Salem Media (SALM) 10-K 11 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 26, 2016	Jun. 30, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	SALEM MEDIA GROUP, INC. /DE/
Entity Central Index Key	1,050,606
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 73,444,420
Trading Symbol	SALM
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		19,928,484
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,553,696

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 98	$ 33
Trade accounts receivable (net of allowances of $12,727 in 2014 and $13,479 in 2015)	36,029	34,781
Other receivables	1,981	3,546
Inventories (net of reserves of $1,227 in 2014 and $1,855 in 2015)	893	572
Prepaid expenses	6,285	5,580
Deferred income taxes	9,813	8,153
Assets held for sale	1,700	1,700
Total current assets	56,799	54,365
Notes receivable (net of allowance of $539 in 2014 and $528 in 2015)	173	228
Fair value of interest rate swap	0	475
Property and equipment (net of accumulated depreciation of $155,495 in 2014 and $162,382 in 2015)	105,483	99,227
Broadcast licenses	393,031	385,726
Goodwill	24,563	24,684
Other indefinite-lived intangible assets	833	833
Amortizable intangible assets (net of accumulated amortization of $34,130 in 2014 and $39,454 in 2015)	11,481	12,395
Deferred financing costs	2,512	3,166
Other assets	2,500	2,060
Total assets	597,375	583,159
Current liabilities:
Accounts payable	5,177	2,964
Accrued expenses	11,301	12,704
Accrued compensation and related expenses	8,297	8,777
Accrued interest	16	48
Current portion of deferred revenue	13,128	13,205
Income tax payable	73	154
Current portion of long-term debt and capital lease obligations	5,662	1,898
Total current liabilities	43,654	39,750
Long-term debt and capital lease obligations, less current portion	271,454	275,607
Fair value of interest rate swap	798	0
Deferred income taxes	57,082	49,109
Deferred revenue less current portion	13,930	10,576
Other long-term liabilities	636	4,123
Total liabilities	$ 387,554	$ 379,165
Commitments and contingencies (Note 11)
Stockholders’ Equity:
Additional paid-in capital	$ 241,780	$ 240,493
Accumulated earnings (deficit)	1,768	(2,770)
Treasury stock, at cost (2,317,650 shares at December 31, 2014 and 2015)	(34,006)	(34,006)
Total stockholders’ equity	209,821	203,994
Total liabilities and stockholders’ equity	597,375	583,159
Common Class A [Member]
Stockholders’ Equity:
Common stock	223	221
Common Class B [Member]
Stockholders’ Equity:
Common stock	$ 56	$ 56

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Trade accounts receivable, allowances	$ 13,479	$ 12,727
Inventories, reserves	1,855	1,227
Notes receivable, allowance	528	539
Property and equipment, accumulated depreciation	162,382	155,495
Amortizable intangible assets, accumulated amortization	$ 39,454	$ 34,130
Treasury stock, shares	2,317,650	2,317,650
Common Class A [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	80,000,000	80,000,000
Common stock, issued	22,246,134	22,082,140
Common stock, outstanding	19,928,484	19,764,490
Common Class B [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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net broadcast revenue	$ 196,090	$ 192,923	$ 188,544
Net digital media revenue	45,855	46,862	35,156
Net publishing revenue	23,842	26,751	13,234
Total net revenue	265,787	266,536	236,934
Operating expenses:
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $1,428, $1,454 and $1,509 for the years ended December 31, 2013, 2014 and 2015, respectively, paid to related parties)	140,230	138,564	129,857
Digital media operating expenses, exclusive of depreciation and amortization shown below	35,969	36,232	25,741
Publishing operating expenses exclusive of depreciation and amortization shown below	24,774	26,143	14,280
Unallocated corporate expenses, exclusive of depreciation and amortization shown below (including $239, $274 and $133 for the years ended December 31, 2013, 2014 and 2015, respectively, paid to related parties)	15,146	17,092	16,081
Depreciation	12,417	12,629	12,448
Amortization	5,324	6,196	2,814
Change in the estimated fair value of contingent earn-out consideration	(1,715)	734	0
Impairment of indefinite-lived long-term assets other than goodwill	0	34	1,006
Impairment of goodwill	439	45	438
(Gain) loss on the sale or disposal of assets	181	251	(264)
Total operating expenses	232,765	237,920	202,401
Operating income from continuing operations	33,022	28,616	34,533
Other income (expense):
Interest income	8	45	68
Interest expense, net of capitalized interest (including $154, $0 and $0 for the years ended December 31, 2013, 2014 and 2015, respectively, due to related parties)	(15,429)	(15,993)	(16,892)
Change in the fair value of interest rate swap	(1,273)	(2,702)	3,177
Gain on bargain purchase	1,357	0	0
Loss on early retirement of long-term debt	(41)	(391)	(27,795)
Net miscellaneous income and (expenses)	201	665	18
Income (loss) from continuing operations before income taxes	17,845	10,240	(6,891)
Provision for (benefit from) income taxes	6,695	4,765	(4,192)
Income (loss) from continuing operations	11,150	5,475	(2,699)
Loss from discontinued operations, net of tax	0	0	(37)
Net income (loss)	$ 11,150	$ 5,475	$ (2,736)
Basic earnings (loss) per share data:
Earnings (loss) per share from continuing operations	$ 0.43	$ 0.21	$ (0.11)
Earnings (loss) per share from discontinued operations	0	0	0
Basic earnings (loss) per share	0.43	0.21	(0.11)
Diluted earnings (loss) per share data:
Earnings (loss) per share from continuing operations	0.43	0.21	(0.11)
Earnings (loss) from discontinued operations	0	0	0
Diluted earnings (loss) per share	0.43	0.21	(0.11)
Distributions per share	$ 0.26	$ 0.24	$ 0.21
Basic weighted average shares outstanding	25,426,732	25,336,809	24,938,075
Diluted weighted average shares outstanding	25,887,819	26,081,175	24,938,075

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS [Parenthetical] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Broadcast operating expenses exclusive of depreciation and amortization	$ 140,230	$ 138,564	$ 129,857
Unallocated corporate expenses exclusive of depreciation and amortization	15,146	17,092	16,081
Related Party [Member]
Broadcast operating expenses exclusive of depreciation and amortization	1,509	1,454	1,428
Unallocated corporate expenses exclusive of depreciation and amortization	133	274	239
Interest expense on related party debt	$ 0	$ 0	$ 154

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock [Member]	Class B Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Treasury Stock [Member]
Balance at Dec. 31, 2012	$ 206,069	$ 213	$ 56	$ 233,974	$ 5,832	$ (34,006)
Balance (in shares) at Dec. 31, 2012		21,312,510	5,553,696
Stock-based compensation	1,849	$ 0	$ 0	1,849	0	0
Lapse of restricted shares (in shares)		79,810	0
Options exercised	1,422	$ 5	$ 0	1,417	0	0
Options exercised (in shares)		410,983	0
Tax benefit related to stock options exercised	339	$ 0	$ 0	339	0	0
Cash distributions	(5,158)	0	0	0	(5,158)	0
Net income (loss)	(2,736)	0	0	0	(2,736)	0
Balance at Dec. 31, 2013	201,785	$ 218	$ 56	237,579	(2,062)	(34,006)
Balance (in shares) at Dec. 31, 2013		21,803,303	5,553,696
Stock-based compensation	1,576	$ 0	$ 0	1,576	0	0
Options exercised	1,221	$ 3	$ 0	1,218	0	0
Options exercised (in shares)		278,837	0
Tax benefit related to stock options exercised	120	$ 0	$ 0	120	0	0
Cash distributions	(6,183)	0	0	0	(6,183)	0
Net income (loss)	5,475	0	0	0	5,475	0
Balance at Dec. 31, 2014	203,994	$ 221	$ 56	240,493	(2,770)	(34,006)
Balance (in shares) at Dec. 31, 2014		22,082,140	5,553,696
Stock-based compensation	771	$ 0	$ 0	771	0	0
Options exercised	385	$ 2	$ 0	383	0	0
Options exercised (in shares)		163,994	0
Tax benefit related to stock options exercised	133	$ 0	$ 0	133	0	0
Cash distributions	(6,612)	0	0	0	(6,612)	0
Net income (loss)	11,150	0	0	0	11,150	0
Balance at Dec. 31, 2015	$ 209,821	$ 223	$ 56	$ 241,780	$ 1,768	$ (34,006)
Balance (in shares) at Dec. 31, 2015		22,246,134	5,553,696

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
OPERATING ACTIVITIES
Income (loss) from continuing operations	$ 11,150	$ 5,475	$ (2,699)
Adjustments to reconcile income (loss) from continuing operations to net cash provided by continuing operating activities:
Non-cash stock-based compensation	771	1,576	1,849
Tax benefit related to stock options exercised	133	120	339
Depreciation and amortization	17,741	18,825	15,262
Amortization of deferred financing costs	628	643	853
Accretion of financing items	188	187	194
Accretion of acquisition-related deferred payments and contingent earn-out consideration	349	576	0
Provision for bad debts	1,733	3,026	3,456
Deferred income taxes	6,313	4,375	(4,764)
Impairment of indefinite-lived long-term assets other than goodwill	0	34	1,006
Impairment of goodwill	439	45	438
Change in the fair value of interest rate swaps	1,273	2,702	(3,177)
Change in the estimated fair value of contingent earn-out consideration	(1,715)	734	0
(Gain) loss on the sale or disposal of assets	181	251	(264)
Gain on bargain purchase	(1,357)	0	0
Loss on early retirement of debt	41	391	27,795
Changes in operating assets and liabilities:
Accounts receivable	1,958	4,756	(3,049)
Inventories	(307)	(27)	0
Prepaid expenses and other current assets	(705)	237	(50)
Accounts payable and accrued expenses	(3,090)	4,041	(4,733)
Deferred revenue	(216)	(4,929)	(3,688)
Other liabilities	703	(1,125)	0
Income taxes payable	(81)	12	(33)
Net cash provided by continuing operating activities	36,130	41,925	28,735
INVESTING ACTIVITIES
Cash paid for capital expenditures net of tenant improvement allowances	(8,833)	(9,363)	(10,639)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements	(3,034)	(711)	0
Escrow deposits related to acquisitions	0	(65)	81
Purchases of broadcast assets and radio stations	(12,411)	(6,195)	(5,500)
Proceeds from the sale of assets	10	1,370	477
Other	(443)	(283)	(179)
Net cash used in investing activities	(29,183)	(21,734)	(17,737)
FINANCING ACTIVITIES
Payments to redeem Terminated 9 5/8% Notes	0	0	(213,500)
Payments of bond premium in connection with early redemptions and repurchases of the Terminated 9 5/8% Notes	0	0	(22,677)
Payments of costs related to bank credit facility	0	(13)	(4,394)
Proceeds from borrowings under terminated credit facilities and subordinated debt	0	0	46,747
Payments under terminated credit facilities and subordinated debt	0	0	(87,220)
Payments to Terminated Subordinated Debt due to Related Parties	0	0	(15,000)
Payments of acquisition-related contingent earn-out consideration	(1,204)	(300)	0
Payments of deferred installments due from acquisition activity	(935)	0	0
Payment of seller financed note	0	0	(2,000)
Proceeds from exercise of stock options	385	1,221	1,422
Payment of cash distribution on common stock	(6,612)	(6,183)	(5,158)
Payments on capital lease obligations	(112)	(130)	(122)
Book overdraft	2,075	(1,352)	876
Net cash used in financing activities	(6,882)	(20,223)	(11,276)
CASH FLOWS FROM DISCONTINUED OPERATIONS
Operating cash flows	0	0	(37)
Total cash outflows from discontinued operations	0	0	(37)
Net increase (decrease) in cash and cash equivalents	65	(32)	(315)
Cash and cash equivalents at beginning of period	33	65	380
Cash and cash equivalents at end of period	98	33	65
Cash paid during the period for:
Cash paid for interest net of capitalized interest (including $296, $0 and $0 for the years ended December 31, 2013, 2014 and 2015, respectively, of interest paid to related parties)	14,289	14,518	16,747
Cash paid for income taxes	330	257	242
Other supplemental disclosures of cash flow information:
Barter revenue	6,204	6,227	5,917
Barter expense	5,990	6,052	4,897
Non-cash investing and financing activities:
Present value of advertising credit payable	0	0	2,427
Seller financed note due directly to seller of station assets	0	0	2,000
Capital expenditures reimbursable under tenant improvement allowances	2,998	670	0
Non-cash capital expenditures for property & equipment acquired under barter arrangements	36	41	0
Estimated present value of contingent earn-out consideration	300	2,047	616
Current value of deferred cash payments (short-term)	21	600	300
Present value of deferred cash payments (due 2015)	0	893	0
Present value of deferred cash payments (due 2016)	0	2,289	0
Assets acquired under capital leases	0	64	118
Term Loan B [Member]
FINANCING ACTIVITIES
Payments under Term Loan B and Revolver	(2,000)	(15,250)	(8,750)
Proceeds from borrowings under Term Loan B and Revolver	0	0	298,500
Revolver [Member]
FINANCING ACTIVITIES
Payments under Term Loan B and Revolver	(58,698)	(54,726)	(30,961)
Proceeds from borrowings under Term Loan B and Revolver	60,219	56,510	30,961
Digital Media [Member]
INVESTING ACTIVITIES
Purchases of businesses and assets	(4,472)	(3,713)	(1,977)
Publishing [Member]
INVESTING ACTIVITIES
Purchases of businesses and assets	$ 0	$ (2,774)	$ 0

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash paid for interest, capitalized interest paid to related parties	$ 0	$ 0	$ 296

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements of Salem Media Group, Inc. (“Salem” “we,” “us,” “our” or the “company”) include the company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. 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”), Today’s Christian Music (“TCM”), Singing News Network (formerly Solid Gospel Network) and Salem Media Representatives TM 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 strategies 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. Digital media also includes our e-commerce sites, Salem Consumer Products (“SCP”), Eagle Wellness and Gene Smart Wellness. SCP is our e-commerce business that sells books, DVD’s and editorial content developed by our on-air personalities. Eagle Wellness and Gene Smart Wellness are e-commerce sites that offer health advice and nutritional products. Our acquisition of Regnery Publishing expanded our publishing operations to include book publishing in addition to print magazines and our self-publishing service. Regnery Publishing has published dozens of bestselling books by leading conservative authors and personalities, including Ann Coulter, Newt Gingrich, David Limbaugh, Ed Klein, Mark Steyn and Dinesh D'Souza. Our publishing operating segment also includes Salem Publishing™ and Xulon Press. We consider all highly liquid debt instruments, purchased with an initial maturity of three-months or less, to be cash equivalents. The carrying value of our cash equivalents approximated fair value at each balance sheet date. Trade accounts receivable represent receivables from customers for the sale of advertising, block program time, sponsorships and events, product sales, royalties, video and graphic downloads, subscriptions, and book sales. Our receivables are recorded as invoiced and represent claims that will be settled in cash. The carrying value of our receivables, net of the allowance for doubtful accounts and estimated sales returns, represents their estimated net realizable value. Trade accounts receivable for our self-publishing services represent contractual amounts due under individual payment plans. These contractual receivables are included in deferred revenue until the applicable earnings process is complete. We evaluate the balance reserved in our allowance for doubtful accounts on a quarterly basis based on our historical collection experience, the age of the receivables, specific customer information and current economic conditions. Past due balances are generally not written-off until all of our collection efforts have been unsuccessful, including use of a collections agency. A considerable amount of judgment is required in assessing the likelihood of ultimate realization of these receivables, including the current creditworthiness of each customer. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. We have not modified our estimate methodology and we have not historically recognized significant losses from changes in our estimates. Inventories consist of finished goods, including published books and wellness products. Inventory is recorded at the lower of cost or market as determined on a First-In First-Out (“FIFO”) cost method We reviewed historical data associated with book and wellness product inventories held by Regnery Publishing and our e-commerce wellness entities, as well as our own experiences to estimate the fair value of inventory on hand. Our analysis includes a review of actual sales returns, our allowances, royalty reserves, overall economic conditions and product demand. We record a provision to expense the balance of unsold inventory that we believe to be unrecoverable. We regularly monitor actual performance to our estimates and make adjustments as necessary. Estimated inventory reserves may be adjusted, either favorably or unfavorably, if factors such as the historical data we used to calculate these estimates do not properly reflect future returns or as a result of changes in economic conditions of the customer and/or the market. We have not modified our estimate methodology and we have not historically recognized significant losses from changes in our estimates. We believe that our estimates and assumptions are reasonable and that our reserves are accurately reflected. Property and equipment are recorded at cost less accumulated depreciation. Cost represents the historical cost of acquiring the asset, including the costs necessarily incurred to bring it to the condition and location necessary for its intended use. For assets constructed for our own use, such as towers and buildings that are discrete projects for which costs are separately accumulated and for which construction takes considerable time, we record capitalized interest. The amount capitalized is the cost that could have been avoided had the asset not been constructed and is based on the average accumulated expenditures incurred over the capitalization period at the weighted average rate applicable to our outstanding variable rate debt. We capitalized interest of $0.2 million and $0.1 million during the years ended December 31, 2014 and 2015, respectively. Repair and maintenance costs are charged to expense as incurred. Improvements are capitalized when they extend the life of the asset or enhance the quality or ability of the asset to benefit operations Category Estimated Life Buildings 40 years Office furnishings and equipment 5 -10 years Antennae, towers and transmitting equipment 10 - 20 years Studio, production and mobile equipment 5 - 10 years Computer software and website development costs 3 years Record and tape libraries 3 years Automobiles 5 years Leasehold improvements Lesser of 15 years or life of lease The carrying value of property and equipment is evaluated periodically in relation to the operating performance and anticipated future cash flows of the underlying radio stations and business units for indicators of impairment. When indicators of impairment are present, and the cash flows estimated to be generated from these assets is less than the carrying value, an adjustment to reduce the carrying value to the fair market value of the assets is recorded. See Note 6 – Property and Equipment. We capitalize costs incurred during the application development stage related to the development of internal-use software as specified in FASB ASC Topic 350-40 “ Internal-Use Software Accounting for Amortizable Intangible Assets Intangible assets are recorded at cost less accumulated amortization. Typically, intangible assets are acquired in conjunction with the acquisition of broadcast entities, digital media entities and publishing entities. Category Estimated Life Customer lists and contracts Lesser of 5 years or life of contract Domain and brand names 5 -7 years Favorable and assigned leases Lease Term Subscriber base and lists 3 - 7 years Author relationships 1 - 7 years Non-compete agreements 2 to 5 years The carrying value of our amortizable intangible assets are evaluated periodically in relation to the operating performance and anticipated future cash flows of the underlying radio stations and businesses for indicators of impairment. In accordance with FASB ASC Topic 360 “ Property, Plant and Equipment Approximately 70% of our total assets as of December 31, 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 years for a nominal cost that is expensed as incurred. We continually monitor our stations’ compliance with the various regulatory requirements. Historically, all of our broadcast licenses have been renewed at the end of their respective periods, and we expect that all broadcast licenses will continue to be renewed in the future. Accordingly, we consider our broadcast licenses to be indefinite-lived intangible assets in accordance with FASB ASC Topic 350, “ Intangibles – Goodwill and Other” We account for business acquisitions in accordance with the acquisition method of accounting as specified in FASB ASC Topic 805 “ Business Combinations A majority of our radio station acquisitions have consisted primarily of the FCC licenses to broadcast in a particular market. We often do not acquire the existing format, or we change the format upon acquisition when we find it beneficial. As a result, a substantial portion of the purchase price for the assets of a radio station is allocated to the broadcast license. Property and equipment are recorded at their 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. Costs associated with acquisitions, such as consulting and legal fees, are expensed as incurred in unallocated corporate operating expenses. Our acquisitions often include contingent earn-out consideration as part of the purchase price. The fair value of the contingent earn-out consideration is estimated as of the acquisition date based on the present value of the expected contingent payments to be made using a weighted probability of possible payments. The unobservable inputs used in the determination of the fair value of the contingent earn-out consideration include our own assumptions about the likelihood of payment based on the established benchmarks and discount rates based on our internal rate of return analysis. The fair value measurement includes inputs that are Level 3 measurement as discussed in Note 9 to our consolidated financial statements included in this annual report on Form 10-K. We review the probabilities of possible future payments to the estimated fair value of any contingent earn-out consideration on a quarterly basis over the earn-out period. Actual results are compared to the estimates and probabilities of achievement used in our forecasts. Should actual results increase or decrease as compared to the assumption used in our analysis, the fair value of the contingent earn-out consideration obligations will increase or decrease, up to the contracted limit, as applicable. Changes in the fair value of the contingent earn-out consideration could cause a material impact and volatility in our operating results. See Note 4 – Contingent Earn-Out Consideration. We regularly review underperforming assets to determine if a sale or disposal might be a better way to monetize the assets. When a station, group of stations, or other asset group is considered for sale or disposal, we review the transaction to determine if or when the entity qualifies as a discontinued operation in accordance with the criteria of FASB ASC Topic 205-20 “ Discontinued Operations In April 2014, the FASB issued authoritative guidance which raises the threshold for disposals to qualify as discontinued operations. Under the new guidance, a discontinued operation is (1) a component of an entity or group of components that have been disposed of or are classified as held for sale and represent a strategic shift that has or will have a major effect on an entity's operations and financial results, or (2) an acquired business that is classified as held for sale on the acquisition date. Revenue is recognized as it is earned in accordance with applicable guidelines. We consider amounts to be earned once evidence of an arrangement has been obtained, services are performed, fees are fixed or determinable and collectability is reasonably assured. We account for broadcast revenue from the sale of airtime for programs or spots as the program or advertisement is broadcast. Revenues are reported net of agency commissions, which are calculated as a stated percentage applied to gross billings. Digital revenue is recognized upon delivery of page-views, delivery of impressions as specified in the contract, delivery of the digital newsletter or email, or upon delivery of the advertisement or programming content via streaming. Revenues are reported net of agency commissions, which are calculated as a stated percentage applied to gross billings. Revenue from product sales and book sales are recognized upon shipment net of distribution fees and an allowance for sales returns. Revenues from advertisements in our print magazines are recognized upon delivery of the publication net of agency commissions, which are calculated as a stated percentage applied to gross billings. Subscription revenue from our print magazines and digital newsletters is recognized over the life of the related subscription. We enter bundled advertising agreements that may include cross-promotions such as advertisements on our radio stations, digital banners, print magazine placements, booth space at local events, or some combination thereof. The multiple deliverables contained in each agreement are accounted for separately over their respective delivery period provided that they are separate units of accounting. The selling price for each deliverable is based on vendor specific objective evidence, if available, or the estimated fair value of each deliverable. Objective evidence of the fair value includes the price charged for each element when sold separately or the price that we would transact if the deliverable is sold regularly on a standalone basis. Arrangement consideration is allocated at the inception of each agreement to all deliverables using the relative selling price method. The relative selling price method allocates any discount in the arrangement proportionally to each deliverable on the basis of each deliverable’s selling price. We provide for estimated returns for products sold with the right of return, primarily book sales associated with Regnery Publishing and nutritional products sold through Eagle Wellness and Gene Smart. We record an estimate of these product returns as a reduction of revenue in the period of the sale. Our estimates are based upon historical sales returns, the amount of current period sales, economic trends and any changes in customer demand and acceptance of our products. We regularly monitor actual performance to estimated return rates and make adjustments as necessary. Estimated return rates utilized for establishing estimated returns reserves have approximated actual returns experience. However, actual returns may differ significantly, either favorably or unfavorably, from these estimates if factors such as the historical data we used to calculate these estimates do not properly reflect future returns or as a result of changes in economic conditions of the customer and/or the market. We have not modified our estimate methodology and we have not recognized significant losses from changes in our estimates We may provide broadcast time or digital advertising placement to customers in exchange for certain products, supplies or services. The terms of these exchanges generally permit for the preemption of such broadcast time or digital placements in favor of customers who purchase these items for cash. We include the value of such exchanges in net revenues and operating expenses. The value recorded for barter revenue and barter expense is based upon management’s estimate of the fair value of the products, supplies or services received. . We believe that our estimates and assumptions are reasonable and that our barter revenue and barter expense are accurately reflected. We record barter revenue as it is earned, typically when the broadcast time is used or the digital advertisement is delivered. We record barter expense equal to the estimated fair value of the goods or services received upon receipt or usage of the items as applicable. Barter revenue included in broadcast revenue for the years ended December 31, 2013, 2014 and 2015 was approximately $5.6 million, $6.0 million and $6.1 million, respectively. Barter expenses included in broadcast operating expense for the years ended December 31, 2013, 2014 and 2015 were approximately $4.8 million, $6.0 million and $5.9 million, respectively We account for stock-based compensation under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, “ Compensation—Stock Compensation Costs of media advertising and associated production costs are expensed as incurred and amounted to approximately $11.3 million, $11.5 million and $10.0 million for each of the years ending December 31, 2015, 2014, and 2013, respectively. We lease various facilities including broadcast tower and transmitter sites. When we enter a lease agreement, we review the terms to determine the appropriate classification of the lease as a capital lease or operating lease based on the factors listed in FASB ASC Topic 840 “ Leases We may construct or otherwise invest in leasehold improvements to properties. The costs of these leasehold improvements are capitalized and depreciated over the shorter of the estimated useful life of the improvement or the remaining lease term. We provide health insurance benefits to eligible employees under a self-insured plan whereby the company pays actual medical claims subject to certain stop loss limits. We record self-insurance liabilities based on actual claims filed and an estimate of those claims incurred but not reported. Any projection of losses concerning our liability is subject to a high degree of variability. Among the causes of this variability are unpredictable external factors such as future inflation rates, changes in severity, benefit level changes, medical costs and claim settlement patterns. Should the actual amount of claims increase or decrease beyond what was anticipated, we may adjust our future reserves. Our self-insurance liability was $0.7 million and $0.9 million at December 31, 2015 and 2014, respectively. 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 million. The agreement was entered to offset risks associated with the variable interest rate on our Term Loan B. Payments on the swap are due on a quarterly basis with a LIBOR floor of 0.625%. The swap expires on March 28, 2019 at a fixed rate of 1.645%. The interest rate swap agreement was not designated as a cash flow hedge, and as a result, all changes in the fair value are recognized in the current period statement of operations rather than through other comprehensive income. We recorded a long-term liability of $0.8 million as of December 31, 2015, representing the fair value of the interest rate swap agreement. As of December 31, 2014 As of December 31, 2015 (Dollars in thousands) Fair value of interest rate swap asset (liability) $ 475 $ (798 ) As of December 31, 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. See Note 9 – Fair Value Accounting. Our classification of outstanding borrowings on our Term Loan B as long-term debt on our balance sheet is based on our assessment that, under the terms of our Credit Agreement and after considering our projected operating results and cash flows for the coming year, no principal payments are required to be made. The Term Loan B has a term of seven years, maturing in March 2020. We are required to make principal payments of $750,000 per quarter, which began on September 30, 2013. Prepayments may be made against the outstanding balance of our Term Loan B. Each repayment of the Term Loan B is applied ratably to each of the next four principal installments thereof in the direct order of maturity and thereafter to the remaining principal balance in reverse order of maturity. Our projections of operating results and cash flows for the coming year are estimates dependent upon a number of factors including but not limited to developments in the markets in which we are operating in and varying economic and political factors. Accordingly, these projections are inherently uncertain and our actual results could differ from these estimates. Deferred financing costs consists of underwriting and legal fees incurred in conjunction with entering our Term Loan B and Revolver. These costs are being amortized to interest expense over the seven-year term of the Term Loan B and the five-year term of the Revolver. During the year ended December 31, 2015, approximately $27,000 of the deferred financing costs were written off in conjunction with the early retirement of the Term Loan B compared to $0.3 million during the prior year. Deferred financing costs were $2.5 million and $3.2 million at December 31, 2015 and 2014, respectively. We account for income taxes in accordance with FASB ASC Topic 740 “ Income Taxes For financial reporting purposes, we recorded a valuation allowance of $2.8 million as of December 31, 2015 to offset a portion of the deferred tax assets related to the state net operating loss carryforwards. We regularly review our financial forecasts in an effort to determine our ability to utilize the net operating loss carryforwards for tax purposes. Accordingly, the valuation allowance is adjusted periodically based on our estimate of the benefit the company will receive from such carryforwards. Royalties due to book authors are paid in advance and capitalized. Royalties are expensed as the related book revenues are earned or when we determine that future recovery of the royalty is not likely. We reviewed historical data associated with royalty advances, earnings and recoverability based on actual results of Regnery Publishing. Historically, the longer the unearned portion of an advance remains outstanding, the less likely it is that we will recover the advance through the sale of the book. We apply this historical experience to outstanding royalty advances to estimate the likelihood of recovery. A provision was established to expense the balance of any unearned advance which we believe is not recoverable. Our analysis also considers other discrete factors, such as death of an author, any decision to not pursue publication of a title, poor market demand or other relevant factors. We have not modified our estimate methodology and we have not historically recognized significant losses from changes in our estimates. We believe that our estimates and assumptions are reasonable and that our reserves are accurately reflected. In the ordinary course of business, we are involved in various legal proceedings, lawsuits, arbitration and other claims which are complex in nature and have outcomes that are difficult to predict. Consequently, we are unable to ascertain the ultimate aggregate amount of monetary liability or the financial impact with respect to these matters. We record contingency reserves to the extent we conclude that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The establishment of the reserve is based on a review of all relevant factors, the advice of legal counsel, and the subjective judgment of management. The reserves we have recorded to date have not been material to our consolidated financial position, results of operations or cash flows. We believe that While we believe that the final resolution of any known maters, individually and in the aggregate, will not have a material adverse effect upon our consolidated financial position, results of operations or cash flows, it is p ossible that we could incur additional losses. We record gains or losses on the sale or disposal of assets equal to the proceeds, if any, as compared to the net book value. Exchange transactions are accounted for in accordance with FASB ASC Topic 845 “ Non-Monetary Transactions Basic net earnings per share has been 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 2,162,067, 1,816,204 and 1,581,123 shares of Class A common stock were outstanding at December 31, 2013, 2014 and 2015, respectively. Diluted weighted average shares outstanding exclude outstanding stock options whose exercise price is in excess of the average price of the company’s stock price. These options are excluded from the respective computations of diluted net income or loss per share because their effect would be anti-dilutive. The number of anti-dilutive shares as of December 31, 2013, 2014 and 2015 was nil, 589,437 and 705,163, respectively. Year Ended December 31, 2013 2014 2015 Weighted average shares 24,938,075 25,336,809 25,426,732 Effect of dilutive securities - stock options — 744,366 461,087 Weighted average shares adjusted for dilutive securities 24,938,075 26,081,175 25,887,819 Our operating segments reflect how our We account for entities qualifying as variable interest entities (“VIEs”) in accordance with FASB ASC Topic 810, “ Consolidation” We may enter into LMAs contemporaneously with entering an APA to acquire or sell a radio station. We may also enter into 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 December 31, 2015, we did not consolidate any entities with which we entered into LMAs or TBAs under the guidance in FASB ASC Topic 810. We derive a substantial part of our total revenues from the sale of advertising. For the years ended December 31, 2013, 2014 and 2015, 40.8%, 40.2% and 39.4% of our total revenues, respectively, were generated from the sale of broadcast advertising. We are particularly dependent on revenue from stations in the Los Angeles and Dallas markets, which generated 15.2% and 25.5% for the year ended December 31, 2013, 14.3% and 24.0% for the year ended December 31, 2014 and 14.7% and 24.5% for the year ended December 31, 2015. Because substantial portions of our revenues are derived from local advertisers in these key markets, our ability to generate revenues in those markets could be adversely affected by local or regional economic downturns. Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents; trade accounts receivable and derivative instruments. We place our cash and cash equivalents with high quality financial institutions. Such balances may be in excess of the Federal Deposit Insurance Corporation insured limits. To manage the related credit exposure, we continually monitor the credit worthiness of the financial institutions where we have deposits. Concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services, as well as the dispersion of our operations across many geographic areas. We perform ongoing credit evaluations of our customers, but generally do not require collateral to support customer receivables. We establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers, age of receivables outstanding, historical trends, economic conditions and other information. Historically, our bad debt expense has been within management’s expectations. 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: ⋅ asset impairments, including goodwill, broadcasting licenses and other indefinite-lived intangible assets; ⋅ probabilities associated with the potential for contingent earn-out consideration; ⋅ fair value measurements; ⋅ contingency reserves; ⋅ allowance for doubtful accounts; ⋅ sales returns and allowances; ⋅ barter transactions; ⋅ inventory reserves; ⋅ reserves for royalty advances; ⋅ fair value of equity awards; ⋅ self-insurance reserves; ⋅ estimated lives for tangible and intangible assets; ⋅ income tax valuation allowances; and ⋅ uncertain tax positions. 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. Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. Changes to accounting principles are established by the FASB in the form of accounting standards updates (“ASU’s”) to the FASB’s Codification. We consider the applicability and impact of all ASU’s. ASU’s that are not listed below were assessed and determined t

IMPAIRMENT OF GOODWILL AND OTHE

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS	NOTE 2. IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS Goodwill and other indefinite-lived intangible assets We account for goodwill and other indefinite-lived intangible assets in accordance with FASB ASC Topic 350 “ Intangibles—Goodwill and Other 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 experiences and judgment about future operating performance of our markets and business segments. 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. 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” In accordance with the FASB Accounting Standards Update (“ASU”) 2012-02, “ Intangibles – Goodwill and Other ASU 2012-02 provides examples of events and circumstances that could affect the estimated fair value of indefinite-lived intangible assets; however, the examples are not all-inclusive and are not by themselves indicators of impairment. We consider these events and circumstances, as well as other external and internal considerations. Our analysis includes the following events and circumstances, which are presented in the order of what we believe to be the strongest to weakest indicators of impairment: (1) the difference between any recent fair value calculations and the carrying value; (2) financial performance, such as station operating income, including performance as compared to projected results used in prior estimates of fair value; (3) macroeconomic economic conditions, including limitations on accessing capital that could affect the discount rates used in prior estimates of fair value; (4) industry and market considerations such as a declines in market-dependent multiples or metrics, a change in demand, competition, or other economic factors; (5) operating cost factors, such as increases in labor, that could have a negative effect on future expected earnings and cash flows; (6) legal, regulatory, contractual, political, business, or other factors; (7) other relevant entity-specific events such as changes in management or customers; and (8) any changes to the carrying amount of the indefinite-lived intangible asset. Broadcast licenses In the case of our broadcast radio stations, we would not be able to operate the properties without the related FCC broadcast license for each property. Broadcast licenses are renewed with the FCC every eight years for a nominal fee that is expensed as incurred. We continually monitor our stations’ compliance with the various regulatory requirements that are necessary for FCC renewal and all of our broadcast licenses have been renewed at the end of their respective periods. We expect all of our broadcast licenses to be renewed in the future and therefore, we consider our broadcast licenses to be indefinite-lived intangible assets. The unit of accounting we use to test broadcast licenses is the cluster level, which we define as a group of radio stations operating in the same geographic market, sharing the same building and equipment and managed by a single general manager. The cluster level is the lowest level for which discrete financial information and cash flows are available and the level reviewed by management to analyze operating results. We perform a qualitative assessment for each of our broadcast market clusters. We review the significant assumptions and key estimates applicable to our prior year estimated fair value calculations to assess if events and circumstances have occurred that could affect these assumptions and key estimates. We also review internal benchmarks and the economic performance for each market cluster to assess if it is more likely than not that impairment exists. The first step of our qualitative assessment is to calculate excess fair value, or the amount by which our prior year estimated fair value exceeds the current year carrying value. We believe based on our analysis and review, including the financial performance of each market, that a 25% excess fair value margin is a conservative and reasonable benchmark for our qualitative analysis. Markets with an excess fair value of 25% or more, which have had no significant changes in the prior year assumptions and key estimates, are not likely to be impaired. Of the twenty-seven markets for which a fair value appraisal was performed in the prior year, eight markets were subject to further testing. Geographic Market Clusters as of December 31, 2015 Percentage Range By Which 2014 Estimated Fair Value Exceeds 2015 Carrying Value 󖼩% >26%-50% >50% to 75% > than 75% Number of accounting units 8 5 3 11 Broadcast license carrying value (in thousands) $ 185,372 $ 66,914 $ 35,843 $ 51,941 The second step of our qualitative assessment consists of a review of the financial operating results for each market cluster. Radio stations are often sold on the basis of a multiple of projected cash flow, or station operating income less station operating expenses (“SOI”). Numerous trade organizations and analysts review these radio station sales to track SOI multiples applicable to each transaction. Based on published reports and analysis of market transactions, we believe industry benchmarks to be in the six to seven times cash flow range. We elected an SOI benchmark of four as a conservative indicator of fair value. Using an SOI multiple to estimate fair value, we did not identify additional markets for further testing. We performed a quantitative analysis for three of our market clusters that we had not obtained an independent third party fair value appraisal for during the last annual testing period. Geographic Market Clusters as of December 31, 2015 Tested due to length of time from prior valuation >90% >140% Number of accounting units 2 1 Broadcast license carrying value (in thousands $ 11,319 $ 4,242 We engaged an independent third-party appraisal and valuation firm to assist us in estimating the fair value of our broadcast licenses that were subject to further testing. Bond & Pecaro prepared valuations of the estimated fair value for the testing period ending December 31, 2013. Noble Financial Capital Markets prepared the valuations for the testing periods ending December 31, 2014 and December 31, 2015. In each of these years, the estimated fair value was determined using the Greenfield Method, a form of the income approach. The premise of the Greenfield Method is that the value of an FCC License is equivalent to a hypothetical start-up in which the only asset owned by the station as of the valuation date is the FCC License. This approach eliminates factors that are unique to the operation of the station, including its format and historical financial performance. The method then assumes the entity has to purchase, build, or rent all of the other assets needed to operate a comparable station to the one in which the FCC license is being utilized as of the valuation date. Cash flows are estimated and netted against all start-up costs, expenses and investments necessary to achieve a normalized and mature state of operations, thus reflecting only the cash flows directly attributable to the FCC License. A multi-year discounted cash flow approach is then used to determine the net present value of these cash flows to derive an indication of fair value. For cash flows beyond the projection period, a terminal value is calculated using the Gordon constant growth model and long-term industry growth rate assumptions based on long-term industry growth and Gross Domestic Product (“GDP”) inflation rates. The primary assumptions used in the Greenfield Method are (1) gross operating revenue in the station’s designated market area, (2) normalized market share, (3) normalized profit margin, (4) duration of the “ramp-up” period to reach normalized operations, (which was assumed to be three years), (5) estimated start-up costs (based on market size), (6) ongoing replacement costs of fixed assets and working capital, (7) the calculations of yearly net free cash flows to invested capital; and (8) amortization of the intangible asset, the FCC license. The assumptions used reflect those of a hypothetical market participant and not necessarily the actual or projected results of Salem. The key estimates and assumptions used in the start-up income valuation for our broadcast licenses were as follows: Broadcast Licenses December 31, 2013 December 31, 2014 December 31, 2015 Risk-adjusted discount rate 9.0% 8.0% 8.0% Operating profit margin ranges 4.1% - 37.5 (13.9%) - 30.8 (13.9%) - 30.8 Long-term market revenue growth rate ranges 1.0% - 2.5 1.5% - 2.5 2.0% The risk-adjusted discount rate reflects the Weighted Average Cost of Capital (“WACC”) developed based on data from same or similar industry participants and publicly available market data as of the measurement date. The decrease in the WACC for 2014 as compared to 2013 was largely attributable to decreases in the risk free rate and corporate borrowing interest rates. Based on our review and analysis we determined that no impairment charges were necessary to the carrying value of our broadcast licenses as of the annual testing period ending December 31, 2015, December 31, 2014, and December 31, 2013, respectively. We performed a sensitivity analysis of certain current year key assumptions, including the long-term revenue growth rate and the WACC, to determine the impact that such changes would have on the estimated fair value of our broadcast licenses. The sensitivity analysis indicated that a reduction in the long-term revenue growth rate and an increase in the WACC by 100 basis points would have resulted in an impairment to our broadcast licenses of $25.6 million. Excess Fair Value Market Cluster 2015 Estimate Boston, MA 42.6 % Chicago, IL 72.3 % Colorado Springs, CO 142.8 % Dallas, TX 10.9 % Greenville, SC 95.5 % Minneapolis, MN 92.2 % Orlando FL 51.0 % Phoenix, AZ 12.5 % Portland, OR 2.2 % Sacramento, CA 21.2 % Tampa, FL 48.8 % Mastheads Mastheads consist of the graphic elements that identify our publications to readers and advertisers. These include customized typeset page headers, section headers, and column graphics as well as other name and identity stylized elements within the body of each publication. We test the value of mastheads as a single combined publishing entity as our print magazines operate from one shared facility under one general manager with operating results and cash flows reported on a combined basis for all publications. This is the lowest level for which discrete financial information and cash flows are available and the level reviewed by management to analyze operating results. We regularly perform quantitative reviews of our mastheads due to the low margin by which our estimated fair values have exceeded our carrying value, and ongoing operating results that have not met or exceeded our expectations. We engaged an independent third-party appraisal firm to assist us in estimating the fair value of our mastheads using a relief from royalty method, a form of the income approach. Bond & Pecaro prepared valuations of the estimated fair value for the testing period ending December 31, 2013. Noble Financial Capital Markets prepared the valuations for the testing periods ending December 31, 2014 and December 31, 2015. The relief from royalty method estimates the fair value of mastheads through use of a discounted cash flow model that incorporates a hypothetical “royalty rate” that a third-party owner would be willing to pay in lieu of owning the asset. The royalty rate is based on observed royalty rates for comparable assets as of the measurement date. We adjust the selected royalty rate to account for a percentage of the royalty fee that could be attributed to the use of other intangibles, such as goodwill, time in existence, trade secrets and industry expertise. The adjusted royalty rate represents the royalty fee remaining that could be attributed to the use of the masthead only. Pre-tax royalty income is based on a 10-year revenue forecast and assumed to carry on into perpetuity. Revenue beyond the projection period (terminal year) is based on estimated long-term industry growth rates. The risk-adjusted discount rate used in the analysis is based on our WACC. The analysis also incorporated the present value of the tax amortization benefit associated with the mastheads. Mastheads Interim June 30, 2013 December 31, 2013 December 31, 2014 December 31, 2015 Risk-adjusted discount rate 9.0% 9.5% 8.0% 8.0% Projected revenue growth ranges 1.0% - 2.8% 1.2% - 2.5% (4.8%) – 1.4% 2.1 – 2.9% Royalty growth rate 3.0% 2.0% 3.0% 3.0% Due to actual operating results that did not meet or exceed the expectations and assumptions used in our prior estimates of fair value, we performed an interim valuation of our mastheads as of June 30, 2013. Based on our reductions in projected revenue growth and an increase in the risk-adjusted discount rate, we determined that the carrying value of the mastheads were less than their estimated fair value. We recorded an impairment charge of $0.3 million associated with the mastheads. During our annual testing for 2013 performed in the fourth quarter, we recorded an additional $0.7 million impairment charge based on further reductions in the projected revenue growth and an increase in the discount rate from 9.0% to 9.5%. During our annual testing for 2014, which coincided with our budget and financial forecasts process for the following year, we decided to cease publishing Townhall Magazine as of December 2014. We reduced our projected net revenues for the following year and considered ceasing additional print magazines in the future. Although we expected to realize cost savings from the reduction in the number of print magazines produced, we did not expect the cost savings to increase operating margins. Based on the reduction of projected net revenues and the potential to further reduce the number of magazine published, we recorded an impairment charge of $34,000 associated with magazine mastheads as of December 2014. Based on our review and analysis as of the December 2015 annual testing period, we determined that no impairment charges were necessary to the carrying value of our mastheads. We performed a sensitivity analysis of certain current year key assumptions, including the long-term revenue growth rate and the WACC, to determine the impact that such changes would have on the estimated fair value of the mastheads. The sensitivity analysis indicated that reducing the long-term revenue growth rate and increasing the WACC by 100 basis points would have resulted in an impairment to our mastheads of $0.2 million. Excess Fair Value Mastheads 2015 Estimate Print Magazines 1.1 % The impairments recognized in 2013 and 2014 were driven by reductions in the projected net revenues and a reduction in the number of print magazines produced. The growth of digital-only publications, which are often free to readers or at a significantly reduced cost to readers, has hindered the ability of the publishing industry to recover from the economic recession that began in 2008. We believe that the impairments are indicative of trends in the publishing industry as a whole and are not unique to our company or operations. Goodwill – Broadcast Radio Stations The unit of accounting we use to test goodwill associated with our radio stations is the cluster level, which we define as a group of radio stations operating in the same geographic market, sharing the same building and equipment and managed by a single general manager. Nineteen of our 34 market clusters have goodwill associated with them as of our annual testing period ending December 31, 2015. We perform a qualitative assessment to determine if events and circumstances have occurred that indicate it is more likely than not that the fair value of the assets in each of our market clusters are less than their carrying values. We review the significant inputs used in our prior year fair value estimates to determine if any changes to those inputs should be made. We estimate fair value using a market approach and compare the estimated fair value of each market cluster to its carrying value, including goodwill. If the carrying amount, including goodwill, exceeds the estimated fair value of the market cluster, a potential indication exists that the amount of goodwill attributed to that market cluster may be impaired. When we have indication of impairment, we engage an independent third-party appraisal and valuation firm to assist us with determining the enterprise value. Bond & Pecaro prepared valuations of the estimated fair value for the testing periods ending December 31, 2013. Noble Financial Capital Markets prepared the valuations for the testing periods ending December 31, 2014 and December 31, 2015. In performing our annual impairment testing of goodwill, the fair value of each applicable accounting unit was estimated using a discounted cash flow analysis, a form of the income approach. The discounted cash flow analysis utilizes a five-year projection period to derive operating cash flow projections from a market participant view. We made certain assumptions regarding future revenue growth based on industry market data, historical performance and expected future performance. We also made assumptions regarding working capital requirements and ongoing capital expenditures for fixed assets. Future net free cash flows were calculated on a debt free basis and discounted to present value using a risk adjusted discount rate, which reflected our WACC. The terminal year value was calculated using the Gordon constant growth method and long-term growth rate assumptions based on long-term industry growth and GDP inflation rates. The resulting fair value estimates, net of any interest bearing debt, are compared to the carrying value of each accounting units’ net assets. The key estimates and assumptions used for our enterprise valuations are as follows: December 31, 2013 December 31, 2014 December 31, 2015 Enterprise Valuations Broadcast Markets Broadcast Markets Broadcast Markets Risk-adjusted discount rate 9.0% 8.0% 8.0% Operating profit margin ranges 11.9% - 44.7 8.4% - 46.1 49.7% Long-term revenue market growth rate ranges 1.0% - 2.5 1.0% - 5.0 2.0% Based on our review and analysis, we determined that no impairment charges were necessary to the carrying value of our broadcast market goodwill as of the annual testing period ending December 31, 2015, December 31, 2014, and December 31, 2013, respectively. We performed a sensitivity analysis of certain current year key assumptions, including the long-term revenue growth rate and the WACC, to determine the impact that such changes would have on the estimated fair value of goodwill associated with our broadcast segment. The sensitivity analysis indicated that reducing the long-term revenue growth rate and increasing the WACC by 100 basis points would have no incremental impact to the carrying value of goodwill associated with our broadcast markets. The tables below present the percentage within a range by which the estimated fair value exceeded the carrying value of each of our market clusters, including goodwill: Broadcast Market Clusters as of December 31, 2015 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <10% >10% to 20% >20% to 50% > than 50% Number of accounting units 3 3 2 11 Carrying value including goodwill ( in thousands $ 56,179 $ 52,164 $ 37,570 169,907 Broadcast Market Clusters as of December 31, 2014 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <10% >10% to 20% >20% to 50% > than 50% Number of accounting units 5 — 2 7 Carrying value including goodwill ( in thousands $ 81,507 $ — $ 27,636 $ 84,693 Broadcast Market Clusters as of December 31, 2013 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <1% >10% to 20% >20% to 50% > than 50% Number of accounting units 4 1 3 3 Carrying value including goodwill ( in thousands $ 28,952 $ 17,978 $ 45,375 $ 45,152 Goodwill – Broadcast Networks The unit of accounting we use to test goodwill in our radio networks is the entity level, which includes Salem Radio Network® (“SRN”), SRN News Network (“SNN”), Salem Music Network (“SMN”), Todays Christian Music (“TCM”) and Singing News Network (formerly Solid Gospel Network. The entity level is the level reviewed by management for which discreet financial information is available. Two of our five networks have goodwill associated with them as of our annual testing period ending December 31, 2015. The estimated fair value of our networks exceeded the carrying value by 64% and 63% for each of the annual testing periods ending December 31, 2014 and 2013, respectively. For our annual testing as of the fourth quarter of 2015, we identified operating losses within our Singing News Network that indicated that the value of goodwill may be impaired. We engaged an independent third-party appraisal and valuation firm to assist us with determining the enterprise value. In performing our annual impairment testing of goodwill, the fair value of each entity was estimated using a discounted cash flow analysis, a form of the income approach. The discounted cash flow analysis utilizes a seven-year projection period to derive operating cash flow projections from a market participant view. We made certain assumptions regarding future revenue growth based on industry market data, historical performance and expected future performance. We also made assumptions regarding working capital requirements and ongoing capital expenditures for fixed assets. Future net free cash flows were calculated on a debt free basis and discounted to present value using a risk adjusted discount rate, which reflected a risk adjusted WACC. The terminal year value was calculated using the Gordon constant growth method and long-term growth rate assumptions based on long-term industry growth and GDP inflation rates. The resulting fair value estimates, net of any interest bearing debt, are compared to the carrying value of each reporting units’ net assets. The key estimates and assumptions used for our enterprise valuations are as follows: December 31, 2015 Enterprise Valuations Broadcast Networks Risk-adjusted discount rate 9.0% Operating profit margin ranges (74.1%) – (97.5%) Long-term revenue market growth rate ranges 2.0% Based on this review and analysis, we recorded an impairment charge of $0.4 million associated with the value of goodwill for the Singing News Network. Based on our prior review and analysis, we determined that no impairment charges were necessary to the carrying value of our network goodwill as of the annual testing period ending December 31, 2014 and December 31, 2013. We did not perform a sensitivity analysis for the current year certain key assumptions, as such changes in assumptions would have no impact on the carrying value of goodwill associated with our broadcast networks. Goodwill – Digital Media The unit of accounting we use to test goodwill in our digital media segment is the entity level, which includes Salem Web Network, Townhall.com, Eagle Financial Publications and Wellness products. The financial statements for Salem Web Network reflect the operating results and cash flows for all of our Internet sites and our church product sites exclusive of Townhall.com. The financial statements for Townhall.com reflect the operating results for each of our conservative opinion sites. Eagle Wellness includes only the results of the e-commerce site for nutritional products. We perform a qualitative assessment to determine if events and circumstances have occurred that indicate it is more likely than not that the fair value of the assets in each of our digital media entities are less than their carrying values. We review the significant inputs used in our prior year fair value estimates to determine if any changes should be made to those inputs. We estimate the fair value using a market approach and compare the estimated fair value of each entity to its carrying value, including goodwill. Under the market approach, we apply a multiple of four to each entities operating income to estimate the fair value. We believe that a multiple of four is a conservative indicator of fair value as described above. If the carrying amount, including goodwill, exceeds the estimated fair value of the entity, an indication exists that the amount of goodwill attributed to that entity may be impaired. When we have indication of impairment, we engage an independent third-party appraisal and valuation firm to assist us with determining the enterprise value. Bond & Pecaro prepared valuations of the estimated fair value for the testing period ending December 31, 2013. Noble Financial Capital Markets prepared the valuations for the testing periods ending December 31, 2014 and December 31, 2015. In performing our annual impairment testing of goodwill, the fair value of each applicable accounting unit was estimated using a discounted cash flow analysis as described above. The key estimates and assumptions used in the valuation of our digital media entities for each testing period are as follows: Enterprise Valuation December 31, 2013 December 31, 2014 December 31, 2015 Risk adjusted discount rate 13.5% 8.0% 8.0% - 9.0 Operating profit margin ranges 21.2% - 22.0 (7.4%) - 34.9 (8.9%) - 13.8% Long-term revenue market growth rate ranges 3.0% 2.50% 2.0-3.0 Based on our review and analysis, we determined that no impairment charges were necessary to the carrying value of goodwill associated with our digital media entities as of the annual testing period ending December 31, 2015, December 31, 2014, and December 31, 2013, respectively. The estimated fair value of Townhall.com exceeded its carrying value, including goodwill, by 0.8% as of December 31, 2015. We performed a sensitivity analysis of certain current year key assumptions, including the long-term revenue growth rate and the WACC, to determine the impact that such changes would have on the estimated fair value of goodwill associated with our digital media segment. The sensitivity analysis indicated that reducing the long-term revenue growth rates and increasing the WACC by 100 basis points would have resulted in an impairment to goodwill associated with our digital media entities of $1.1 million. Digital Media Entities as of December 31, 2015 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <10% >10% to 20% >20% to 50% > than 50% Number of accounting units 1 - 4 Carrying value including goodwill ( in thousands $ 4,488 $ - $ $ 29,126 Digital Media Entities as of December 31, 2014 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <10% >10% to 20% >20% to 50% > than 50% Number of accounting units 1 1 1 1 Carrying value including goodwill ( in thousands $ 4,649 $ 6,118 $ 385 $ 26,101 Digital Media Entities as of December 31, 2013 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <10% >10% to 20% >20% to 50% > than 50% Number of accounting units 1 - 1 - Carrying value including goodwill ( in thousands $ 27,456 $ - $ 2,984 $ - Goodwill – Publishing The unit of accounting we use to test goodwill in our publishing segment is the entity level, which includes Salem Publishing, Regnery Publishing, and Xulon Press. Salem Publishing is our printing entity that produces our print magazines from a stand-alone facility, under one general manager, with operating results and cash flows of all publications reported on a combined basis. Regnery Publishing is our book publishing entity based in Washington DC, with a stand-alone facility under one general manager, with operating results and cash flows of reported at the entity level. Xulon Press also operates from a stand-alone facility in Orlando, Florida under one general manager who is responsible for the separately stated operating results and cash flows. We have regularly performed quantitative reviews of goodwill associated with our print magazine entity based on the low margins by which our estimated fair values exceed our carrying value including goodwill and actual operating results that have not met our expectations. As of our annual testing period for 2015, only Regnery Publishing and Xulon Press have goodwill associated with them. Based on actual operating results that did not meet our projections, we engaged an independent third-party appraisal firm to assist us with estimating the enterprise value Regnery Publishing. Bond & Pecaro prepared valuations of the estimated fair value for the testing period ending December 31, 2013. Noble Financial Capital Markets prepared the valuations for the testing periods ending December 31, 2014 and December 31, 2015. The enterprise valuation assumes that the subject assets are installed as part of an operating business rather than as a hypothetical start-up. Enterprise Valuation Interim December 31, 2013 December 31, 2014 December 31, 2015 Risk adjusted discount rate 9.0% 9.5% 8.0% 9.5% Operating margin ranges 0.9% - 6.0 (0.5%) – 6.0 2.4% - 5.9 (0.5%) – 6.0 Long-term revenue market growth rate ranges 1.0% 0.5% 1.5% 2.0% Based on our review and analysis of the enterprise estimated fair value, we recorded a $0.4 million impairment charge associated with the print magazine goodwill as of the June 2013 interim testing period. This impairment was driven by lower projected profit margins based on the failure of the print magazine segment to achieve the amounts previously projected. Additionally, the discount rate was raised from 9.0% to 9.5% based on risks associated with print magazines. The decline in revenues from print magazines is prevalent throughout the industry and is not unique to our operations. No goodwill impairment charges were necessary as of the annual testing period ended December 31, 2013. Based on the impairment recognized to the value of our mastheads in 2014, we could not conclude that it was more likely than not that goodwill associated with our magazine publishing unit was not impaired. We obtained an independent fair value of our magazine publishing unit as of December 2014. Based on this valuation, we determined that the carrying value of the goodwill was less than the implied value of goodwill as of that date and we recorded an impairment charge of $45,000. Based on our review and analysis, we determined that no impairment charges were necessary to the carrying value of goodwill associated with our publishing entities as of the annual testing period ending December 31, 2015. We performed a sensitivity analysis of certain current year key assumptions, including the long-term revenue growth rate and the WACC, to determine the impact that such changes would have on the estimated fair value of goodwill associated with our publishing segment. The sensitivity analysis indicated that reducing the long-term revenue growth rate and increasing the WACC by 100 basis points would have no incremental impact to the carrying value of goodwill associated with our publishing entities. Publishing Accounting units as of December 31, 2015 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <10% >10% to 20% >20% to 50% > than 50% Number of accounting units 1 - - 1 Carrying value including goodwill ( in thousands $ 854 $ - $ - $ 2,453 Publishing Accounting units as of December 31, 2014 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <10% >10% to 20% >20% to 50% > than 50% Number of accounting units 2 - - 1 Carrying value including goodwill ( in thousands $ 3,417 $ - $ - $ 2,314 Publishing Accounting units as of December 31, 2013 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <10% >10% to 20% >20% to 50% > than 50% Number of accounting units 1 - 1 - Carrying value including goodw

ACQUISITIONS AND RECENT TRANSAC

ACQUISITIONS AND RECENT TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
ACQUISITIONS AND RECENT TRANSACTIONS	NOTE 3. ACQUISITIONS AND RECENT TRANSACTIONS During the year ended December 31, 2015, we completed or entered into the following transactions: Debt On January 30, 2015, we repaid $ 2.0 300.0 15 27 Equity On December 1, 2015 0.0650 1.7 December 29, 2015 December 15, 2015 On September 1, 2015 0.0650 1.7 September 30, 2015 September 16, 2015 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 December 18, 2015 0.3 On December 15, 2015 0.4 On December 11, 2015 0.8 On December 8, 2015 0.6 9 On December 7, 2015 0.1 On December 4, 2015 0.3 9 On October 29, 2015 42,500 21,250 21,250 On October 1, 2015 1.5 16 On September 15, 2015 3.0 12 On September 10, 2015 0.5 5 On September 3, 2015 0.5 10 On September 1, 2015 1.5 45 On July 1, 2015 1.0 70,000 82 On June 4, 2015 0.1 On May 12, 2015 1.0 5 On May 7, 2015 2.8 5 On May 6, 2015 1.1 0.3 0.1 On April 7, 2015, we acquired land and real estate in Greenville, South Carolina, for $ 0.2 On March 27, 2015 1.3 3 On February 6, 2015 0.6 0.4 3 50 0.2 Throughout the year ended December 31, 2015, we acquired other domain names and assets associated with our digital media operating segment for approximately $ 0.1 Acquisition Date Description Total Cost (Dollars in thousands) December 18, 2015 WSDZ-AM, St. Louis, Missouri (business acquisition) $ 275 December 15, 2015 KDIZ-AM, Minneapolis, Minnesota (business acquisition) 375 December 11, 2015 WWMI-AM, Tampa, Florida(business acquisition) 750 December 8, 2015 KDDZ-AM, Denver, Colorado (business acquisition) 550 December 7, 2015 Instapray mobile applications (asset acquisition) 118 December 4, 2015 KDZR-AM, Portland, Oregon (business acquisition) 275 October 29, 2015 DividendYieldHunter.com (asset acquisition) 43 October 1, 2015 KKSP-FM, Little Rock, Arkansas (business acquisition) 1,500 September 15, 2015 KEXB-AM (formerly KMKI-AM) Dallas, Texas (business acquisition) 3,000 September 10, 2015 WBIX-AM (formerly WMKI-AM), Boston, Massachusetts (business acquisition) 500 September 3, 2015 Spanish Bible mobile applications (business acquisition) 500 September 1, 2015 DailyBible mobile applications (business acquisition) 1,500 July 1, 2015 DividendInvestor.com (business acquisition) 1,000 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 mobile applications (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) 134 $ 17,271 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 1.4 0.8 0.3 0.3 Estimates of the fair value include discounted estimated cash flows to be generated by the assets acquired and their expected useful lives based on historical experience, market trends and any synergies believed to be achieved from the acquisition. Our acquisitions may also include contingent earn-out 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 net assets acquired 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. Acquired property and equipment are recorded at their 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 typically represents the organizational systems and procedures in place to ensure the effective operation of the business acquired, may be recorded and subject to testing for impairment. Costs associated with acquisitions, such as consulting and legal fees are expensed as incurred. We recognized costs associated with acquisitions of $ 0.3 0.5 The total acquisition consideration is equal to the sum of all cash payments, the present 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 measurements are based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as discussed in Note 9 -Fair Value Measurements in our consolidated financial statements. The fair value of any contingent earn-out consideration is reviewed quarterly over the applicable earn-out period. Actual results and achievements of benchmarks are compared to the estimates used in our forecasts. Changes in the estimated fair value of any contingent earn-out consideration are reflected in our results of operations in the period in which they are identified and may materially impact and cause volatility in our operating results as discussed in Note 4 – Contingent Earn-out Consideration to our consolidated financial statements. Description Total Consideration (Dollars in thousands) Cash payments $ 16,885 Escrow deposits paid in prior years 65 Cash payment due January 2016 21 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 acquisition consideration $ 17,271 Gain on bargain purchase 1,357 Fair value of net assets acquired $ 18,628 Net Broadcast Net Digital Media Net Assets (Dollars in thousands) Assets Property and equipment $ 7,845 649 8,494 Broadcast licenses 5,923 — 5,923 Goodwill 64 254 318 Customer lists and contracts — 99 99 Domain and brand names — 1,154 1,154 Subscriber base and lists — 3,011 3,011 Non-compete agreements — 146 146 Liabilities Deferred revenue liabilities assumed — (517) (517) $ 13,832 4,796 18,628 Pending Transactions On April 1, 2015, we began programming KHTE-FM, Little Rock, Arkansas under a 36-month Time Brokerage Agreement (“TBA”) that can be extended to 48 months. We have the option to acquire the station for $ 1.2 On December 15, 2015, we entered an APA to acquire an FM Translator in Columbus, Ohio for $ 0.4 On December 31, 2015, we ceased programming KVCE-AM, in Dallas, Texas upon expiration of our TBA. During the year ended December 31, 2014, we completed or entered into the following transactions: Debt Throughout the year, we repaid $ 15.3 300.0 0.1 0.3 Date Principal Paid Unamortized Discount (Dollars in Thousands) December 31, 2014 $ 4,000 $ 16 November 28, 2014 4,000 15 September 29, 2014 5,000 18 March 31, 2014 2,250 8 Equity Announcement Date Record Date Payment Date Amount Per Share Cash Distributed December 2, 2014 December 15, 2014 December 29, 2014 $ 0.0650 $ 1,646 September 2, 2014 September 16, 2014 September 30, 2014 $ 0.0625 $ 1,579 May 27, 2014 June 16, 2014 June 30, 2014 $ 0.0600 $ 1,514 March 6, 2014 March 17, 2014 March 31, 2014 $ 0.0575 $ 1,444 The actual declaration of future equity 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. Acquisition of Eagle Publishing On January 10, 2014 8.5 3.5 2.5 2.4 2.3 0.4 1.5 2.5 0.9 We began operating these entities as of the closing date. The accompanying Consolidated Statements of Operations reflect the operating results of these entities as of the closing date. We believe that strong author relationships, assembled creative talent agreements and the loyal readers of Eagle publications, as well as our ability to market and promote these products through our existing media platform, provides future economic benefits to us. We have recorded goodwill of $ 2.3 As part of the purchase agreement, we may pay up to an additional $ 8.5 2.0 Other Acquisitions On December 23, 2014 0.5 On December 23, 2014 0.2 On December 22, 2014 0.1 On November 24, 2014 0.2 On October 1, 2014 0.6 1,400 On May 22, 2014 2.5 12 On May 6, 2014 1.1 6,400 On April 15, 2014 0.4 On February 7, 2014 2.0 18 Throughout the year ending December 31, 2014, we have acquired domain names associated with our Internet segment for an aggregate amount of approximately $ 0.4 Acquisition Date Description Total Cost (Dollars in thousands) December 23, 2014 WLTE-FM Pendleton, South Carolina (asset acquisition) $ 525 December 23, 2014 FM Translator, Pickens, South Carolina (asset acquisition) 185 December 22, 2014 FM Translator, Bayshore Gardens, Florida (asset acquisition) 140 November 24, 2014 FM Translator, Traveler’s Rest, South Carolina (asset acquisition) 200 October 1, 2014 KXXT-AM Phoenix, Arizona (business acquisition) 575 May 22, 2014 WOCN-AM Miami, Florida (business acquisition) 2,450 May 6, 2014 WRTH-FM (formerly WOLT-FM), Greenville, South Carolina (business acquisition) 1,125 April 15, 2014 FM Translators, Orlando, Florida, Tampa, Florida, Omaha, Nebraska (asset purchase) 357 February 7, 2014 KDIS-FM, Little Rock Arkansas and KRDY-AM, San Antonio, Texas (business acquisition) 1,984 January 10, 2014 Eagle Publishing (business acquisition) 10,628 Various Purchases of domain names (asset purchases) 487 $ 18,656 Purchase Price Consideration Total Consideration (Dollars in thousands) Cash payments $ 12,682 Escrow deposits paid in prior years 1,345 Deferred cash payments made related to prior year acquisition (600) Present value of deferred cash payments (due 2015) 893 Present value of deferred cash payments (due 2016) 2,289 Present value of estimated fair value of contingent earn-out consideration 2,047 Total purchase price consideration $ 18,656 Net Broadcast Net Digital Net Publishing Net Assets (Dollars in thousands) Assets Property and equipment $ 2,338 $ 1,179 $ 3,929 $ 7,446 Developed websites — 539 38 577 Broadcast licenses 5,144 — — 5,144 Goodwill 38 2,128 189 2,355 Customer lists and contracts — 2,232 509 2,741 Domain and brand names — 1,921 843 2,764 Subscriber base and lists — 2,446 — 2,446 Author relationships — — 1,682 1,682 Non-compete agreements — 79 66 145 Favorable and assigned leases 20 — — 20 Liabilities Deferred revenue & royalties assumed — (3,779) (2,885) (6,664) $ 7,540 $ 6,745 $ 4,371 $ 18,656 Discontinued Operations Based on operating results that did not meet our expectations, we ceased operating Samaritan Fundraising in December 2011. As of December 31, 2011, all employees of this entity were terminated. As a result of our decision to close operations, there have been no material cash flows associated with this entity and we have no ongoing or further involvement in the operations of this entity. The Statements of Operations for all prior periods presented are updated to reflect the operating results of this entity as a discontinued operation. For the Year Ended 2013 (Dollars in thousands) Net revenues $ 10 Operating expenses 72 Operating loss $ (62) Benefit from income taxes (25) Loss from discontinued operations, net of tax $ (37)

CONTINGENT EARN-OUT CONSIDERATI

CONTINGENT EARN-OUT CONSIDERATION	12 Months Ended
	Dec. 31, 2015
Business Combination, Contingent Consideration, Liability [Abstract]
CONTINGENT EARN-OUT CONSIDERATION	NOTE 4. CONTINGENT EARN-OUT CONSIDERATION Our acquisitions may include contingent earn-out consideration as part of the purchase price under which we will make future payments to the seller upon the achievement of certain benchmarks. The fair value of the contingent earn-out consideration is estimated as of the acquisition date at the present value of the expected contingent payments to be made using a probability-weighted discounted cash flow model for probabilities of possible future payments. The present value of the expected future payouts is accreted to interest expense over the earn-out period. The fair value estimates use significant unobservable inputs that reflect our own assumptions as to the ability of the acquired business to meet the targeted benchmarks and discount rates used in the calculations. The unobservable inputs are defined in FASB ASC Topic 820, “ Fair Value Measurements and Disclosures,” We review the probabilities of possible future payments to the estimated fair value of any contingent earn-out consideration on a quarterly basis over the earn-out period. Actual results are compared to the estimates and probabilities of achievement used in our forecasts. Should actual results of the acquired business increase or decrease as compared to our estimates and assumptions, the estimated fair value of the contingent earn-out consideration liability will increase or decrease, up to the contracted limit, as applicable. Changes in the estimated fair value of the contingent earn-out consideration are reflected in our results of operations in the period in which they are identified. Changes in the estimated fair value of the contingent earn-out consideration may materially impact and cause volatility in our operating results. Daily Bible Devotion We acquired Daily Bible Devotion mobile applications on May 6, 2015 for $ 1.1 0.3 165,000 142,000 The fair value of the contingent earn-out consideration is reviewed quarterly over the two-year earn-out period to compare actual cumulative sessions achieved compared to the cumulative session estimates used in our forecasts. Any changes in the estimated fair value of the contingent earn-out consideration are reflected in our results of operations in the period they are identified up to the maximum future value of $0.3 million. Changes in the fair value of the contingent earn-out consideration may materially impact and cause volatility in our future operating results. Based upon the achievement of actual cumulative sessions that exceeded the estimated amounts used in our original forecasts, we increased the probabilities of achieving the future benchmarks by approximately 11.3 32 Bryan Perry Newsletters On February 6, 2015, we acquired the assets and assumed the deferred subscription liabilities for Bryan Perry Newsletters, paying no cash to the seller upon closing. Future contingent earn-out consideration due to the seller is based upon net subscriber revenues achieved over a two-year period from date of close, of which we will pay the seller 50 171,000 158,000 The fair value of the contingent earn-out consideration is reviewed quarterly over the two year earn-out period to compare actual subscription revenue earned to the estimated subscription revenue used in our forecasts. Any changes in the estimated fair value of the contingent earn-out consideration are reflected in our results of operations in the period 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. Based upon actual subscription revenue earned, we have paid approximately $42,000 to the seller as of the year ending December 31, 2015. We recorded a net decrease of $ 66 Eagle Publishing On January 10, 2014, we acquired the entities of Eagle Publishing, including Regnery Publishing, HumanEvents.com, RedState.com, Eagle Financial Publications and Eagle Wellness. The base purchase price was $ 8.5 3.5 2.5 2.4 2.0 The fair value of the contingent earn-out consideration is reviewed quarterly over the three year earn-out period to compare actual operating revenues earned to the estimated revenue used in our forecasts. Any changes in the estimated fair value of the contingent earn-out consideration are reflected in our results of operations in the period 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. Our results of operations for the years ending December 31, 2014 and 2015 reflect an increase of $ 0.4 1.2 During the year ending December 31, 2015, we have paid $ 0.9 0.5 Twitchy.com On December 10, 2013, we acquired Twitchy.com for $ 0.9 0.6 The fair value of the contingent earn-out consideration was reviewed quarterly over the two year earn-out period. Changes in the estimated fair value of the contingent earn-out consideration were reflected in our results of operations in the period they were identified. Our results of operations for the years ending December 31, 2014 and 2015 reflect an increase of $0.3 million and a decrease of $ 0.5 0.6 Twelve Months Ended December 31, 2015 Short-Term Long-Term Accrued Expenses 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 earn-out consideration 60 49 109 Change in the estimated fair value of contingent earn-out consideration (1,269) (446) (1,715) Reclassification of payments due in next 12 months to short-term 835 (835) — Payments (1,204) — (1,204) Ending Balance as of December 31, 2015 $ 173 $ 602 $ 775 Twelve Months Ended December 31, 2014 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2014 329 287 616 Acquisitions 692 1,355 2,047 Accretion of acquisition-related contingent earn-out consideration 68 120 188 Change in the estimated fair value of contingent earn-out consideration 341 393 734 Reclassification of payments due in next12 month to short-term 445 (445) — Payments (300) — (300) Ending Balance as of December 31, 2014 $ 1,575 $ 1,710 $ 3,285

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 5. INVENTORIES Inventories consist of finished goods valued at the lower of cost or market as determined on a First-In First-Out (“FIFO”) cost method. Inventories are reported net of estimated reserves for obsolescence. As of December 31, 2014 As of December 31, 2015 (Dollars in thousands) Regnery Publishing book inventories $ 1,575 $ 2,186 Reserve for obsolescence – Regnery Publishing (1,225) (1,798) Inventory net, Regnery Publishing 350 388 Wellness products – Eagle & Gene Smart $ 224 $ 562 Reserve for obsolescence – Wellness products (2) (57) Inventory, net Wellness products 222 505 Consolidated inventories, net $ 572 $ 893

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 6. PROPERTY AND EQUIPMENT As of December 31, 2014 2015 (Dollars in thousands) Land $ 29,424 $ 31,565 Buildings 24,898 25,448 Office furnishings and equipment 39,772 39,040 Antennae, towers and transmitting equipment 78,628 84,296 Studio, production and mobile equipment 30,202 30,598 Computer software and website development costs 26,593 28,134 Record and tape libraries 59 55 Automobiles 1,205 1,298 Leasehold improvements 19,634 20,799 Construction-in-progress 4,307 6,632 $ 254,722 $ 267,865 Less accumulated depreciation (155,495) (162,382) $ 99,227 $ 105,483 Depreciation expense was approximately $ 12.4 12.6 12.4 53 0.8 464 411 344 Based on changes in management’s planned usage, we classified land in Covina, California as held for sale as of June 2012. We evaluated the land for impairment in accordance with guidance for impairment of long-lived assets held for sale. We determined that the carrying value of the land exceeded the estimated fair value less costs to sell. We recorded an impairment charge of $ 5.6 1.2 There were no indications of impairment present during the period ending December 31, 2015 and it is our intent to continue to pursue the sale of this land. Fair Value Measurements Using: (Dollars in thousands) Description As of December Quoted prices in Significant Other Significant Total Gains Long-Lived Asset Held for Sale $ 1,700 $ 1,700 $ —

AMORTIZABLE INTANGIBLE ASSETS

AMORTIZABLE INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2015
Intangible Assets Disclosure [Abstract]
AMORTIZABLE INTANGIBLE ASSETS	NOTE 7. AMORTIZABLE INTANGIBLE ASSETS As of December 31, 2015 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 20,009 $ (18,914) $ 1,095 Domain and brand names 16,619 (11,200) 5,419 Favorable and assigned leases 2,379 (1,887) 492 Subscriber base and lists 7,313 (3,808) 3,505 Author relationships 2,245 (1,523) 722 Non-compete agreements 1,034 (786) 248 Other amortizable intangible assets 1,336 (1,336) — $ 50,935 $ (39,454) $ 11,481 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 Year Ending December 31, Amortization Expense (Dollars in thousands) 2016 $ 3,846 2017 2,442 2018 2,199 2019 1,767 2020 982 Thereafter 245 Total $ 11,481

NOTES PAYABLE AND LONG-TERM DEB

NOTES PAYABLE AND LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
NOTES PAYABLE AND LONG-TERM DEBT	NOTE 8. 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 a term loan of $ 300.0 25.0 298.5 0.2 0.3 27 The Term Loan B has a term of seven years, maturing in March 2020. During this term, the principal amount may be increased by up to an additional $ 60.0 750,000 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 years, maturing in March 2018. We report outstanding balances on our Revolver as short-term based on use of the Revolver to fund ordinary and customary operating cash needs with repayments made frequently. We believe that the borrowing capacity under our Term Loan B and Revolver allows us to meet our ongoing operating requirements, fund capital expenditures and satisfy our debt service requirements for at least the next twelve months. Borrowings under the Term Loan B may be made at LIBOR (subject to a floor of 1.00 3.50 2.50 2.00 4.83 Revolver Pricing Pricing Level Consolidated Leverage Ratio Base Rate Loans LIBOR Loans 1 Less than 3.00 to 1.00 1.250 % 2.250 % 2 Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 1.500 % 2.500 % 3 Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 1.750 % 2.750 % 4 Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 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 to 1.0 and steps up to 2.50 to 1.0 by 2016 and a maximum leverage ratio, which started at 6.75 to 1.0 and steps down to 5.75 to 1.0 by 2017. The credit agreement also includes other negative covenants that are customary for credit facilities of this type, including covenants that, subject to exceptions described in the credit agreement, restrict the ability of Salem and its subsidiary guarantors: (i) to incur additional indebtedness; (ii) to make investments; (iii) to make distributions, loans or transfers of assets; (iv) to enter into, create, incur, assume or suffer to exist any liens; (v) to sell assets; (vi) to enter into transactions with affiliates; or (vii) to merge or consolidate with, or dispose of all or substantially all assets to, a third party. As of December 31, 2015, our leverage ratio was 6.25 3.33 2.25 Terminated Senior Secured Second Lien Notes On December 1, 2009, we issued $ 300.0 5 8 5 8 298.1 9.75 Interest was due and payable on June 15 and December 15 of each year, commencing June 15, 2010 until maturity. 5 8 5 8 28.9 5 8 5 8 5 8 37,000 On March 14, 2013, we tendered for $ 212.6 5 8 240.3 110.65 5 8 22.7 2.9 5 8 5 8 5 8 5 8 5 8 212.6 5 8 5 8 Date Principal Premium Unamortized Bond Issue (Dollars in thousands) June 3, 2013 $ 903 $ 27 $ 3 $ - March 14, 2013 212,597 22,650 837 2,867 December 12, 2012 4,000 120 17 57 June 1, 2012 17,500 525 80 287 December 12, 2011 12,500 375 62 337 September 6, 2011 5,000 144 26 135 June 1, 2011 17,500 525 93 472 December 1, 2010 12,500 375 70 334 June 1, 2010 17,500 525 105 417 Terminated Senior Credit Facility On December 1, 2009, we entered into a Revolver (“Terminated Revolver”). We amended the Terminated Revolver on November 1, 2010 to increase the borrowing capacity from $ 30 40 5 8 On November 15, 2011, we completed the Second Amendment of the Terminated Revolver to, among other things, (1) extend the maturity date from December 1, 2012 to December 1, 2014, (2) change the interest rate applicable to LIBOR or the Wells Fargo base rate plus a spread to be determined based on our leverage ratio, (3) allow us to borrow and repay unsecured indebtedness provided certain conditions are met and (4) include step-downs related to our leverage ratio covenant. 0.5 3.00 1.25 2.00 Consolidated Leverage Ratio Base Rate Eurodollar Applicable Fee Less than 3.25 to 1.00 0.75 % 2.25 % 0.40 % Greater than or equal to 3.25 to 1.00 but less than 4.50 to 1.00 0.75 % 2.50 % 0.50 % Greater than or equal to 4.50 to 1.00 but less than 6.00 to 1.00 1.25 % 3.00 % 0.60 % Greater than or equal to 6.00 to 1.00 2.25 % 3.50 % 0.75 % The Terminated Revolver included a $ 5 5 The Terminated Revolver was terminated on March 14, 2013 upon entry into our current senior secured credit facility. This termination resulted in a $0.9 million pre-tax loss on the early retirement of long-term debt related to unamortized credit facility fees. There was no outstanding balance on the Terminated Revolver as of the termination date. Terminated Subordinated Credit Facility with First California Bank On May 21, 2012, we entered into a Business Loan Agreement, Promissory Note and related loan documents with First California Bank (the “FCB Loan”). The FCB Loan was an unsecured, $ 10.0 The interest rate for the FCB Loan (“Interest Rate”) was variable and was equal to the greater of: (a) 4.250% or (b) the Wall Street Journal Prime Rate as published in The Wall Street Journal and reported by FCB plus 1%. We were required to repay the FCB Loan as follows: (a) twenty-three (23) consecutive monthly interest payments based upon the then-current principal balance outstanding at the then-current Interest Rate commencing on September 15, 2012; (b) seven (7) quarterly consecutive principal payments of $ 1.25 50 5.00 The FCB loan was terminated on March 14, 2013 upon entry into our current senior secured credit facility. This termination resulted in a $33,000 pre-tax loss on the early retirement of long-term debt for unamortized credit facility fees. There was no outstanding balance on the FCB Loan as of the termination date. Terminated Subordinated Debt due to Related Parties On November 17, 2011, we entered into subordinated lines of credit “Terminated Subordinated Debt due Related Parties” with Edward G. Atsinger III, Chief Executive Officer and director of Salem, and Stuart W. Epperson, Chairman of Salem’s Board of Directors. Pursuant to the related agreements, Mr. Epperson committed to provide an unsecured revolving line of credit to Salem in a principal amount of up to $ 3 6 6 6 12 The proceeds of the Terminated Subordinated Debt due to Related Parties could be used to repurchase a portion of the Terminated 9 5 8 Summary of long-term debt obligations Long-term debt consisted of the following: As of December 31, 2014 As of December 31, 2015 (Dollars in thousands) Term Loan B $ 274,933 $ 273,136 Revolver 1,784 3,306 Capital leases and other loans 788 674 277,505 277,116 Less current portion (1,898) (5,662) $ 275,607 $ 271,454 In addition to the outstanding amounts listed above, we also have interest payments related to our long-term debt as follows as of December 31, 2015: ⋅ Outstanding borrowings of $ 274.0 1.00 3.50 2.50 ⋅ Outstanding borrowings of $ 3.3 3.00 2.00 ⋅ Commitment fees of 0.50 Other Debt We have several capital leases related to office equipment. The obligation recorded at December 31, 2014 and 2015 represents the present value of future commitments under the capital lease agreements. Maturities of Long-Term Debt Amount For the Twelve Months Ended December 31, (Dollars in thousands) 2016 $ 5,662 2017 3,113 2018 3,105 2019 3,103 2020 3,106 Thereafter 259,027 $ 277,116

FAIR VALUE ACCOUNTING

FAIR VALUE ACCOUNTING	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE ACCOUNTING	NOTE 9. FAIR VALUE ACCOUNTING FASB ASC Topic 820 “Fair Value Measurements and Disclosures” established a hierarchal disclosure framework associated with the level of pricing observability utilized in measuring fair value. This framework defines 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 December 31, 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. December 31, 2015 Total Fair Value Fair Value Measurement Category Balance Sheet Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 98 $ 98 $ — $ — Trade accounts receivable, net 36,029 36,029 — — Liabilities: Accounts payable 5,177 5,177 — — Accrued expenses including estimated fair value of contingent earn-out consideration 11,301 11,128 — 173 Accrued interest 16 16 — — Long term liabilities including estimated fair value of contingent earn-out consideration 636 34 — 602 Long-term debt and capital lease obligations 277,116 277,116 — — Fair value of interest rate swap 798 — 798 —

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 10. INCOME TAXES We account for income taxes in accordance with FASB ASC Topic 740 “ Income Taxes During 2015, we recognized a net decrease of $ 0.4 0.1 20,000 6,000 December 31, 2015 (Dollars in thousands) Balance at January 1, 2015 $ 508 Additions based on tax positions related to the current year — Additions based on tax positions related to prior years — Reductions related to tax positions of prior years — Decrease due to statute expirations (417) Related interest and penalties, net of federal tax benefits 9 Balance as of December 31, 2015 $ 100 The consolidated provision (benefit) for income taxes from continuing operations for Salem consisted of the following: December 31, 2013 2014 2015 (Dollars in thousands) Current: Federal $ — $ — $ — State 193 269 249 193 269 249 Deferred: Federal (1,075) 3,932 6,234 State (3,310) 564 212 (4,385) 4,496 6,446 Provision for (benefit from) income taxes $ (4,192) $ 4,765 $ 6,695 Discontinued operations are reported net of the tax benefit of $(0.02) million in 2013. December 31, 2014 2015 (Dollars in thousands) Deferred tax assets: Financial statement accruals not currently deductible $ 8,045 $ 9,699 Net operating loss, AMT credit and other carryforwards 72,618 71,593 State taxes 108 114 Other 3,821 3,785 Total deferred tax assets 84,592 85,191 Valuation allowance for deferred tax assets (2,952) (2,771) Net deferred tax assets $ 81,640 $ 82,420 Deferred tax liabilities: Excess of net book value of property and equipment and software for financial reporting purposes over tax basis $ 3,000 $ 2,826 Excess of net book value of intangible assets for financial reporting purposes over tax basis 118,773 127,078 Interest rate swap 187 (315) Unrecognized tax benefits 508 100 Other 128 — Total deferred tax liabilities 122,596 129,689 Net deferred tax liabilities $ (40,956) $ (47,269) The consolidated provision (benefit) for income taxes from continuing operations for Salem consisted of the following: December 31, 2013 2014 2015 (Dollars in thousands) Current: Federal $ — $ — $ — State 193 269 249 193 269 249 Deferred: Federal (1,075) 3,932 6,234 State (3,310) 564 212 (4,385) 4,496 6,446 Provision for (benefit from) income taxes $ (4,192) $ 4,765 $ 6,695 Discontinued operations are reported net of the tax benefit of $(0.02) million in 2013. The consolidated deferred tax asset and liability consisted of the following: December 31, 2014 2015 (Dollars in thousands) Deferred tax assets: Financial statement accruals not currently deductible $ 8,045 $ 9,699 Net operating loss, AMT credit and other carryforwards 72,618 71,593 State taxes 108 114 Other 3,821 3,785 Total deferred tax assets 84,592 85,191 Valuation allowance for deferred tax assets (2,952) (2,771) Net deferred tax assets $ 81,640 $ 82,420 Deferred tax liabilities: Excess of net book value of property and equipment and software for financial reporting purposes over tax basis $ 3,000 $ 2,826 Excess of net book value of intangible assets for financial reporting purposes over tax basis 118,773 127,078 Interest rate swap 187 (315) Unrecognized tax benefits 508 100 Other 128 — Total deferred tax liabilities 122,596 129,689 Net deferred tax liabilities $ (40,956) $ (47,269) The following table reconciles the above net deferred tax liabilities to the financial statements: December 31, 2014 2015 (Dollars in thousands) Deferred income tax asset per balance sheet $ 8,153 $ 9,813 Deferred income tax liability per balance sheet (49,109) (57,082) $ (40,956) $ (47,269) Year Ended December 31, 2013 2014 2015 (Dollars in thousands) Statutory federal income tax rate (at 35%) $ (2,411) $ 3,584 $ 6,246 Effect of state taxes, net of federal (2,025) 542 300 Permanent items 270 613 445 Other, net (26) 26 (296) Provision for income taxes $ (4,192) $ 4,765 $ 6,695 At December 31, 2015, we had net operating loss carryforwards for federal income tax purposes of approximately $ 156.2 2020 2034 981.0 2016 2034 2.8

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 11. 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. We review the probabilities of possible future payments to estimate the fair value of any contingent earn-out consideration on a quarterly basis over the earn-out period. Actual results are compared to the estimates and probabilities of achievement used in our forecasts. Should actual results of the acquired business increase or decrease as compared to our estimates and assumptions, the estimated fair value of the contingent earn-out consideration liability will increase or decrease, up to the contracted limit, as applicable. Changes in the estimated fair value of the contingent earn-out consideration are reflected in our results of operations in the period in which they are identified. Changes in the estimated fair value of the contingent earn-out consideration may materially impact and cause volatility in our operating results. 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. Salem leases various land, offices, studios and other equipment under operating leases that generally expire over the next ten twenty-five one five 16.9 17.9 19.1 Related Parties Other Total (Dollars in thousands) 2016 $ 1,530 $ 10,317 $ 11,847 2017 1,190 10,034 11,224 2018 445 9,163 9,608 2019 179 8,308 8,487 2020 183 7,763 7,946 Thereafter 3,626 34,571 38,197 $ 7,153 $ 80,156 $ 87,309

STOCK INCENTIVE PLAN

STOCK INCENTIVE PLAN	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK INCENTIVE PLAN	NOTE 12. STOCK INCENTIVE PLAN The company has one stock incentive plan. The Amended and Restated 1999 Stock Incentive Plan (the “Plan”) allows the company to grant stock options and restricted stock to employees, directors, officers and advisors of the company. A maximum of 5,000,000 Compensation—Stock Compensation During the year ending December 31, 2014, the Board of Directors accelerated the vesting period for three outstanding stock awards issued to an employee. This accelerated vesting resulted in additional compensation expense of $ 30,000 Year Ended December 31, 2013 2014 2015 (Dollars in thousands) Stock option compensation expense included in corporate expenses $ 766 $ 1,025 $ 474 Restricted stock shares compensation expense included in corporate expenses 481 — 34 Stock option compensation expense included in broadcast operating expenses 302 325 130 Stock option compensation expense included in Internet operating expenses 253 165 92 Stock option compensation expense included in publishing operating expenses 47 61 41 Total stock-based compensation expense, pre-tax $ 1,849 $ 1,576 $ 771 Tax benefit (expense) from stock-based compensation expense (740) (630) (308) Total stock-based compensation expense, net of tax $ 1,109 $ 946 $ 463 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 restricted stock. The expected volatility reflects the consideration of the historical volatility of our stock as determined by the closing price over a six to ten year term that is generally commensurate with the expected term of the award. Expected dividends reflect the quarterly distributions authorized and declared on our Class A and Class B common stock as of the grant date. The expected term of the awards are based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rates for periods within the expected term of the award are based on the U.S. Treasury yield curve in effect during the period the options were granted. We use historical data to estimate future forfeiture rates to apply against the gross amount of compensation expense determined using the valuation model. Year Ended December 31, 2013 2014 2015 Expected volatility 100.78% 74.98% 52.37% Expected dividends 2.05% 2.70% 4.28% Expected term (in years) 6.6 7.8 3.0 Risk-free interest rate 1.06% 2.27% 0.85% Options Shares Weighted Average Weighted Average Weighted Average Aggregate Outstanding at January 1, 2013 1,927,099 $ 4.37 $ 3.45 5.4 years $ 3,899 Granted 735,750 6.93 4.90 1,303 Exercised (410,983) 3.46 2.47 1,883 Forfeited or expired (89,799) 12.30 7.43 72 Outstanding at December 31, 2013 2,162,067 $ 5.09 $ 3.57 5.5 years $ 8,491 Exercisable at December 31, 2013 514,751 6.29 4.52 2.7 years 1,919 Expected to Vest 1,564,128 $ 4.71 $ 3.28 6.4 years $ 6,240 Outstanding at January 1, 2014 2,162,067 $ 5.09 $ 3.57 5.5 years $ 8,491 Granted 25,000 8.40 4.73 — Exercised (278,837) 4.38 3.43 1,260 Forfeited or expired (92,026) 12.25 7.89 43 Outstanding at December 31, 2014 1,816,204 $ 4.88 $ 3.39 4.8 years $ 5,718 Exercisable at December 31, 2014 663,417 5.32 3.90 3.0 years 2,015 Expected to Vest 1,094,574 $ 4.62 $ 3.10 5.9 years $ 3,515 Outstanding at January 1, 2015 1,816,204 $ 4.88 $ 3.39 5.5 years $ 5,718 Granted 10,000 6.08 1.98 — Exercised (163,994) 2.35 1.53 589 Forfeited or expired (81,087) 10.32 6.93 12 Outstanding at December 31, 2015 1,581,123 $ 4.87 $ 3.39 4.3 years $ 1,738 Exercisable at December 31, 2015 947,573 4.92 3.54 3.3 years 1,001 Expected to Vest 601,557 $ 4.80 $ 3.15 5.6 years $ 700 The aggregate intrinsic value represents the difference between the company’s closing stock price on December 31, 2015 of $ 4.98 0.8 1.9 1.5 Non-employee directors of the company have been awarded restricted stock grants that vest one year from the date of issuance. During the twelve months ended December 31, 2013, the company granted restricted stock awards to certain members of management. These restricted stock awards vested immediately, but contained transfer restrictions under which they could not be sold, pledged, transferred or assigned until the three-month anniversary from the grant date. During the twelve months ended December 31, 2015, the company granted restricted stock awards to non-employee directors that vest one year from the date of issuance. These restricted stock awards contained transfer restrictions under which they could not be sold, pledged, transferred or assigned until the sooner of the fifth anniversary from the grant date or the day after the non-employee director is no longer a member of the company’s board. The restricted stock awards were independent of option grants and were granted at no cost to the recipient other than applicable taxes owed by the recipient. The awards were considered issued and outstanding from the date of grant. The fair values of shares of restricted stock awards are determined based on the closing price of the company’s common stock on the grant dates. Restricted Stock Awards Shares Weighted Average Grant Date Weighted Average Remaining Aggregate Intrinsic Non-Vested at January 1, 2013 — $ — 5.4 years $ 3,899 Granted 79,810 6.02 1,303 Lapsed (79,810) 6.02 1,883 Forfeited (89,799) — 72 Outstanding at December 31, 2013 — $ — 5.5 years $ 8,491 Non-Vested at January 1, 2015 — $ — $ — Granted 10,000 5.83 1.0 years 61 Lapsed — — Forfeited or expired (2,000) 5.83 10 Outstanding at December 31, 2015 8,000 $ 5.83 0.2 years $ 40 As of December 31, 2015, there was $ 0.3 1.03 Weighted Average Contractual Life Weighted Weighted Average Range of Remaining Average Exercisable Grant Date Exercise Prices Options (Years) Exercise Price Options Fair Value $ 0.36 - $ 3.00 737,746 4.5 $ 2.59 401,246 $ 1.71 $ 3.01 - $ 6.00 146,214 2.0 5.13 145,414 4.20 $ 6.01 - $ 9.00 679,938 4.6 6.97 375,688 4.86 $ 9.01 - $ 12.00 22,350 0.2 11.80 22,350 8.80 $ 12.01 - $ 15.00 2,875 0.3 13.20 2,875 9.78 $ 0.36 - $ 15.00 1,589,123 4.2 $ 4.84 947,573 $ 3.40

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 13. RELATED PARTY TRANSACTIONS Our board of directors has adopted a written policy for review, approval and monitoring of transactions between the company and its related parties. Related parties include our directors, executive officers, nominees to become a director, any person beneficially owning more than 5 10 Leases with Principal Stockholders A trust controlled by the Chief Executive Officer of the company, Edward G. Atsinger III, owns real estate on which assets of one radio station are located. Salem has entered into a lease agreement with this trust. Rental expense related to this lease included in operating expense for 2015, 2014 and 2013 amounted to $ 180,000 175,000 170,000 Land and buildings occupied by various Salem radio stations are leased from entities owned by the company’s CEO and its Chairman of the Board. Rental expense under these leases included in operating expense for 2015, 2014 and 2013 amounted to $ 1.3 1.3 1.2 Terminated Subordinated Debt due to Related Parties On November 17, 2011, we entered into terminated subordinated lines of credit with Edward G. Atsinger III, Chief Executive Officer and director of Salem, and Stuart W. Epperson, Chairman of Salem’s board of directors. Pursuant to the related agreements, Mr. Epperson had committed to provide an unsecured revolving line of credit to Salem in a principal amount of up to $ 3 6 6.0 12.0 The proceeds of the Subordinated Debt due to Related Parties may have been used to repurchase a portion of Salem’s then outstanding Terminated 9 5 8 Outstanding amounts under each subordinated line of credit bore interest at a rate equal to the lesser of (1) 5% per annum and (2) the maximum rate permitted for subordinated debt under the Revolver referred to above plus 2% per annum. Interest was payable at the time of any repayment of principal. In addition, outstanding amounts under each terminated subordinated line of credit were required to be repaid within three (3) months from the time that such amounts are borrowed, with the exception of the subordinated line of credit with Mr. Hinz, which was to be repaid within six (6) months from the time that such amounts were borrowed. 9.0 15.0 Because the transactions with Messrs. Atsinger, Epperson and Hinz described above constitute related party transactions, the Nominating and Corporate Governance committee (the “Committee”) of Salem’s board of directors approved the entry by Salem into the subordinated lines of credit and any definitive credit agreements associated therewith. As part of its consideration, the Committee concluded that the terms of the subordinated lines of credit were more favorable to Salem as compared to terms of lines of credit available from unaffiliated third parties. Additionally, in August 2012, the company obtained a fairness opinion from Bond & Pecaro confirming this conclusion. Radio Stations Owned by the Epperson’s Nancy A. Epperson, the wife of the Chairman of the Board, Stuart W. Epperson, currently serves as an officer, director and stockholder of six radio stations in Virginia, five radio stations in North Carolina, and five radio stations in Florida. Chesapeake-Portsmouth Broadcasting Corporation (“Chesapeake-Portsmouth”) is a company controlled by Nancy Epperson, wife of Salem’s Chairman of the Board Stuart W. Epperson and sister of CEO Edward G. Atsinger III. Chesapeake-Portsmouth owns and operates radio stations WJGR-AM, Jacksonville, Florida, WZNZ-AM, Jacksonville, Florida and WZAZ-AM, Jacksonville, Florida. The markets where these radio stations are located are not currently served by stations owned and operated by the company. Under his employment agreement, Mr. Epperson is required to offer the company a right of first refusal of opportunities related to the company’s business. Radio Stations Owned by Mr. Hinz Mr. Hinz, a director of the company, through companies or entities controlled by him, operates three radio stations in Southern California. These radio stations are formatted in Christian Teaching and Talk programming in the Spanish language. Truth For Life—Mr. Riddle and Mrs. Weinberg Truth For Life is a non-profit organization that is a customer of Salem Media Group, Inc. During 2015, 2014 and 2013, the company billed Truth For Life approximately $ 2.2 2.2 2.1 Know the Truth - Mr. Riddle Know the Truth is a non-profit organization that is a customer of Salem Media Group, Inc. During 2015, 2014 and 2013, the company billed Know the Truth approximately $ 0.4 0.5 0.4 Split-Dollar Life Insurance The company purchased split-dollar life insurance policies for its Chairman and Chief Executive Officer in 1997. During 2011, the then existing policies were cancelled and new policies were entered. The company is the owner of the policies and is entitled to recover all of the premiums paid on these policies. The company records an asset based on the lower of the aggregate premiums paid or insurance cash surrender value. The premiums were $ 386,000 2.5 1.9 1.6 Transportation Services Supplied by Atsinger Aviation From time to time, the company rents aircraft from a company owned by Edward G. Atsinger III, Chief Executive Officer and director of Salem. As approved by the independent members of the company’s board of directors, the company rents these aircraft on an hourly basis at what the company believes are market rates and uses them for general corporate needs. Total rental expense for these aircraft for 2015, 2014 and 2013 amounted to approximately $ 133,000 274,000 239,000

DEFINED CONTRIBTION PLAN

DEFINED CONTRIBTION PLAN	12 Months Ended
	Dec. 31, 2015
DEFINED CONTRIBTION PLAN [Abstract]
DEFINED CONTRIBTION PLAN	NOTE 14. DEFINED CONTRIBTION PLAN We maintain a 401(k) defined contribution plan (the “401(k) Plan”), which covers all eligible employees (as defined in the 401(k) Plan). Participants are allowed to make non-forfeitable contributions up to 60 50 3 25 3 6 50 5 1.9 1.7 1.4

EQUITY TRANSACTIONS

EQUITY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
EQUITY TRANSACTIONS	NOTE 15. EQUITY TRANSACTIONS We account for stock-based compensation expense in accordance with FASB ASC Topic 718, “ Compensation-Stock Compensation 0.8 1.6 1.8 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 financial measure defined in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations included with this annual report on Form 10-K. Cash Distributed Announcement Date Payment Date Amount Per Share (in thousands) December 1, 2015 December 29, 2015 $ 0.0650 $ 1,656 September 1, 2015 September 30, 2015 $ 0.0650 $ 1,655 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 November 20, 2013 December 27, 2013 $ 0.0550 $ 1,376 September 12, 2013 October 4, 2013 $ 0.0525 $ 1,308 May 30, 2013 June 28, 2013 $ 0.0500 $ 1,240 March 18, 2013 April 1, 2013 $ 0.0500 $ 1,234 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

QUARTERLY RESULTS OF OPERATIONS

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)	NOTE 16. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED): March 31 June 30 September 30 December 31 2014 2015 2014 2015 2014 2015 2014 2015 (Dollars in thousands, except per share data) Total revenue $ 62,344 $ 61,856 $ 68,637 $ 67,293 $ 69,608 $ 67,491 $ 65,947 $ 69,147 Operating income 5,331 5,703 7,491 9,254 8,847 8,800 6,947 9,265 Net income before discontinued operations 431 295 1,263 3,523 3,743 2,077 38 5,255 Net income $ 431 $ 295 $ 1,263 $ 3,523 $ 3,743 $ 2,077 $ 38 $ 5,255 Basic earnings per share $ 0.02 $ 0.01 $ 0.05 $ 0.14 $ 0.14 $ 0.08 $ — $ 0.20 Basic earnings per share from continuing operations $ 0.02 $ 0.01 $ 0.05 $ 0.14 $ 0.14 $ 0.08 $ — $ 0.20 Diluted earnings per share $ 0.02 $ 0.01 $ 0.05 $ 0.14 $ 0.14 $ 0.08 $ — $ 0.20 Diluted earnings per share from continuing operations $ 0.02 $ 0.01 $ 0.05 $ 0.14 $ 0.14 $ 0.08 $ — $ 0.20 Weighted average shares outstanding – basic 25,064,982 25,346,499 25,172,696 25,429,127 25,536,397 25,459,962 25,573,162 25,471,342 Weighted average shares outstanding – diluted 25,881,811 25,921,118 25,950,600 25,829,493 26,265,957 25,907,651 26,226,332 25,893,015

SEGMENT DATA

SEGMENT DATA	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
SEGMENT DATA	NOTE 17. SEGMENT DATA FASB ASC Topic 280, “ Segment Reporting 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. 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 are 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) Year Ended December 31, 2015 Net revenue $ 196,090 $ 45,855 $ 23,842 $ — $ 265,787 Operating expenses 140,230 35,969 24,774 15,146 216,119 Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration (gain) loss on the sale or disposal of assets $ 55,860 $ 9,886 $ (932) $ (15,146) $ 49,668 Depreciation 7,659 3,158 637 963 12,417 Amortization 91 4,690 542 1 5,324 Impairment of goodwill 439 — — — 439 Change in estimated fair value of contingent earn-out consideration — (478) (1,237) — (1,715) (Gain) loss on the sale or disposal of assets 219 11 (58) 9 181 Net operating income (loss) from continuing operations $ 47,452 $ 2,505 $ (816) $ (16,119) $ 33,022 Year Ended December 31, 2014 Net revenue $ 192,923 $ 46,862 $ 26,751 $ — $ 266,536 Operating expenses 138,564 36,232 26,143 17,092 218,031 Net operating income (loss) before depreciation, amortization, impairments and (gain) loss on the sale or disposal of assets $ 54,359 $ 10,630 $ 608 $ (17,092) $ 48,505 Depreciation 7,923 3,052 529 1,125 12,629 Amortization 98 4,885 1,212 1 6,196 Impairment of indefinite-lived long-term assets other than goodwill — — 34 — 34 Impairment of goodwill — — 45 — 45 Change in estimated fair value of contingent earn-out consideration — 325 409 — 734 (Gain) loss on the sale or disposal of assets 231 25 (5) — 251 Net operating income (loss) from continuing operations $ 46,107 $ 2,343 $ (1,616) $ (18,218) $ 28,616 Year Ended December 31, 2013 Net revenue $ 188,544 $ 35,156 $ 13,234 $ — $ 236,934 Operating expenses 129,857 25,741 14,280 16,081 185,959 Net operating income (loss) before depreciation, amortization, impairment and (gain) loss on the sale or disposal of assets $ 58,687 $ 9,415 $ (1,046) $ (16,081) $ 50,975 Depreciation 7,934 2,904 444 1,166 12,448 Amortization 154 2,654 6 — 2,814 Impairment of indefinite-lived long-term assets other than goodwill — — 1,006 — 1,006 Impairment of goodwill — — 438 — 438 (Gain) loss on the sale or disposal of assets (274) — — 10 (264) Net operating income (loss) from continuing operations $ 50,873 $ 3,857 $ (2,940) $ (17,257) $ 34,533 Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) As of December 31, 2015 Inventories, net $ — $ 505 $ 388 $ — $ 893 Property and equipment, net 88,788 7,033 1,742 7,920 105,483 Broadcast licenses 393,031 — — — 393,031 Goodwill 3,581 19,930 1,044 8 24,563 Other indefinite-lived intangible assets — — 833 — 833 Amortizable intangible assets, net 492 9,599 1,385 5 11,481 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 composition of our operating s Year Ending December 31, 2013 2014 As Reported As Updated As updated As Reported New (Dollars in thousands) Revenues by Segment: Net Broadcast Revenue $ 183,697 $ 188,544 $ 187,815 $ 192,923 Net Digital Media Revenue 40,906 35,156 55,519 46,862 Net Publishing Revenue 12,331 13,234 23,202 26,751 Total Net Revenue $ 236,934 $ 236,934 $ 266,536 $ 266,536 Operating expenses by segment: Broadcast Operating Expenses $ 122,862 $ 129,857 $ 130,875 $ 138,564 Digital Media Operating Expenses 28,378 25,741 41,067 36,232 Publishing Operating Expenses 13,289 14,280 23,052 26,143 Unallocated Corporate Expenses 21,430 16,081 23,037 17,092 $ 185,959 $ 185,959 $ 218,031 $ 218,031 Net operating income (loss) before depreciation, amortization, impairments and (gain) loss on the sale or disposal of assets $ 50,975 $ 50,975 $ 48,505 $ 48,505

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 18. SUBSEQUENT EVENTS On March 10, 2016, we announced a quarterly equity distribution in the amount of $0.0650 per share on Class A and Class B common stock. The equity distribution will be paid on April 5, 2016 to all Class A and Class B common stockholders of record as of March 22, 2016. On March 8, 2016, we acquired King James Bible mobile applications for $ 4.0 2.7 0.3 0.4 0.2 On March 2, 2016, we entered into a related party lease with trusts created for the benefit of Edward G. Atsinger III, Chief Executive Officer, and Stuart W. Epperson, Chairman of the Board. The lease is for real property used to operate radio station KNUS-AM in Denver, Colorado. Our Nominating and Corporate Governance Committee reviewed the lease and lease terms and determined that the terms of the transaction were no less favorable to Salem than those that would be available in a comparable transaction in arm’s length dealings with an unrelated third party. On February 22, 2016 60,000 On January 27, 2016 50,000 On January 27, 2016 50,000 On January 25, 2016 100,000 On January 25, 2016 88,000 On January 25, 2016 25,000 On December 15, 2015 0.4 Subsequent events reflect all applicable transactions through the date of the filing.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of Salem Media Group, Inc. (“Salem” “we,” “us,” “our” or the “company”) include the company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated.
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”), Today’s Christian Music (“TCM”), Singing News Network (formerly Solid Gospel Network) and Salem Media Representatives TM 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 strategies 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. Digital media also includes our e-commerce sites, Salem Consumer Products (“SCP”), Eagle Wellness and Gene Smart Wellness. SCP is our e-commerce business that sells books, DVD’s and editorial content developed by our on-air personalities. Eagle Wellness and Gene Smart Wellness are e-commerce sites that offer health advice and nutritional products. Our acquisition of Regnery Publishing expanded our publishing operations to include book publishing in addition to print magazines and our self-publishing service. Regnery Publishing has published dozens of bestselling books by leading conservative authors and personalities, including Ann Coulter, Newt Gingrich, David Limbaugh, Ed Klein, Mark Steyn and Dinesh D'Souza. Our publishing operating segment also includes Salem Publishing™ and Xulon Press.
Cash and Cash Equivalents	We consider all highly liquid debt instruments, purchased with an initial maturity of three-months or less, to be cash equivalents. The carrying value of our cash equivalents approximated fair value at each balance sheet date.
Trade Accounts Receivable	Trade Accounts Receivable Trade accounts receivable represent receivables from customers for the sale of advertising, block program time, sponsorships and events, product sales, royalties, video and graphic downloads, subscriptions, and book sales. Our receivables are recorded as invoiced and represent claims that will be settled in cash. The carrying value of our receivables, net of the allowance for doubtful accounts and estimated sales returns, represents their estimated net realizable value. Trade accounts receivable for our self-publishing services represent contractual amounts due under individual payment plans. These contractual receivables are included in deferred revenue until the applicable earnings process is complete.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts We evaluate the balance reserved in our allowance for doubtful accounts on a quarterly basis based on our historical collection experience, the age of the receivables, specific customer information and current economic conditions. Past due balances are generally not written-off until all of our collection efforts have been unsuccessful, including use of a collections agency. A considerable amount of judgment is required in assessing the likelihood of ultimate realization of these receivables, including the current creditworthiness of each customer. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. We have not modified our estimate methodology and we have not historically recognized significant losses from changes in our estimates.
Inventory	Inventory Inventories consist of finished goods, including published books and wellness products. Inventory is recorded at the lower of cost or market as determined on a First-In First-Out (“FIFO”) cost method
Inventory Reserves	Inventory Reserves We reviewed historical data associated with book and wellness product inventories held by Regnery Publishing and our e-commerce wellness entities, as well as our own experiences to estimate the fair value of inventory on hand. Our analysis includes a review of actual sales returns, our allowances, royalty reserves, overall economic conditions and product demand. We record a provision to expense the balance of unsold inventory that we believe to be unrecoverable. We regularly monitor actual performance to our estimates and make adjustments as necessary. Estimated inventory reserves may be adjusted, either favorably or unfavorably, if factors such as the historical data we used to calculate these estimates do not properly reflect future returns or as a result of changes in economic conditions of the customer and/or the market. We have not modified our estimate methodology and we have not historically recognized significant losses from changes in our estimates. We believe that our estimates and assumptions are reasonable and that our reserves are accurately reflected.
Accounting for Property and Equipment	Property and equipment are recorded at cost less accumulated depreciation. Cost represents the historical cost of acquiring the asset, including the costs necessarily incurred to bring it to the condition and location necessary for its intended use. For assets constructed for our own use, such as towers and buildings that are discrete projects for which costs are separately accumulated and for which construction takes considerable time, we record capitalized interest. The amount capitalized is the cost that could have been avoided had the asset not been constructed and is based on the average accumulated expenditures incurred over the capitalization period at the weighted average rate applicable to our outstanding variable rate debt. We capitalized interest of $0.2 million and $0.1 million during the years ended December 31, 2014 and 2015, respectively. Repair and maintenance costs are charged to expense as incurred. Improvements are capitalized when they extend the life of the asset or enhance the quality or ability of the asset to benefit operations Category Estimated Life Buildings 40 years Office furnishings and equipment 5 -10 years Antennae, towers and transmitting equipment 10 - 20 years Studio, production and mobile equipment 5 - 10 years Computer software and website development costs 3 years Record and tape libraries 3 years Automobiles 5 years Leasehold improvements Lesser of 15 years or life of lease The carrying value of property and equipment is evaluated periodically in relation to the operating performance and anticipated future cash flows of the underlying radio stations and business units for indicators of impairment. When indicators of impairment are present, and the cash flows estimated to be generated from these assets is less than the carrying value, an adjustment to reduce the carrying value to the fair market value of the assets is recorded. See Note 6 – Property and Equipment.
Accounting for Internally Developed Software and Website Development Costs	Accounting for Internally Developed Software and Website Development Costs We capitalize costs incurred during the application development stage related to the development of internal-use software as specified in FASB ASC Topic 350-40 “ Internal-Use Software
Accounting for Amortizable Intangible Assets	Accounting for Amortizable Intangible Assets Intangible assets are recorded at cost less accumulated amortization. Typically, intangible assets are acquired in conjunction with the acquisition of broadcast entities, digital media entities and publishing entities. Category Estimated Life Customer lists and contracts Lesser of 5 years or life of contract Domain and brand names 5 -7 years Favorable and assigned leases Lease Term Subscriber base and lists 3 - 7 years Author relationships 1 - 7 years Non-compete agreements 2 to 5 years The carrying value of our amortizable intangible assets are evaluated periodically in relation to the operating performance and anticipated future cash flows of the underlying radio stations and businesses for indicators of impairment. In accordance with FASB ASC Topic 360 “ Property, Plant and Equipment
Goodwill and Other Indefinite-Lived Intangible Assets	Goodwill and Other Indefinite-Lived Intangible Assets Approximately 70% of our total assets as of December 31, 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 years for a nominal cost that is expensed as incurred. We continually monitor our stations’ compliance with the various regulatory requirements. Historically, all of our broadcast licenses have been renewed at the end of their respective periods, and we expect that all broadcast licenses will continue to be renewed in the future. Accordingly, we consider our broadcast licenses to be indefinite-lived intangible assets in accordance with FASB ASC Topic 350, “ Intangibles – Goodwill and Other”
Accounting for Acquisitions	Accounting for Acquisitions We account for business acquisitions in accordance with the acquisition method of accounting as specified in FASB ASC Topic 805 “ Business Combinations A majority of our radio station acquisitions have consisted primarily of the FCC licenses to broadcast in a particular market. We often do not acquire the existing format, or we change the format upon acquisition when we find it beneficial. As a result, a substantial portion of the purchase price for the assets of a radio station is allocated to the broadcast license. Property and equipment are recorded at their 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. Costs associated with acquisitions, such as consulting and legal fees, are expensed as incurred in unallocated corporate operating expenses.
Accounting for Contingent Earn-Out Consideration	Accounting for Contingent Earn-Out Consideration Our acquisitions often include contingent earn-out consideration as part of the purchase price. The fair value of the contingent earn-out consideration is estimated as of the acquisition date based on the present value of the expected contingent payments to be made using a weighted probability of possible payments. The unobservable inputs used in the determination of the fair value of the contingent earn-out consideration include our own assumptions about the likelihood of payment based on the established benchmarks and discount rates based on our internal rate of return analysis. The fair value measurement includes inputs that are Level 3 measurement as discussed in Note 9 to our consolidated financial statements included in this annual report on Form 10-K. We review the probabilities of possible future payments to the estimated fair value of any contingent earn-out consideration on a quarterly basis over the earn-out period. Actual results are compared to the estimates and probabilities of achievement used in our forecasts. Should actual results increase or decrease as compared to the assumption used in our analysis, the fair value of the contingent earn-out consideration obligations will increase or decrease, up to the contracted limit, as applicable. Changes in the fair value of the contingent earn-out consideration could cause a material impact and volatility in our operating results. See Note 4 – Contingent Earn-Out Consideration.
Accounting for Discontinued Operations	Accounting for Discontinued Operations We regularly review underperforming assets to determine if a sale or disposal might be a better way to monetize the assets. When a station, group of stations, or other asset group is considered for sale or disposal, we review the transaction to determine if or when the entity qualifies as a discontinued operation in accordance with the criteria of FASB ASC Topic 205-20 “ Discontinued Operations In April 2014, the FASB issued authoritative guidance which raises the threshold for disposals to qualify as discontinued operations. Under the new guidance, a discontinued operation is (1) a component of an entity or group of components that have been disposed of or are classified as held for sale and represent a strategic shift that has or will have a major effect on an entity's operations and financial results, or (2) an acquired business that is classified as held for sale on the acquisition date.
Revenue Recognition	Revenue Recognition Revenue is recognized as it is earned in accordance with applicable guidelines. We consider amounts to be earned once evidence of an arrangement has been obtained, services are performed, fees are fixed or determinable and collectability is reasonably assured. We account for broadcast revenue from the sale of airtime for programs or spots as the program or advertisement is broadcast. Revenues are reported net of agency commissions, which are calculated as a stated percentage applied to gross billings. Digital revenue is recognized upon delivery of page-views, delivery of impressions as specified in the contract, delivery of the digital newsletter or email, or upon delivery of the advertisement or programming content via streaming. Revenues are reported net of agency commissions, which are calculated as a stated percentage applied to gross billings. Revenue from product sales and book sales are recognized upon shipment net of distribution fees and an allowance for sales returns. Revenues from advertisements in our print magazines are recognized upon delivery of the publication net of agency commissions, which are calculated as a stated percentage applied to gross billings. Subscription revenue from our print magazines and digital newsletters is recognized over the life of the related subscription.
Revenue recognition for multiple-deliverables	Revenue recognition for multiple-deliverables We enter bundled advertising agreements that may include cross-promotions such as advertisements on our radio stations, digital banners, print magazine placements, booth space at local events, or some combination thereof. The multiple deliverables contained in each agreement are accounted for separately over their respective delivery period provided that they are separate units of accounting. The selling price for each deliverable is based on vendor specific objective evidence, if available, or the estimated fair value of each deliverable. Objective evidence of the fair value includes the price charged for each element when sold separately or the price that we would transact if the deliverable is sold regularly on a standalone basis. Arrangement consideration is allocated at the inception of each agreement to all deliverables using the relative selling price method. The relative selling price method allocates any discount in the arrangement proportionally to each deliverable on the basis of each deliverable’s selling price.
Sales Returns	Sales Returns We provide for estimated returns for products sold with the right of return, primarily book sales associated with Regnery Publishing and nutritional products sold through Eagle Wellness and Gene Smart. We record an estimate of these product returns as a reduction of revenue in the period of the sale. Our estimates are based upon historical sales returns, the amount of current period sales, economic trends and any changes in customer demand and acceptance of our products. We regularly monitor actual performance to estimated return rates and make adjustments as necessary. Estimated return rates utilized for establishing estimated returns reserves have approximated actual returns experience. However, actual returns may differ significantly, either favorably or unfavorably, from these estimates if factors such as the historical data we used to calculate these estimates do not properly reflect future returns or as a result of changes in economic conditions of the customer and/or the market. We have not modified our estimate methodology and we have not recognized significant losses from changes in our estimates
Barter Transactions	We may provide broadcast time or digital advertising placement to customers in exchange for certain products, supplies or services. The terms of these exchanges generally permit for the preemption of such broadcast time or digital placements in favor of customers who purchase these items for cash. We include the value of such exchanges in net revenues and operating expenses. The value recorded for barter revenue and barter expense is based upon management’s estimate of the fair value of the products, supplies or services received. . We believe that our estimates and assumptions are reasonable and that our barter revenue and barter expense are accurately reflected. We record barter revenue as it is earned, typically when the broadcast time is used or the digital advertisement is delivered. We record barter expense equal to the estimated fair value of the goods or services received upon receipt or usage of the items as applicable. Barter revenue included in broadcast revenue for the years ended December 31, 2013, 2014 and 2015 was approximately $5.6 million, $6.0 million and $6.1 million, respectively. Barter expenses included in broadcast operating expense for the years ended December 31, 2013, 2014 and 2015 were approximately $4.8 million, $6.0 million and $5.9 million, respectively
Accounting for Stock-Based Compensation	Accounting for Stock-Based Compensation We account for stock-based compensation under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, “ Compensation—Stock Compensation
Accounting for Advertising and Promotional Cost	Accounting for Advertising and Promotional Cost Costs of media advertising and associated production costs are expensed as incurred and amounted to approximately $11.3 million, $11.5 million and $10.0 million for each of the years ending December 31, 2015, 2014, and 2013, respectively.
Leases	We lease various facilities including broadcast tower and transmitter sites. When we enter a lease agreement, we review the terms to determine the appropriate classification of the lease as a capital lease or operating lease based on the factors listed in FASB ASC Topic 840 “ Leases
Leasehold Improvements	Leasehold Improvements We may construct or otherwise invest in leasehold improvements to properties. The costs of these leasehold improvements are capitalized and depreciated over the shorter of the estimated useful life of the improvement or the remaining lease term.
Partial Self-Insurance on Employee Health Plan	Partial Self-Insurance on Employee Health Plan We provide health insurance benefits to eligible employees under a self-insured plan whereby the company pays actual medical claims subject to certain stop loss limits. We record self-insurance liabilities based on actual claims filed and an estimate of those claims incurred but not reported. Any projection of losses concerning our liability is subject to a high degree of variability. Among the causes of this variability are unpredictable external factors such as future inflation rates, changes in severity, benefit level changes, medical costs and claim settlement patterns. Should the actual amount of claims increase or decrease beyond what was anticipated, we may adjust our future reserves. Our self-insurance liability was $0.7 million and $0.9 million at December 31, 2015 and 2014, respectively.
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 million. The agreement was entered to offset risks associated with the variable interest rate on our Term Loan B. Payments on the swap are due on a quarterly basis with a LIBOR floor of 0.625%. The swap expires on March 28, 2019 at a fixed rate of 1.645%. The interest rate swap agreement was not designated as a cash flow hedge, and as a result, all changes in the fair value are recognized in the current period statement of operations rather than through other comprehensive income. We recorded a long-term liability of $0.8 million as of December 31, 2015, representing the fair value of the interest rate swap agreement. As of December 31, 2014 As of December 31, 2015 (Dollars in thousands) Fair value of interest rate swap asset (liability) $ 475 $ (798 )
Fair Value Accounting	Fair Value Accounting As of December 31, 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. See Note 9 – Fair Value Accounting.
Long-term Debt and Debt Covenant Compliance	Long-term Debt and Debt Covenant Compliance Our classification of outstanding borrowings on our Term Loan B as long-term debt on our balance sheet is based on our assessment that, under the terms of our Credit Agreement and after considering our projected operating results and cash flows for the coming year, no principal payments are required to be made. The Term Loan B has a term of seven years, maturing in March 2020. We are required to make principal payments of $750,000 per quarter, which began on September 30, 2013. Prepayments may be made against the outstanding balance of our Term Loan B. Each repayment of the Term Loan B is applied ratably to each of the next four principal installments thereof in the direct order of maturity and thereafter to the remaining principal balance in reverse order of maturity. Our projections of operating results and cash flows for the coming year are estimates dependent upon a number of factors including but not limited to developments in the markets in which we are operating in and varying economic and political factors. Accordingly, these projections are inherently uncertain and our actual results could differ from these estimates.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs consists of underwriting and legal fees incurred in conjunction with entering our Term Loan B and Revolver. These costs are being amortized to interest expense over the seven-year term of the Term Loan B and the five-year term of the Revolver. During the year ended December 31, 2015, approximately $27,000 of the deferred financing costs were written off in conjunction with the early retirement of the Term Loan B compared to $0.3 million during the prior year. Deferred financing costs were $2.5 million and $3.2 million at December 31, 2015 and 2014, respectively.
Income Taxes and Uncertain Tax Positions	We account for income taxes in accordance with FASB ASC Topic 740 “ Income Taxes
Valuation Allowance (deferred taxes)	Valuation Allowance (deferred taxes) For financial reporting purposes, we recorded a valuation allowance of $2.8 million as of December 31, 2015 to offset a portion of the deferred tax assets related to the state net operating loss carryforwards. We regularly review our financial forecasts in an effort to determine our ability to utilize the net operating loss carryforwards for tax purposes. Accordingly, the valuation allowance is adjusted periodically based on our estimate of the benefit the company will receive from such carryforwards.
Royalty Advances to Authors	Royalty Advances to Authors Royalties due to book authors are paid in advance and capitalized. Royalties are expensed as the related book revenues are earned or when we determine that future recovery of the royalty is not likely. We reviewed historical data associated with royalty advances, earnings and recoverability based on actual results of Regnery Publishing. Historically, the longer the unearned portion of an advance remains outstanding, the less likely it is that we will recover the advance through the sale of the book. We apply this historical experience to outstanding royalty advances to estimate the likelihood of recovery. A provision was established to expense the balance of any unearned advance which we believe is not recoverable. Our analysis also considers other discrete factors, such as death of an author, any decision to not pursue publication of a title, poor market demand or other relevant factors. We have not modified our estimate methodology and we have not historically recognized significant losses from changes in our estimates. We believe that our estimates and assumptions are reasonable and that our reserves are accurately reflected.
Contingency reserves	Contingency reserves In the ordinary course of business, we are involved in various legal proceedings, lawsuits, arbitration and other claims which are complex in nature and have outcomes that are difficult to predict. Consequently, we are unable to ascertain the ultimate aggregate amount of monetary liability or the financial impact with respect to these matters. We record contingency reserves to the extent we conclude that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The establishment of the reserve is based on a review of all relevant factors, the advice of legal counsel, and the subjective judgment of management. The reserves we have recorded to date have not been material to our consolidated financial position, results of operations or cash flows. We believe that While we believe that the final resolution of any known maters, individually and in the aggregate, will not have a material adverse effect upon our consolidated financial position, results of operations or cash flows, it is p ossible that we could incur additional losses.
Gain or Loss on the Sale or Disposal of Assets	Gain or Loss on the Sale or Disposal of Assets We record gains or losses on the sale or disposal of assets equal to the proceeds, if any, as compared to the net book value. Exchange transactions are accounted for in accordance with FASB ASC Topic 845 “ Non-Monetary Transactions
Basic and Diluted Net Earnings Per Share	Basic and Diluted Net Earnings Per Share Basic net earnings per share has been 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 2,162,067, 1,816,204 and 1,581,123 shares of Class A common stock were outstanding at December 31, 2013, 2014 and 2015, respectively. Diluted weighted average shares outstanding exclude outstanding stock options whose exercise price is in excess of the average price of the company’s stock price. These options are excluded from the respective computations of diluted net income or loss per share because their effect would be anti-dilutive. The number of anti-dilutive shares as of December 31, 2013, 2014 and 2015 was nil, 589,437 and 705,163, respectively. Year Ended December 31, 2013 2014 2015 Weighted average shares 24,938,075 25,336,809 25,426,732 Effect of dilutive securities - stock options — 744,366 461,087 Weighted average shares adjusted for dilutive securities 24,938,075 26,081,175 25,887,819
Segments	Segments Our operating segments reflect how our
Variable Interest Entities	Variable Interest Entities We account for entities qualifying as variable interest entities (“VIEs”) in accordance with FASB ASC Topic 810, “ Consolidation” We may enter into LMAs contemporaneously with entering an APA to acquire or sell a radio station. We may also enter into 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 December 31, 2015, we did not consolidate any entities with which we entered into LMAs or TBAs under the guidance in FASB ASC Topic 810.
Concentrations of Business Risks	We derive a substantial part of our total revenues from the sale of advertising. For the years ended December 31, 2013, 2014 and 2015, 40.8%, 40.2% and 39.4% of our total revenues, respectively, were generated from the sale of broadcast advertising. We are particularly dependent on revenue from stations in the Los Angeles and Dallas markets, which generated 15.2% and 25.5% for the year ended December 31, 2013, 14.3% and 24.0% for the year ended December 31, 2014 and 14.7% and 24.5% for the year ended December 31, 2015. Because substantial portions of our revenues are derived from local advertisers in these key markets, our ability to generate revenues in those markets could be adversely affected by local or regional economic downturns.
Concentrations of Credit Risks	Concentrations of Credit Risks Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents; trade accounts receivable and derivative instruments. We place our cash and cash equivalents with high quality financial institutions. Such balances may be in excess of the Federal Deposit Insurance Corporation insured limits. To manage the related credit exposure, we continually monitor the credit worthiness of the financial institutions where we have deposits. Concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services, as well as the dispersion of our operations across many geographic areas. We perform ongoing credit evaluations of our customers, but generally do not require collateral to support customer receivables. We establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers, age of receivables outstanding, historical trends, economic conditions and other information. Historically, our bad debt expense has been within management’s expectations.
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: ⋅ asset impairments, including goodwill, broadcasting licenses and other indefinite-lived intangible assets; ⋅ probabilities associated with the potential for contingent earn-out consideration; ⋅ fair value measurements; ⋅ contingency reserves; ⋅ allowance for doubtful accounts; ⋅ sales returns and allowances; ⋅ barter transactions; ⋅ inventory reserves; ⋅ reserves for royalty advances; ⋅ fair value of equity awards; ⋅ self-insurance reserves; ⋅ estimated lives for tangible and intangible assets; ⋅ income tax valuation allowances; and ⋅ uncertain tax positions. 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.
Recent Accounting Pronouncements	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 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 February 2016, the FASB issued ASU 2016-02, “ Leases We have not yet on our In January 2016, the FASB issued ASU 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities We have not yet on our In November 2015, the FASB issued ASU 2015-17, “ Balance Sheet Classification of Deferred Taxes” We have not yet on our In September 2015, the FASB issued ASU 2015-16, “ Business Combinations Simplifying the Accounting for Measurement Period Adjustments In July 2015, the FASB issued ASU 2015-11, “ Simplifying the Measurement of Inventory In June 2015, the FASB issued ASU 2015-10, “ Technical Corrections and Improvements, 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 have a material 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,”

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Property, Plant and Equipment Estimated Useful Lives	Depreciation is computed using the straight-line method over estimated useful lives as follows: Category Estimated Life Buildings 40 years Office furnishings and equipment 5 -10 years Antennae, towers and transmitting equipment 10 - 20 years Studio, production and mobile equipment 5 - 10 years Computer software and website development costs 3 years Record and tape libraries 3 years Automobiles 5 years Leasehold improvements Lesser of 15 years or life of lease
Intangibles Asset Estimated Useful Lives	These intangibles are amortized using the straight-line method over the following estimated useful lives: Category Estimated Life Customer lists and contracts Lesser of 5 years or life of contract Domain and brand names 5 -7 years Favorable and assigned leases Lease Term Subscriber base and lists 3 - 7 years Author relationships 1 - 7 years Non-compete agreements 2 to 5 years
Fair value of interest rate swap	The swap was valued based on observable inputs for similar assets and liabilities and other observable inputs for interest rates and yield curves, which are classified within Level 2 inputs in the fair value hierarchy described below and in Note 9 to our consolidated financial statements included in this annual report on Form 10-K. As of December 31, 2014 As of December 31, 2015 (Dollars in thousands) Fair value of interest rate swap asset (liability) $ 475 $ (798 )
Shares Used to Compute Basic and Diluted Net Earning Per Share	The following table sets forth the shares used to compute basic and diluted net earnings per share for the periods indicated: Year Ended December 31, 2013 2014 2015 Weighted average shares 24,938,075 25,336,809 25,426,732 Effect of dilutive securities - stock options — 744,366 461,087 Weighted average shares adjusted for dilutive securities 24,938,075 26,081,175 25,887,819

IMPAIRMENT OF GOODWILL AND OT29

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2015
Results of Impairment Testing Under the Income Approach	The table below presents the results of our impairment testing under the income approach for the 2015 annual testing period: Excess Fair Value Market Cluster 2015 Estimate Boston, MA 42.6 % Chicago, IL 72.3 % Colorado Springs, CO 142.8 % Dallas, TX 10.9 % Greenville, SC 95.5 % Minneapolis, MN 92.2 % Orlando FL 51.0 % Phoenix, AZ 12.5 % Portland, OR 2.2 % Sacramento, CA 21.2 % Tampa, FL 48.8 % The table below presents the results of our impairment testing under the income approach for the 2015 annual testing period: Excess Fair Value Mastheads 2015 Estimate Print Magazines 1.1 %
Key Estimates and Assumptions	The key estimates and assumptions are as follows: Mastheads Interim June 30, 2013 December 31, 2013 December 31, 2014 December 31, 2015 Risk-adjusted discount rate 9.0% 9.5% 8.0% 8.0% Projected revenue growth ranges 1.0% - 2.8% 1.2% - 2.5% (4.8%) – 1.4% 2.1 – 2.9% Royalty growth rate 3.0% 2.0% 3.0% 3.0%
Enterprise Valuation [Member]
Schedule of Assumptions Used	The key estimates and assumptions used for our enterprise valuations are as follows: December 31, 2013 December 31, 2014 December 31, 2015 Enterprise Valuations Broadcast Markets Broadcast Markets Broadcast Markets Risk-adjusted discount rate 9.0% 8.0% 8.0% Operating profit margin ranges 11.9% - 44.7 8.4% - 46.1 49.7% Long-term revenue market growth rate ranges 1.0% - 2.5 1.0% - 5.0 2.0%
Digital Media [Member]
Percentage Within a Range by Which the Estimated Fair Value Exceeded the Carrying Value	The table below presents the percentage within a range by which the estimated fair value exceeded the carrying value of our accounting units, including goodwill. Digital Media Entities as of December 31, 2015 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <10% >10% to 20% >20% to 50% > than 50% Number of accounting units 1 - 4 Carrying value including goodwill ( in thousands $ 4,488 $ - $ $ 29,126 Digital Media Entities as of December 31, 2014 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <10% >10% to 20% >20% to 50% > than 50% Number of accounting units 1 1 1 1 Carrying value including goodwill ( in thousands $ 4,649 $ 6,118 $ 385 $ 26,101 Digital Media Entities as of December 31, 2013 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <10% >10% to 20% >20% to 50% > than 50% Number of accounting units 1 - 1 - Carrying value including goodwill ( in thousands $ 27,456 $ - $ 2,984 $ -
Digital Media [Member] | Enterprise Valuation [Member]
Schedule of Assumptions Used	The key estimates and assumptions used in the valuation of our digital media entities for each testing period are as follows: Enterprise Valuation December 31, 2013 December 31, 2014 December 31, 2015 Risk adjusted discount rate 13.5% 8.0% 8.0% - 9.0 Operating profit margin ranges 21.2% - 22.0 (7.4%) - 34.9 (8.9%) - 13.8% Long-term revenue market growth rate ranges 3.0% 2.50% 2.0-3.0
Publishing [Member]
Percentage Within a Range by Which the Estimated Fair Value Exceeded the Carrying Value	The table below presents the percentage within a range by which the estimated fair value exceeded the carrying value of our accounting units, including goodwill. Publishing Accounting units as of December 31, 2015 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <10% >10% to 20% >20% to 50% > than 50% Number of accounting units 1 - - 1 Carrying value including goodwill ( in thousands $ 854 $ - $ - $ 2,453 Publishing Accounting units as of December 31, 2014 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <10% >10% to 20% >20% to 50% > than 50% Number of accounting units 2 - - 1 Carrying value including goodwill ( in thousands $ 3,417 $ - $ - $ 2,314 Publishing Accounting units as of December 31, 2013 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <10% >10% to 20% >20% to 50% > than 50% Number of accounting units 1 - 1 - Carrying value including goodwill ( in thousands $ 1,251 $ - $ 2,123 $ -
Publishing [Member] | Enterprise Valuation [Member]
Schedule of Assumptions Used	The key estimates and assumptions used for our enterprise valuations are as follows: Enterprise Valuation Interim December 31, 2013 December 31, 2014 December 31, 2015 Risk adjusted discount rate 9.0% 9.5% 8.0% 9.5% Operating margin ranges 0.9% - 6.0 (0.5%) – 6.0 2.4% - 5.9 (0.5%) – 6.0 Long-term revenue market growth rate ranges 1.0% 0.5% 1.5% 2.0%
Goodwill-Broadcast [Member]
Percentage Within a Range by Which the Estimated Fair Value Exceeded the Carrying Value	The tables below present the percentage within a range by which the estimated fair value exceeded the carrying value of each of our market clusters, including goodwill: Broadcast Market Clusters as of December 31, 2015 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <10% >10% to 20% >20% to 50% > than 50% Number of accounting units 3 3 2 11 Carrying value including goodwill ( in thousands $ 56,179 $ 52,164 $ 37,570 169,907 Broadcast Market Clusters as of December 31, 2014 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <10% >10% to 20% >20% to 50% > than 50% Number of accounting units 5 — 2 7 Carrying value including goodwill ( in thousands $ 81,507 $ — $ 27,636 $ 84,693 Broadcast Market Clusters as of December 31, 2013 Percentage Range By Which Estimated Fair Value Exceeds Carrying Value Including <1% >10% to 20% >20% to 50% > than 50% Number of accounting units 4 1 3 3 Carrying value including goodwill ( in thousands $ 28,952 $ 17,978 $ 45,375 $ 45,152
Schedule of Assumptions Used	The key estimates and assumptions used for our enterprise valuations are as follows: December 31, 2015 Enterprise Valuations Broadcast Networks Risk-adjusted discount rate 9.0% Operating profit margin ranges (74.1%) – (97.5%) Long-term revenue market growth rate ranges 2.0%
Broadcast Licenses [Member]
Percentage Within a Range by Which the Estimated Fair Value Exceeded the Carrying Value	The table below presents the percentage within a range by which our prior year start-up income estimated fair value exceeds the current year carrying value of our broadcasting licenses: Geographic Market Clusters as of December 31, 2015 Percentage Range By Which 2014 Estimated Fair Value Exceeds 2015 Carrying Value 󖼩% >26%-50% >50% to 75% > than 75% Number of accounting units 8 5 3 11 Broadcast license carrying value (in thousands) $ 185,372 $ 66,914 $ 35,843 $ 51,941
Schedule of Assumptions Used	The key estimates and assumptions used in the start-up income valuation for our broadcast licenses were as follows: Broadcast Licenses December 31, 2013 December 31, 2014 December 31, 2015 Risk-adjusted discount rate 9.0% 8.0% 8.0% Operating profit margin ranges 4.1% - 37.5 (13.9%) - 30.8 (13.9%) - 30.8 Long-term market revenue growth rate ranges 1.0% - 2.5 1.5% - 2.5 2.0%
Broadcast Licenses [Member] | Station Operating Income [Member]
Percentage Within a Range by Which the Estimated Fair Value Exceeded the Carrying Value	The table below shows the percentage within a range by which our estimated fair value exceeded the carrying value of our broadcasting licenses for these three market clusters: Geographic Market Clusters as of December 31, 2015 Tested due to length of time from prior valuation >90% >140% Number of accounting units 2 1 Broadcast license carrying value (in thousands $ 11,319 $ 4,242

ACQUISITIONS AND RECENT TRANS30

ACQUISITIONS AND RECENT TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Summary of Business Acquisitions and Asset Purchased	A summary of our business acquisitions and asset purchases for the year ended December 31, 2015, none of which were individually or in the aggregate material to our Consolidated financial position as of the respective date of acquisition, is as follows: Acquisition Date Description Total Cost (Dollars in thousands) December 18, 2015 WSDZ-AM, St. Louis, Missouri (business acquisition) $ 275 December 15, 2015 KDIZ-AM, Minneapolis, Minnesota (business acquisition) 375 December 11, 2015 WWMI-AM, Tampa, Florida(business acquisition) 750 December 8, 2015 KDDZ-AM, Denver, Colorado (business acquisition) 550 December 7, 2015 Instapray mobile applications (asset acquisition) 118 December 4, 2015 KDZR-AM, Portland, Oregon (business acquisition) 275 October 29, 2015 DividendYieldHunter.com (asset acquisition) 43 October 1, 2015 KKSP-FM, Little Rock, Arkansas (business acquisition) 1,500 September 15, 2015 KEXB-AM (formerly KMKI-AM) Dallas, Texas (business acquisition) 3,000 September 10, 2015 WBIX-AM (formerly WMKI-AM), Boston, Massachusetts (business acquisition) 500 September 3, 2015 Spanish Bible mobile applications (business acquisition) 500 September 1, 2015 DailyBible mobile applications (business acquisition) 1,500 July 1, 2015 DividendInvestor.com (business acquisition) 1,000 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 mobile applications (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) 134 $ 17,271 A summary of our business acquisitions and asset purchases for the year ended December 31, 2014, none of which were individually or in the aggregate material to our Consolidated financial position as of the respective date of acquisition, is as follows: Acquisition Date Description Total Cost (Dollars in thousands) December 23, 2014 WLTE-FM Pendleton, South Carolina (asset acquisition) $ 525 December 23, 2014 FM Translator, Pickens, South Carolina (asset acquisition) 185 December 22, 2014 FM Translator, Bayshore Gardens, Florida (asset acquisition) 140 November 24, 2014 FM Translator, Traveler’s Rest, South Carolina (asset acquisition) 200 October 1, 2014 KXXT-AM Phoenix, Arizona (business acquisition) 575 May 22, 2014 WOCN-AM Miami, Florida (business acquisition) 2,450 May 6, 2014 WRTH-FM (formerly WOLT-FM), Greenville, South Carolina (business acquisition) 1,125 April 15, 2014 FM Translators, Orlando, Florida, Tampa, Florida, Omaha, Nebraska (asset purchase) 357 February 7, 2014 KDIS-FM, Little Rock Arkansas and KRDY-AM, San Antonio, Texas (business acquisition) 1,984 January 10, 2014 Eagle Publishing (business acquisition) 10,628 Various Purchases of domain names (asset purchases) 487 $ 18,656
Summary of Total Acquisition Consideration	The following table summarizes the total acquisition consideration for the year ended December 31, 2015: Description Total Consideration (Dollars in thousands) Cash payments $ 16,885 Escrow deposits paid in prior years 65 Cash payment due January 2016 21 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 acquisition consideration $ 17,271 Gain on bargain purchase 1,357 Fair value of net assets acquired $ 18,628 The following table summarizes the total acquisition consideration for the year ended December 31, 2014: Purchase Price Consideration Total Consideration (Dollars in thousands) Cash payments $ 12,682 Escrow deposits paid in prior years 1,345 Deferred cash payments made related to prior year acquisition (600) Present value of deferred cash payments (due 2015) 893 Present value of deferred cash payments (due 2016) 2,289 Present value of estimated fair value of contingent earn-out consideration 2,047 Total purchase price consideration $ 18,656
Total Acquisition Consideration Allocated	The fair value of the acquisition consideration was allocated to the net assets acquired as follows: Net Broadcast Net Digital Media Net Assets (Dollars in thousands) Assets Property and equipment $ 7,845 649 8,494 Broadcast licenses 5,923 — 5,923 Goodwill 64 254 318 Customer lists and contracts — 99 99 Domain and brand names — 1,154 1,154 Subscriber base and lists — 3,011 3,011 Non-compete agreements — 146 146 Liabilities Deferred revenue liabilities assumed — (517) (517) $ 13,832 4,796 18,628 The total acquisition consideration was allocated to the net assets acquired as follows: Net Broadcast Net Digital Net Publishing Net Assets (Dollars in thousands) Assets Property and equipment $ 2,338 $ 1,179 $ 3,929 $ 7,446 Developed websites — 539 38 577 Broadcast licenses 5,144 — — 5,144 Goodwill 38 2,128 189 2,355 Customer lists and contracts — 2,232 509 2,741 Domain and brand names — 1,921 843 2,764 Subscriber base and lists — 2,446 — 2,446 Author relationships — — 1,682 1,682 Non-compete agreements — 79 66 145 Favorable and assigned leases 20 — — 20 Liabilities Deferred revenue & royalties assumed — (3,779) (2,885) (6,664) $ 7,540 $ 6,745 $ 4,371 $ 18,656
Repayments of our Term Loan B	Repayments of our Term Loan B were as follows: Date Principal Paid Unamortized Discount (Dollars in Thousands) December 31, 2014 $ 4,000 $ 16 November 28, 2014 4,000 15 September 29, 2014 5,000 18 March 31, 2014 2,250 8
Summary of Equity Distributions to Stockholders of Record of Class A and Class B Common Stock	During the year ended December 31, 2014, after quarterly review of our earnings, cash flows, financial requirements, and other factors, our Board of Directors’ declared equity distributions to all stockholders of record of our Class A and Class B common stock as follows: Announcement Date Record Date Payment Date Amount Per Share Cash Distributed December 2, 2014 December 15, 2014 December 29, 2014 $ 0.0650 $ 1,646 September 2, 2014 September 16, 2014 September 30, 2014 $ 0.0625 $ 1,579 May 27, 2014 June 16, 2014 June 30, 2014 $ 0.0600 $ 1,514 March 6, 2014 March 17, 2014 March 31, 2014 $ 0.0575 $ 1,444
Components of Loss from Discontinued Operations	The following table sets forth the components of the loss from discontinued operations: For the Year Ended 2013 (Dollars in thousands) Net revenues $ 10 Operating expenses 72 Operating loss $ (62) Benefit from income taxes (25) Loss from discontinued operations, net of tax $ (37)

CONTINGENT EARN-OUT CONSIDERA31

CONTINGENT EARN-OUT CONSIDERATION (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combination, Contingent Consideration, Liability [Abstract]
Schedule of changes in present value of acquisition related contingent earn-out consideration	The following table reflects the changes in the present value of our acquisition-related estimated contingent earn-out consideration for the years ending December 31, 2015 and 2014. Twelve Months Ended December 31, 2015 Short-Term Long-Term Accrued Expenses 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 earn-out consideration 60 49 109 Change in the estimated fair value of contingent earn-out consideration (1,269) (446) (1,715) Reclassification of payments due in next 12 months to short-term 835 (835) — Payments (1,204) — (1,204) Ending Balance as of December 31, 2015 $ 173 $ 602 $ 775 Twelve Months Ended December 31, 2014 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2014 329 287 616 Acquisitions 692 1,355 2,047 Accretion of acquisition-related contingent earn-out consideration 68 120 188 Change in the estimated fair value of contingent earn-out consideration 341 393 734 Reclassification of payments due in next12 month to short-term 445 (445) — Payments (300) — (300) Ending Balance as of December 31, 2014 $ 1,575 $ 1,710 $ 3,285

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2015
Inventory Disclosure [Abstract]
Schedule of inventory on hand by segment	The following table provides details of inventory on hand by segment: As of December 31, 2014 As of December 31, 2015 (Dollars in thousands) Regnery Publishing book inventories $ 1,575 $ 2,186 Reserve for obsolescence – Regnery Publishing (1,225) (1,798) Inventory net, Regnery Publishing 350 388 Wellness products – Eagle & Gene Smart $ 224 $ 562 Reserve for obsolescence – Wellness products (2) (57) Inventory, net Wellness products 222 505 Consolidated inventories, net $ 572 $ 893

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Summary of categories of property and equipment	The following is a summary of the categories of our property and equipment: As of December 31, 2014 2015 (Dollars in thousands) Land $ 29,424 $ 31,565 Buildings 24,898 25,448 Office furnishings and equipment 39,772 39,040 Antennae, towers and transmitting equipment 78,628 84,296 Studio, production and mobile equipment 30,202 30,598 Computer software and website development costs 26,593 28,134 Record and tape libraries 59 55 Automobiles 1,205 1,298 Leasehold improvements 19,634 20,799 Construction-in-progress 4,307 6,632 $ 254,722 $ 267,865 Less accumulated depreciation (155,495) (162,382) $ 99,227 $ 105,483
Fair value measurements used to value asset	Fair Value Measurements Using: (Dollars in thousands) Description As of December Quoted prices in Significant Other Significant Total Gains Long-Lived Asset Held for Sale $ 1,700 $ 1,700 $ —

AMORTIZABLE INTANGIBLE ASSETS (

AMORTIZABLE INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2015
Intangible Assets Disclosure [Abstract]
Summary of Significant Classes of Amortizable Intangible Assets	The following tables provide a summary of our significant classes of amortizable intangible assets: As of December 31, 2015 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 20,009 $ (18,914) $ 1,095 Domain and brand names 16,619 (11,200) 5,419 Favorable and assigned leases 2,379 (1,887) 492 Subscriber base and lists 7,313 (3,808) 3,505 Author relationships 2,245 (1,523) 722 Non-compete agreements 1,034 (786) 248 Other amortizable intangible assets 1,336 (1,336) — $ 50,935 $ (39,454) $ 11,481 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	Based on the amortizable intangible assets as of December 31, 2015, we estimate amortization expense for the next five years to be as follows: Year Ending December 31, Amortization Expense (Dollars in thousands) 2016 $ 3,846 2017 2,442 2018 2,199 2019 1,767 2020 982 Thereafter 245 Total $ 11,481

NOTES PAYABLE AND LONG-TERM D35

NOTES PAYABLE AND LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2015
Long-Term Debt	As of December 31, 2014 As of December 31, 2015 (Dollars in thousands) Term Loan B $ 274,933 $ 273,136 Revolver 1,784 3,306 Capital leases and other loans 788 674 277,505 277,116 Less current portion (1,898) (5,662) $ 275,607 $ 271,454
Principle Repayment Requirements Under Long Term Agreements Outstanding	Amount For the Twelve Months Ended December 31, (Dollars in thousands) 2016 $ 5,662 2017 3,113 2018 3,105 2019 3,103 2020 3,106 Thereafter 259,027 $ 277,116
Repayments of Term Loan B	Repayments of our Term Loan B were as follows: Date Principal Paid Unamortized Discount (Dollars in Thousands) December 31, 2014 $ 4,000 $ 16 November 28, 2014 4,000 15 September 29, 2014 5,000 18 March 31, 2014 2,250 8
Change in Rate Based on Leverage Ratio	Consolidated Leverage Ratio Base Rate Eurodollar Applicable Fee Less than 3.25 to 1.00 0.75 % 2.25 % 0.40 % Greater than or equal to 3.25 to 1.00 but less than 4.50 to 1.00 0.75 % 2.50 % 0.50 % Greater than or equal to 4.50 to 1.00 but less than 6.00 to 1.00 1.25 % 3.00 % 0.60 % Greater than or equal to 6.00 to 1.00 2.25 % 3.50 % 0.75 %
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 to 1.00 1.250 % 2.250 % 2 Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 1.500 % 2.500 % 3 Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 1.750 % 2.750 % 4 Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 2.000 % 3.000 % 5 Greater than or equal to 6.00 to 1.00 2.500 % 3.500 %
Term B Loan [Member]
Repayments of Term Loan B	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
Terminated 95/8% Senior Secured Second Lien Notes [Member]
Repayments of Term Loan B	Information regarding repurchases and redemptions of the Terminated 9 5 8 Date Principal Premium Unamortized Bond Issue (Dollars in thousands) June 3, 2013 $ 903 $ 27 $ 3 $ - March 14, 2013 212,597 22,650 837 2,867 December 12, 2012 4,000 120 17 57 June 1, 2012 17,500 525 80 287 December 12, 2011 12,500 375 62 337 September 6, 2011 5,000 144 26 135 June 1, 2011 17,500 525 93 472 December 1, 2010 12,500 375 70 334 June 1, 2010 17,500 525 105 417

FAIR VALUE ACCOUNTING (Tables)

FAIR VALUE ACCOUNTING (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets Measured at Fair Value	The following table summarizes the fair value of our financial assets that are measured at fair value: December 31, 2015 Total Fair Value Fair Value Measurement Category Balance Sheet Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 98 $ 98 $ — $ — Trade accounts receivable, net 36,029 36,029 — — Liabilities: Accounts payable 5,177 5,177 — — Accrued expenses including estimated fair value of contingent earn-out consideration 11,301 11,128 — 173 Accrued interest 16 16 — — Long term liabilities including estimated fair value of contingent earn-out consideration 636 34 — 602 Long-term debt and capital lease obligations 277,116 277,116 — — Fair value of interest rate swap 798 — 798 —

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Summary of Changes in Gross Amount of Unrecognized Tax Benefits	A summary of the changes in the gross amount of unrecognized tax benefits is as follows: December 31, 2015 (Dollars in thousands) Balance at January 1, 2015 $ 508 Additions based on tax positions related to the current year — Additions based on tax positions related to prior years — Reductions related to tax positions of prior years — Decrease due to statute expirations (417) Related interest and penalties, net of federal tax benefits 9 Balance as of December 31, 2015 $ 100
Schedule of Consolidated Provision (Benefit) for Income Taxes from Continuing Operations	The consolidated provision (benefit) for income taxes from continuing operations for Salem consisted of the following: December 31, 2013 2014 2015 (Dollars in thousands) Current: Federal $ — $ — $ — State 193 269 249 193 269 249 Deferred: Federal (1,075) 3,932 6,234 State (3,310) 564 212 (4,385) 4,496 6,446 Provision for (benefit from) income taxes $ (4,192) $ 4,768 $ 6,695
Schedule of Consolidated Deferred Tax Asset and Liability	The consolidated deferred tax asset and liability consisted of the following: December 31, 2014 2015 (Dollars in thousands) Deferred tax assets: Financial statement accruals not currently deductible $ 8,045 $ 9,699 Net operating loss, AMT credit and other carryforwards 72,618 71,593 State taxes 108 114 Other 3,821 3,785 Total deferred tax assets 84,592 85,191 Valuation allowance for deferred tax assets (2,952) (2,771) Net deferred tax assets $ 81,640 $ 82,420 Deferred tax liabilities: Excess of net book value of property and equipment and software for financial reporting purposes over tax basis $ 3,000 $ 2,826 Excess of net book value of intangible assets for financial reporting purposes over tax basis 118,773 127,078 Interest rate swap 187 (315) Unrecognized tax benefits 508 100 Other 128 — Total deferred tax liabilities 122,596 129,689 Net deferred tax liabilities $ (40,956) $ (47,269)
Schedule of Reconciliation of Net Deferred Tax Liabilities to Financial Instrument	The following table reconciles the above net deferred tax liabilities to the financial statements: December 31, 2014 2015 (Dollars in thousands) Deferred income tax asset per balance sheet $ 8,153 $ 9,813 Deferred income tax liability per balance sheet (49,109) (57,082) $ (40,956) $ (47,269)
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Provision for Income Tax	A reconciliation of the statutory federal income tax rate to the provision for income tax is as follows: Year Ended December 31, 2013 2014 2015 (Dollars in thousands) Statutory federal income tax rate (at 35%) $ (2,411) $ 3,584 $ 6,246 Effect of state taxes, net of federal (2,025) 542 300 Permanent items 270 613 445 Other, net (26) 26 (296) Provision for income taxes $ (4,192) $ 4,765 $ 6,695

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combination, Contingent Consideration, Liability [Abstract]
Schedule of Future Minimum Rental Payments Required Under Operating Leases that have Initial or Remaining Non-Cancelable Lease Terms in Excess of One Year	Future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2015, are as follows: Related Parties Other Total (Dollars in thousands) 2016 $ 1,530 $ 10,317 $ 11,847 2017 1,190 10,034 11,224 2018 445 9,163 9,608 2019 179 8,308 8,487 2020 183 7,763 7,946 Thereafter 3,626 34,571 38,197 $ 7,153 $ 80,156 $ 87,309

STOCK INCENTIVE PLAN (Tables)

STOCK INCENTIVE PLAN (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock-Based Compensation Expense Recognized	The following table reflects the components of stock-based compensation expense recognized in the Consolidated Statements of Operations for the years ended December 31, 2013, 2014 and 2015: Year Ended December 31, 2013 2014 2015 (Dollars in thousands) Stock option compensation expense included in corporate expenses $ 766 $ 1,025 $ 474 Restricted stock shares compensation expense included in corporate expenses 481 — 34 Stock option compensation expense included in broadcast operating expenses 302 325 130 Stock option compensation expense included in Internet operating expenses 253 165 92 Stock option compensation expense included in publishing operating expenses 47 61 41 Total stock-based compensation expense, pre-tax $ 1,849 $ 1,576 $ 771 Tax benefit (expense) from stock-based compensation expense (740) (630) (308) Total stock-based compensation expense, net of tax $ 1,109 $ 946 $ 463
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Valuation Model	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 years ended December 31, 2013, 2014 and 2015: Year Ended December 31, 2013 2014 2015 Expected volatility 100.78% 74.98% 52.37% Expected dividends 2.05% 2.70% 4.28% Expected term (in years) 6.6 7.8 3.0 Risk-free interest rate 1.06% 2.27% 0.85%
Schedule of Stock Option Activity	Stock option information with respect to the company’s stock-based equity plans during the three years ended December 31, 2015 is as follows (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value): Options Shares Weighted Average Weighted Average Weighted Average Aggregate Outstanding at January 1, 2013 1,927,099 $ 4.37 $ 3.45 5.4 years $ 3,899 Granted 735,750 6.93 4.90 1,303 Exercised (410,983) 3.46 2.47 1,883 Forfeited or expired (89,799) 12.30 7.43 72 Outstanding at December 31, 2013 2,162,067 $ 5.09 $ 3.57 5.5 years $ 8,491 Exercisable at December 31, 2013 514,751 6.29 4.52 2.7 years 1,919 Expected to Vest 1,564,128 $ 4.71 $ 3.28 6.4 years $ 6,240 Outstanding at January 1, 2014 2,162,067 $ 5.09 $ 3.57 5.5 years $ 8,491 Granted 25,000 8.40 4.73 — Exercised (278,837) 4.38 3.43 1,260 Forfeited or expired (92,026) 12.25 7.89 43 Outstanding at December 31, 2014 1,816,204 $ 4.88 $ 3.39 4.8 years $ 5,718 Exercisable at December 31, 2014 663,417 5.32 3.90 3.0 years 2,015 Expected to Vest 1,094,574 $ 4.62 $ 3.10 5.9 years $ 3,515 Outstanding at January 1, 2015 1,816,204 $ 4.88 $ 3.39 5.5 years $ 5,718 Granted 10,000 6.08 1.98 — Exercised (163,994) 2.35 1.53 589 Forfeited or expired (81,087) 10.32 6.93 12 Outstanding at December 31, 2015 1,581,123 $ 4.87 $ 3.39 4.3 years $ 1,738 Exercisable at December 31, 2015 947,573 4.92 3.54 3.3 years 1,001 Expected to Vest 601,557 $ 4.80 $ 3.15 5.6 years $ 700
Schedule of Information Regarding Restricted Stock Activity	Information regarding the company’s restricted stock during the year ended December 31, 2013 and 2015 is as follows: Restricted Stock Awards Shares Weighted Average Grant Date Weighted Average Remaining Aggregate Intrinsic Non-Vested at January 1, 2013 — $ — 5.4 years $ 3,899 Granted 79,810 6.02 1,303 Lapsed (79,810) 6.02 1,883 Forfeited (89,799) — 72 Outstanding at December 31, 2013 — $ — 5.5 years $ 8,491 Non-Vested at January 1, 2015 — $ — $ — Granted 10,000 5.83 1.0 years 61 Lapsed — — Forfeited or expired (2,000) 5.83 10 Outstanding at December 31, 2015 8,000 $ 5.83 0.2 years $ 40
Schedule of Additional Information Regarding Options Outstanding	Additional information regarding options outstanding as of December 31, 2015, is as follows: Weighted Average Contractual Life Weighted Weighted Average Range of Remaining Average Exercisable Grant Date Exercise Prices Options (Years) Exercise Price Options Fair Value $ 0.36 - $ 3.00 737,746 4.5 $ 2.59 401,246 $ 1.71 $ 3.01 - $ 6.00 146,214 2.0 5.13 145,414 4.20 $ 6.01 - $ 9.00 679,938 4.6 6.97 375,688 4.86 $ 9.01 - $ 12.00 22,350 0.2 11.80 22,350 8.80 $ 12.01 - $ 15.00 2,875 0.3 13.20 2,875 9.78 $ 0.36 - $ 15.00 1,589,123 4.2 $ 4.84 947,573 $ 3.40

EQUITY TRANSACTIONS (Tables)

EQUITY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Cash Distributions Declared and Paid	The following table shows distributions that have been declared and paid since January 1, 2013: Cash Distributed Announcement Date Payment Date Amount Per Share (in thousands) December 1, 2015 December 29, 2015 $ 0.0650 $ 1,656 September 1, 2015 September 30, 2015 $ 0.0650 $ 1,655 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 November 20, 2013 December 27, 2013 $ 0.0550 $ 1,376 September 12, 2013 October 4, 2013 $ 0.0525 $ 1,308 May 30, 2013 June 28, 2013 $ 0.0500 $ 1,240 March 18, 2013 April 1, 2013 $ 0.0500 $ 1,234

QUARTERLY RESULTS OF OPERATIO41

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following table sets forth selected financial results of the company on a quarterly basis. March 31 June 30 September 30 December 31 2014 2015 2014 2015 2014 2015 2014 2015 (Dollars in thousands, except per share data) Total revenue $ 62,344 $ 61,856 $ 68,637 $ 67,293 $ 69,608 $ 67,491 $ 65,947 $ 69,147 Operating income 5,331 5,703 7,491 9,254 8,847 8,800 6,947 9,265 Net income before discontinued operations 431 295 1,263 3,523 3,743 2,077 38 5,255 Net income $ 431 $ 295 $ 1,263 $ 3,523 $ 3,743 $ 2,077 $ 38 $ 5,255 Basic earnings per share $ 0.02 $ 0.01 $ 0.05 $ 0.14 $ 0.14 $ 0.08 $ — $ 0.20 Basic earnings per share from continuing operations $ 0.02 $ 0.01 $ 0.05 $ 0.14 $ 0.14 $ 0.08 $ — $ 0.20 Diluted earnings per share $ 0.02 $ 0.01 $ 0.05 $ 0.14 $ 0.14 $ 0.08 $ — $ 0.20 Diluted earnings per share from continuing operations $ 0.02 $ 0.01 $ 0.05 $ 0.14 $ 0.14 $ 0.08 $ — $ 0.20 Weighted average shares outstanding – basic 25,064,982 25,346,499 25,172,696 25,429,127 25,536,397 25,459,962 25,573,162 25,471,342 Weighted average shares outstanding – diluted 25,881,811 25,921,118 25,950,600 25,829,493 26,265,957 25,907,651 26,226,332 25,893,015

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Data	composition of our operating s Broadcast Digital Media Publishing Unallocated Consolidated (Dollars in thousands) Year Ended December 31, 2015 Net revenue $ 196,090 $ 45,855 $ 23,842 $ — $ 265,787 Operating expenses 140,230 35,969 24,774 15,146 216,119 Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration (gain) loss on the sale or disposal of assets $ 55,860 $ 9,886 $ (932) $ (15,146) $ 49,668 Depreciation 7,659 3,158 637 963 12,417 Amortization 91 4,690 542 1 5,324 Impairment of goodwill 439 — — — 439 Change in estimated fair value of contingent earn-out consideration — (478) (1,237) — (1,715) (Gain) loss on the sale or disposal of assets 219 11 (58) 9 181 Net operating income (loss) from continuing operations $ 47,452 $ 2,505 $ (816) $ (16,119) $ 33,022 Year Ended December 31, 2014 Net revenue $ 192,923 $ 46,862 $ 26,751 $ — $ 266,536 Operating expenses 138,564 36,232 26,143 17,092 218,031 Net operating income (loss) before depreciation, amortization, impairments and (gain) loss on the sale or disposal of assets $ 54,359 $ 10,630 $ 608 $ (17,092) $ 48,505 Depreciation 7,923 3,052 529 1,125 12,629 Amortization 98 4,885 1,212 1 6,196 Impairment of indefinite-lived long-term assets other than goodwill — — 34 — 34 Impairment of goodwill — — 45 — 45 Change in estimated fair value of contingent earn-out consideration — 325 409 — 734 (Gain) loss on the sale or disposal of assets 231 25 (5) — 251 Net operating income (loss) from continuing operations $ 46,107 $ 2,343 $ (1,616) $ (18,218) $ 28,616 Year Ended December 31, 2013 Net revenue $ 188,544 $ 35,156 $ 13,234 $ — $ 236,934 Operating expenses 129,857 25,741 14,280 16,081 185,959 Net operating income (loss) before depreciation, amortization, impairment and (gain) loss on the sale or disposal of assets $ 58,687 $ 9,415 $ (1,046) $ (16,081) $ 50,975 Depreciation 7,934 2,904 444 1,166 12,448 Amortization 154 2,654 6 — 2,814 Impairment of indefinite-lived long-term assets other than goodwill — — 1,006 — 1,006 Impairment of goodwill — — 438 — 438 (Gain) loss on the sale or disposal of assets (274) — — 10 (264) Net operating income (loss) from continuing operations $ 50,873 $ 3,857 $ (2,940) $ (17,257) $ 34,533 Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) As of December 31, 2015 Inventories, net $ — $ 505 $ 388 $ — $ 893 Property and equipment, net 88,788 7,033 1,742 7,920 105,483 Broadcast licenses 393,031 — — — 393,031 Goodwill 3,581 19,930 1,044 8 24,563 Other indefinite-lived intangible assets — — 833 — 833 Amortizable intangible assets, net 492 9,599 1,385 5 11,481 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 Comparison Of Results Under Prior Composition Of Operating Segments As Compared To New Composition [Table Text Block]	The table below presents financial information for each operating segment as of December 31, 2014 and 2013 with a comparison of the results under the prior composition of our operating s Year Ending December 31, 2013 2014 As Reported As Updated As updated As Reported New (Dollars in thousands) Revenues by Segment: Net Broadcast Revenue $ 183,697 $ 188,544 $ 187,815 $ 192,923 Net Digital Media Revenue 40,906 35,156 55,519 46,862 Net Publishing Revenue 12,331 13,234 23,202 26,751 Total Net Revenue $ 236,934 $ 236,934 $ 266,536 $ 266,536 Operating expenses by segment: Broadcast Operating Expenses $ 122,862 $ 129,857 $ 130,875 $ 138,564 Digital Media Operating Expenses 28,378 25,741 41,067 36,232 Publishing Operating Expenses 13,289 14,280 23,052 26,143 Unallocated Corporate Expenses 21,430 16,081 23,037 17,092 $ 185,959 $ 185,959 $ 218,031 $ 218,031 Net operating income (loss) before depreciation, amortization, impairments and (gain) loss on the sale or disposal of assets $ 50,975 $ 50,975 $ 48,505 $ 48,505

SUMMARY OF SIGNIFICANT ACCOUN43

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2015
Buildings [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Office furnishings and equipment [Member] | Minimum [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Office furnishings and equipment [Member] | Maximum [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Antennae, towers and transmitting equipment [Member] | Minimum [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Antennae, towers and transmitting equipment [Member] | Maximum [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Studio, production and mobile equipment [Member] | Minimum [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Studio, production and mobile equipment [Member] | Maximum [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Computer software and website development costs [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Record and tape libraries [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Automobiles [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Leasehold improvements [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property plant and equipment, estimated useful life, description	Lesser of 15 years or life of lease

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	12 Months Ended
	Dec. 31, 2015
Customer lists and contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life, description	Lesser of 5 years or life of contract
Domain and brand names [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	5 years
Domain and brand names [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	7 years
Favorable and assigned leases [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life, description	Lease Term
Subscriber base and lists [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	3 years
Subscriber base and lists [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	7 years
Author relationships [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	1 year
Author relationships [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	7 years
Non-compete agreements [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	2 years
Non-compete agreements [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	5 years

SUMMARY OF SIGNIFICANT ACCOUN45

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair value of interest rate swap asset (liability)	$ (798)	$ 475

SUMMARY OF SIGNIFICANT ACCOUN46

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Decrease due to statute expirations	$ 0.4

SUMMARY OF SIGNIFICANT ACCOUN47

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - shares	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Weighted average shares	25,471,342	25,459,962	25,429,127	25,346,499	25,573,162	25,536,397	25,172,696	25,064,982	25,426,732	25,336,809	24,938,075
Effect of dilutive securities - stock options									461,087	744,366	0
Weighted average shares adjusted for dilutive securities	25,893,015	25,907,651	25,829,493	25,921,118	26,226,332	26,265,957	25,950,600	25,881,811	25,887,819	26,081,175	24,938,075

SUMMARY OF SIGNIFICANT ACCOUN48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	1 Months Ended		12 Months Ended
	Jan. 30, 2015	Sep. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 27, 2013
Schedule Of Significant Accounting Policies [Line Items]
Interest Costs Capitalized			$ 100,000	$ 200,000
Capitalized Computer Software, Additions			2,200,000	3,900,000	$ 1,500,000
Capitalized Computer Software, Amortization			$ 2,400,000	2,400,000	2,300,000
Percentage Of Intangible Assets			70.00%
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax			$ 200,000	100,000	100,000
Software Development Cost Amortization Period			3 years
Intangible Assets License Renewal Period			8 years
Deferred Revenue, Leases, Current			$ 4,300,000	4,400,000
Amortization of Financing Costs			628,000	643,000	$ 853,000
Deferred Finance Costs, Noncurrent, Net			2,512,000	3,166,000
Self Insurance Reserve			700,000	900,000
Deferred Tax Assets, Valuation Allowance			$ 2,771,000	$ 2,952,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance			1,581,123	1,816,204	2,162,067
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			705,163	589,437	0
Business Combination, Bargain Purchase, Gain Recognized, Amount			$ 1,357,000	$ 0	$ 0
WSDZ-AM [Member]
Schedule Of Significant Accounting Policies [Line Items]
Business Combination, Bargain Purchase, Gain Recognized, Amount			800,000
KDIZ-AM [Member]
Schedule Of Significant Accounting Policies [Line Items]
Business Combination, Bargain Purchase, Gain Recognized, Amount			300,000
WWMI-AM [Member]
Schedule Of Significant Accounting Policies [Line Items]
Business Combination, Bargain Purchase, Gain Recognized, Amount			300,000
Term B Loan [Member]
Schedule Of Significant Accounting Policies [Line Items]
Amortization of Financing Costs	$ 27,000		27,000	300
Deferred Finance Costs, Noncurrent, Net			$ 2,500,000	3,200,000
Debt Instrument, Periodic Payment, Principal		$ 750,000
Miami [Member]
Schedule Of Significant Accounting Policies [Line Items]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax				$ 200,000
Los Angeles [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage Of Total Revenue			14.70%	14.30%	15.20%
Dallas Texas [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage Of Total Revenue			24.50%	24.00%	25.50%
San Francisco [Member]
Schedule Of Significant Accounting Policies [Line Items]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax				$ 100,000
Broadcasting [Member]
Schedule Of Significant Accounting Policies [Line Items]
Advertising Revenue			$ 6,100,000	6,000,000	$ 5,600,000
Advertising Expense			$ 5,900,000	$ 6,000,000	$ 4,800,000
Percentage Of Total Revenue			39.40%	40.20%	40.80%
Write off of Receivable From Prior Station Sale [Member]
Schedule Of Significant Accounting Policies [Line Items]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax				$ 200,000
Pre Tax Gain (Loss) On Partial sale [Member]
Schedule Of Significant Accounting Policies [Line Items]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax			$ 200,000	300,000	$ 400,000
Production Costs [Member]
Schedule Of Significant Accounting Policies [Line Items]
Marketing and Advertising Expense, Total			$ 11,300,000	$ 11,500,000	$ 10,000,000
Broadcast Licenses [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage Of Indefinite Lived Intangible Assets			94.00%
Goodwill And Magazine Mastheads [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage Of Indefinite Lived Intangible Assets			6.00%
Interest Rate Swap [Member]
Schedule Of Significant Accounting Policies [Line Items]
Derivative, Notional Amount						$ 150,000,000
Derivative, Floor Interest Rate			0.625%
Derivative, Maturity Date			Mar. 28, 2019
Derivative, Fixed Interest Rate			1.645%
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Derivative Asset			$ 800,000

IMPAIRMENT OF GOODWILL AND OT49

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details) - Broadcast Licenses [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Less than or equal to 25% [Member]
Fair Value Measurements [Line Items]
Number of market clusters	8
Carrying value	$ 185,372
>26% to 50% [Member]
Fair Value Measurements [Line Items]
Number of market clusters	5
Carrying value	$ 66,914
>50% to 75% [Member]
Fair Value Measurements [Line Items]
Number of market clusters	3
Carrying value	$ 35,843
>75% [Member]
Fair Value Measurements [Line Items]
Number of market clusters	11
Carrying value	$ 51,941
>90% [Member] | Station Operating Income [Member]
Fair Value Measurements [Line Items]
Number of market clusters	2
Carrying value	$ 11,319
>140% [Member] | Station Operating Income [Member]
Fair Value Measurements [Line Items]
Number of market clusters	1
Carrying value	$ 4,242

IMPAIRMENT OF GOODWILL AND OT50

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details 1)	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk adjusted discount rate	9.00%			9.50%
Broadcast Licenses [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk adjusted discount rate		8.00%	8.00%	9.00%
Long-term market revenue growth rate ranges		2.00%
Broadcast Licenses [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Operating profit margin ranges		(13.90%)	(13.90%)	4.10%
Long-term market revenue growth rate ranges			1.50%	1.00%
Broadcast Licenses [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Operating profit margin ranges		30.80%	30.80%	37.50%
Long-term market revenue growth rate ranges			2.50%	2.50%

IMPAIRMENT OF GOODWILL AND OT51

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details 2) - Current Year [Member]	12 Months Ended
	Dec. 31, 2015
Boston Massachusetts [Member]
Goodwill And Other Intangibles [Line Items]
Excess fair value estimate	42.60%
Chicago Illinois [Member]
Goodwill And Other Intangibles [Line Items]
Excess fair value estimate	72.30%
Colorado Springs, CO [Member]
Goodwill And Other Intangibles [Line Items]
Excess fair value estimate	142.80%
Dallas Texas [Member]
Goodwill And Other Intangibles [Line Items]
Excess fair value estimate	10.90%
Greenville, SC [Member]
Goodwill And Other Intangibles [Line Items]
Excess fair value estimate	95.50%
Minneapolis, MN [Member]
Goodwill And Other Intangibles [Line Items]
Excess fair value estimate	92.20%
Orlando Florida [Member]
Goodwill And Other Intangibles [Line Items]
Excess fair value estimate	51.00%
Phoenix Arizona [Member]
Goodwill And Other Intangibles [Line Items]
Excess fair value estimate	12.50%
Portland Oregon [Member]
Goodwill And Other Intangibles [Line Items]
Excess fair value estimate	2.20%
Sacramento California [Member]
Goodwill And Other Intangibles [Line Items]
Excess fair value estimate	21.20%
Tampa Florida [Member]
Goodwill And Other Intangibles [Line Items]
Excess fair value estimate	48.80%
Print Magazines [Member]
Goodwill And Other Intangibles [Line Items]
Excess fair value estimate	1.10%

IMPAIRMENT OF GOODWILL AND OT52

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details 3)	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk-adjusted discount rate	9.00%			9.50%
Mastheads [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk-adjusted discount rate	9.00%	8.00%	8.00%	9.50%
Royalty growth rate	3.00%	3.00%	3.00%	2.00%
Mastheads [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Projected revenue growth ranges	2.80%	2.90%	1.40%	2.50%
Mastheads [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Projected revenue growth ranges	1.00%	2.10%	(4.80%)	1.20%

IMPAIRMENT OF GOODWILL AND OT53

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details 4) - Goodwill [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Less than 10% [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of market clusters	3	5	4
Carrying value	$ 56,179	$ 81,507	$ 28,952
>10% to 20% [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of market clusters	3	0	1
Carrying value	$ 52,164	$ 0	$ 17,978
> 20% to 50% [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of market clusters	2	2	3
Carrying value	$ 37,570	$ 27,636	$ 45,375
> than 50% [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of market clusters	11	7	3
Carrying value	$ 169,907	$ 84,693	$ 45,152

IMPAIRMENT OF GOODWILL AND OT54

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details 5)	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk adjusted discount rate	9.00%			9.50%
Radio Clusters [Member] | Goodwill-Broadcast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk adjusted discount rate		8.00%	8.00%	9.00%
Operating profit margin ranges		49.70%
Long-term revenue market growth rate ranges		2.00%
Maximum [Member] | Radio Clusters [Member] | Goodwill-Broadcast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Operating profit margin ranges			46.10%	44.70%
Long-term revenue market growth rate ranges			5.00%	2.50%
Minimum [Member] | Radio Clusters [Member] | Goodwill-Broadcast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Operating profit margin ranges			8.40%	11.90%
Long-term revenue market growth rate ranges			1.00%	1.00%
Publishing [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk adjusted discount rate	9.00%			9.50%
Enterprise Valuation [Member] | Goodwill-Broadcast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk adjusted discount rate		9.00%
Long-term revenue market growth rate ranges		2.00%
Enterprise Valuation [Member] | Maximum [Member] | Goodwill-Broadcast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Operating profit margin ranges		(97.50%)
Enterprise Valuation [Member] | Minimum [Member] | Goodwill-Broadcast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Operating profit margin ranges		(74.10%)
Enterprise Valuation [Member] | Digital Media [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk adjusted discount rate			8.00%	13.50%
Long-term revenue market growth rate ranges			2.50%	3.00%
Enterprise Valuation [Member] | Digital Media [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk adjusted discount rate		9.00%
Operating profit margin ranges		13.80%	34.90%	22.00%
Long-term revenue market growth rate ranges		3.00%
Enterprise Valuation [Member] | Digital Media [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk adjusted discount rate		8.00%
Operating profit margin ranges		(8.90%)	(7.40%)	21.20%
Long-term revenue market growth rate ranges		2.00%
Enterprise Valuation [Member] | Publishing [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk adjusted discount rate	9.00%	9.50%	8.00%	9.50%
Long-term revenue market growth rate ranges	1.00%	2.00%	1.50%	0.50%
Enterprise Valuation [Member] | Publishing [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Operating profit margin ranges	6.00%	6.00%	5.90%	6.00%
Enterprise Valuation [Member] | Publishing [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Operating profit margin ranges	0.90%	(0.50%)	2.40%	(0.50%)

IMPAIRMENT OF GOODWILL AND OT55

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details 6) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
>10% [Member] | Digital Media [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units	1	1	1
Carrying value including goodwill	$ 4,488	$ 4,649	$ 27,456
>10% [Member] | Publishing [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units	1	2	1
Carrying value including goodwill	$ 854	$ 3,417	$ 1,251
>10% to 20% [Member] | Digital Media [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units	0	1	0
Carrying value including goodwill	$ 0	$ 6,118	$ 0
>10% to 20% [Member] | Publishing [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units	0	0	0
Carrying value including goodwill	$ 0	$ 0	$ 0
>20% to 50% [Member] | Digital Media [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units		1	1
Carrying value including goodwill		$ 385	$ 2,984
>20% to 50% [Member] | Publishing [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units	0	0	1
Carrying value including goodwill	$ 0	$ 0	$ 2,123
> than 50% [Member] | Digital Media [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units	4	1	0
Carrying value including goodwill	$ 29,126	$ 26,101	$ 0
> than 50% [Member] | Publishing [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units	1	1	0
Carrying value including goodwill	$ 2,453	$ 2,314	$ 0

IMPAIRMENT OF GOODWILL AND OT56

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details Textual) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Goodwill And Other Intangible Assets [Line Items]
Percentage Of Intangible Assets			70.00%
Asset Impairment Charges, Total	$ 700,000	$ 300,000
Fair Value Inputs, Discount Rate		9.00%			9.50%
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)			$ 0	$ 34,000	$ 1,006,000
Goodwill Percentage			0.80%
Goodwill and Intangible Asset Impairment, Total			$ 1,100,000
Networks [Member]
Goodwill And Other Intangible Assets [Line Items]
Percentage Of Fair Value Over Carrying Value	63.00%			64.00%	63.00%
Singing News Network [Member]
Goodwill And Other Intangible Assets [Line Items]
Asset Impairment Charges, Total			$ 400,000
Publishing [Member]
Goodwill And Other Intangible Assets [Line Items]
Asset Impairment Charges, Total		$ 400,000		$ 45,000
Fair Value Inputs, Discount Rate		9.00%			9.50%
Broadcast Licenses [Member]
Goodwill And Other Intangible Assets [Line Items]
Percentage Of Indefinite Lived Intangible Assets			94.00%
Percentage Of Fair Value Over Carrying Value			25.00%
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount			25.00%
Fair Value Inputs, Discount Rate			8.00%	8.00%	9.00%
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)			$ 25,600,000
Mastheads [Member]
Goodwill And Other Intangible Assets [Line Items]
Percentage Of Indefinite Lived Intangible Assets			6.00%
Asset Impairment Charges, Total			$ 200,000	$ 34,000
Fair Value Inputs, Discount Rate		9.00%	8.00%	8.00%	9.50%

ACQUISITIONS AND RECENT TRANS57

ACQUISITIONS AND RECENT TRANSACTIONS (Details) - USD ($) $ in Thousands

Sep. 10, 2015

Sep. 03, 2015

Jul. 02, 2015

Jun. 04, 2015

May. 12, 2015

May. 07, 2015

May. 06, 2015

Feb. 06, 2015

Sep. 15, 2015

Sep. 02, 2015

Mar. 27, 2015

Dec. 31, 2015

Dec. 31, 2014

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 17,271

$ 18,656

WSDZ-AM, St. Louis, Missouri (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 275

Business Acquisition, Effective Date of Acquisition

Dec. 18, 2015

KDIZ-AM, Minneapolis, Minnesota (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 375

Business Acquisition, Effective Date of Acquisition

Dec. 15, 2015

WWMI-AM, Tampa, Florida (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 750

Business Acquisition, Effective Date of Acquisition

Dec. 11, 2015

KDDZ-AM, Denver, Colorado (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 550

Business Acquisition, Effective Date of Acquisition

Dec. 8, 2015

Instapray mobile applications (asset acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 118

Business Acquisition, Effective Date of Acquisition

Dec. 7, 2015

KDZR-AM, Portland, Oregon (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 275

Business Acquisition, Effective Date of Acquisition

Dec. 4, 2015

DividendYieldHunter.com (asset acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 43

Business Acquisition, Effective Date of Acquisition

Oct. 29, 2015

KKSP-FM, Little Rock, Arkansas (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 1,500

Business Acquisition, Effective Date of Acquisition

Oct. 1, 2015

KEXB-AM (formerly KMKI-AM) Dallas, Texas (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 3,000

$ 3,000

Business Acquisition, Effective Date of Acquisition

Sep. 15, 2015

Sep. 15, 2015

WBIX-AM (formerly WMKI-AM), Boston, Massachusetts (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 500

$ 500

Business Acquisition, Effective Date of Acquisition

Sep. 10, 2015

Sep. 10, 2015

Spanish Bible mobile applications (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 500

$ 500

Business Acquisition, Effective Date of Acquisition

Sep. 3, 2015

Sep. 3, 2015

Daily Bible mobile applications [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 1,500

$ 1,500

Business Acquisition, Effective Date of Acquisition

Sep. 1, 2015

Sep. 1, 2015

DividendInvestor.com (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 1,000

$ 1,000

Business Acquisition, Effective Date of Acquisition

Jul. 1, 2015

Jul. 1, 2015

Gene Smart Wellness [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 100

$ 100

Business Acquisition, Effective Date of Acquisition

Jun. 4, 2015

Jun. 4, 2015

WPGP-AM (formerly WDDZ-AM), Pittsburgh, Pennsylvania (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 1,000

$ 1,000

Business Acquisition, Effective Date of Acquisition

May 12, 2015

May 12, 2015

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

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 2,800

$ 2,750

Business Acquisition, Effective Date of Acquisition

May 7, 2015

May 7, 2015

Daily Bible Devotion mobile applications (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 1,242

Business Acquisition, Effective Date of Acquisition

May 6, 2015

May 6, 2015

Land and Studio Building, Greenville, South Carolina (asset purchase) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 201

Business Acquisition, Effective Date of Acquisition

Apr. 7, 2015

WDYZ-AM in Orlando, Florida (business acquisition)

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 1,300

$ 1,300

Business Acquisition, Effective Date of Acquisition

Mar. 27, 2015

Mar. 27, 2015

Bryan Perry Newsletters (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 600

$ 158

Business Acquisition, Effective Date of Acquisition

Feb. 6, 2015

Feb. 6, 2015

Purchase of domain names and digital media assets (asset purchases)

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 134

WLTE-FM Pendleton, South Carolina (asset acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 525

Business Acquisition, Effective Date of Acquisition

Dec. 23, 2014

FM Translator, Pickens, South Carolina (asset acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 185

Business Acquisition, Effective Date of Acquisition

Dec. 23, 2014

FM Translator, Bayshore Gardens, Florida (asset acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 140

Business Acquisition, Effective Date of Acquisition

Dec. 22, 2014

FM Translator, Traveler’s Rest, South Carolina (asset acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 200

Business Acquisition, Effective Date of Acquisition

Nov. 24, 2014

KXXT-AM Phoenix, Arizona (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 575

Business Acquisition, Effective Date of Acquisition

Oct. 1, 2014

WOCN-AM Miami, Florida (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 2,450

Business Acquisition, Effective Date of Acquisition

May 22, 2014

WRTH-FM formerly WOLT-FM, Greenville, South Carolina (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 1,125

Business Acquisition, Effective Date of Acquisition

May 6, 2014

FM Translators, Orlando, Florida, Tampa, Florida, Omaha, Nebraska (asset purchase) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 357

Business Acquisition, Effective Date of Acquisition

Apr. 15, 2014

KDIS-FM, Little Rock Arkansas and KRDY-AM, San Antonio, Texas (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 1,984

Business Acquisition, Effective Date of Acquisition

Feb. 7, 2014

Eagle Publishing (business acquisition) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 10,628

Business Acquisition, Effective Date of Acquisition

Jan. 10, 2014

Purchases of domain names (asset purchases) [Member]

Business Acquisition [Line Items]

Business Combination, Consideration Transferred, Total

$ 487

ACQUISITIONS AND RECENT TRANS58

ACQUISITIONS AND RECENT TRANSACTIONS (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Cash payments	$ 16,885	$ 12,682
Escrow deposits paid in prior years	65	1,345
Deferred cash payments due	21	(600)
Present value of estimated fair value contingent earn out consideration due 2016	176	2,289
Present value of estimated fair value contingent earn out consideration due 2017	124
Present value of deferred cash payments (due 2015)		893
Present value of estimated fair value of contingent earn-out consideration		2,047
Total acquisition consideration	17,271	18,656
Gain on bargain purchase	1,357	$ 0	$ 0
Fair value of net assets acquired	$ 18,628

ACQUISITIONS AND RECENT TRANS59

ACQUISITIONS AND RECENT TRANSACTIONS (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Goodwill	$ 24,563	$ 24,684
Liabilities
Total purchase price consideration	18,628
Broadcast Digital Media and Publishing Acquisitions [Member]
Assets
Property and equipment	8,494	7,446
Developed websites		577
Broadcast licenses	5,923	5,144
Goodwill	318	2,355
Customer lists and contracts	99	2,741
Domain and brand names	1,154	2,764
Subscriber base and lists	3,011	2,446
Author relationships		1,682
Non-compete agreements	146	145
Favorable and assigned leases		20
Liabilities
Deferred revenue liabilities assumed	(517)	(6,664)
Total purchase price consideration	18,628	18,656
Broadcast [Member] | Broadcast Digital Media and Publishing Acquisitions [Member]
Assets
Property and equipment	7,845	2,338
Developed websites		0
Broadcast licenses	5,923	5,144
Goodwill	64	38
Customer lists and contracts	0	0
Domain and brand names	0	0
Subscriber base and lists	0	0
Author relationships		0
Non-compete agreements	0	0
Favorable and assigned leases		20
Liabilities
Deferred revenue liabilities assumed	0	0
Total purchase price consideration	13,832	7,540
Digital Media [Member] | Broadcast Digital Media and Publishing Acquisitions [Member]
Assets
Property and equipment	649	1,179
Developed websites		539
Broadcast licenses	0	0
Goodwill	254	2,128
Customer lists and contracts	99	2,232
Domain and brand names	1,154	1,921
Subscriber base and lists	3,011	2,446
Author relationships		0
Non-compete agreements	146	79
Favorable and assigned leases		0
Liabilities
Deferred revenue liabilities assumed	(517)	(3,779)
Total purchase price consideration	$ 4,796	6,745
Publishing [Member] | Broadcast Digital Media and Publishing Acquisitions [Member]
Assets
Property and equipment		3,929
Developed websites		38
Broadcast licenses		0
Goodwill		189
Customer lists and contracts		509
Domain and brand names		843
Subscriber base and lists		0
Author relationships		1,682
Non-compete agreements		66
Favorable and assigned leases		0
Liabilities
Deferred revenue liabilities assumed		(2,885)
Total purchase price consideration		$ 4,371

ACQUISITIONS AND RECENT TRANS60

ACQUISITIONS AND RECENT TRANSACTIONS (Details 3) - USD ($) $ in Thousands	1 Months Ended								12 Months Ended
	Jan. 30, 2015	Dec. 31, 2014	Nov. 28, 2014	Sep. 29, 2014	Mar. 31, 2014	Dec. 30, 2013	Sep. 30, 2013	Jun. 28, 2013	Dec. 31, 2014
Debt Instrument, Redemption [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	$ 16
Term B Loan [Member]
Debt Instrument, Redemption [Line Items]
Principal Paid		4,000	4,000	5,000	2,250				15,300
Unamortized Discount		$ 16	$ 15	$ 18	$ 8				$ 16

ACQUISITIONS AND RECENT TRANS61

ACQUISITIONS AND RECENT TRANSACTIONS (Details 4) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class A and Class B common stock, Dividend Announcement Date					Dec. 2, 2014	Sep. 2, 2014	May 27, 2014	Mar. 6, 2014
Class A and Class B common stock, Dividend Record Date					Dec. 15, 2014	Sep. 16, 2014	Jun. 16, 2014	Mar. 17, 2014
Class A and Class B common stock, Dividend Payment Date					Dec. 29, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Class A and Class B common stock, Dividend Amount Per Share					$ 0.0650	$ 0.0625	$ 0.0600	$ 0.0575	$ 0.26	$ 0.24	$ 0.21
Class A and Class B common stock, Cash Distributed	$ 1,700	$ 1,700	$ 1,700	$ 1,600	$ 1,646	$ 1,579	$ 1,514	$ 1,444	$ 6,612	$ 6,183	$ 5,158

ACQUISITIONS AND RECENT TRANS62

ACQUISITIONS AND RECENT TRANSACTIONS (Details 5) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net revenues											$ 10
Operating expenses											72
Operating loss											(62)
Benefit from income taxes											(25)
Loss from discontinued operations, net of tax	$ 5,255	$ 2,077	$ 3,523	$ 295	$ 38	$ 3,743	$ 1,263	$ 431	$ 0	$ 0	$ (37)

ACQUISITIONS AND RECENT TRANS63

ACQUISITIONS AND RECENT TRANSACTIONS (Details Textual) - USD ($)

Mar. 10, 2016

Dec. 15, 2015

Dec. 11, 2015

Dec. 08, 2015

Dec. 07, 2015

Dec. 04, 2015

Sep. 10, 2015

Sep. 03, 2015

Jul. 02, 2015

Jun. 04, 2015

May. 12, 2015

May. 07, 2015

May. 06, 2015

Apr. 07, 2015

Feb. 06, 2015

Jan. 10, 2014

Mar. 14, 2013

Jan. 31, 2016

Dec. 31, 2015

Dec. 18, 2015

Oct. 31, 2015

Oct. 29, 2015

Sep. 15, 2015

Sep. 02, 2015

Mar. 27, 2015

Jan. 30, 2015

Dec. 31, 2014

Dec. 23, 2014

Dec. 22, 2014

Nov. 28, 2014

Nov. 24, 2014

Oct. 02, 2014

Sep. 29, 2014

Jun. 06, 2014

May. 22, 2014

May. 06, 2014

Apr. 15, 2014

Mar. 31, 2014

Feb. 07, 2014

Dec. 30, 2013

Sep. 30, 2013

Jun. 28, 2013

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Dec. 10, 2013

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

Payments for Loans

$ 2,000,000

$ 4,000,000

$ 4,000,000

$ 5,000,000

$ 2,250,000

$ 750,000

$ 4,000,000

$ 4,000,000

Gains (Losses) on Extinguishment of Debt, Total

$ 33,000

$ (41,000)

$ (391,000)

$ (27,795,000)

Amortization of Financing Costs

628,000

643,000

853,000

Dividends Payable, Date Declared

Dec. 2, 2014

Sep. 2, 2014

May 27, 2014

Mar. 6, 2014

Common Stock, Dividends, Per Share, Declared

$ 0.0650

$ 0.0650

$ 0.0650

$ 0.0650

Payments of Ordinary Dividends, Common Stock

$ 1,700,000

$ 1,700,000

$ 1,700,000

$ 1,600,000

$ 1,646,000

$ 1,579,000

$ 1,514,000

$ 1,444,000

6,612,000

6,183,000

5,158,000

Dividends Payable, Date to be Paid

Dec. 29, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Dividends Payable, Date of Record

Dec. 15, 2014

Sep. 16, 2014

Jun. 16, 2014

Mar. 17, 2014

Business Combination, Consideration Transferred, Total

17,271,000

18,656,000

Goodwill

$ 24,563,000

24,684,000

24,563,000

$ 24,684,000

24,563,000

24,684,000

Business Combination, Acquisition Related Costs

300,000

500,000

Business Acquisition Initial Purchase Price

16,885,000

12,682,000

16,885,000

12,682,000

16,885,000

12,682,000

Business Combination, Bargain Purchase, Gain Recognized, Amount

1,357,000

0

$ 0

Subsequent Event [Member]

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

Common Stock, Dividends, Per Share, Declared

$ 0.0650

Instapray Mobile Applications [Member]

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

Business Acquisition, Effective Date of Acquisition

Dec. 7, 2015

Business Combination, Consideration Transferred, Total

$ 100,000

Term B Loan [Member]

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

Payments for Loans

4,000,000

$ 4,000,000

$ 5,000,000

$ 2,250,000

15,300,000

Debt Instrument, Face Amount

300,000,000

300,000,000

300,000,000

300,000,000

Gains (Losses) on Extinguishment of Debt, Total

15,000

100,000

100,000

Amortization of Financing Costs

27,000

27,000

300

Time Brokerage Agreement [Member]

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

Business Combination, Assets Arising from Contingencies, Amount Recognized

1,200,000

$ 1,200,000

$ 1,200,000

First Quarter Dividend [Member]

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

Dividends Payable, Date Declared

Mar. 5, 2015

Dividends Payable, Date to be Paid

Mar. 31, 2015

Dividends Payable, Date of Record

Mar. 17, 2015

Second Quarter Dividend [Member]

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

Dividends Payable, Date Declared

Jun. 2, 2015

Dividends Payable, Date to be Paid

Jun. 30, 2015

Dividends Payable, Date of Record

Jun. 16, 2015

Fourth Quarter Dividend [Member]

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

Dividends Payable, Date Declared

Dec. 1, 2015

Dividends Payable, Date to be Paid

Dec. 29, 2015

Dividends Payable, Date of Record

Dec. 15, 2015

Third Quarter Dividend [Member]

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

Dividends Payable, Date Declared

Sep. 1, 2015

Dividends Payable, Date to be Paid

Sep. 30, 2015

Dividends Payable, Date of Record

Sep. 16, 2015

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

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

Business Acquisition, Effective Date of Acquisition

Mar. 27, 2015

Mar. 27, 2015

Business Combination, Consideration Transferred, Total

$ 1,300,000

$ 1,300,000

Goodwill

$ 3,000

Bryan Perry Newsletters (business acquisition) [Member]

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

Business Acquisition, Effective Date of Acquisition

Feb. 6, 2015

Feb. 6, 2015

Business Combination, Consideration Transferred, Total

$ 600,000

$ 158,000

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total

400,000

Goodwill

$ 3,000

Percentage Of Amount Payable To Seller

50.00%

Business Combination, Liabilities Arising from Contingencies, Amount Recognized

$ 200,000

WPGP-AM (formerly WDDZ-AM), Pittsburgh, Pennsylvania (business acquisition) [Member]

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

Business Acquisition, Effective Date of Acquisition

May 12, 2015

May 12, 2015

Business Combination, Consideration Transferred, Total

$ 1,000,000

$ 1,000,000

Goodwill

$ 5,000

Purchase of domain names and digital media assets (asset purchases)

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

Business Combination, Consideration Transferred, Total

$ 134,000

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

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

Business Acquisition, Effective Date of Acquisition

May 7, 2015

May 7, 2015

Business Combination, Consideration Transferred, Total

$ 2,800,000

$ 2,750,000

Goodwill

$ 5,000

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

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

Goodwill

$ 16,000

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

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

Business Acquisition, Effective Date of Acquisition

May 6, 2015

May 6, 2015

Business Combination, Consideration Transferred, Total

$ 1,242,000

Goodwill

$ 100,000

Business Combination, Liabilities Arising from Contingencies, Amount Recognized

165,000

Business Combination, Assets Arising from Contingencies, Amount Recognized

100,000

Business Acquisition Cost Of Acquired Entity Cash Paid Net

1,100,000

Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High

$ 300,000

Gene Smart Wellness e-commerce website [Member]

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

Business Acquisition, Effective Date of Acquisition

Jun. 4, 2015

Jun. 4, 2015

Business Combination, Consideration Transferred, Total

$ 100,000

$ 100,000

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

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

Business Acquisition, Effective Date of Acquisition

Sep. 15, 2015

Sep. 15, 2015

Business Combination, Consideration Transferred, Total

$ 3,000,000

$ 3,000,000

Goodwill

$ 12,000

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

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

Business Acquisition, Effective Date of Acquisition

Sep. 10, 2015

Sep. 10, 2015

Business Combination, Consideration Transferred, Total

$ 500,000

$ 500,000

Goodwill

$ 5,000

Spanish Bible Mobile Applications (business acquisition) [Member]

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

Business Acquisition, Effective Date of Acquisition

Sep. 3, 2015

Sep. 3, 2015

Business Combination, Consideration Transferred, Total

$ 500,000

$ 500,000

Goodwill

$ 10,000

Daily Bible Devotion mobile applications [Member]

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

Business Acquisition, Effective Date of Acquisition

Sep. 1, 2015

Sep. 1, 2015

Business Combination, Consideration Transferred, Total

$ 1,500,000

$ 1,500,000

Goodwill

$ 45,000

DividendInvestor.com (business acquisition) [Member]

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

Business Acquisition, Effective Date of Acquisition

Jul. 1, 2015

Jul. 1, 2015

Business Combination, Consideration Transferred, Total

$ 1,000,000

$ 1,000,000

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total

70,000

Goodwill

$ 82,000

Radio station WWMI-AM in Tampa, Florida [Member]

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

Business Acquisition, Effective Date of Acquisition

Dec. 11, 2015

Business Combination, Consideration Transferred, Total

$ 800,000

Business Combination, Bargain Purchase, Gain Recognized, Amount

$ 300,000

Radio station KDDZ-AM in Denver, Colorado [Member]

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

Business Acquisition, Effective Date of Acquisition

Dec. 8, 2015

Business Combination, Consideration Transferred, Total

$ 600,000

Goodwill

$ 9,000

Radio station KDIZ-AM in Minneapolis, Minnesota, Florida [Member]

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

Business Acquisition, Effective Date of Acquisition

Dec. 15, 2015

Business Combination, Consideration Transferred, Total

$ 400,000

Radio station KDZR-AM in Portland, Oregon [Member]

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

Business Acquisition, Effective Date of Acquisition

Dec. 4, 2015

Business Combination, Consideration Transferred, Total

$ 300,000

Goodwill

$ 9,000

Radio station WSDZ-AM in St. Louis, Missouri [Member]

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

Business Acquisition, Effective Date of Acquisition

Dec. 18, 2015

Business Combination, Consideration Transferred, Total

$ 300,000

Business Combination, Bargain Purchase, Gain Recognized, Amount

300,000

$ 800,000

DividendYieldHunter,com [Member]

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

Business Acquisition, Effective Date of Acquisition

Oct. 29, 2015

Business Combination, Consideration Transferred, Total

$ 21,250

$ 42,500

DividendYieldHunter,com [Member] | Subsequent Event [Member]

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

Business Combination, Contingent Consideration, Liability, Current

$ 21,250

Radio Station KKSP-AM in Little Rock, Arkansas [Member]

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

Business Acquisition, Effective Date of Acquisition

Oct. 1, 2015

Business Combination, Consideration Transferred, Total

$ 1,500,000

FM Translator in Columbus, Ohio [Member]

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

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 400,000

Eagle Publishing (business acquisition) [Member]

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

Amortization of Financing Costs

2,400,000

Business Acquisition, Effective Date of Acquisition

Jan. 10, 2014

Goodwill

$ 2,300,000

Business Combination, Liabilities Arising from Contingencies, Amount Recognized

2,000,000

Business Combination, Contingent Consideration, Asset

8,500,000

Business Acquisition Cost Of Acquired Entity Cash Paid Net

3,500,000

Business Acquisition Deferred Payment

$ 2,500,000

Business Combination, Contingent Consideration, Liability, Current

8,500,000

Additional Purchase Price Adjustment Payments

400,000

Business Acquisition Initial Purchase Price

3,500,000

Eagle Publishing (business acquisition) [Member] | Subsequent Event [Member]

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

Amortization of Financing Costs

$ 2,300,000

Eagle Publishing (business acquisition) [Member] | January 2015 [Member]

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

Business Acquisition Future Fixed Cash Payment

2,500,000

Business Combination Undiscounted Amount Of Deferred Payment Due In Future

$ 900,000

Business Combination Contingent Consideration Arrangements Cash Payment Made

$ 1,500,000

WLTE-FM Pendleton, South Carolina (asset acquisition) [Member]

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

Business Acquisition, Effective Date of Acquisition

Dec. 23, 2014

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 500,000

FM Translator, Pickens, South Carolina (asset acquisition) [Member]

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

Business Acquisition, Effective Date of Acquisition

Dec. 23, 2014

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 200,000

FM Translator, Bayshore Gardens, Florida (asset acquisition) [Member]

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

Business Acquisition, Effective Date of Acquisition

Dec. 22, 2014

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 100,000

FM Translator, Traveler's Rest, South Carolina (asset acquisition) [Member]

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

Business Acquisition, Effective Date of Acquisition

Nov. 24, 2014

Oct. 1, 2014

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 200,000

KXXT-AM Phoenix, Arizona (business acquisition)

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

Goodwill

$ 1,400,000

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 600,000

WOCN-AM Miami, Florida (business acquisition)

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

Business Acquisition, Effective Date of Acquisition

May 22, 2014

Goodwill

$ 12,000

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 2,500,000

WRTH-FM (formerly WOLT-FM), Greenville, South Carolina (business acquisition)

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

Business Acquisition, Effective Date of Acquisition

May 6, 2014

Goodwill

$ 6,400

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 1,100,000

Business Acquisition One [Member]

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

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 400,000

KDIS-FM, Little Rock, Arkansas and KRDY-AM, San Antonio, Texas [Member]

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

Business Acquisition, Effective Date of Acquisition

Feb. 7, 2014

Goodwill

$ 18,000

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 2,000,000

Business Acquisition Thirteen [Member]

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

Business Combination, Liabilities Arising from Contingencies, Amount Recognized

$ 2,000,000

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 900,000

Business Acquisition, Equity Interest Issued or Issuable, Value Assigned

$ 400,000

$ 400,000

$ 400,000

FM Translators, Orlando, Florida, Tampa, Florida, Omaha, Nebraska (asset purchase)

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

Business Acquisition, Effective Date of Acquisition

Apr. 15, 2014

Land And Real Estate In Greenville, South Carolina [Member]

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

Payments to Acquire Property, Plant, and Equipment, Total

$ 200,000

WSDZ-AM [Member]

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

Business Combination, Bargain Purchase, Gain Recognized, Amount

800,000

KDIZ-AM [Member]

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

Business Combination, Bargain Purchase, Gain Recognized, Amount

300,000

WWMI-AM [Member]

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

Business Combination, Bargain Purchase, Gain Recognized, Amount

$ 300,000

CONTINGENT EARN-OUT CONSIDERA64

CONTINGENT EARN-OUT CONSIDERATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	$ 3,285	$ 616
Acquisitions	300	2,047
Accretion of acquisition-related contingent earn-out consideration	109	188
Change in the estimated fair value of contingent earn-out consideration	(1,715)	734	$ 0
Reclassification of payments due in next 12 months to short-term	0	0
Payments	(1,204)	(300)
Ending Balance	775	3,285	616
Short-Term Accrued Expenses [Member]
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	1,575	329
Acquisitions	176	692
Accretion of acquisition-related contingent earn-out consideration	60	68
Change in the estimated fair value of contingent earn-out consideration	(1,269)	341
Reclassification of payments due in next 12 months to short-term	835	445
Payments	(1,204)	(300)
Ending Balance	173	1,575	329
Long-Term Other Liabilities [Member]
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	1,710	287
Acquisitions	124	1,355
Accretion of acquisition-related contingent earn-out consideration	49	120
Change in the estimated fair value of contingent earn-out consideration	(446)	393
Reclassification of payments due in next 12 months to short-term	(835)	(445)
Payments	0	0
Ending Balance	$ 602	$ 1,710	$ 287

CONTINGENT EARN-OUT CONSIDERA65

CONTINGENT EARN-OUT CONSIDERATION (Details Textual) - USD ($)	May. 06, 2015	Feb. 06, 2015	Jan. 10, 2014	Dec. 10, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition, Contingent Consideration [Line Items]
Business Combination, Contingent Consideration Arrangements Payment					$ (1,204,000)	$ (300,000)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability					(1,715,000)	734,000	$ 0
Bryan Perry Newsletters (business acquisition) [Member]
Business Acquisition, Contingent Consideration [Line Items]
Business Combination, Contingent Consideration Arrangements Payment					42,000
Business Combination Liabilities Arising From Contingencies Amount Recognized Discounted Present Value		$ 158,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability					66,000,000
Business Combination, Liabilities Arising from Contingencies, Amount Recognized		200,000
Business Combination, Contingent Consideration, Liability		$ 171,000
Contingent Earn Out Consideration Due To Seller Net Subscriber Revenues Percentage		50.00%
Twitchy.com (business acquisition) [Member]
Business Acquisition, Contingent Consideration [Line Items]
Business Acquisition Cost Of Acquired Entity Cash Paid Net				$ 900,000
Business Combination, Contingent Consideration Arrangements Payment				600,000	600,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability					500,000	600,000
Business Combination, Liabilities Arising from Contingencies, Amount Recognized				2,000,000
Business Combination, Contingent Consideration, Liability				$ 2,400,000
Eagle Publishing (business acquisition) [Member]
Business Acquisition, Contingent Consideration [Line Items]
Business Acquisition Cost Of Acquired Entity Cash Paid Net			$ 3,500,000
Business Combination, Contingent Consideration Arrangements Payment					900,000
Business Combination Liabilities Arising From Contingencies Amount Recognized Discounted Present Value			2,000,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability					1,200,000	$ 400,000
Business Combination, Liabilities Arising from Contingencies, Amount Recognized			2,000,000
Business Combination, Contingent Consideration, Liability			2,400,000
Business Acquisition Deferred Cash Payment Due			2,500,000
Business Acquisition Contingent Earn Out Consideration Payable			$ 8,500,000
Daily Bible Devotion (business acquisition) [Member]
Business Acquisition, Contingent Consideration [Line Items]
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 1,100,000
Business Combination, Contingent Consideration Arrangements Payment					75,000
Business Combination Liabilities Arising From Contingencies Amount Recognized Discounted Present Value	142,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	300,000				$ 32,000
Business Combination, Liabilities Arising from Contingencies, Amount Recognized	165,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 300,000
Concentration Risk, Percentage	11.30%

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Inventory [Line Items]
Reserve for obsolescence	$ (1,855)	$ (1,227)
Inventories, net	893	572
Regnery Publishing [Member]
Inventory [Line Items]
Inventories, gross	2,186	1,575
Reserve for obsolescence	(1,798)	(1,225)
Inventories, net	388	350
Wellness Products [Member]
Inventory [Line Items]
Inventories, gross	562	224
Reserve for obsolescence	(57)	(2)
Inventories, net	$ 505	$ 222

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment, Gross, Total	$ 267,865	$ 254,722
Less accumulated depreciation	(162,382)	(155,495)
Property, Plant and Equipment, Net, Total	105,483	99,227
Land [Member]
Property, Plant and Equipment, Gross, Total	31,565	29,424
Building [Member]
Property, Plant and Equipment, Gross, Total	25,448	24,898
Office furnishings and equipment [Member]
Property, Plant and Equipment, Gross, Total	39,040	39,772
Antennae, towers and transmitting equipment
Property, Plant and Equipment, Gross, Total	84,296	78,628
Studio, production and mobile equipment
Property, Plant and Equipment, Gross, Total	30,598	30,202
Computer Software [Member]
Property, Plant and Equipment, Gross, Total	28,134	26,593
Record and tape libraries [Member]
Property, Plant and Equipment, Gross, Total	55	59
Automobiles [Member]
Property, Plant and Equipment, Gross, Total	1,298	1,205
Leasehold Improvements [Member]
Property, Plant and Equipment, Gross, Total	20,799	19,634
Construction in Progress [Member]
Property, Plant and Equipment, Gross, Total	$ 6,632	$ 4,307

PROPERTY AND EQUIPMENT (Detai68

PROPERTY AND EQUIPMENT (Details 1) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Lived Asset Held for Sale - Fair Value Measurements Using	$ 1,700
Long-Lived Asset Held for Sale - Total Gains (Losses)	$ 0
Quoted prices in active markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Lived Asset Held for Sale - Fair Value Measurements Using
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Lived Asset Held for Sale - Fair Value Measurements Using
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Lived Asset Held for Sale - Fair Value Measurements Using	$ 1,700

PROPERTY AND EQUIPMENT (Detai69

PROPERTY AND EQUIPMENT (Details Textual) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2012	Jun. 30, 2012	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Depreciation, Total			$ 12,400	$ 12,600	$ 12,400
Impairment Charges Land Held For Sale	$ 1,200	$ 5,600
Capital Lease Obligations			800
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment			162,382	155,495
Capital Lease [Member]
Depreciation, Total			53,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment			$ 464	$ 411	$ 344

AMORTIZABLE INTANGIBLE ASSETS70

AMORTIZABLE INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Cost	$ 50,935	$ 46,525
Accumulated Amortization	(39,454)	(34,130)
Net	11,481	12,395
Customer lists and contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	20,009	19,910
Accumulated Amortization	(18,914)	(16,558)
Net	1,095	3,352
Domain and brand names [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	16,619	15,465
Accumulated Amortization	(11,200)	(9,722)
Net	5,419	5,743
Favorable and assigned leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	2,379	2,379
Accumulated Amortization	(1,887)	(1,795)
Net	492	584
Subscriber base and lists [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	7,313	4,302
Accumulated Amortization	(3,808)	(2,671)
Net	3,505	1,631
Author Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	2,245	2,245
Accumulated Amortization	(1,523)	(1,379)
Net	722	866
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	1,034	888
Accumulated Amortization	(786)	(669)
Net	248	219
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	1,336	1,336
Accumulated Amortization	(1,336)	(1,336)
Net	$ 0	$ 0

AMORTIZABLE INTANGIBLE ASSETS71

AMORTIZABLE INTANGIBLE ASSETS (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
2,016	$ 3,846
2,017	2,442
2,018	2,199
2,019	1,767
2,020	982
Thereafter	245
Total	$ 11,481	$ 12,395

NOTES PAYABLE AND LONG-TERM D72

NOTES PAYABLE AND LONG-TERM DEBT (Details) - USD ($) $ in Thousands	1 Months Ended
	Jan. 30, 2015	Dec. 31, 2014	Nov. 28, 2014	Sep. 29, 2014	Mar. 31, 2014	Dec. 30, 2013	Sep. 30, 2013	Jun. 28, 2013
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 D73

NOTES PAYABLE AND LONG-TERM DEBT (Details 1)	Dec. 31, 2015
Base Rate [Member] | Less than 3.25 to 1.00
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.75%
Base Rate [Member] | Greater than or equal to 3.25 to 1.00 but less than 4.50 to 1.00
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.75%
Base Rate [Member] | Greater than or equal to 4.50 to 1.00 but less than 6.00 to 1.00
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.25%
Base Rate [Member] | Greater than or equal to 6.00 to 1.00
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.25%
Eurodollar Rate Loans [Member] | Less than 3.25 to 1.00
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.25%
Eurodollar Rate Loans [Member] | Greater than or equal to 3.25 to 1.00 but less than 4.50 to 1.00
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.50%
Eurodollar Rate Loans [Member] | Greater than or equal to 4.50 to 1.00 but less than 6.00 to 1.00
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.00%
Eurodollar Rate Loans [Member] | Greater than or equal to 6.00 to 1.00
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.50%
Applicable Fee Rate [Member] | Less than 3.25 to 1.00
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.40%
Applicable Fee Rate [Member] | Greater than or equal to 3.25 to 1.00 but less than 4.50 to 1.00
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.50%
Applicable Fee Rate [Member] | Greater than or equal to 4.50 to 1.00 but less than 6.00 to 1.00
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.60%
Applicable Fee Rate [Member] | Greater than or equal to 6.00 to 1.00
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.75%
Less than 3.00 to 1.00 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.25%
Less than 3.00 to 1.00 [Member] | LIBOR Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.25%
Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.50%
Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 [Member] | LIBOR Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.50%
Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.75%
Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 [Member] | LIBOR Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.75%
Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.00%
Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 [Member] | LIBOR Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.00%
Greater than or equal to 6.00 to 1.00 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.50%
Greater than or equal to 6.00 to 1.00 [Member] | LIBOR Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.50%

NOTES PAYABLE AND LONG-TERM D74

NOTES PAYABLE AND LONG-TERM DEBT (Details 1) (Parenthetical)	Dec. 31, 2015
Maximum [Member] | Less than 3.25 to 1.00
Debt Instrument [Line Items]
Leverage Ratio	3.25%
Maximum [Member] | Greater than or equal to 4.50 to 1.00 but less than 6.00 to 1.00
Debt Instrument [Line Items]
Leverage Ratio	6.00%
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 3.25 to 1.00 but less than 4.50 to 1.00
Debt Instrument [Line Items]
Leverage Ratio	3.25%
Minimum [Member] | Greater than or equal to 4.50 to 1.00 but less than 6.00 to 1.00
Debt Instrument [Line Items]
Leverage Ratio	4.50%
Minimum [Member] | Greater than or equal to 6.00 to 1.00
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 D75

NOTES PAYABLE AND LONG-TERM DEBT (Details 2) - 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	Jun. 03, 2013	Mar. 14, 2013	Dec. 12, 2012	Jun. 01, 2012	Dec. 12, 2011	Sep. 06, 2011	Jun. 01, 2011	Dec. 01, 2010	Jun. 01, 2010
Debt Instrument [Line Items]
Unamortized Discount	$ 15	$ 16	$ 15	$ 18	$ 8	$ 3	$ 16	$ 14
Terminated 95/8% Senior Secured Second Lien Notes [Member]
Debt Instrument [Line Items]
Principal Redeemed/Repurchased									$ 903	$ 212,597	$ 4,000	$ 17,500	$ 12,500	$ 5,000	$ 17,500	$ 12,500	$ 17,500
Premium Paid									27	22,650	120	525	375	144	525	375	525
Unamortized Discount									3	837	17	80	62	26	93	70	105
Bond Issue Costs									$ 0	$ 2,867	$ 57	$ 287	$ 337	$ 135	$ 472	$ 334	$ 417

NOTES PAYABLE AND LONG-TERM D76

NOTES PAYABLE AND LONG-TERM DEBT (Details 3) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Long Term Debt And Capital Lease Obligations Current And Noncurrent	$ 277,116	$ 277,505
Less current portion	(5,662)	(1,898)
Long-term Debt and Capital Lease Obligations, Total	271,454	275,607
Term B Loan [Member]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	273,136	274,933
Revolver [Member]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	3,306	1,784
Capital Lease Obligations And Other [Member]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	$ 674	$ 788

NOTES PAYABLE AND LONG-TERM D77

NOTES PAYABLE AND LONG-TERM DEBT (Details 4) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
2,016	$ 5,662
2,017	3,113
2,018	3,105
2,019	3,103
2,020	3,106
Thereafter	259,027
Long Term Debt And Capital Lease Obligations Current And Noncurrent	$ 277,116	$ 277,505

NOTES PAYABLE AND LONG-TERM D78

NOTES PAYABLE AND LONG-TERM DEBT (Details Textual) - USD ($)	Mar. 14, 2013	Jan. 30, 2015	Sep. 30, 2013	Sep. 15, 2012	May. 21, 2012	Nov. 15, 2011	Nov. 01, 2010	Dec. 31, 2009	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 28, 2014	Sep. 29, 2014	Mar. 31, 2014	Dec. 30, 2013	Jun. 28, 2013	Jun. 03, 2013	Dec. 31, 2012	Dec. 12, 2012	Sep. 12, 2012	Jun. 01, 2012	Dec. 12, 2011	Nov. 17, 2011	Sep. 06, 2011	Jun. 01, 2011	Dec. 01, 2010	Jun. 01, 2010
Amortization of Financing Costs									$ 628,000	$ 643,000	$ 853,000
Gains (Losses) on Extinguishment of Debt, Total	$ 33,000								(41,000)	(391,000)	(27,795,000)
Interest Payable, Current									16,000	48,000
Notes Payable Carrying Value Disclosure									212,600,000
Debt Instrument, Unamortized Discount		$ 15,000	$ 16,000							16,000		$ 15,000	$ 18,000	$ 8,000	$ 3,000	$ 14,000
Standby Letters of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity									5,000,000
Swingline Loans [Member]
Line of Credit Facility, Maximum Borrowing Capacity									$ 5,000,000
Revolving Credit Facility [Member]
Debt Instrument Interest Additional Interest Above London Inter bank Offered Rate						3.00%
Debt Instrument Interest Additional Interest Above Base Rate						1.25%
Line Of Credit Default Rate Above Applicable Interest Rate						2.00%
Line of Credit Facility, Covenant Terms									With respect to financial covenants, the credit agreement includes a minimum interest coverage ratio, which started at 1.50 to 1.0 and steps up to 2.50 to 1.0 by 2016 and a maximum leverage ratio, which started at 6.75 to 1.0 and steps down to 5.75 to 1.0 by 2017. The credit agreement also includes other negative covenants that are customary for credit facilities of this type, including covenants that, subject to exceptions described in the credit agreement, restrict the ability of Salem and its subsidiary guarantors
Interest Coverage Ratio									3.33%
Description of Amendment						On November 15, 2011, we completed the Second Amendment of the Terminated Revolver to, among other things, (1) extend the maturity date from December 1, 2012 to December 1, 2014, (2) change the interest rate applicable to LIBOR or the Wells Fargo base rate plus a spread to be determined based on our leverage ratio, (3) allow us to borrow and repay unsecured indebtedness provided certain conditions are met and (4) include step-downs related to our leverage ratio covenant.
Gains (Losses) on Extinguishment of Debt, Total	900,000
Line Of Credit Facility Increase In Borrowing Capacity							$ 40,000,000	$ 30,000,000
Leverag Ratio, Description							5.0 to 1		5.47 to 1
Credit Facility Amendment Fee						$ 500,000
Term B Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity	300,000,000								$ 274,000,000
Senior Notes, Noncurrent	298,500,000
Interest Expense, Debt									300,000	200,000
Amortization of Financing Costs		27,000							$ 27,000	300
Floor Rate On Term Loan									1.00%
Debt Instrument Interest Additional Interest Above London Inter bank Offered Rate									3.50%
Debt Instrument Interest Additional Interest Above Base Rate									2.50%
Line Of Credit Default Rate Above Applicable Interest Rate									2.00%
Proceeds from Issuance of Debt									$ 60,000,000
Debt Instrument, Periodic Payment, Principal			$ 750,000
Debt Instrument, Interest Rate, Effective Percentage									4.83%
Gains (Losses) on Extinguishment of Debt, Total		15,000							$ 100,000	100,000
Debt Instrument, Face Amount		$ 300,000,000								300,000,000
Debt Instrument, Unamortized Discount										$ 16,000		$ 15,000	$ 18,000	$ 8,000
Revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity	25,000,000								$ 3,300,000
Debt Instrument Interest Additional Interest Above London Inter bank Offered Rate									3.00%
Debt Instrument Interest Additional Interest Above Base Rate									2.00%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage									0.50%
Senior Secured Second Lien Notes [Member]
Senior Notes, Noncurrent								$ 298,100,000
Interest Expense, Debt											$ 37,000
Line of Credit Facility, Covenant Terms								Interest was due and payable on June 15 and December 15 of each year, commencing June 15, 2010 until maturity.
Gains (Losses) on Extinguishment of Debt, Total	26,900,000
Debt Instrument Yield To Maturity								9.75%
Debt Instrument, Face Amount								$ 300,000,000
Debt Instrument, Periodic Payment, Interest								$ 28,900,000
Interest Payable, Current																		$ 900,000
Debt Instrument Redemption Amount	$ 22,700,000
Debt Instrument, Redemption Price, Percentage	110.65%
Debt Instrument, Unamortized Discount	$ 837,000																$ 3,000		$ 17,000		$ 80,000	$ 62,000		$ 26,000	$ 93,000	$ 70,000	$ 105,000
Debt Instrument Tendered Amount	240,300,000
Debt Instrument Principal Amount Repurchased Or Redeemed	$ 212,597,000																$ 903,000		$ 4,000,000		$ 17,500,000	$ 12,500,000		$ 5,000,000	$ 17,500,000	$ 12,500,000	$ 17,500,000
Line of Credit [Member]
Debt Instrument, Periodic Payment, Principal				$ 1,250,000
Line of Credit Facility, Covenant Terms					The interest rate for the FCB Loan (Interest Rate) was variable and was equal to the greater of: (a) 4.250% or (b) the Wall Street Journal Prime Rate as published in The Wall Street Journal and reported by FCB plus 1%.
Debt Instrument Interest Payable Adjustment				$ 50
Notes and Loans, Noncurrent, Total					$ 10,000,000
Debt Instrument Incremental Interest Rate Due To Default				5.00%
Line of Credit [Member] | Board [Member]
Line of Credit Facility, Maximum Borrowing Capacity																				$ 6,000,000
Line of Credit Due to Related Party [Member]
Line of Credit Facility, Maximum Borrowing Capacity																				12,000,000
Line of Credit Facility, Covenant Terms									Outstanding amounts under each subordinated line of credit bore interest at a rate equal to the lesser of (1) 5% per annum and (2) the maximum rate permitted for subordinated debt under the Terminated Revolver referred to above plus 2% per annum. Interest was payable at the time of any repayment of principal. In addition, outstanding amounts under each subordinated line of credit were required to be repaid within three (3) months from the time that such amounts were borrowed, with the exception of the subordinated line of credit with Mr. Hinz, which was to be repaid within six (6) months from the time that such amounts were borrowed.
Line of Credit Due to Related Party [Member] | Board of Directors Chairman [Member]
Line of Credit Facility, Maximum Borrowing Capacity																							$ 3,000,000
Line of Credit Due to Related Party [Member] | Chief Executive Officer [Member]
Line of Credit Facility, Maximum Borrowing Capacity																							$ 6,000,000
Line of Credit Due to Related Party [Member] | Board [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 6,000,000															$ 12,000,000

FAIR VALUE ACCOUNTING (Details)

FAIR VALUE ACCOUNTING (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 98
Trade accounts receivable, net	36,029
Liabilities:
Accounts payable	5,177
Accrued expenses including estimated fair value of contingent earn-out consideration	11,301
Accrued interest	16
Long term liabilities including estimated fair value of contingent earn-out consideration	636	$ 4,123
Long-term debt and capital lease obligations	277,116
Fair value of interest rate swap	798
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents	98
Trade accounts receivable, net	36,029
Liabilities:
Accounts payable	5,177
Accrued expenses including estimated fair value of contingent earn-out consideration	11,128
Accrued interest	16
Long term liabilities including estimated fair value of contingent earn-out consideration	34
Long-term debt and capital lease obligations	277,116
Fair value of interest rate swap	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash and cash equivalents	0
Trade accounts receivable, net	0
Liabilities:
Accounts payable	0
Accrued expenses including estimated fair value of contingent earn-out consideration	0
Accrued interest	0
Long term liabilities including estimated fair value of contingent earn-out consideration	0
Long-term debt and capital lease obligations	0
Fair value of interest rate swap	798
Fair Value, Inputs, Level 3 [Member]
Assets:
Cash and cash equivalents	0
Trade accounts receivable, net	0
Liabilities:
Accounts payable	0
Accrued expenses including estimated fair value of contingent earn-out consideration	173
Accrued interest	0
Long term liabilities including estimated fair value of contingent earn-out consideration	602
Long-term debt and capital lease obligations	0
Fair value of interest rate swap	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Income Taxes [Line Items]
Balance at January 1, 2015	$ 508
Additions based on tax positions related to the current year	0
Additions based on tax positions related to prior years	0
Reductions related to tax positions of prior years	0
Decrease due to statute expirations	(400)
Related interest and penalties, net of federal tax benefits	9
Balance as of December 31, 2015	$ 100

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ 0	$ 0	$ 0
State	249	269	193
Current Income Tax Expense (Benefit), Total	249	269	193
Deferred:
Federal	6,234	3,932	(1,075)
State	212	564	(3,310)
Deferred Income Taxes and Tax Credits, Total	6,446	4,496	(4,385)
Provision for (benefit from) income taxes	$ 6,695	$ 4,765	$ (4,192)

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Financial statement accruals not currently deductible	$ 9,699	$ 8,045
Net operating loss, AMT credit and other carryforwards	71,593	72,618
State taxes	114	108
Other	3,785	3,821
Total deferred tax assets	85,191	84,592
Valuation allowance for deferred tax assets	(2,771)	(2,952)
Net deferred tax assets	82,420	81,640
Deferred tax liabilities:
Excess of net book value of property and equipment and software for financial reporting purposes over tax basis	2,826	3,000
Excess of net book value of intangible assets for financial reporting purposes over tax basis	127,078	118,773
Interest rate swap	(315)	187
Unrecognized tax benefits	100	508
Other	0	128
Total deferred tax liabilities	129,689	122,596
Net deferred tax liabilities	$ (47,269)	$ (40,956)

INCOME TAXES (Details 3)

INCOME TAXES (Details 3) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Components of Deferred Tax Assets and Liabilities [Abstract]
Deferred income tax asset per balance sheet	$ 9,813	$ 8,153
Deferred income tax liability per balance sheet	(57,082)	(49,109)
Net deferred tax liabilities	$ (47,269)	$ (40,956)

INCOME TAXES (Details 4)

INCOME TAXES (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal income tax rate (at 35%)	$ 6,246	$ 3,584	$ (2,411)
Effect of state taxes, net of federal	300	542	(2,025)
Permanent items	445	613	270
Other, net	(296)	26	(26)
Provision for (benefit from) income taxes	$ 6,695	$ 4,765	$ (4,192)

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits	$ 100	$ 508
Unrecognized Tax Benefits, Interest on Income Taxes Accrued	20,000
Unrecognized Tax Benefits, Income Tax Penalties Accrued	6,000
Deferred Tax Assets, Valuation Allowance	2,771	2,952
Income Tax Expense (Benefit)	$ 6,695	$ 4,765	$ (4,192)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%	35.00%	35.00%
Domestic Tax Authority [Member]
Income Tax Contingency [Line Items]
Operating Loss Carryforwards	$ 156,200
Beginning Year of Expiry for Net Operating Loss Carry forwards	2,020
Ending Year of Expiry for Net Operating Loss Carryforwards	2,034
State and Local Jurisdiction [Member]
Income Tax Contingency [Line Items]
Operating Loss Carryforwards	$ 981,000
Beginning Year of Expiry for Net Operating Loss Carry forwards	2,016
Ending Year of Expiry for Net Operating Loss Carryforwards	2,034
Discontinued Operations [Member]
Income Tax Contingency [Line Items]
Income Tax Expense (Benefit)			$ (20)

COMMITMENTS AND CONTINGENCIES86

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Dec. 31, 2015USD ($)
Leases Future Minimum Payments [Line Items]
2,016	$ 11,847
2,017	11,224
2,018	9,608
2,019	8,487
2,020	7,946
Thereafter	38,197
Operating Leases, Future Minimum Payments Due, Total	87,309
Related Party [Member]
Leases Future Minimum Payments [Line Items]
2,016	1,530
2,017	1,190
2,018	445
2,019	179
2,020	183
Thereafter	3,626
Operating Leases, Future Minimum Payments Due, Total	7,153
Other [Member]
Leases Future Minimum Payments [Line Items]
2,016	10,317
2,017	10,034
2,018	9,163
2,019	8,308
2,020	7,763
Thereafter	34,571
Operating Leases, Future Minimum Payments Due, Total	$ 80,156

COMMITMENTS AND CONTINGENCIES87

COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Commitments And Contingencies [Line Items]
Guarantees, Fair Value Disclosure	$ 0
Operating Leases, Rent Expense	$ 19.1	$ 17.9	$ 16.9
Minimum [Member]
Commitments And Contingencies [Line Items]
Lease Expiration Period	10 years
Lease Renewal Term	1 year
Maximum [Member]
Commitments And Contingencies [Line Items]
Lease Expiration Period	25 years
Lease Renewal Term	5 years

STOCK INCENTIVE PLAN (Details)

STOCK INCENTIVE PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense, pre-tax	$ 771	$ 1,576	$ 1,849
Tax provision for stock-based compensation expense	(308)	(630)	(740)
Total stock-based compensation expense, net of tax	463	946	1,109
Corporate [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	474	1,025	766
Restricted stock shares compensation expense	34	0	481
Broadcast [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	130	325	302
Publishing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	41	61	47
Internet [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	$ 92	$ 165	$ 253

STOCK INCENTIVE PLAN (Details 1

STOCK INCENTIVE PLAN (Details 1)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected volatility	52.37%	74.98%	100.78%
Expected dividends	4.28%	2.70%	2.05%
Expected term (in years)	3 years	7 years 9 months 18 days	6 years 7 months 6 days
Risk-free interest rate	0.85%	2.27%	1.06%

STOCK INCENTIVE PLAN (Details 2

STOCK INCENTIVE PLAN (Details 2) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Shares
Beginning Balance	1,816,204	2,162,067
Ending Balance	1,581,123	1,816,204	2,162,067
Employee Stock Option [Member]
Shares
Beginning Balance	1,816,204	2,162,067	1,927,099
Granted	10,000	25,000	735,750
Exercised	(163,994)	(278,837)	(410,983)
Forfeited or expired	(81,087)	(92,026)	(89,799)
Ending Balance	1,581,123	1,816,204	2,162,067	1,927,099
Exercisable at end of period	947,573	663,417	514,751
Expected to Vest	601,557	1,094,574	1,564,128
Weighted Average Exercise Price
Beginning Balance	$ 4.88	$ 5.09	$ 4.37
Granted	6.08	8.40	6.93
Exercised	2.35	4.38	3.46
Forfeited or expired	10.32	12.25	12.30
Ending Balance	4.87	4.88	5.09	$ 4.37
Exercisable at end of period	4.92	5.32	6.29
Expected to Vest	4.8	4.62	4.71
Weighted Average Grant Date Fair value
Beginning Balance	3.39	3.57	3.45
Granted	1.98	4.73	4.90
Exercised	1.53	3.43	2.47
Forfeited or expired	6.93	7.89	7.43
Ending Balance	3.39	3.39	3.57	$ 3.45
Exercisable at end of period	3.54	3.90	4.52
Expected to Vest	$ 3.15	$ 3.10	$ 3.28
Weighted Average Remaining Contractual Term
Contractual term	5 years 6 months	5 years 6 months		5 years 4 months 24 days
Exercisable at end of period	3 years 3 months 18 days	3 years	2 years 8 months 12 days
Expected to Vest	5 years 7 months 6 days	5 years 10 months 24 days	6 years 4 months 24 days
Outstanding	4 years 3 months 18 days	4 years 9 months 18 days	5 years 6 months
Aggregate Intrinsic Value
Beginning Balance	$ 5,718	$ 8,491	$ 3,899
Granted	0	0	1,303
Exercised	589	1,260	1,883
Forfeited or expired	12	43	72
Ending Balance	1,738	5,718	8,491	$ 3,899
Exercisable at end of period	1,001	2,015	1,919
Expected to Vest	$ 700	$ 3,515	$ 6,240

STOCK INCENTIVE PLAN (Details 3

STOCK INCENTIVE PLAN (Details 3) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2013	Dec. 31, 2012
Shares
Beginning balance | shares	0	0
Granted	10,000	79,810
Lapsed	0	(79,810)
Forfeited	(2,000)	(89,799)
Ending balance | shares	8,000	0	0
Weighted Average Grant Date Fair Value
Beginning balance	$ 0	$ 0
Granted	5.83	6.02
Lapsed		6.02
Forfeited	5.83	0
Ending balance	$ 5.83	$ 0	$ 0
Weighted Average Remaining Contractual Term
Granted	1 year
Outstanding, contractual term	2 months 12 days	5 years 6 months	5 years 4 months 24 days
Aggregate Intrinsic Value
Beginning Balance | $	$ 0	$ 3,899
Granted | $	61	1,303
Lapsed	0	1,883
Forfeited or expired	10	72
Ending Balance | $	$ 40	$ 8,491	$ 3,899

STOCK INCENTIVE PLAN (Details 4

STOCK INCENTIVE PLAN (Details 4) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options	1,581,123	1,816,204	2,162,067
$ 0.36 - $ 3.00 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, Lower Limit	$ 0.36
Range of Exercise Prices, Upper Limit	$ 3
Options	737,746
Weighted Average Contractual Life Remaining (Years)	4 years 6 months
Weighted Average Exercise Price	$ 2.59
Exercisable Options	401,246
Weighted Average Grant Date Fair Value	$ 1.71
$ 3.01 - $ 6.00 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, Lower Limit	3.01
Range of Exercise Prices, Upper Limit	$ 6
Options	146,214
Weighted Average Contractual Life Remaining (Years)	2 years
Weighted Average Exercise Price	$ 5.13
Exercisable Options	145,414
Weighted Average Grant Date Fair Value	$ 4.20
$ 6.01 - $ 9.00 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, Lower Limit	6.01
Range of Exercise Prices, Upper Limit	$ 9
Options	679,938
Weighted Average Contractual Life Remaining (Years)	4 years 7 months 6 days
Weighted Average Exercise Price	$ 6.97
Exercisable Options	375,688
Weighted Average Grant Date Fair Value	$ 4.86
$ 9.01 - $ 12.00 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, Lower Limit	9.01
Range of Exercise Prices, Upper Limit	$ 12
Options	22,350
Weighted Average Contractual Life Remaining (Years)	2 months 12 days
Weighted Average Exercise Price	$ 11.80
Exercisable Options	22,350
Weighted Average Grant Date Fair Value	$ 8.80
$ 12.01 - $ 15.00 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, Lower Limit	12.01
Range of Exercise Prices, Upper Limit	$ 15
Options	2,875
Weighted Average Contractual Life Remaining (Years)	3 months 18 days
Weighted Average Exercise Price	$ 13.20
Exercisable Options	2,875
Weighted Average Grant Date Fair Value	$ 9.78
$ 0.36 - $ 15.00 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, Lower Limit	0.36
Range of Exercise Prices, Upper Limit	$ 15
Options	1,589,123
Weighted Average Contractual Life Remaining (Years)	4 years 2 months 12 days
Weighted Average Exercise Price	$ 4.84
Exercisable Options	947,573
Weighted Average Grant Date Fair Value	$ 3.40

STOCK INCENTIVE PLAN (Details T

STOCK INCENTIVE PLAN (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options		$ 300,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		1 year 11 days
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost	$ 30,000
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		5,000,000
Share Price		$ 4.98
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value		$ 1,500,000	$ 1,900,000	$ 800,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 17, 2011	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Sep. 12, 2012	May. 21, 2012	Dec. 31, 2011
Related Party Transaction [Line Items]
Minimum Ownership Percentage Of Capital Stock		5.00%
Related Party Ownership Percentage		10.00%
Operating Leases, Rent Expense		$ 19,100,000	$ 17,900,000	$ 16,900,000
Related Party Annual Payments For Insurance Premiums		386,000	386,000	386,000
Net Assets		$ 2,500,000	1,900,000	1,600,000
Terminated Subordinated Debt due to Related Parties [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity						$ 12,000,000
Debt Instrument, Interest Rate Terms	Outstanding amounts under each subordinated line of credit bore interest at a rate equal to the lesser of (1) 5% per annum and (2) the maximum rate permitted for subordinated debt under the Revolver referred to above plus 2% per annum.	Outstanding amounts under each subordinated line of credit bore interest at a rate equal to the lesser of (1) 5% per annum and (2) the maximum rate permitted for subordinated debt under the Revolver referred to above plus 2% per annum. Interest was payable at the time of any repayment of principal. In addition, outstanding amounts under each terminated subordinated line of credit were required to be repaid within three (3) months from the time that such amounts are borrowed, with the exception of the subordinated line of credit with Mr. Hinz, which was to be repaid within six (6) months from the time that such amounts were borrowed.
Long-term Line of Credit					$ 15,000,000			$ 9,000,000
Terminated Subordinated Debt due to Related Parties [Member] | Board of Directors Chairman [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 3,000,000
Terminated Subordinated Debt due to Related Parties [Member] | Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 6,000,000
Trust [Member] | Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Operating Leases, Rent Expense		$ 180,000	175,000	170,000
Know the Truth [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Other Revenues from Transactions with Related Party		400,000	500,000	400,000
Chairman And Chief Executive Officer [Member] | Land and Building [Member]
Related Party Transaction [Line Items]
Operating Leases, Rent Expense		1,300,000	1,300,000	1,200,000
Board [Member] | Terminated Subordinated Debt due to Related Parties [Member]
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity						$ 12,000,000	$ 6,000,000
Truth For Life [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Other Revenues from Transactions with Related Party		2,200,000	2,200,000	2,100,000
Edward G. Atsinger III, Chief Executive Officer and Director [Member]
Related Party Transaction [Line Items]
Operating Leases, Rent Expense		$ 133,000	$ 274,000	$ 239,000

DEFINED CONTRIBTION PLAN (Detai

DEFINED CONTRIBTION PLAN (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Contribution Benefit Plans [Line Items]
Defined Contribution Plan Maximum Employee Contribution As Percentage Of Base Salary	60.00%
Maximum Company Match Of Participant Contribution Of Eligible Compensation	6.00%
Defined Benefit Plan, Contributions by Employer	$ 1.9	$ 1.7	$ 1.4
First Three Percent Of Each Participants Contributions [Member]
Defined Contribution Benefit Plans [Line Items]
Defined Contribution Plan Employer Matching Contribution To Employee Contribution	50.00%
Defined Contribution Plan Employee Contributions Percentage Of Eligible Compensation	3.00%
Second Three Percent Of Each Participants Contributions [Member]
Defined Contribution Benefit Plans [Line Items]
Defined Contribution Plan Employer Matching Contribution To Employee Contribution	25.00%
Defined Contribution Plan Employee Contributions Percentage Of Eligible Compensation	3.00%
Two Thousand Twelve [Member]
Defined Contribution Benefit Plans [Line Items]
Defined Contribution Plan Maximum Employee Contribution As Percentage Of Base Salary	50.00%
Defined Contribution Plan Employee Contributions Percentage Of Eligible Compensation	5.00%

EQUITY TRANSACTIONS (Details)

EQUITY TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015
Dividends Payable [Line Items]
Dividends Payable, Date Declared	Dec. 2, 2014	Sep. 2, 2014	May 27, 2014	Mar. 6, 2014
Dividends Payable, Date to be Paid	Dec. 29, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Dividend Payment One [Member]
Dividends Payable [Line Items]
Dividends Payable, Date Declared					Dec. 1, 2015
Dividends Payable, Date to be Paid					Dec. 29, 2015
Dividends Payable, Amount Per Share					$ 0.0650
Dividends Payable, Cash Distributed					$ 1,656
Dividend Payment Two [Member]
Dividends Payable [Line Items]
Dividends Payable, Date Declared					Sep. 1, 2015
Dividends Payable, Date to be Paid					Sep. 30, 2015
Dividends Payable, Amount Per Share					$ 0.0650
Dividends Payable, Cash Distributed					$ 1,655
Dividend Payment Three [Member]
Dividends Payable [Line Items]
Dividends Payable, Date Declared					Jun. 2, 2015
Dividends Payable, Date to be Paid					Jun. 30, 2015
Dividends Payable, Amount Per Share					$ 0.0650
Dividends Payable, Cash Distributed					$ 1,654
Dividend Payment Four [Member]
Dividends Payable [Line Items]
Dividends Payable, Date Declared					Mar. 5, 2015
Dividends Payable, Date to be Paid					Mar. 31, 2015
Dividends Payable, Amount Per Share					$ 0.0650
Dividends Payable, Cash Distributed					$ 1,647
Dividend Payment Five [Member]
Dividends Payable [Line Items]
Dividends Payable, Date Declared					Dec. 2, 2014
Dividends Payable, Date to be Paid					Dec. 29, 2014
Dividends Payable, Amount Per Share					$ 0.0650
Dividends Payable, Cash Distributed					$ 1,646
Dividend Payment Six [Member]
Dividends Payable [Line Items]
Dividends Payable, Date Declared					Sep. 2, 2014
Dividends Payable, Date to be Paid					Sep. 30, 2014
Dividends Payable, Amount Per Share					$ 0.0625
Dividends Payable, Cash Distributed					$ 1,579
Dividend Payment Seven [Member]
Dividends Payable [Line Items]
Dividends Payable, Date Declared					May 27, 2014
Dividends Payable, Date to be Paid					Jun. 30, 2014
Dividends Payable, Amount Per Share					$ 0.0600
Dividends Payable, Cash Distributed					$ 1,514
Dividend Payment Eight [Member]
Dividends Payable [Line Items]
Dividends Payable, Date Declared					Mar. 6, 2014
Dividends Payable, Date to be Paid					Mar. 31, 2014
Dividends Payable, Amount Per Share					$ 0.0575
Dividends Payable, Cash Distributed					$ 1,444
Dividend Payment Nine [Member]
Dividends Payable [Line Items]
Dividends Payable, Date Declared					Nov. 20, 2013
Dividends Payable, Date to be Paid					Dec. 27, 2013
Dividends Payable, Amount Per Share					$ 0.0550
Dividends Payable, Cash Distributed					$ 1,376
Dividend Payment Ten [Member]
Dividends Payable [Line Items]
Dividends Payable, Date Declared					Sep. 12, 2013
Dividends Payable, Date to be Paid					Oct. 4, 2013
Dividends Payable, Amount Per Share					$ 0.0525
Dividends Payable, Cash Distributed					$ 1,308
Dividend Payment Eleven [Member]
Dividends Payable [Line Items]
Dividends Payable, Date Declared					May 30, 2013
Dividends Payable, Date to be Paid					Jun. 28, 2013
Dividends Payable, Amount Per Share					$ 0.0500
Dividends Payable, Cash Distributed					$ 1,240
Dividend Payment Twelve [Member]
Dividends Payable [Line Items]
Dividends Payable, Date Declared					Mar. 18, 2013
Dividends Payable, Date to be Paid					Apr. 1, 2013
Dividends Payable, Amount Per Share					$ 0.0500
Dividends Payable, Cash Distributed					$ 1,234

EQUITY TRANSACTIONS (Details Te

EQUITY TRANSACTIONS (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Total	$ 771	$ 1,576	$ 1,849
Scenario, Forecast [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected Dividend Payments				$ 6,600

QUARTERLY RESULTS OF OPERATIO98

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Total revenue	$ 69,147	$ 67,491	$ 67,293	$ 61,856	$ 65,947	$ 69,608	$ 68,637	$ 62,344
Operating income	9,265	8,800	9,254	5,703	6,947	8,847	7,491	5,331	$ 33,022	$ 28,616	$ 34,533
Net income before discontinued operations	5,255	2,077	3,523	295	38	3,743	1,263	431	0	0	(37)
Net income	$ 5,255	$ 2,077	$ 3,523	$ 295	$ 38	$ 3,743	$ 1,263	$ 431	$ 11,150	$ 5,475	$ (2,736)
Basic earnings per share	$ 0.20	$ 0.08	$ 0.14	$ 0.01	$ 0	$ 0.14	$ 0.05	$ 0.02	$ 0.43	$ 0.21	$ (0.11)
Basic earnings per share from continuing operations	0.20	0.08	0.14	0.01	0	0.14	0.05	0.02	0.43	0.21	(0.11)
Diluted earnings per share	0.20	0.08	0.14	0.01	0	0.14	0.05	0.02	0.43	0.21	(0.11)
Diluted earnings per share from continuing operations	$ 0.20	$ 0.08	$ 0.14	$ 0.01	$ 0	$ 0.14	$ 0.05	$ 0.02	$ 0.43	$ 0.21	$ (0.11)
Weighted average shares outstanding - basic	25,471,342	25,459,962	25,429,127	25,346,499	25,573,162	25,536,397	25,172,696	25,064,982	25,426,732	25,336,809	24,938,075
Weighted average shares outstanding - diluted	25,893,015	25,907,651	25,829,493	25,921,118	26,226,332	26,265,957	25,950,600	25,881,811	25,887,819	26,081,175	24,938,075

SEGMENT DATA (Details)

SEGMENT DATA (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue									$ 265,787	$ 266,536	$ 236,934
Depreciation									12,417	12,629	12,448
Amortization									5,324	6,196	2,814
Change in estimated fair value of contingent earn-out consideration									(1,715)	734	0
Impairment of indefinite-lived long-term assets other than goodwill									0	34	1,006
Impairment of goodwill									439	45	438
(Gain) loss on the sale or disposal of assets									(181)	(251)	264
Net operating income (loss) from continuing operations	$ 9,265	$ 8,800	$ 9,254	$ 5,703	$ 6,947	$ 8,847	$ 7,491	$ 5,331	33,022	28,616	34,533
Inventories, net	893				572				893	572
Property and equipment, net	105,483				99,227				105,483	99,227
Broadcast licenses	393,031				385,726				393,031	385,726
Goodwill	24,563				24,684				24,563	24,684
Other indefinite-lived intangible assets	833				833				833	833
Amortizable intangible assets, net	11,481				12,395				11,481	12,395
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue									265,787	266,536	236,934
Operating expenses									216,119	218,031	185,959
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration (gain) loss on the sale or disposal of assets									49,668	48,505	50,975
Depreciation									12,417	12,629	12,448
Amortization									5,324	6,196	2,814
Change in estimated fair value of contingent earn-out consideration									(1,715)	734
Impairment of indefinite-lived long-term assets other than goodwill										34	1,006
Impairment of goodwill									439	45	438
(Gain) loss on the sale or disposal of assets									181	251	(264)
Net operating income (loss) from continuing operations									33,022	28,616	34,533
Operating Segments [Member] | Broadcast [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue									196,090	192,923	188,544
Operating expenses									140,230	138,564	129,857
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration (gain) loss on the sale or disposal of assets									55,860	54,359	58,687
Depreciation									7,659	7,923	7,934
Amortization									91	98	154
Change in estimated fair value of contingent earn-out consideration									0	0
Impairment of indefinite-lived long-term assets other than goodwill										0	0
Impairment of goodwill									439	0	0
(Gain) loss on the sale or disposal of assets									219	231	(274)
Net operating income (loss) from continuing operations									47,452	46,107	50,873
Inventories, net	0				0				0	0
Property and equipment, net	88,788				81,948				88,788	81,948
Broadcast licenses	393,031				385,726				393,031	385,726
Goodwill	3,581				3,955				3,581	3,955
Other indefinite-lived intangible assets	0				0				0	0
Amortizable intangible assets, net	492				583				492	583
Operating Segments [Member] | Digital Media [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue									45,855	46,862	35,156
Operating expenses									35,969	36,232	25,741
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration (gain) loss on the sale or disposal of assets									9,886	10,630	9,415
Depreciation									3,158	3,052	2,904
Amortization									4,690	4,885	2,654
Change in estimated fair value of contingent earn-out consideration									(478)	325
Impairment of indefinite-lived long-term assets other than goodwill										0	0
Impairment of goodwill									0	0	0
(Gain) loss on the sale or disposal of assets									11	25	0
Net operating income (loss) from continuing operations									2,505	2,343	3,857
Inventories, net	505				222				505	222
Property and equipment, net	7,033				7,111				7,033	7,111
Broadcast licenses	0				0				0	0
Goodwill	19,930				19,677				19,930	19,677
Other indefinite-lived intangible assets	0				0				0	0
Amortizable intangible assets, net	9,599				9,884				9,599	9,884
Operating Segments [Member] | Publishing [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue									23,842	26,751	13,234
Operating expenses									24,774	26,143	14,280
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration (gain) loss on the sale or disposal of assets									(932)	608	(1,046)
Depreciation									637	529	444
Amortization									542	1,212	6
Change in estimated fair value of contingent earn-out consideration									(1,237)	409
Impairment of indefinite-lived long-term assets other than goodwill										34	1,006
Impairment of goodwill									0	45	438
(Gain) loss on the sale or disposal of assets									(58)	(5)	0
Net operating income (loss) from continuing operations									(816)	(1,616)	(2,940)
Inventories, net	388				350				388	350
Property and equipment, net	1,742				1,941				1,742	1,941
Broadcast licenses	0				0				0	0
Goodwill	1,044				1,044				1,044	1,044
Other indefinite-lived intangible assets	833				833				833	833
Amortizable intangible assets, net	1,385				1,926				1,385	1,926
Operating Segments [Member] | Unallocated Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue									0	0	0
Operating expenses									15,146	17,092	16,081
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration (gain) loss on the sale or disposal of assets									(15,146)	(17,092)	(16,081)
Depreciation									963	1,125	1,166
Amortization									1	1	0
Change in estimated fair value of contingent earn-out consideration									0	0
Impairment of indefinite-lived long-term assets other than goodwill										0	0
Impairment of goodwill									0	0	0
(Gain) loss on the sale or disposal of assets									9	0	10
Net operating income (loss) from continuing operations									(16,119)	(18,218)	$ (17,257)
Inventories, net	0				0				0	0
Property and equipment, net	7,920				8,227				7,920	8,227
Broadcast licenses	0				0				0	0
Goodwill	8				8				8	8
Other indefinite-lived intangible assets	0				0				0	0
Amortizable intangible assets, net	$ 5				$ 2				$ 5	$ 2

SEGMENT DATA (Details 1)

SEGMENT DATA (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	$ 265,787	$ 266,536	$ 236,934
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	265,787	266,536	236,934
Operating expenses	216,119	218,031	185,959
Net operating income before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on the sale or disposal of assets	49,668	48,505	50,975
Operating Segments [Member] | Broadcast [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	196,090	192,923	188,544
Operating expenses	140,230	138,564	129,857
Net operating income before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on the sale or disposal of assets	55,860	54,359	58,687
Operating Segments [Member] | Digital Media [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	45,855	46,862	35,156
Operating expenses	35,969	36,232	25,741
Net operating income before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on the sale or disposal of assets	9,886	10,630	9,415
Operating Segments [Member] | Publishing [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	23,842	26,751	13,234
Operating expenses	24,774	26,143	14,280
Net operating income before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on the sale or disposal of assets	(932)	608	(1,046)
Operating Segments [Member] | Unallocated Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	0	0	0
Operating expenses	15,146	17,092	16,081
Net operating income before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on the sale or disposal of assets	$ (15,146)	(17,092)	(16,081)
As Reported Original [Member] | Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue		266,536	236,934
Operating expenses		218,031	185,959
Net operating income before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on the sale or disposal of assets		48,505	50,975
As Reported Original [Member] | Operating Segments [Member] | Broadcast [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue		187,815	183,697
Operating expenses		130,875	122,862
As Reported Original [Member] | Operating Segments [Member] | Digital Media [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue		55,519	40,906
Operating expenses		41,067	28,378
As Reported Original [Member] | Operating Segments [Member] | Publishing [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue		23,202	12,331
Operating expenses		23,052	13,289
As Reported Original [Member] | Operating Segments [Member] | Unallocated Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating expenses		$ 23,037	$ 21,430

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($)	Mar. 10, 2016	Mar. 08, 2016	Dec. 15, 2015	Feb. 22, 2016	Jan. 27, 2016	Jan. 25, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared							$ 0.0650	$ 0.0650	$ 0.0650	$ 0.0650
APA to acquire an FM Translator in Columbus, Ohio [Member]
Subsequent Event [Line Items]
Business Acquisition, Effective Date of Acquisition			Dec. 15, 2015
Business Acquisition Cost Of Acquired Entity Cash Paid Net			$ 400,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.0650
Subsequent Event [Member] | APA to acquire an FM Translator in Amherst, New York [Member]
Subsequent Event [Line Items]
Business Acquisition, Effective Date of Acquisition				Feb. 22, 2016
Business Acquisition Cost Of Acquired Entity Cash Paid Net				$ 60,000
Subsequent Event [Member] | APA to acquire a construction permit for an FM Translator in Charlotte, Michigan [Member]
Subsequent Event [Line Items]
Business Acquisition, Effective Date of Acquisition					Jan. 27, 2016
Business Acquisition Cost Of Acquired Entity Cash Paid Net					$ 50,000
Subsequent Event [Member] | APA to acquire a construction permit for an FM Translator in Kerrville, Texas [Member]
Subsequent Event [Line Items]
Business Acquisition, Effective Date of Acquisition					Jan. 27, 2016
Business Acquisition Cost Of Acquired Entity Cash Paid Net					$ 50,000
Subsequent Event [Member] | APA to acquire an FM Translator in Lincoln, Maine [Member]
Subsequent Event [Line Items]
Business Acquisition, Effective Date of Acquisition						Jan. 25, 2016
Business Acquisition Cost Of Acquired Entity Cash Paid Net						$ 100,000
Subsequent Event [Member] | APA to acquire a construction permit for an FM Translator in Atwood, Kentucky [Member]
Subsequent Event [Line Items]
Business Acquisition, Effective Date of Acquisition						Jan. 25, 2016
Business Acquisition Cost Of Acquired Entity Cash Paid Net						$ 88,000
Subsequent Event [Member] | APA to acquire a construction permit for an FM Translator in Emporia, Kansas [Member]
Subsequent Event [Line Items]
Business Acquisition, Effective Date of Acquisition						Jan. 25, 2016
Business Acquisition Cost Of Acquired Entity Cash Paid Net						$ 25,000
Subsequent Event [Member] | King james Bible Mobile [Member]
Subsequent Event [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total		$ 4,000,000
Payments to Acquire Businesses, Gross		2,700,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents		300,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables		400,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other		$ 200,000