidated (Dollars in thousands) Three Months Ended June 30, 2015 Net revenue $ 49,060 $ 11,499 $ 6,734 $ — $ 67,293 Operating expenses 35,187 8,767 6,469 3,518 53,941 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets $ 13,873 $ 2,732 $ 265 $ (3,518 ) $ 13,352 Depreciation 1,889 782 167 222 3,060 Amortization 23 1,156 135 1 1,315 Change in the estimated fair value of contingent earn-out consideration — (244 ) (63 ) — (307 ) Loss on disposal of assets 30 — — — 30 Net operating income (loss) $ 11,931 $ 1,038 $ 26 $ (3,741 ) $ 9,254 Three Months Ended June 30, 2014 Net revenue $ 49,129 $ 12,319 $ 7,189 $ — $ 68,637 Operating expenses 35,815 9,270 6,809 3,976 55,870 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets $ 13,314 $ 3,049 $ 380 $ (3,976 ) $ 12,767 Depreciation 1,995 761 133 278 3,167 Amortization 24 1,202 303 — 1,529 Change in the estimated fair value of contingent earn-out consideration — 90 152 — 242 Loss on disposal of assets 338 — — — 338 Net operating income (loss) $ 10,957 $ 996 $ (208 ) $ (4,254 ) $ 7,491 Broadcast Digital Media Publishing Unallocated Consolidated (Dollars in thousands) Six Months Ended June 30, 2015 Net revenue $ 95,599 $ 22,290 $ 11,260 $ — $ 129,149 Operating expenses 69,104 17,767 10,966 7,509 105,346 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets $ 26,495 $ 4,523 $ 294 $ (7,509 ) $ 23,803 Depreciation 3,840 1,558 335 499 6,232 Amortization 46 2,326 271 1 2,644 Change in the estimated fair value of contingent earn-out consideration — (211 ) 22 — (189 ) (Gain) loss on disposal of assets 159 — (1 ) 1 159 Net operating income (loss) $ 22,450 $ 850 $ (333 ) $ (8,010 ) $ 14,957 Six Months Ended June 30, 2014 Net revenue $ 95,898 $ 23,631 $ 11,452 $ — $ 130,981 Operating expenses 69,161 18,120 11,815 9,040 108,136 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets $ 26,737 $ 5,511 $ (363 ) $ (9,040 ) $ 22,845 Depreciation 3,983 1,514 234 565 6,296 Amortization 52 2,480 605 — 3,137 Change in the estimated fair value of contingent earn-out consideration — 217 152 — 369 Loss on disposal of assets 221 — — — 221 Net operating income (loss) $ 22,481 $ 1,300 $ (1,354 ) $ (9,605 ) $ 12,822 Broadcast Digital Media Publishing Unallocated Consolidated (Dollars in thousands) As of June 30, 2015 Inventories, net $ — $ 402 $ 456 $ — $ 858 Property and equipment, net 84,616 7,180 1,830 8,217 101,843 Broadcast licenses 387,367 — — — 387,367 Goodwill 3,969 19,795 1,044 8 24,816 Other indefinite-lived intangible assets — — 833 — 833 Amortizable intangible assets, net 537 9,148 1,656 2 11,343 As of December 31, 2014 Inventories, net $ — $ 222 $ 350 $ — $ 572 Property and equipment, net 81,948 7,111 1,941 8,227 99,227 Broadcast licenses 385,726 — — — 385,726 Goodwill 3,955 19,677 1,044 8 24,684 Other indefinite-lived intangible assets — — 833 — 833 Amortizable intangible assets, net 583 9,884 1,926 2 12,395 The table below presents financial information for each operating segment as of June 30, 2014 with a comparison of the results under the prior composition of our operating s Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 As Reported (1) As Updated As Reported (1) As Updated New (Dollars in thousands) Net Revenue by Segment: Net broadcast revenue $ 47,855 $ 49,129 $ 93,431 $ 95,898 Net digital media revenue 14,390 12,319 27,300 23,631 Net publishing revenue 6,392 7,189 10,250 11,452 Total net revenue $ 68,637 $ 68,637 $ 130,981 $ 130,981 Operating expenses by segment: Broadcast operating expenses $ 33,910 $ 35,815 $ 65,099 $ 69,161 Digital media operating expenses 10,063 9,270 19,891 18,120 Publishing operating expenses 6,439 6,809 10,858 11,815 Unallocated corporate expenses 5,458 3,976 12,288 9,040 $ 55,870 $ 55,870 $ 108,136 $ 108,136 Net operating income before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets $ 7,491 $ 7,491 $ 12,822 $ 12,822 (1) Includes the reclassification of $ 11,000

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 18. SUBSEQUENT EVENTS On July 1, 2015 1.0 Subsequent events reflect all applicable transactions through the date of the filing.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2015
BASIS OF PRESENTATION [Abstract]
Description of Business	Description of Business Salem is a domestic multi-media company with integrated operations including radio broadcasting, digital media, and publishing. Effective as of February 19, 2015, we changed our name from Salem Communications Corporation to Salem Media Group, Inc. Salem was formed in 1986 as a California corporation and was reincorporated in Delaware in 1999. Our content is intended for audiences interested in Christian and family-themed programming and conservative news talk. We maintain a website at www.salemmedia.com. Our foundational business is the ownership and operation of radio stations in large metropolitan markets. We also own and operate Salem Radio Network® (“SRN”), SRN News Network (“SNN”), Salem Music Network (“SMN”), Solid Gospel Network (“SGN”) and Salem Media Representatives (“SMR”). SRN, SNN, SMN and SGN are networks that develop, produce and syndicate a broad range of programming specifically targeted to Christian and family-themed talk stations, music stations and general News Talk stations throughout the United States, including Salem owned and operated stations. SMR, a national advertising sales firm with offices in 11 Web based and digital content has been a significant growth area for Salem and continues to be a focus of future development. Salem Web Network™ (“SWN”) and our other web-based businesses provide Christian and conservative-themed content, audio and video streaming, and other resources digitally through the web. SWN's web portals include Christian content websites: OnePlace.com, Christianity.com, Crosswalk.com®, GodVine.com, Jesus.org and BibleStudyTools.com. Our conservative opinion websites, collectively known as Townhall Media, include Townhall.com™, HotAir.com, Twitchy.com, HumanEvents.com and RedState.com. We also issue digital newsletters, including Eagle Financial Publications, that provide market analysis and investment advice for individual subscribers from financial commentators. Church product websites including WorshipHouseMedia.com, SermonSpice.com, and ChurchStaffing.com offer downloads and service platforms to pastors and other educators. Our web content is accessible through all of our radio station websites that feature content of interest to local listeners throughout the United States. E-commerce sites include Salem Consumer Products (“SCP”), an e-commerce business that sells books, DVD's and editorial content developed by our on-air personalities and Eagle Wellness and Gene Smart Wellness, On January 10, 2014, we acquired which resulted in Our publishing operating segment also includes Salem Publishing™ and Xulon Press. Salem Publishing™ produces and distributes numerous Christian and conservative opinion print magazines, including : Homecoming ® ™ , Singing News ® , FaithTalk Magazine ™ , Preaching Magazine ™. Townhall Magazine ™
Variable Interest Entities	Variable Interest Entities We account for entities qualifying as variable interest entities (“VIEs”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation, We may enter into Local Marketing Agreements (“LMAs”) contemporaneously with entering an Asset Purchase Agreement (“APA”) to acquire or sell a radio station. We may also enter into Time Brokerage Agreements (“TBAs”). Typically, both LMAs and TBAs are contractual agreements under which the station owner/licensee makes airtime available to a programmer/licensee in exchange for a fee and reimbursement of certain expenses. LMAs and TBAs are subject to compliance with the antitrust laws and the communications laws, including the requirement that the licensee must maintain independent control over the station and, in particular, its personnel, programming, and finances. The FCC has held that such agreements do not violate the communications laws as long as the licensee of the station receiving programming from another station maintains ultimate responsibility for, and control over, station operations and otherwise ensures compliance with the communications laws. The requirements of FASB ASC Topic 810 may apply to entities under LMAs or TBAs, depending on the facts and circumstances related to each transaction. As of June 30, 2015 , we did not consolidate any entities with which we entered into LMAs or TBAs under the guidance in FASB ASC Topic 810.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant areas for which management uses estimates include: (1) asset impairments, including broadcasting licenses, goodwill and other indefinite-lived intangible assets; (2) income tax valuation allowances; (3) uncertain tax positions; (4) allowance for doubtful accounts; (5) inventory reserves; (6) reserves for royalty advances; (7) self-insurance reserves; (8) fair value of equity awards; (9) estimated lives for tangible and intangible assets; (10) fair value measurements; (11) contingency reserves; (12) probabilities associated with the potential for contingent earn-out consideration; and (13) sales returns and allowances. These estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The estimates will change as new events occur, as more experience is acquired and as more information is obtained. We evaluate and update our assumptions and estimates on an ongoing basis and we may consult outside experts to assist as considered necessary.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. These reclassifications include the change in composition of our operating segments based on our acquisition of Eagle Publishing during 2014 to conform to how our chief operating decision makers, who we define as a collective group of senior executives, assesses the performance of each operating segment and determines the appropriate allocations of resources to each segment. Refer to Note 17 – Segment Data for additional information.

ACQUISITIONS AND RECENT TRANS26

ACQUISITIONS AND RECENT TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2015
Summary of Business Acquisitions and Asset Purchased	Acquisition Date Description Total Cost (Dollars in thousands) June 4, 2015 Gene Smart Wellness (asset acquisition) 100 May 12, 2015 WPGP-AM (formerly WDDZ-AM), Pittsburgh, Pennsylvania (business acquisition) $ 1,000 May 7, 2015 WDWD-AM, Atlanta, Georgia (business acquisition) 2,750 May 6, 2015 Daily Bible Devotion (business acquisition) 1,242 April 7, 2015 Land and Studio Building, Greenville, South Carolina (asset purchase) 201 March 27, 2015 WDYZ-AM, Orlando, Florida (business acquisition) 1,300 February 6, 2015 Bryan Perry Newsletters (business acquisition) 158 Various Purchase of domain names and digital media assets (asset purchases) 122 $ 6,873
Summary of Total Acquisition Consideration	Description Total Consideration (Dollars in thousands) Cash payments $ 6,508 Escrow deposits paid in prior years 65 Present value of estimated fair value contingent earn out consideration due 2016 176 Present value of estimated fair value contingent earn out consideration due 2017 124 Total purchase price consideration $ 6,873
Total Acquisition Consideration Allocated	Net Broadcast Assets Acquired Net Digital Media Net Assets (Dollars in thousands) Assets Property and equipment $ 3,823 $ 361 $ 4,184 Broadcast licenses 1,414 — 1,414 Goodwill 14 118 132 Customer lists and contracts — 15 15 Domain and brand names — 404 404 Subscriber base and lists — 1,122 1,122 Non-compete agreements — 49 49 Liabilities Deferred revenues — (447 ) (447 ) $ 5,251 $ 1,622 $ 6,873

CONTINGENT EARN-OUT CONSIDERA27

CONTINGENT EARN-OUT CONSIDERATION (Tables)	6 Months Ended
	Jun. 30, 2015
CONTINGENT EARN-OUT CONSIDERATION [Abstract]
Schedule of changes in present value of acquisition related contingent earn-out consideration	Three Months ending June 30, 2015 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of April 1, 2015 $ 2,251 $ 1,035 $ 3,286 Acquisitions 88 54 142 Accretion of acquisition-related contingent consideration 21 11 32 Change in the estimated fair value of contingent earn-out consideration (293 ) (14 ) (307 ) Reclassification of payments due in next 12 months to short-term — — — Payments (877 ) — (877 ) Ending Balance as of June 30, 2015 $ 1,190 $ 1,086 $ 2,276 Six Months ending June 30, 2015 Short-Term Accrued Expenses Long-Term Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2015 $ 1,575 $ 1,710 $ 3,285 Acquisitions 176 124 300 Accretion of acquisition-related contingent consideration 31 26 57 Change in the estimated fair value of contingent earn-out consideration (213 ) 24 (189 ) Reclassification of payments due in next 12 months to short-term 798 (798 ) — Payments (1,177 ) — (1,177 ) Ending Balance as of June 30, 2015 $ 1,190 $ 1,086 $ 2,276

STOCK INCENTIVE PLAN (Tables)

STOCK INCENTIVE PLAN (Tables)	6 Months Ended
	Jun. 30, 2015
STOCK INCENTIVE PLAN [Abstract]
Schedule of Stock-Based Compensation Expense Recognized	Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 (Dollars in thousands) Stock option compensation expense included in corporate expenses $ 215 $ 88 $ 620 $ 316 Restricted stock awards compensation expense included in corporate expenses — 14 — 15 Stock option compensation expense included in broadcast operating expenses 64 25 189 77 Stock option compensation expense included in digital media operating expenses 36 19 94 55 Stock option compensation expense included in publishing operating expenses 14 10 29 24 Total stock-based compensation expense, pre-tax $ 329 $ 156 $ 932 $ 487 Tax provision for stock-based compensation expense (132 ) (63 ) (373 ) (195 ) Total stock-based compensation expense, net of tax $ 197 $ 93 $ 559 $ 292
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Valuation Model	Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 Expected volatility 67.08 % n/a 74.98 % 52.37 % Expected dividends 2.82 % n/a 2.70 % 4.28 % Expected term (in years) 8.0 n/a 7.8 3.0 Risk-free interest rate 2.21 % n/a 2.27 % 0.85 %
Schedule of Stock Option Activity	Options Shares Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value) Outstanding at January 1, 2015 1,816,204 $ 4.88 $ 3.39 4.8 $ 5,718 Granted 10,000 6.08 1.98 Exercised (137,708 ) 2.16 1.31 Forfeited or expired (54,462 ) 12.15 8.05 Outstanding at June 30, 2015 1,634,034 $ 4.87 $ 3.40 4.7 $ 2,979 Exercisable at June 30, 2015 885,859 $ 5.22 $ 3.72 3.6 $ 1,365 Expected to Vest 710,395 $ 4.46 $ 3.01 6.0 $ 1,532
Schedule of Information Regarding Restricted Stock Activity	Restricted Stock Awards Shares Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value) Outstanding at January 1, 2015 — $ — $ — Granted 10,000 5.83 1.0 63 Vested — — Forfeited — — Unvested outstanding at June 30, 2015 10,000 $ 5.83 0.7 $ 63

EQUITY TRANSACTIONS (Tables)

EQUITY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2015
EQUITY TRANSACTIONS [Abstract]
Schedule of Cash Distributions Declared and Paid	Announcement Date Payment Date Amount Per Share Cash Distributed ( Dollars in thousands June 2, 2015 June 30, 2015 $ 0.0650 $ 1,654 March 5, 2015 March 31, 2015 $ 0.0650 1,647 December 2, 2014 December 29, 2014 $ 0.0650 1,646 September 2, 2014 September 30, 2014 $ 0.0625 1,579 May 27, 2014 June 30, 2014 $ 0.0600 1,514 March 6, 2014 March 31, 2014 $ 0.0575 1,444

NOTES PAYABLE AND LONG-TERM D30

NOTES PAYABLE AND LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2015
Long-Term Debt	As of December 31, 2014 As of June 30, 2015 (Dollars in thousands) Term Loan B $ 274,933 $ 273,041 Revolver 1,784 4,468 Capital leases and other loans 788 730 277,505 278,239 Less current portion (1,898 ) (5,327 ) $ 275,607 $ 272,912
Principle Repayment Requirements Under Long Term Agreements Outstanding	Amount For the Twelve Months Ended June 30, (Dollars in thousands) 2016 $ 5,327 2017 3,109 2018 3,112 2019 3,102 2020 3,103 Thereafter 260,486 $ 278,239
Term Loan B [Member]
Repayments of Term Loan B	Date Principal Paid Unamortized Discount (Dollars in Thousands) January 30, 2015 $ 2,000 $ 15 December 31, 2014 4,000 16 November 28, 2014 4,000 15 September 29, 2014 5,000 18 March 31, 2014 2,250 8 December 30, 2013 750 3 September 30, 2013 4,000 16 June 28, 2013 4,000 14
Term Loan B and Revolving Credit Facility [Member]
Change in Rate Based on Leverage Ratio	Revolver Pricing Pricing Level Consolidated Leverage Ratio Base Rate Loans LIBOR Loans 1 Less than 3.00 1.250 % 2.250 % 2 Greater than or equal to 3.00 to 1.00 but less than 4.00 1.500 % 2.500 % 3 Greater than or equal to 4.00 to 1.00 but less than 5.00 1.750 % 2.750 % 4 Greater than or equal to 5.00 to 1.00 but less than 6.00 2.000 % 3.000 % 5 Greater than or equal to 6.00 to 1.00 2.500 % 3.500 %

AMORTIZABLE INTANGIBLE ASSETS (

AMORTIZABLE INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2015
AMORTIZABLE INTANGIBLE ASSETS [Abstract]
Summary of Significant Classes of Amortizable Intangible Assets	As of June 30, 2015 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 19,925 $ (17,824 ) $ 2,101 Domain and brand names 15,871 (10,458 ) 5,413 Favorable and assigned leases 2,379 (1,842 ) 537 Subscriber base and lists 5,424 (3,142 ) 2,282 Author relationships 2,245 (1,451 ) 794 Non-compete agreements 937 (721 ) 216 Other amortizable intangible assets 1,336 (1,336 ) — $ 48,117 $ (36,774 ) $ 11,343 As of December 31, 2014 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 19,910 $ (16,558 ) $ 3,352 Domain and brand names 15,465 (9,722 ) 5,743 Favorable and assigned leases 2,379 (1,795 ) 584 Subscriber base and lists 4,302 (2,671 ) 1,631 Author relationships 2,245 (1,379 ) 866 Non-compete agreements 888 (669 ) 219 Other amortizable intangible assets 1,336 (1,336 ) — $ 46,525 $ (34,130 ) $ 12,395
Amortizable Intangible Assets, Estimate Amortization Expense	Year Ending December 31, Amortization Expense (Dollars in thousands) 2015 (July – Dec) $ 2,463 2016 3,266 2017 1,862 2018 1,632 2019 1,228 Thereafter 892 Total $ 11,343

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
DERIVATIVE INSTRUMENTS [Abstract]
Schedule of fair value of interest rate swap	As of December 31, 2014 As of June 30, 2015 (Dollars in thousands) Fair value of interest rate swap asset (liability) $ 475 $ (501 )

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
FAIR VALUE MEASUREMENTS [Abstract]
Fair Value of Financial Assets Measured at Fair Value	June 30, 2015 Total Fair Value and Carrying Value Fair Value Measurement Category on Balance Sheet Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 192 $ 192 $ — $ — Trade accounts receivable, net 34,842 34,842 — — Liabilities: Accounts payable 4,587 4,587 — — Accrued expenses including estimated fair value of contingent earn-out consideration 11,920 10,730 — 1,190 Accrued interest 49 49 — — Long term liabilities including estimated fair value of contingent earn-out consideration 1,115 29 — 1,086 Long-term debt 278,239 278,239 — — Fair value of interest rate swap 501 — 501 —

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	6 Months Ended
	Jun. 30, 2015
SEGMENT DATA [Abstract]
Schedule of Segment Data	Broadcast Digital Media Publishing Unallocated Consolidated (Dollars in thousands) Three Months Ended June 30, 2015 Net revenue $ 49,060 $ 11,499 $ 6,734 $ — $ 67,293 Operating expenses 35,187 8,767 6,469 3,518 53,941 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets $ 13,873 $ 2,732 $ 265 $ (3,518 ) $ 13,352 Depreciation 1,889 782 167 222 3,060 Amortization 23 1,156 135 1 1,315 Change in the estimated fair value of contingent earn-out consideration — (244 ) (63 ) — (307 ) Loss on disposal of assets 30 — — — 30 Net operating income (loss) $ 11,931 $ 1,038 $ 26 $ (3,741 ) $ 9,254 Three Months Ended June 30, 2014 Net revenue $ 49,129 $ 12,319 $ 7,189 $ — $ 68,637 Operating expenses 35,815 9,270 6,809 3,976 55,870 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets $ 13,314 $ 3,049 $ 380 $ (3,976 ) $ 12,767 Depreciation 1,995 761 133 278 3,167 Amortization 24 1,202 303 — 1,529 Change in the estimated fair value of contingent earn-out consideration — 90 152 — 242 Loss on disposal of assets 338 — — — 338 Net operating income (loss) $ 10,957 $ 996 $ (208 ) $ (4,254 ) $ 7,491 Broadcast Digital Media Publishing Unallocated Consolidated (Dollars in thousands) Six Months Ended June 30, 2015 Net revenue $ 95,599 $ 22,290 $ 11,260 $ — $ 129,149 Operating expenses 69,104 17,767 10,966 7,509 105,346 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets $ 26,495 $ 4,523 $ 294 $ (7,509 ) $ 23,803 Depreciation 3,840 1,558 335 499 6,232 Amortization 46 2,326 271 1 2,644 Change in the estimated fair value of contingent earn-out consideration — (211 ) 22 — (189 ) (Gain) loss on disposal of assets 159 — (1 ) 1 159 Net operating income (loss) $ 22,450 $ 850 $ (333 ) $ (8,010 ) $ 14,957 Six Months Ended June 30, 2014 Net revenue $ 95,898 $ 23,631 $ 11,452 $ — $ 130,981 Operating expenses 69,161 18,120 11,815 9,040 108,136 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets $ 26,737 $ 5,511 $ (363 ) $ (9,040 ) $ 22,845 Depreciation 3,983 1,514 234 565 6,296 Amortization 52 2,480 605 — 3,137 Change in the estimated fair value of contingent earn-out consideration — 217 152 — 369 Loss on disposal of assets 221 — — — 221 Net operating income (loss) $ 22,481 $ 1,300 $ (1,354 ) $ (9,605 ) $ 12,822 Broadcast Digital Media Publishing Unallocated Consolidated (Dollars in thousands) As of June 30, 2015 Inventories, net $ — $ 402 $ 456 $ — $ 858 Property and equipment, net 84,616 7,180 1,830 8,217 101,843 Broadcast licenses 387,367 — — — 387,367 Goodwill 3,969 19,795 1,044 8 24,816 Other indefinite-lived intangible assets — — 833 — 833 Amortizable intangible assets, net 537 9,148 1,656 2 11,343 As of December 31, 2014 Inventories, net $ — $ 222 $ 350 $ — $ 572 Property and equipment, net 81,948 7,111 1,941 8,227 99,227 Broadcast licenses 385,726 — — — 385,726 Goodwill 3,955 19,677 1,044 8 24,684 Other indefinite-lived intangible assets — — 833 — 833 Amortizable intangible assets, net 583 9,884 1,926 2 12,395
Schedule of financial information by operating segment with a comparison of the results under the prior composition of operating segments as compared to new composition	Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 As Reported (1) As Updated As Reported (1) As Updated New (Dollars in thousands) Net Revenue by Segment: Net broadcast revenue $ 47,855 $ 49,129 $ 93,431 $ 95,898 Net digital media revenue 14,390 12,319 27,300 23,631 Net publishing revenue 6,392 7,189 10,250 11,452 Total net revenue $ 68,637 $ 68,637 $ 130,981 $ 130,981 Operating expenses by segment: Broadcast operating expenses $ 33,910 $ 35,815 $ 65,099 $ 69,161 Digital media operating expenses 10,063 9,270 19,891 18,120 Publishing operating expenses 6,439 6,809 10,858 11,815 Unallocated corporate expenses 5,458 3,976 12,288 9,040 $ 55,870 $ 55,870 $ 108,136 $ 108,136 Net operating income before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets $ 7,491 $ 7,491 $ 12,822 $ 12,822 (1) Includes the reclassification of $ 11,000

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	6 Months Ended
	Jun. 30, 2015item
Salem Media Representatives [Member]
Schedule Of Significant Accounting Policies [Line Items]
Number of U.S. cities in which entity is having offices	11

IMPAIRMENT OF GOODWILL AND OT36

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Narrative) (Details) - 6 months ended Jun. 30, 2015 - USD ($)	Total
Goodwill And Other Intangible Assets [Line Items]
Percentage of indefinite-lived intangible assets out of total assets	71.00%
Broadcast licenses renewal period	8 years
Impairment charges	$ 0
Broadcast licenses [Member]
Goodwill And Other Intangible Assets [Line Items]
Percentage of indefinite-lived intangible assets	94.00%
Mastheads [Member]
Goodwill And Other Intangible Assets [Line Items]
Percentage of indefinite-lived intangible assets	6.00%

IMPAIRMENT OF LONG-LIVED ASSE37

IMPAIRMENT OF LONG-LIVED ASSETS (Details)	6 Months Ended
	Jun. 30, 2015USD ($)
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract]
Impairment of long-lived assets	$ 0

ACQUISITIONS AND RECENT TRANS38

ACQUISITIONS AND RECENT TRANSACTIONS (Narrative) (Details) - Subsequent Event Type [Domain] - Scenario Unspecified [Domain] - USD ($)

Jun. 30, 2015

Jun. 04, 2015

Jun. 02, 2015

May. 22, 2015

May. 12, 2015

May. 07, 2015

May. 06, 2015

Apr. 07, 2015

Apr. 02, 2015

Mar. 31, 2015

Mar. 27, 2015

Mar. 05, 2015

Feb. 06, 2015

Jan. 30, 2015

Dec. 31, 2014

Nov. 28, 2014

Sep. 29, 2014

Mar. 31, 2014

Dec. 30, 2013

Sep. 30, 2013

Jun. 28, 2013

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Feb. 20, 2015

Jan. 10, 2014

Dec. 10, 2013

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Loss on early retirement of long-term debt

$ (41,000)

$ (8,000)

Amortization of bond issue costs and bank loan fees

314,000

344,000

Class A and Class B common stock, dividend paid

3,301,000

2,958,000

Purchase price

6,873,000

Goodwill

$ 24,816,000

$ 24,684,000

$ 24,816,000

24,816,000

Acquisition-related expenses

200,000

$ 300,000

Cash paid toward the contingent earn-out consideration

(877,000)

(1,177,000)

Cash paid to acquire land in Greenville, South Carolina

$ 200,000

Term Loan B [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Repayment of Term Loan B

$ 2,000,000

$ 4,000,000

$ 4,000,000

$ 5,000,000

$ 2,250,000

$ 750,000

$ 4,000,000

$ 4,000,000

Debt, issuance of principal amount

300,000,000

Loss on early retirement of long-term debt

15,000

Amortization of bond issue costs and bank loan fees

$ 27,000

27,000

First Quarter Dividend [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Class A and Class B common stock, dividend declared date

Jun. 2, 2015

Mar. 5, 2015

Class A and Class B common stock, dividend declared per share

$ 0.0650

$ 0.0650

Class A and Class B common stock, dividend paid

$ 1,700,000

$ 1,600,000

Class A and Class B common stock, payment date

Jun. 30, 2015

Mar. 31, 2015

Class A and Class B common stock, record date

Jun. 16, 2015

Mar. 17, 2015

Twitchy.com (business acquisition) [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Estimated fair value of contingent earn-out consideration

$ 200,000

200,000

200,000

$ 600,000

Maximum additional amount which may be paid over the remaining earn-out period based on the achievement of certain page view milestones

700,000

700,000

700,000

Cash paid toward the contingent earn-out consideration

600,000

Eagle Publishing (business acquisition) [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Estimated fair value of contingent earn-out consideration

1,700,000

1,700,000

1,700,000

$ 2,000,000

Maximum additional amount which may be paid over the remaining earn-out period based on the achievement of certain page view milestones

$ 6,000,000

$ 6,000,000

6,000,000

Cash paid toward the contingent earn-out consideration

900,000

Radio station, WDYZ-AM in Orlando, Florida (business acquisition)

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Acquisition date

Mar. 27, 2015

Purchase price

$ 1,300,000

Goodwill

$ 3,200

Bryan Perry's Cash Machine and Premium Income (business acquisition) [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Acquisition date

Feb. 6, 2015

Purchase price

$ 200,000

Goodwill

$ 2,600

Contingent earn-out consideration achievement of milestone period

2 years

Percentage of amount payable to seller

50.00%

Estimated fair value of contingent earn-out consideration

$ 200,000

Cash paid toward the contingent earn-out consideration

14,167

Radio station, WPGP-AM in Pittsburg, Pennsylvania

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Acquisition date

May 12, 2015

Purchase price

$ 1,000,000

Goodwill

$ 5,400

Business acquisition purchase price

$ 1,000,000

Purchases of domain names (asset purchases)

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Purchase price

$ 100,000

WDWD-AM, Atlanta, Georgia (business acquisition) [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Acquisition date

May 7, 2015

Purchase price

$ 2,800,000

Goodwill

$ 5,200

Business acquisition purchase price

$ 2,800,000

Radio station KKSP-FM in Little Rock, Arkansas [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Acquisition date

Apr. 1, 2015

Business acquisition purchase price

$ 1,500,000

Domain names and mobile applications for Daily Bible Devotion [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Acquisition date

Jun. 2, 2015

May 6, 2015

Purchase price

$ 1,242,000

Contingent earn-out consideration achievement of milestone period

2 years

Contingent earn-out consideration estimated fair value

$ 100,000

Contingent earn-out consideration achievement of actual milestone period

2 years

Business acquisition purchase price

$ 1,500,000

$ 1,100,000

Maximum additional amount which may be paid over the remaining earn-out period based on the achievement of certain page view milestones

300,000

Business acquisition, goodwill

$ 100,000

Radio station WMKI-AM in Boston, Massachusetts [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Acquisition date

May 22, 2015

Business acquisition purchase price

$ 500,000

Radio station KMKI-AM in Dallas, Texas [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Acquisition date

May 22, 2015

Business acquisition purchase price

$ 3,000,000

Gene Smart Wellness e-commerce website [Member]

Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]

Acquisition date

Jun. 4, 2015

Purchase price

$ 100,000

Business acquisition purchase price

$ 100,000

ACQUISITIONS AND RECENT TRANS39

ACQUISITIONS AND RECENT TRANSACTIONS (Summary of Business Acquisitions and Asset Purchases) (Details) - USD ($) $ in Thousands	Jun. 04, 2015	Jun. 02, 2015	May. 12, 2015	May. 07, 2015	May. 06, 2015	Apr. 07, 2015	Mar. 27, 2015	Feb. 06, 2015	Jun. 30, 2015
Business Acquisition [Line Items]
Business acquisition, total cost									$ 6,873
WPGP-AM (formerly WDDZ-AM), Pittsburgh, Pennsylvania (business acquisition) [Member]
Business Acquisition [Line Items]
Business acquisition, total cost			$ 1,000
Business acquisition, date			May 12, 2015
WDWD-AM, Atlanta, Georgia (business acquisition) [Member]
Business Acquisition [Line Items]
Business acquisition, total cost				$ 2,800
Business acquisition, date				May 7, 2015
Daily Bible Devotion (business acquisition) [Member]
Business Acquisition [Line Items]
Business acquisition, total cost					$ 1,242
Business acquisition, date		Jun. 2, 2015			May 6, 2015
Gene Smart Wellness e-commerce website [Member]
Business Acquisition [Line Items]
Business acquisition, total cost	$ 100
Business acquisition, date	Jun. 4, 2015
Radio station, WDYZ-AM in Orlando, Florida (business acquisition)
Business Acquisition [Line Items]
Business acquisition, total cost							$ 1,300
Business acquisition, date							Mar. 27, 2015
Land and Studio Building, Greenville, South Carolina (asset purchase) [Member]
Business Acquisition [Line Items]
Business acquisition, total cost						$ 201
Business acquisition, date						Apr. 7, 2015
Bryan Perry Newsletters (business acquisition) [Member]
Business Acquisition [Line Items]
Business acquisition, total cost								$ 200
Business acquisition, date								Feb. 6, 2015
Purchase of domain names and digital media assets (asset purchases)
Business Acquisition [Line Items]
Business acquisition, total cost									$ 100

ACQUISITIONS AND RECENT TRANS40

ACQUISITIONS AND RECENT TRANSACTIONS (Summary of Total Acquisition Consideration) (Details) $ in Thousands	Jun. 30, 2015USD ($)
ACQUISITIONS AND RECENT TRANSACTIONS [Abstract]
Cash payments	$ 6,508
Escrow deposits paid in prior years	65
Present value of estimated fair value contingent earn out consideration due 2016	176
Present value of estimated fair value contingent earn out consideration due 2017	124
Total purchase price consideration	$ 6,873

ACQUISITIONS AND RECENT TRANS41

ACQUISITIONS AND RECENT TRANSACTIONS (Schedule of Total Acquisition Consideration Allocated to Net Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Goodwill	$ 24,816	$ 24,684
Broadcast Internet and Publishing Acquisitions
Assets
Property and equipment	4,184
Broadcast licenses	1,414
Goodwill	132
Customer lists and contracts	15
Domain and brand names	404
Subscriber base and lists	1,122
Non-compete agreements	49
Liabilities
Deferred revenues	(447)
Total purchase price consideration	6,873
Broadcast [Member] | Broadcast Internet and Publishing Acquisitions
Assets
Property and equipment	3,823
Broadcast licenses	1,414
Goodwill	$ 14
Customer lists and contracts
Domain and brand names
Subscriber base and lists
Non-compete agreements
Liabilities
Deferred revenues
Total purchase price consideration	$ 5,251
Digital Media [Member] | Broadcast Internet and Publishing Acquisitions
Assets
Property and equipment	$ 361
Broadcast licenses
Goodwill	$ 118
Customer lists and contracts	15
Domain and brand names	404
Subscriber base and lists	1,122
Non-compete agreements	49
Liabilities
Deferred revenues	(447)
Total purchase price consideration	$ 1,622

CONTINGENT EARN-OUT CONSIDERA42

CONTINGENT EARN-OUT CONSIDERATION (Narrative) (Details) - Subsequent Event Type [Domain] - USD ($)	Jun. 02, 2015	May. 06, 2015	Feb. 06, 2015	Jan. 10, 2014	Dec. 10, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition, Contingent Consideration [Line Items]
Change in the estimated fair value of contingent earn-out consideration						$ (307,000)	$ 242,000	$ (189,000)	$ 369,000
Cash paid toward the contingent earn-out consideration						(877,000)		(1,177,000)
Bryan Perry's Cash Machine and Premium Income (business acquisition) [Member]
Business Acquisition, Contingent Consideration [Line Items]
Acquisition date			Feb. 6, 2015
Contingent earn-out consideration achievement of milestone period			2 years
Contingent earn-out consideration period			2 years
Total contingent earn-out consideration			$ 171,000
Estimated fair value of contingent earn-out consideration			$ 200,000
Change in the estimated fair value of contingent earn-out consideration								0
Cash paid toward the contingent earn-out consideration								$ 14,167
Twitchy.com (business acquisition) [Member]
Business Acquisition, Contingent Consideration [Line Items]
Contingent earn-out consideration period					2 years			6 months
Total contingent earn-out consideration					$ 1,200,000
Estimated fair value of contingent earn-out consideration					600,000	200,000		$ 200,000
Change in the estimated fair value of contingent earn-out consideration					$ 100,000			200,000
Cash paid toward the contingent earn-out consideration								600,000
Maximum additional contingent earn-out consideration payable						700,000		$ 700,000
Eagle Publishing (business acquisition) [Member]
Business Acquisition, Contingent Consideration [Line Items]
Contingent earn-out consideration period				3 years				1 year 6 months
Total contingent earn-out consideration				$ 8,500,000
Estimated fair value of contingent earn-out consideration				2,000,000		1,700,000		$ 1,700,000
Change in the estimated fair value of contingent earn-out consideration				$ 400,000				22,000
Cash paid toward the contingent earn-out consideration								900,000
Maximum additional contingent earn-out consideration payable						$ 6,000,000		$ 6,000,000
Domain names and mobile applications for Daily Bible Devotion [Member]
Business Acquisition, Contingent Consideration [Line Items]
Acquisition date	Jun. 2, 2015	May 6, 2015
Cash paid for business acquisition	$ 1,500,000	$ 1,100,000
Contingent earn-out consideration achievement of milestone period		2 years
Contingent earn-out consideration estimated fair value		$ 100,000
Contingent earn-out consideration achievement of actual milestone period		2 years
Maximum additional contingent earn-out consideration payable		$ 300,000

CONTINGENT EARN-OUT CONSIDERA43

CONTINGENT EARN-OUT CONSIDERATION (Schedule of Changes in Present Value of Acquisition Related Contingent Earn-out Consideration) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	$ 3,286		$ 3,285
Acquisitions	142		300
Accretion of acquisition-related contingent consideration	32		57
Change in the estimated fair value of contingent earn-out consideration	$ (307)	$ 242	$ (189)	$ 369
Reclassification of payments due in next 12 months to short-term
Payments	$ (877)		$ (1,177)
Ending Balance	2,276		2,276
Short-Term Accrued Expenses [Member]
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	2,251		1,575
Acquisitions	88		176
Accretion of acquisition-related contingent consideration	21		31
Change in the estimated fair value of contingent earn-out consideration	$ (293)		(213)
Reclassification of payments due in next 12 months to short-term			798
Payments	$ (877)		(1,177)
Ending Balance	1,190		1,190
Long-Term Other Liabilities [Member]
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	1,035		1,710
Acquisitions	54		124
Accretion of acquisition-related contingent consideration	11		26
Change in the estimated fair value of contingent earn-out consideration	$ (14)		24
Reclassification of payments due in next 12 months to short-term			$ (798)
Payments
Ending Balance	$ 1,086		$ 1,086

STOCK INCENTIVE PLAN (Narrative

STOCK INCENTIVE PLAN (Narrative) (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)OptionPlan$ / sharesshares	Jun. 30, 2014USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock option plans | OptionPlan	1
Total unrecognized compensation cost related to non-vested awards of stock options	$ 0.6
Total unrecognized compensation cost related to non-vested awards of stock options, weighted average recognition period	1 year 2 months 26 days
Restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, vesting period	1 year
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized under plan | shares	5,000,000
Closing stock price | $ / shares	$ 6.33
Total fair value of options vested	$ 1.3	$ 1.5
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option, historical volatility term	6 years
Minimum [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, vesting period	4 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option, historical volatility term	10 years
Maximum [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, term	5 years

STOCK INCENTIVE PLAN (Schedule

STOCK INCENTIVE PLAN (Schedule of Stock-Based Compensation Expense Recognized) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense, pre-tax	$ 156	$ 329	$ 487	$ 932
Tax provision for stock-based compensation expense	(63)	(132)	(195)	(373)
Total stock-based compensation expense, net of tax	93	197	292	559
Corporate [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock option expense	88	$ 215	316	$ 620
Restricted stock expenses	14		15
Broadcast [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock option expense	25	$ 64	77	$ 189
Digital Media [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock option expense	19	36	55	94
Publishing [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock option expense	$ 10	$ 14	$ 24	$ 29

STOCK INCENTIVE PLAN (Weighted-

STOCK INCENTIVE PLAN (Weighted-Average Assumptions used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Valuation Model) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
STOCK INCENTIVE PLAN [Abstract]
Expected volatility		67.08%	52.37%	74.98%
Expected dividends		2.82%	4.28%	2.70%
Expected term (in years)		8 years	3 years	7 years 9 months 18 days
Risk-free interest rate		2.21%	0.85%	2.27%

STOCK INCENTIVE PLAN (Schedul47

STOCK INCENTIVE PLAN (Schedule of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Shares [Roll Forward]
Beginning Balance	1,816,204
Granted	10,000
Exercised	(137,708)
Forfeited or expired	(54,462)
Ending Balance	1,634,034	1,816,204
Exercisable at end of period	885,859
Expected to Vest	710,395
Weighted Average Exercise Price [Abstract]
Beginning Balance	$ 4.88
Granted	6.08
Exercised	2.16
Forfeited or expired	12.15
Ending Balance	4.87	$ 4.88
Exercisable at end of period	5.22
Expected to Vest	4.46
Weighted Average Grant Date Fair value [Abstract]
Beginning Balance	3.39
Granted	1.98
Exercised	1.31
Forfeited or expired	8.05
Ending Balance	3.40	$ 3.39
Exercisable at end of period	3.72
Expected to Vest	$ 3.01
Weighted Average Remaining Contractual Term [Abstract]
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	4 years 8 months 12 days	4 years 9 months 18 days
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	4 years 8 months 12 days	4 years 9 months 18 days
Exercisable at end of period	3 years 7 months 6 days
Expected to Vest	6 years
Aggregate Intrinsic Value [Abstract]
Beginning Balance	$ 5,718
Ending Balance	2,979	$ 5,718
Exercisable at end of period	1,365
Expected to Vest	$ 1,532

STOCK INCENTIVE PLAN (Schedul48

STOCK INCENTIVE PLAN (Schedule of Information Regarding Restricted Stock Activity) (Details) - 6 months ended Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands	Total
Shares [Roll Forward]
Beginning balance
Granted	10,000
Vested
Forfeited
Ending balance	10,000
Weighted Average Grant Date Fair Value [Roll Forward]
Beginning balance
Granted	$ 5.83
Vested
Forfeited
Ending balance	$ 5.83
Weighted Average Remaining Contractual Term [Abstract]
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms	8 months 12 days
Granted	1 year
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms	8 months 12 days
Aggregate Intrinsic Value [Abstract]
Beginning Balance
Granted	$ 63
Ending Balance	$ 63

EQUITY TRANSACTIONS (Narrative)

EQUITY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2015
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock based compensation expenses	$ 0.2	$ 0.3	$ 0.5	$ 0.9
Scenario, Forecast [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Class A and Class B common stock, expected annual dividend payment					$ 6.6

EQUITY TRANSACTIONS (Schedule o

EQUITY TRANSACTIONS (Schedule of Cash Distributions Declared and Paid) (Details) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands	Total
Dividend Payment 1st [Member]
Dividends Payable [Line Items]
Announcement Date	Jun. 2, 2015
Payment Date	Jun. 30, 2015
Amount Per Share	$ 0.0650
Cash Distributed	$ 1,654
Dividend Payment 2nd [Member]
Dividends Payable [Line Items]
Announcement Date	Mar. 5, 2015
Payment Date	Mar. 31, 2015
Amount Per Share	$ 0.0650
Cash Distributed	$ 1,647
Dividend Payment 3rd [Member]
Dividends Payable [Line Items]
Announcement Date	Dec. 2, 2014
Payment Date	Dec. 29, 2014
Amount Per Share	$ 0.0650
Cash Distributed	$ 1,646
Dividend Payment 4th [Member]
Dividends Payable [Line Items]
Announcement Date	Sep. 2, 2014
Payment Date	Sep. 30, 2014
Amount Per Share	$ 0.0625
Cash Distributed	$ 1,579
Dividend Payment Five [Member]
Dividends Payable [Line Items]
Announcement Date	May 27, 2014
Payment Date	Jun. 30, 2014
Amount Per Share	$ 0.0600
Cash Distributed	$ 1,514
Dividend Payment Six [Member]
Dividends Payable [Line Items]
Announcement Date	Mar. 6, 2014
Payment Date	Mar. 31, 2014
Amount Per Share	$ 0.0575
Cash Distributed	$ 1,444

NOTES PAYABLE AND LONG-TERM D51

NOTES PAYABLE AND LONG-TERM DEBT (Narrative) (Details) - USD ($)	Jan. 30, 2015	Mar. 14, 2013	Sep. 30, 2013	Mar. 14, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Bank loan fees written off in conjunction with the early retirement of debt							$ 314,000	$ 344,000
Loss on early retirement of long-term debt							(41,000)	(8,000)
Debt, accrued interest					$ 49,000		49,000		$ 48,000
Term Loan B [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity		$ 300,000,000		$ 300,000,000	274,000,000		274,000,000
Interest expense					$ 47,000	$ 48,000	93,000	$ 94,000
Bank loan fees written off in conjunction with the early retirement of debt	$ 27,000						$ 27,000
Debt, issued at discount		$ 298,500,000		298,500,000
Term loan maturity year		7 years	7 years
Additional term loan amount increased				60,000,000
Credit facility, quarterly consecutive principal payments			$ 750,000
Loss on early retirement of long-term debt	15,000
Floor percentage on Term Loan							1.00%
Debt, interest rate over LIBOR							3.50%
Debt, interest rate above base rate							2.50%
Debt, increase in interest rate if default occurs					2.00%		2.00%
Blended interest rate on amounts outstanding					5.04%		5.04%
Debt, issuance of principal amount	$ 300,000,000
Credit facility, floating rate, interest above prime rate							2.50%
Debt, interest rate above LIBOR					3.50%		3.50%
Revolver [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity		$ 25,000,000		$ 25,000,000	$ 4,500,000		$ 4,500,000
Term loan maturity year				5 years
Debt, interest rate over LIBOR							3.00%
Debt, interest rate above base rate							2.00%
Commitment fees on any unused portion							0.50%
Revolver under senior credit facility [Member]
Debt Instrument [Line Items]
Revolving credit facility, covenant description							With respect to financial covenants, the credit agreement includes a minimum interest coverage ratio, which started at 1.50 2.50 6.75 5.75
Interest coverage ratio					3.30%		3.30%		2.25%
Leverage ratio					5.39%		5.39%
Revolver under senior credit facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Leverage ratio					5.75%		5.75%
Revolver under senior credit facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Leverage ratio					6.25%		6.25%		6.75%
Revolver under senior credit facility [Member] | Covenant requirement [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest coverage ratio					1.50%		1.50%
Revolver under senior credit facility [Member] | Covenant requirement [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest coverage ratio					2.50%		2.50%

NOTES PAYABLE AND LONG-TERM D52

NOTES PAYABLE AND LONG-TERM DEBT (Schedule of Repayments of Term Loan B) (Details) - Term Loan B [Member] - USD ($) $ in Thousands	Jan. 30, 2015	Dec. 31, 2014	Nov. 28, 2014	Sep. 29, 2014	Mar. 31, 2014	Dec. 30, 2013	Sep. 30, 2013	Jun. 28, 2013
Summary Of Investments Other Than Investments In Related Parties Reportable Data [Line Items]
Principal Paid	$ 2,000	$ 4,000	$ 4,000	$ 5,000	$ 2,250	$ 750	$ 4,000	$ 4,000
Unamortized Discount	$ 15	$ 16	$ 15	$ 18	$ 8	$ 3	$ 16	$ 14

NOTES PAYABLE AND LONG-TERM D53

NOTES PAYABLE AND LONG-TERM DEBT (Schedule of Change in Rate Based on Leverage Ratio) (Details)	Jun. 30, 2015
Base Rate [Member] | Less than 3.00 to 1.00 [Member]
Debt Instrument [Line Items]
Change in rate based on leverage ratio, contractual interest rate	1.25%
Base Rate [Member] | Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 [Member]
Debt Instrument [Line Items]
Change in rate based on leverage ratio, contractual interest rate	1.50%
Base Rate [Member] | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 [Member]
Debt Instrument [Line Items]
Change in rate based on leverage ratio, contractual interest rate	1.75%
Base Rate [Member] | Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 [Member]
Debt Instrument [Line Items]
Change in rate based on leverage ratio, contractual interest rate	2.00%
Base Rate [Member] | Greater than or equal to 6.00 to 1.00 [Member]
Debt Instrument [Line Items]
Change in rate based on leverage ratio, contractual interest rate	2.50%
LIBOR Loans [Member] | Less than 3.00 to 1.00 [Member]
Debt Instrument [Line Items]
Change in rate based on leverage ratio, contractual interest rate	2.25%
LIBOR Loans [Member] | Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 [Member]
Debt Instrument [Line Items]
Change in rate based on leverage ratio, contractual interest rate	2.50%
LIBOR Loans [Member] | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 [Member]
Debt Instrument [Line Items]
Change in rate based on leverage ratio, contractual interest rate	2.75%
LIBOR Loans [Member] | Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 [Member]
Debt Instrument [Line Items]
Change in rate based on leverage ratio, contractual interest rate	3.00%
LIBOR Loans [Member] | Greater than or equal to 6.00 to 1.00 [Member]
Debt Instrument [Line Items]
Change in rate based on leverage ratio, contractual interest rate	3.50%

NOTES PAYABLE AND LONG-TERM D54

NOTES PAYABLE AND LONG-TERM DEBT (Schedule of Change in Rate Based on Leverage Ratio) (Parenthetical) (Details) - Debt Instrument, Name [Domain]	Jun. 30, 2015
Maximum [Member] | Less than 3.00 to 1.00 [Member]
Debt Instrument [Line Items]
Leverage ratio	3.00%
Maximum [Member] | Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 [Member]
Debt Instrument [Line Items]
Leverage ratio	4.00%
Maximum [Member] | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 [Member]
Debt Instrument [Line Items]
Leverage ratio	5.00%
Maximum [Member] | Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 [Member]
Debt Instrument [Line Items]
Leverage ratio	6.00%
Minimum [Member] | Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 [Member]
Debt Instrument [Line Items]
Leverage ratio	3.00%
Minimum [Member] | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 [Member]
Debt Instrument [Line Items]
Leverage ratio	4.00%
Minimum [Member] | Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 [Member]
Debt Instrument [Line Items]
Leverage ratio	5.00%
Minimum [Member] | Greater than or equal to 6.00 to 1.00 [Member]
Debt Instrument [Line Items]
Leverage ratio	6.00%

NOTES PAYABLE AND LONG-TERM D55

NOTES PAYABLE AND LONG-TERM DEBT (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt	$ 278,239	$ 277,505
Less current portion	(5,327)	(1,898)
Long-term debt and capital lease obligations, less current portion	272,912	275,607
Term Loan B [Member]
Debt Instrument [Line Items]
Long-term debt	273,041	274,933
Revolver [Member]
Debt Instrument [Line Items]
Long-term debt	4,468	1,784
Capital leases and other loans [Member]
Debt Instrument [Line Items]
Long-term debt	$ 730	$ 788

NOTES PAYABLE AND LONG-TERM D56

NOTES PAYABLE AND LONG-TERM DEBT (Schedule of Principal Repayment Requirements under All Long-term Debt Agreements Outstanding for Each of Next Five Years and Thereafter) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
NOTES PAYABLE AND LONG-TERM DEBT [Abstract]
2,016	$ 5,327
2,017	3,109
2,018	3,112
2,019	3,102
2,020	3,103
Thereafter	260,486
Long-term debt	$ 278,239	$ 277,505

DEFERRED FINANCING COSTS (Detai

DEFERRED FINANCING COSTS (Details) - USD ($)	Jan. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Debt Instrument [Line Items]
Bank loan fees written off in conjunction with the early retirement of debt		$ 314,000	$ 344,000
Deferred financing costs		$ 2,826,000		$ 3,166,000
Term Loan B [Member]
Debt Instrument [Line Items]
Deferred financing costs amortization period		7 years
Bank loan fees written off in conjunction with the early retirement of debt	$ 27,000	$ 27,000
Revolver [Member]
Debt Instrument [Line Items]
Deferred financing costs amortization period		5 years

AMORTIZABLE INTANGIBLE ASSETS58

AMORTIZABLE INTANGIBLE ASSETS (Summary of Significant Classes of Amortizable Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Cost	$ 48,117	$ 46,525
Accumulated Amortization	(36,774)	(34,130)
Net	11,343	12,395
Customer lists and contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	19,925	19,910
Accumulated Amortization	(17,824)	(16,558)
Net	2,101	3,352
Domain and brand names [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	15,871	15,465
Accumulated Amortization	(10,458)	(9,722)
Net	5,413	5,743
Favorable and assigned leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	2,379	2,379
Accumulated Amortization	(1,842)	(1,795)
Net	537	584
Subscriber base and lists [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	5,424	4,302
Accumulated Amortization	(3,142)	(2,671)
Net	2,282	1,631
Author relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	2,245	2,245
Accumulated Amortization	(1,451)	(1,379)
Net	794	866
Non-compete agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	937	888
Accumulated Amortization	(721)	(669)
Net	216	219
Other amortizable intangible assets [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	1,336	1,336
Accumulated Amortization	$ (1,336)	$ (1,336)
Net

AMORTIZABLE INTANGIBLE ASSETS59

AMORTIZABLE INTANGIBLE ASSETS (Schedule of Estimate Amortization Expense for Next Five Years) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
AMORTIZABLE INTANGIBLE ASSETS [Abstract]
2015 (July - Dec)	$ 2,463
2,016	3,266
2,017	1,862
2,018	1,632
2,019	1,228
Thereafter	892
Net	$ 11,343	$ 12,395

BASIC AND DILUTED NET EARNING60

BASIC AND DILUTED NET EARNINGS PER SHARE (Details) - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
BASIC AND DILUTED NET EARNINGS PER SHARE [Abstract]
Options to purchase Class A common stock	1,634,034	1,913,958	1,816,204
Dilutive shares	400,366	777,904

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Mar. 27, 2013
Derivative [Line Items]
Fair value of interest rate swap asset (liability)	$ 501
Level 2 [Member]
Derivative [Line Items]
Fair value of interest rate swap asset (liability)	$ 501
Fair value of interest rate swaps [Member]
Derivative [Line Items]
Interest rate swap agreement, notional principal amount			$ 150,000
Payments swap LIBOR floor rate	0.625%
Interest rate swap, expiration date	Mar. 28, 2019
Interest rate swap, fixed rate	1.645%
Fair value of interest rate swaps [Member] | Level 2 [Member]
Derivative [Line Items]
Fair value of interest rate swap asset (liability)	$ 500	$ 475

FAIR VALUE MEASUREMENTS (Summar

FAIR VALUE MEASUREMENTS (Summary of Fair Value of Financial Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets: [Abstract]
Cash and cash equivalents	$ 192
Trade accounts receivable, net	$ 34,842
Fair value of interest rate swap		$ 475
Liabilities: [Abstract]
Accounts payable	$ 4,587
Accrued expenses including estimated fair value of contingent earn-out consideration	11,920
Accrued interest	49
Long term liabilities including estimated fair value of contingent earn-out consideration	1,115	$ 4,123
Long-term debt	278,239
Fair value of interest rate swap	501
Quoted prices in active markets (Level 1) [Member]
Assets: [Abstract]
Cash and cash equivalents	192
Trade accounts receivable, net	34,842
Liabilities: [Abstract]
Accounts payable	4,587
Accrued expenses including estimated fair value of contingent earn-out consideration	10,730
Accrued interest	49
Long term liabilities including estimated fair value of contingent earn-out consideration	29
Long-term debt	$ 278,239
Fair value of interest rate swap
Significant Other Observable Inputs (Level 2) [Member]
Assets: [Abstract]
Cash and cash equivalents
Trade accounts receivable, net
Liabilities: [Abstract]
Accounts payable
Accrued expenses including estimated fair value of contingent earn-out consideration
Accrued interest
Long term liabilities including estimated fair value of contingent earn-out consideration
Long-term debt
Fair value of interest rate swap	$ 501
Significant Unobservable Inputs (Level 3) [Member]
Assets: [Abstract]
Cash and cash equivalents
Trade accounts receivable, net
Liabilities: [Abstract]
Accounts payable
Accrued expenses including estimated fair value of contingent earn-out consideration	$ 1,190
Accrued interest
Long term liabilities including estimated fair value of contingent earn-out consideration	$ 1,086
Long-term debt
Fair value of interest rate swap

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
INCOME TAXES [Abstract]
Liabilities for unrecognized tax benefits		$ 500
Unrecognized tax benefit, interest accrued net of federal income tax benefits		20
Unrecognized tax benefits, penalty		$ 20
Reduction of reserve	$ 400
Valuation allowance to offset deferred tax asset	$ 3,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Narrative) (Details)	Jun. 30, 2015USD ($)
Schedule of Operating Leases [Line Items]
Fair value of guarantees	$ 0

SEGMENT DATA (Narrative) (Detai

SEGMENT DATA (Narrative) (Details)	6 Months Ended
	Jun. 30, 2015Segment
Segment Reporting Information [Line Items]
Number of reportable segments	2
Operating segments	3

SEGMENT DATA (Schedule of Segme

SEGMENT DATA (Schedule of Segment Data) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	$ 67,293	$ 68,637	$ 129,149	$ 130,981
Operating expenses	53,941	55,870	105,346	108,136
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets	13,352	12,767	23,803	22,845
Depreciation	3,060	3,167	6,232	6,296
Amortization	1,315	1,529	2,644	3,137
Change in the estimated fair value of contingent earn-out consideration	(307)	242	(189)	369
(Gain) loss on disposal of assets	30	338	159	221
Operating income	9,254	7,491	14,957	12,822
Inventories, net	858		858		$ 572
Property and equipment, net	101,843		101,843		99,227
Broadcast licenses	387,367		387,367		385,726
Goodwill	24,816		24,816		24,684
Other indefinite-lived intangible assets	833		833		833
Amortizable intangible assets, net	11,343		11,343		$ 12,395
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue		68,637		130,981
Operating expenses		55,870		108,136
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets		7,491		12,822
Operating Segments [Member] | Broadcast [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	49,060	49,129	95,599	95,898
Operating expenses	35,187	35,815	69,104	69,161
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets	13,873	13,314	26,495	26,737
Depreciation	1,889	1,995	3,840	3,983
Amortization	$ 23	$ 24	$ 46	$ 52
Change in the estimated fair value of contingent earn-out consideration
(Gain) loss on disposal of assets	$ 30	$ 338	$ 159	$ 221
Operating income	$ 11,931	10,957	$ 22,450	22,481
Inventories, net
Property and equipment, net	$ 84,616		$ 84,616		$ 81,948
Broadcast licenses	387,367		387,367		385,726
Goodwill	$ 3,969		$ 3,969		$ 3,955
Other indefinite-lived intangible assets
Amortizable intangible assets, net	$ 537		$ 537		$ 583
Operating Segments [Member] | Digital Media [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	11,499	12,319	22,290	23,631
Operating expenses	8,767	9,270	17,767	18,120
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets	2,732	3,049	4,523	5,511
Depreciation	782	761	1,558	1,514
Amortization	1,156	1,202	2,326	2,480
Change in the estimated fair value of contingent earn-out consideration	$ (244)	$ 90	$ (211)	$ 217
(Gain) loss on disposal of assets
Operating income	$ 1,038	$ 996	$ 850	$ 1,300
Inventories, net	402		402		222
Property and equipment, net	$ 7,180		$ 7,180		$ 7,111
Broadcast licenses
Goodwill	$ 19,795		$ 19,795		$ 19,677
Other indefinite-lived intangible assets
Amortizable intangible assets, net	$ 9,148		$ 9,148		$ 9,884
Operating Segments [Member] | Publishing [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	6,734	7,189	11,260	11,452
Operating expenses	6,469	6,809	10,966	11,815
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets	265	380	294	(363)
Depreciation	167	133	335	234
Amortization	135	303	271	605
Change in the estimated fair value of contingent earn-out consideration	$ (63)	$ 152	22	$ 152
(Gain) loss on disposal of assets			(1)
Operating income	$ 26	$ (208)	(333)	$ (1,354)
Inventories, net	456		456		350
Property and equipment, net	$ 1,830		$ 1,830		$ 1,941
Broadcast licenses
Goodwill	$ 1,044		$ 1,044		$ 1,044
Other indefinite-lived intangible assets	833		833		833
Amortizable intangible assets, net	$ 1,656		$ 1,656		$ 1,926
Operating Segments [Member] | Unallocated Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue
Operating expenses	$ 3,518	$ 3,976	$ 7,509	$ 9,040
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets	(3,518)	(3,976)	(7,509)	(9,040)
Depreciation	222	$ 278	499	$ 565
Amortization	$ 1		$ 1
Change in the estimated fair value of contingent earn-out consideration
(Gain) loss on disposal of assets			$ 1
Operating income	$ (3,741)	$ (4,254)	$ (8,010)	$ (9,605)
Inventories, net
Property and equipment, net	$ 8,217		$ 8,217		$ 8,227
Broadcast licenses
Goodwill	$ 8		$ 8		$ 8
Other indefinite-lived intangible assets
Amortizable intangible assets, net	$ 2		$ 2		$ 2

SEGMENT DATA (Schedule of finan

SEGMENT DATA (Schedule of financial information with a comparison of results under the prior composition to the new composition of operating segments) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue		$ 67,293	$ 68,637	$ 129,149	$ 130,981
Operating expenses		53,941	55,870	105,346	108,136
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets		13,352	12,767	23,803	22,845
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue			68,637		130,981
Operating expenses			55,870		108,136
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets			7,491		12,822
Operating Segments [Member] | Broadcast [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue		49,060	49,129	95,599	95,898
Operating expenses		35,187	35,815	69,104	69,161
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets		13,873	13,314	26,495	26,737
Operating Segments [Member] | Digital Media [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue		11,499	12,319	22,290	23,631
Operating expenses		8,767	9,270	17,767	18,120
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets		2,732	3,049	4,523	5,511
Operating Segments [Member] | Publishing [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue		6,734	7,189	11,260	11,452
Operating expenses		6,469	6,809	10,966	11,815
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets		$ 265	$ 380	$ 294	$ (363)
Operating Segments [Member] | Unallocated Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue
Operating expenses		$ 3,518	$ 3,976	$ 7,509	$ 9,040
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets		$ (3,518)	(3,976)	$ (7,509)	(9,040)
As Reported Original | Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	[1]		68,637		130,981
Operating expenses	[1]		55,870		108,136
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets	[1]		7,491		12,822
As Reported Original | Operating Segments [Member] | Broadcast [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	[1]		47,855		93,431
Operating expenses	[1]		33,910		65,099
As Reported Original | Operating Segments [Member] | Digital Media [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	[1]		14,390		27,300
Operating expenses	[1]		10,063		19,891
As Reported Original | Operating Segments [Member] | Publishing [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	[1]		6,392		10,250
Operating expenses	[1]		6,439		10,858
As Reported Original | Operating Segments [Member] | Unallocated Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating expenses	[1]		$ 5,458		12,288
Reclassification [Member] | Digital Media [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue					(11,000)
Operating expenses					$ (11,000)
[1]	Includes the reclassification of $11,000 of revenue share commissions to digital media operating expenses from digital media revenue to conform to current presentation.

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Jul. 02, 2015 - Subsequent Event [Member] - Dividend Investor.com [Member] - USD ($) $ in Millions	Total
Subsequent Event [Line Items]
Acquisition date	Jul. 1, 2015
Cash paid for business acquisition	$ 1