Salem Media (SALM) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	SALEM MEDIA GROUP, INC. /DE/
Entity Central Index Key	1,050,606
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	SALM
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		19,957,859
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,553,696

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 84	$ 98
Trade accounts receivable (net of allowances of $13,479 in 2015 and $11,113 in 2016)	31,845	36,029
Other receivables (net of allowances of $217 in 2015 and $373 in 2016)	2,399	1,981
Inventories (net of reserves of $1,855 in 2015 and $2,034 in 2016)	871	893
Prepaid expenses	6,140	6,285
Deferred income taxes	9,813	9,813
Assets held for sale	1,700	1,700
Total current assets	52,852	56,799
Notes receivable (net of allowances of $528 in 2015 and $490 in 2016)	130	173
Property and equipment (net of accumulated depreciation of $162,382 in 2015 and $160,963 in 2016)	105,229	105,483
Broadcast licenses	393,074	393,031
Goodwill	24,784	24,563
Other indefinite-lived intangible assets	833	833
Amortizable intangible assets (net of accumulated amortization of $39,454 in 2015 and $40,597 in 2016)	13,760	11,481
Deferred financing costs	133	151
Other assets	2,855	2,500
Total assets	593,650	595,014
Current liabilities:
Accounts payable	4,174	5,177
Accrued expenses	11,262	11,301
Accrued compensation and related expenses	9,301	8,297
Accrued interest	52	16
Current portion of deferred revenue	11,039	13,128
Income tax payable	262	73
Current portion of long-term debt and capital lease obligations	6,108	5,662
Total current liabilities	42,198	43,654
Long-term debt and capital lease obligations less unamortized discount and debt issuance costs, net of current portion	266,959	269,093
Fair value of interest rate swap	2,556	798
Deferred income taxes	57,203	57,082
Deferred revenue less current portion	14,272	13,930
Other long-term liabilities	68	636
Total liabilities	$ 383,256	$ 385,193
Commitments and contingencies (Note 17)
Stockholders’ Equity:
Additional paid-in capital	$ 242,000	$ 241,780
Accumulated earnings	2,121	1,768
Treasury stock, at cost (2,317,650 shares at December 31, 2015 and March 31, 2016)	(34,006)	(34,006)
Total stockholders’ equity	210,394	209,821
Total liabilities and stockholders’ equity	593,650	595,014
Common Class A [Member]
Stockholders’ Equity:
Common stock	223	223
Common Class B [Member]
Stockholders’ Equity:
Common stock	$ 56	$ 56

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Trade accounts receivable, allowances	$ 11,113,000	$ 13,479,000
Other Receivables	373	217
Inventories, reserves	2,034,000	1,855,000
Notes receivable, allowance	490,000	528,000
Property and equipment, accumulated depreciation	160,963,000	162,382,000
Amortizable intangible assets, accumulated amortization	$ 40,597,000	$ 39,454,000
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	22,267,759	22,246,134
Common stock, outstanding	19,950,109	19,928,484
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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net broadcast revenue	$ 48,471	$ 46,539
Net digital media revenue	11,284	10,791
Net publishing revenue	4,820	4,526
Total net revenue	64,575	61,856
Operating expenses:
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $365 and $408 for the three months ended March 31, 2015 and 2016, respectively, paid to related parties)	35,988	33,917
Digital media operating expenses, exclusive of depreciation and amortization shown below	9,186	9,000
Publishing operating expenses, exclusive of depreciation and amortization shown below	4,948	4,497
Unallocated corporate expenses exclusive of depreciation and amortization shown below (including $33 and $98 for the three months ended March 31, 2015 and 2016, respectively, paid to related parties)	4,213	3,991
Depreciation	2,992	3,172
Amortization	1,143	1,329
Change in the estimated fair value of contingent earn-out consideration	(128)	118
Loss on the sale or disposal of assets	150	129
Total operating expenses	58,492	56,153
Operating income	6,083	5,703
Other income (expense):
Interest income	1	1
Interest expense	(3,796)	(3,804)
Change in the fair value of interest rate swap	(1,758)	(1,420)
Loss on early retirement of long-term debt	(9)	(41)
Net miscellaneous income and expenses	0	7
Income from operations before income taxes	521	446
Provision for income taxes	168	151
Net income	$ 353	$ 295
Basic earnings per share data:
Basic earnings per share	$ 0.01	$ 0.01
Diluted earnings per share data:
Diluted earnings per share	0.01	0.01
Distributions per share	$ 0	$ 0.06
Basic weighted average shares outstanding	25,485,234	25,346,499
Diluted weighted average shares outstanding	25,802,958	25,921,118

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Parenthetical] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Broadcast operating expenses exclusive of depreciation and amortization	$ 35,988	$ 33,917
Unallocated corporate expenses exclusive of depreciation and amortization	4,213	3,991
Related Party [Member]
Broadcast operating expenses exclusive of depreciation and amortization	408	365
Unallocated corporate expenses exclusive of depreciation and amortization	$ 98	$ 33

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING ACTIVITIES
Net income	$ 353	$ 295
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash stock-based compensation	199	331
Tax benefit related to stock options exercised	(10)	60
Depreciation and amortization	4,135	4,501
Amortization of bank loan fees	160	158
Accretion of discount on Term Loan B	52	46
Accretion of acquisition-related deferred payments and contingent consideration	29	91
Provision for bad debts	135	385
Deferred income taxes	121	35
Change in the fair value of interest rate swap	1,758	1,420
Change in the estimated fair value of contingent earn-out consideration	(128)	118
Loss on early retirement of long-term debt	9	41
Loss on the sale or disposal of assets	150	129
Changes in operating assets and liabilities:
Accounts receivable	6,777	5,870
Inventories	22	(69)
Prepaid expenses and other current assets	145	(451)
Accounts payable and accrued expenses	1,741	(1,513)
Deferred revenue	(4,759)	(4,432)
Other liabilities	0	70
Income taxes payable	189	53
Net cash provided by operating activities	11,078	7,138
INVESTING ACTIVITIES
Cash paid for capital expenditures net of tenant improvement allowances and non-cash transactions from trade agreements	(2,427)	(2,040)
Capital expenditures reimbursable under tenant improvement allowances and non-cash transactions from trade agreements	(200)	(767)
Escrow deposits related to acquisitions	(122)	(188)
Purchases of broadcast assets and radio stations	0	(1,235)
Purchases of publishing businesses assets	(3)	0
Other	(226)	(245)
Net cash used in investing activities	(5,678)	(4,597)
FINANCING ACTIVITIES
Payments of acquisition related contingent earn-out consideration	(83)	(300)
Payments of deferred installments on acquisitions	(2,521)	0
Proceeds from the exercise of stock options	31	175
Payments of capital lease obligations	(27)	(30)
Payment of cash distributions on common stock	0	(1,647)
Book overdraft	(950)	2,711
Net cash used in financing activities	(5,414)	(2,392)
CASH FLOWS FROM DISCONTINUED OPERATIONS
Net increase in cash and cash equivalents	(14)	149
Cash and cash equivalents at the beginning of year	98	33
Cash and cash equivalents at end of period	84	182
Cash paid during the period for:
Cash paid for interest, net of capitalized interest	3,547	3,512
Cash paid (received) for income taxes	(131)	4
Other supplemental disclosures of cash flow information:
Trade revenue	1,040	1,683
Trade expense	1,055	1,591
Non-cash investing and financing activities:
Capital expenditures reimbursable under tenant improvement allowances	200	756
Non-cash capital expenditures for property & equipment acquired under trade agreements	0	11
Estimated present value of contingent earn-out consideration	0	158
Current value of deferred cash payments (short-term)	1,300	0
Term Loan B [Member]
FINANCING ACTIVITIES
Payments under Term Loan B and Revolver	(1,559)	(2,000)
Revolver [Member]
FINANCING ACTIVITIES
Payments under Term Loan B and Revolver	(13,207)	(9,715)
Proceeds from borrowings under Revolver	12,902	8,414
Digital Media [Member]
INVESTING ACTIVITIES
Purchases of publishing businesses assets	$ (2,700)	$ (122)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
BASIS OF PRESENTATION	NOTE 1. BASIS OF PRESENTATION The accompanying Condensed Consolidated Financial Statements of Salem Media Group, Inc. (“Salem” “we,” “us,” “our” or the “company”) includes the company and all wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Information with respect to the three months ended March 31, 2016 and 2015 is unaudited. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim financial statements contain all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position, results of operations and cash flows of the company. The unaudited interim financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Annual Report for Salem filed on Form 10-K for the year ended December 31, 2015. Our results are subject to seasonal fluctuations. Therefore, The balance sheet at December 31, 2015 included in this report has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by GAAP. 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 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, which provide general market analysis and non-individualized investment strategies from financial commentators on a subscription basis. 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 publishing operating segment is comprised of three businesses. Regnery Publishing is a traditional book publisher that 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. Xulon Press provides self-publishing services to authors. Salem Publishing™ produces and distributes five print magazines and one digital magazine. We account for entities qualifying as variable interest entities (“VIEs”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “ Consolidation,” We may enter into Local Marketing Agreements (“LMAs”) contemporaneously with entering an Asset Purchase Agreement (“APA”) to acquire or sell a radio station. We may also enter into Time Brokerage Agreements (“TBAs”). Typically, both LMAs and TBAs are contractual agreements under which the station owner/licensee makes airtime available to a programmer/licensee in exchange for a fee and reimbursement of certain expenses. LMAs and TBAs are subject to compliance with the antitrust laws and the communications laws, including the requirement that the licensee must maintain independent control over the station and, in particular, its personnel, programming, and finances. The FCC has held that such agreements do not violate the communications laws as long as the licensee of the station receiving programming from another station maintains ultimate responsibility for, and control over, station operations and otherwise ensures compliance with the communications laws. The requirements of FASB ASC Topic 810 may apply to entities under LMAs or TBAs, depending on the facts and circumstances related to each transaction. As of March 31, 2016, we did not consolidate any entities with which we entered into LMAs or TBAs under the guidance in FASB ASC Topic 810. 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. These reclassifications include the adoption of FASB Accounting Standards Update (“ASU”) 2015-03 and ASU 2015-15, which require that debt issuance costs, with the exception of costs associated with obtaining line-of-credit arrangements, to be reported as a reduction of the debt liability rather than as a deferred cost asset. The adoption of ASU 2015-03 and ASU 2015-15 is reported as a change in accounting principle and discussed in detail in Note 10 – Notes Payable and Long-Term Debt. Changes to accounting principles are established by the FASB in the form of ASUs to the FASB’s Codification. We consider the applicability and impact of all ASUs on our In March 2016, the FASB issued ASU 2016-09, “ Improvements to Employee Share-Based Payment Accounting.” We have not yet on our 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 July 2015, the FASB issued ASU 2015-11, “ Simplifying the Measurement of Inventory 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,” Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”

IMPAIRMENT OF GOODWILL AND OTHE

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2016
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 Approximately 70 Intangibles – Goodwill and Other 94 6 We complete our annual impairment tests in the fourth quarter of each year. We believe that our estimate of the value of our broadcast licenses, mastheads, and goodwill is a critical accounting estimate as the value is significant in relation to our total assets, and our estimates incorporate variables and assumptions that are based on past experiences and judgment about future operating performance of our markets and business segments. If actual future results are less favorable than the assumptions and estimates we used, we are subject to future impairment charges, the amount of which may be material. The fair value measurements for our indefinite-lived intangible assets use significant unobservable inputs that reflect our own assumptions about the estimates that market participants would use in measuring fair value including assumptions about risk. The unobservable inputs are defined in FASB ASC Topic 820, “ Fair Value Measurements and Disclosures,”

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS	3 Months Ended
	Mar. 31, 2016
Impairment Of Long Lived Assets Disclosure [Abstract]
IMPAIRMENT OF LONG-LIVED ASSETS	NOTE 3. IMPAIRMENT OF LONG-LIVED ASSETS We account for property and equipment in accordance with FASB ASC Topic 360-10, “ Property, Plant and Equipment

ACQUISITIONS AND RECENT TRANSAC

ACQUISITIONS AND RECENT TRANSACTIONS	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
ACQUISITIONS AND RECENT TRANSACTIONS	NOTE 4. ACQUISITIONS AND RECENT TRANSACTIONS During the three month period ending March 31, 2016, we completed or entered into the following transactions: Debt On March 31, 2016, we repaid $ 0.8 300.0 On March 17, 2016, we repaid $ 0.8 9,000 2,500 Related Party Transactions 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. Acquisitions On March 8, 2016, we acquired King James Bible mobile applications for $ 4.0 2.7 0.3 0.4 0.2 Throughout the three month period ending March 31, 2016, we acquired domain names and other assets associated within our publishing operating segment for approximately $ 3,300 Acquisition Date Description Total Cost (Dollars in thousands) March 8, 2016 King James Bible mobile applications (business acquisition) $ 4,000 Various Purchase of domain names and assets for use in publishing business (asset purchases) 3 $ 4,003 The operating results of our business acquisitions and asset purchases are included in our condensed consolidated results of operations from their respective closing date or the date that we began operating them under an LMA or TBA. Under the acquisition method of accounting as specified in FASB ASC Topic 805, “ Business Combinations Estimates of the fair value include discounted estimated cash flows to be generated by the assets and their expected useful lives based on historical experience, market trends and any synergies believed to be achieved from the acquisition. Acquisitions may include contingent consideration, the fair value of which is estimated as of the acquisition date as the present value of the expected contingent payments as determined using weighted probabilities of the payment amounts. We may retain a third-party appraiser to estimate the fair value of the acquired net assets as of the acquisition date. As part of the valuation and appraisal process, the third-party appraiser prepares a report assigning estimated fair values to the various asset categories in our financial statements. These fair value estimates are subjective in nature and require careful consideration and judgment. Management reviews the third party reports for reasonableness of the assigned values. We believe that these valuations and analysis provide appropriate estimates of the fair value for net assets acquired. Property and equipment are recorded at the estimated fair value and depreciated on a straight-line basis over their estimated useful lives. Finite-lived intangible assets are recorded at their estimated fair value and amortized on a straight-line basis over their estimated useful lives. Goodwill, which represents the organizational systems and procedures in place to ensure the effective operation of the entity, may also be recorded and tested for impairment. Costs associated with acquisitions, such as consulting and legal fees are expensed as incurred in corporate operating expenses. We recognized costs associated with acquisitions of $ 0.1 0.2 The total acquisition consideration is equal to the sum of all cash payments, the fair value of any deferred payments and promissory notes, and the present value of any estimated contingent earn-out consideration. We estimate the fair value of contingent earn-out consideration using a probability-weighted discounted cash flow model. The fair value measurement is based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in Note 15 -Fair Value Measurements. Description Total Consideration (Dollars in thousands) Cash payments $ 2,703 Deferred payments 1,300 Total purchase price consideration $ 4,003 Net Digital Media Net Publishing Net Total Assets Acquired Assets Acquired Assets Acquired (Dollars in thousands) Assets Property and equipment $ 360 $ — $ 360 Goodwill 221 — 221 Domain and brand names 736 3 739 Customer lists and contracts 2,394 — 2,394 Non-compete agreements 289 — 289 $ 4,000 $ 3 $ 4,003 Pending Transactions On February 22, 2016, we entered an APA to acquire an FM Translator in Amherst, New York for $ 60,000 On January 27, 2016, we entered an APA to acquire a construction permit for an FM Translator in Charlotte, Michigan for $ 50,000 On January 27, 2016, we entered an APA to acquire a construction permit for an FM Translator in Kerrville, Texas for $ 50,000 On January 25, 2016, we entered an APA to acquire an FM Translator in Lincoln, Maine for $ 100,000 On January 25, 2016, we entered an APA to acquire a construction permit for an FM Translator in Atwood, Kentucky for $ 88,000 On January 25, 2016, we entered an APA to acquire a construction permit for an FM Translator in Emporia, Kansas for $ 25,000 On December 15, 2015, we entered an APA to acquire an FM Translator in Columbus, Ohio for $ 0.4 We also have the option to acquire radio station KHTE-FM, Little Rock, Arkansas, for $ 1.2

CONTINGENT EARN-OUT CONSIDERATI

CONTINGENT EARN-OUT CONSIDERATION	3 Months Ended
	Mar. 31, 2016
Business Combination, Contingent Consideration, Liability [Abstract]
CONTINGENT EARN-OUT CONSIDERATION	NOTE 5. 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. We paid $ 1.1 165,000 142,000 We review the fair value of the contingent earn-out consideration quarterly over the two-year earn-out period to compare actual cumulative sessions achieved to the estimated cumulative sessions 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 outstanding under the contract, or $ 0.3 75,000 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 We review the fair value of the contingent earn-out consideration 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. During the three month period ending March 31, 2016, we paid $ 8,000 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 We review the fair value of the contingent earn-out consideration 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, up to the maximum future value outstanding under the contract, or $ 8.5 Three Months Ending March 31, 2016 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2016 $ 173 $ 602 $ 775 Acquisitions — — — Accretion of acquisition-related contingent earn-out consideration 3 7 10 Change in the estimated fair value of contingent earn-out consideration (74) (54) (128) Reclassification of payments due in next 12 months to short-term 522 (522) — Payments (83) — (83) Ending Balance as of March 31, 2016 $ 541 $ 33 $ 574 Three Months Ending March 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 88 70 158 Accretion of acquisition-related contingent earn-out consideration 10 15 25 Change in the estimated fair value of contingent earn-out consideration 80 38 118 Reclassification of payments due in next12 month to short-term 798 (798) — Payments (300) — (300) Ending Balance as of March 31, 2015 $ 2,251 $ 1,035 $ 3,286

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 6. INVENTORIES Inventories consist of finished goods including books from Regnery Publishing and wellness products. All inventories are valued at the lower of cost or market as determined on a First-In First-Out (“FIFO”) cost method and reported net of estimated reserves for obsolescence. As of December 31, 2015 As of March 31, 2016 (Dollars in thousands) Regnery Publishing book inventories $ 2,186 $ 2,409 Reserve for obsolescence – Regnery Publishing (1,798) (1,999) Inventory net, Regnery Publishing 388 410 Wellness products $ 562 $ 496 Reserve for obsolescence – Wellness products (57) (35) Inventory, net Wellness products 505 461 Consolidated inventories, net $ 893 $ 871

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 7. PROPERTY AND EQUIPMENT As of December 31, 2015 As of March 31, 2016 (Dollars in thousands) Land $ 31,565 $ 31,575 Buildings 25,448 25,431 Office furnishings and equipment 39,040 38,117 Antennae, towers and transmitting equipment 84,296 84,135 Studio, production and mobile equipment 30,598 29,851 Computer software and website development costs 28,134 27,842 Record and tape libraries 55 54 Automobiles 1,298 1,306 Leasehold improvements 20,799 19,883 Construction-in-progress 6,632 7,998 $ 267,865 $ 266,192 Less accumulated depreciation (162,382) (160,963) $ 105,483 $ 105,229 Depreciation expense was approximately $ 3.2 3.0 13,000 0.8 477,000 464,000

AMORTIZABLE INTANGIBLE ASSETS

AMORTIZABLE INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2016
Intangible Assets Disclosure [Abstract]
AMORTIZABLE INTANGIBLE ASSETS	NOTE 8. AMORTIZABLE INTANGIBLE ASSETS As of March 31, 2016 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 22,403 $ (19,220) $ 3,183 Domain and brand names 17,358 (11,593) 5,765 Favorable and assigned leases 2,379 (1,909) 470 Subscriber base and lists 7,313 (4,162) 3,151 Author relationships 2,245 (1,559) 686 Non-compete agreements 1,323 (818) 505 Other amortizable intangible assets 1,336 (1,336) — $ 54,357 $ (40,597) $ 13,760 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 Year Ending December 31, Amortization Expense (Dollars in thousands) 2016 (April – Dec) $ 3,405 2017 3,285 2018 3,042 2019 2,529 2020 1,229 Thereafter 270 Total $ 13,760

DEFERRED FINANCING COSTS

DEFERRED FINANCING COSTS	3 Months Ended
	Mar. 31, 2016
Deferred Financing Costs [Abstract]
DEFERRED FINANCING COSTS	NOTE 9. DEFERRED FINANCING COSTS Deferred financing costs consist of underwriting and legal fees incurred in conjunction with entering our revolving credit facility of $ 25.0 4.58 18,000 December 31, 2015 (Dollars in thousands) As Reported As Updated ASU 2015-03 Balance Sheet Line Item: Deferred financing costs $ 2,512 $ 151

NOTES PAYABLE AND LONG-TERM DEB

NOTES PAYABLE AND LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
NOTES PAYABLE AND LONG-TERM DEBT	NOTE 10. NOTES PAYABLE AND LONG-TERM DEBT Salem Media Group, Inc. has no independent assets or operations, the subsidiary guarantees are full and unconditional and joint and several, and any subsidiaries of Salem Media Group, Inc. other than the subsidiary guarantors are minor. Term Loan B and Revolving Credit Facility On March 14, 2013, we entered into a senior secured credit facility, consisting of the Term Loan B of $ 300.0 25.0 298.5 46,000 52,000 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 We made the following payments or prepayments of our Term Loan B during the year ended December 31, 2015 and three month period ending March 31, 2016, including interest through the payment date as follows: Date Principal Paid Unamortized Discount (Dollars in thousands) March 31, 2016 $ 750 $ — March 17, 2016 809 2 January 30, 2015 2,000 15 In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting” We adopted ASU 2015-03, as amended by ASU 2015-15, as of the effective date, or fiscal years beginning after December 31, 2015. We chose to continue presentation of debt issue costs associated with our Revolver as an asset in accordance with ASU 2015-15. We have retrospectively accounted for the implementation of ASU 2015-03 and ASU 2015-15 as a change in accounting principle. December 31, 2015 (Dollars in thousands) As Reported As Updated ASU 2015-03 Balance Sheet Line Items: Term Loan B $ 273,136 $ 274,000 Less: Unamortized discount based on imputed interest rate of 4.78% — (864) Less: Unamortized debt issuance costs based on imputed interest rate of 4.78% — (2,361) Term Loan B net carrying value 273,136 270,775 Revolver 3,306 3,306 Capital leases and other loans 674 674 $ 277,116 $ 274,755 Less current portion (5,662) (5,662) Long-term debt and capital lease obligations less unamortized discount and debt issuance costs, net of current portion $ 271,454 $ 269,093 Deferred financing costs $ 2,512 $ 151 Debt issue costs are being amortized to non-cash interest expense over the life of the loan using the effective interest method. For each of the three months ended March 31, 2015 and 2016, approximately $ 140,000 142,000 17,000 18,000 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 2.00 3.44 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, 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 5.36 6.00 3.36 2.50 Other Debt We have several capital leases related to office equipment. The obligation recorded at December 31, 2015 and March 31, 2016 represents the present value of future commitments under the capital lease agreements. Summary of long-term debt obligations As of December 31, 2015 As of March 31, 2016 (Dollars in thousands) Term Loan B principal amount $ 274,000 $ 272,441 Less unamortized discount and debt issuance costs based on imputed interest rate of 4.78% (3,225) (3,022) Term Loan B net carrying value 270,775 269,419 Revolver 3,306 3,000 Capital leases and other loans 674 648 274,755 273,067 Less current portion (5,662) (6,108) $ 269,093 $ 266,959 In addition to the outstanding amounts listed above, we also have interest payments related to our long-term debt as follows as of March 31, 2016: · Outstanding borrowings of $ 272.4 3.50 2.50 · Outstanding borrowings of $ 3.0 3.00 2.00 · Commitment fees of 0.50 Maturities of Long-Term Debt and Capital Lease Obligations Amount For the Twelve Months Ended March 31, (Dollars in thousands) 2017 $ 6,108 2018 3,116 2019 3,100 2020 260,522 2021 109 Thereafter 112 $ 273,067

STOCK INCENTIVE PLAN

STOCK INCENTIVE PLAN	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK INCENTIVE PLAN	NOTE 11. 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 Three Months Ended March 31, 2015 2016 (Dollars in thousands) Stock option compensation expense included in corporate expenses $ 228 $ 121 Restricted stock shares compensation expense included in corporate expenses 1 24 Stock option compensation expense included in broadcast operating expenses 52 28 Stock option compensation expense included in digital media operating expenses 36 25 Stock option compensation expense included in publishing operating expenses 14 1 Total stock-based compensation expense, pre-tax $ 331 $ 199 Tax provision for stock-based compensation expense (132) (80) Total stock-based compensation expense, net of tax $ 199 $ 119 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. Three Months Ended March 31, 2015 2016 Expected volatility 52.37 % 47.03 % Expected dividends 4.28 % 5.36 % Expected term (in years) 3.0 7.5 Risk-free interest rate 0.85 % 1.66 % Weighted Average Weighted Average Weighted Average Remaining Contractual Aggregate Options Shares Exercise Price Grant Date Fair Value Term Intrinsic Value (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value) Outstanding at January 1, 2016 1,581,123 $ 4.87 $ 3.39 4.3 years $ 1,738 Granted 548,500 4.85 1.33 Exercised (11,625) 2.63 1.67 Forfeited or expired (56,002) 8.07 6.10 Outstanding at March 31, 2016 2,061,996 $ 4.80 $ 2.78 5.0 years $ 2,830 Exercisable at March 31, 2016 1,235,871 $ 4.76 $ 3.34 3.7 years $ 1,896 Expected to Vest 784,415 $ 4.85 $ 1.94 6.9 years $ 887 Non-employee directors of the company have been awarded restricted stock awards 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 are 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 common stock on the grant dates. Weighted Average Weighted Average Remaining Aggregate Restricted Stock Awards Shares Grant Date Fair Value Contractual Term Intrinsic Value (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value) Outstanding at January 1, 2016 8,000 $ 5.83 0.2 years $ 40 Granted — — — — Lapsed (8,000) 5.83 — 52 Forfeited — — — — Unvested outstanding at March 31, 2016 — $ — — $ — The aggregate intrinsic value represents the difference between the company’s closing stock price on March 31, 2016 of $ 5.76 1.3 1.1 As of March 31, 2016, there was $ 0.8 2.20

EQUITY TRANSACTIONS

EQUITY TRANSACTIONS	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
EQUITY TRANSACTIONS	NOTE 12. EQUITY TRANSACTIONS We account for stock-based compensation expense in accordance with FASB ASC Topic 718, “ Compensation-Stock Compensation 0.3 0.2 While we intend to pay regular quarterly distributions, the actual declaration of such future distributions and the establishment of the per share amount, record dates, and payment dates are subject to final determination by our Board of Directors and dependent upon future earnings, cash flows, financial requirements, and other factors. The current policy of the Board of Directors is to review each of these factors on a quarterly basis to determine the appropriate amount, if any, to allocate toward a cash distribution with the general principle of using approximately 20% of free cash flow. Free cash flow is a non-GAAP measure defined in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations included with this quarterly report. Cash Distributed Announcement Date Payment Date Amount Per Share (in thousands) March 10, 2016 April 5, 2016 $ 0.0650 $ 1,657 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 Based on the number of shares of Class A and Class B currently outstanding, and the currently approved distribution amount, we expect to declare and pay total annual distributions of approximately $ 6.6

BASIC AND DILUTED NET EARNINGS

BASIC AND DILUTED NET EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
BASIC AND DILUTED NET EARNINGS PER SHARE	NOTE 13. 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 1,715,252 2,061,996 574,620 317,724

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	NOTE 14. 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 that began on March 28, 2014 with a notional principal amount of $ 150.0 0.625 March 28, 2019 1.645 2.6 As of December 31, 2015 As of March 31, 2016 (Dollars in thousands) Fair value of interest rate swap liability $ 798 $ 2,556

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE ACCOUNTING	NOTE 15. FAIR VALUE MEASUREMENTS FASB ASC Topic 820 “ Fair Value Measurements and Disclosures, • 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 March 31, 2016, 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. March 31, 2016 Total Fair Value and Carrying Value Fair Value Measurement Category on Balance Sheet Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 84 $ 84 $ — $ — Trade accounts receivable, net 31,845 31,845 — — Liabilities: Accounts payable 4,174 4,174 — — Accrued expenses including estimated fair value of contingent earn-out consideration 11,262 10,721 — 541 Accrued interest 52 52 — — Long term liabilities including estimated fair value of contingent earn-out consideration 68 35 — 33 Long-term debt and capital lease obligations less unamortized discount and debt issuance costs 273,067 273,067 — — Fair value of interest rate swap 2,556 — 2,556 —

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 16. INCOME TAXES We account for income taxes in accordance with FASB ASC Topic 740, “ Income Taxes 0.1 20,000 6,000 Valuation Allowance (Deferred Taxes) For financial reporting purposes, we recorded a valuation allowance of $ 2.8

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 17. 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. We evaluate claims based on what we believe to be both probable and reasonably estimable. With the exception of the matter described below, we are unable to ascertain the ultimate aggregate amount of monetary liability or the financial impact with respect to these matters. The company maintains insurance that may provide coverage for such matters. In April 2016, pursuant to a counterclaim to a collection suit initiated by Salem, an award was issued against Salem for breach of contract and attorney fees. While we plan on appealing the award and pursuing all remedies, we recorded a legal reserve of $ 0.5

SEGMENT DATA

SEGMENT DATA	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
SEGMENT DATA	NOTE 18. SEGMENT DATA FASB ASC Topic 280, “ Segment Reporting ” three Our operating segments reflect how our chief operating decision makers, which we define as a collective group of senior executives, assesses the performance of each operating segment and determines the appropriate allocations of resources to each segment. Our operating segments do not all meet the quantitative thresholds to qualify as reportable segments; however, we have elected to disclose the results of these non-reportable operating segments as we believe this information is useful to readers of our financial statements. We continue to review our operating segment classifications to align with operational changes in our business and may make future changes as necessary. 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. Segment performance, as defined by Salem, is not necessarily comparable to other similarly titled captions of other companies. Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) Three Months Ended March 31, 2016 Net revenue $ 48,471 $ 11,284 $ 4,820 $ — $ 64,575 Operating expenses 35,988 9,186 4,948 4,213 54,335 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets $ 12,483 $ 2,098 $ (128) $ (4,213) $ 10,240 Depreciation 1,848 782 150 212 2,992 Amortization 22 1,049 72 — 1,143 Change in the estimated fair value of contingent earn-out consideration — (70) (58) — (128) (Gain) loss on disposal of assets 179 (14) (18) 3 150 Net operating income (loss) $ 10,434 $ 351 $ (274) $ (4,428) $ 6,083 Three Months Ended March 31, 2015 Net revenue $ 46,539 $ 10,791 $ 4,526 $ — $ 61,856 Operating expenses 33,917 9,000 4,497 3,991 51,405 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets $ 12,622 $ 1,791 $ 29 $ (3,991) $ 10,451 Depreciation 1,951 776 168 277 3,172 Amortization 23 1,170 136 — 1,329 Change in the estimated fair value of contingent earn-out consideration — 33 85 — 118 (Gain) loss on disposal of assets 129 — (1) 1 129 Net operating income (loss) $ 10,519 $ (188) $ (359) $ (4,269) $ 5,703 Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) As of March 31, 2016 Inventories, net $ — $ 461 $ 410 $ — $ 871 Property and equipment, net 88,651 7,205 1,681 7,692 105,229 Broadcast licenses 393,074 — — — 393,074 Goodwill 3,581 20,151 1,044 8 24,784 Other indefinite-lived intangible assets — — 833 — 833 Amortizable intangible assets, net 469 11,970 1,316 5 13,760 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

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 19. SUBSEQUENT EVENTS Subsequent events reflect all applicable transactions through the date of the filing. On May 2, 2016, we closed on the acquisition of an FM Translator in Lincoln, Maine for $ 100,000 On April 29, 2016, we closed on the acquisition of a construction permit for an FM Translator in Emporia, Kansas for $ 25,000 On April 1, 2016, we acquired the Retirement Watch newsletter for $ 0.1 On March 10, 2016, we announced a quarterly equity distribution in the amount of $ 0.0650 1.7 March 22, 2016

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Description of Business	Description of Business Salem is a domestic multi-media company with integrated operations including radio broadcasting, digital media, and publishing. Effective as of February 19, 2015, we changed our name from Salem Communications Corporation to Salem Media Group, Inc. Salem was formed in 1986 as a California corporation and was reincorporated in Delaware in 1999. Our content is intended for audiences interested in Christian and family-themed programming and conservative news talk. We maintain a website at www.salemmedia.com. Our foundational business is the ownership and operation of 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, which provide general market analysis and non-individualized investment strategies from financial commentators on a subscription basis. 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 publishing operating segment is comprised of three businesses. Regnery Publishing is a traditional book publisher that 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. Xulon Press provides self-publishing services to authors. Salem Publishing™ produces and distributes five print magazines and one digital magazine.
Variable Interest Entities	Variable Interest Entities We account for entities qualifying as variable interest entities (“VIEs”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “ Consolidation,” We may enter into Local Marketing Agreements (“LMAs”) contemporaneously with entering an Asset Purchase Agreement (“APA”) to acquire or sell a radio station. We may also enter into Time Brokerage Agreements (“TBAs”). Typically, both LMAs and TBAs are contractual agreements under which the station owner/licensee makes airtime available to a programmer/licensee in exchange for a fee and reimbursement of certain expenses. LMAs and TBAs are subject to compliance with the antitrust laws and the communications laws, including the requirement that the licensee must maintain independent control over the station and, in particular, its personnel, programming, and finances. The FCC has held that such agreements do not violate the communications laws as long as the licensee of the station receiving programming from another station maintains ultimate responsibility for, and control over, station operations and otherwise ensures compliance with the communications laws. The requirements of FASB ASC Topic 810 may apply to entities under LMAs or TBAs, depending on the facts and circumstances related to each transaction. As of March 31, 2016, we did not consolidate any entities with which we entered into LMAs or TBAs under the guidance in FASB ASC Topic 810.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant areas for which management uses estimates include: · 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. These reclassifications include the adoption of FASB Accounting Standards Update (“ASU”) 2015-03 and ASU 2015-15, which require that debt issuance costs, with the exception of costs associated with obtaining line-of-credit arrangements, to be reported as a reduction of the debt liability rather than as a deferred cost asset. The adoption of ASU 2015-03 and ASU 2015-15 is reported as a change in accounting principle and discussed in detail in Note 10 – Notes Payable and Long-Term Debt.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Changes to accounting principles are established by the FASB in the form of ASUs to the FASB’s Codification. We consider the applicability and impact of all ASUs on our In March 2016, the FASB issued ASU 2016-09, “ Improvements to Employee Share-Based Payment Accounting.” We have not yet on our 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 July 2015, the FASB issued ASU 2015-11, “ Simplifying the Measurement of Inventory 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,” Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”

ACQUISITIONS AND RECENT TRANS27

ACQUISITIONS AND RECENT TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Summary of Business Acquisitions and Asset Purchased	A summary of our business acquisitions and asset purchases during the three month period ended March 31, 2016, none of which were individually or in the aggregate material to our Condensed Consolidated financial position as of the respective date of acquisition, is as follows: Acquisition Date Description Total Cost (Dollars in thousands) March 8, 2016 King James Bible mobile applications (business acquisition) $ 4,000 Various Purchase of domain names and assets for use in publishing business (asset purchases) 3 $ 4,003
Summary of Total Acquisition Consideration	The following table summarizes the total acquisition consideration for the three month period ending March 31, 2016: Description Total Consideration (Dollars in thousands) Cash payments $ 2,703 Deferred payments 1,300 Total purchase price consideration $ 4,003
Total Acquisition Consideration Allocated	The total acquisition consideration was allocated to the net assets acquired as follows: Net Digital Media Net Publishing Net Total Assets Acquired Assets Acquired Assets Acquired (Dollars in thousands) Assets Property and equipment $ 360 $ — $ 360 Goodwill 221 — 221 Domain and brand names 736 3 739 Customer lists and contracts 2,394 — 2,394 Non-compete agreements 289 — 289 $ 4,000 $ 3 $ 4,003

CONTINGENT EARN-OUT CONSIDERA28

CONTINGENT EARN-OUT CONSIDERATION (Tables)	3 Months Ended
	Mar. 31, 2016
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 during the three month period ending March 31, 2016 and 2015: Three Months Ending March 31, 2016 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2016 $ 173 $ 602 $ 775 Acquisitions — — — Accretion of acquisition-related contingent earn-out consideration 3 7 10 Change in the estimated fair value of contingent earn-out consideration (74) (54) (128) Reclassification of payments due in next 12 months to short-term 522 (522) — Payments (83) — (83) Ending Balance as of March 31, 2016 $ 541 $ 33 $ 574 Three Months Ending March 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 88 70 158 Accretion of acquisition-related contingent earn-out consideration 10 15 25 Change in the estimated fair value of contingent earn-out consideration 80 38 118 Reclassification of payments due in next12 month to short-term 798 (798) — Payments (300) — (300) Ending Balance as of March 31, 2015 $ 2,251 $ 1,035 $ 3,286

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2015 As of March 31, 2016 (Dollars in thousands) Regnery Publishing book inventories $ 2,186 $ 2,409 Reserve for obsolescence – Regnery Publishing (1,798) (1,999) Inventory net, Regnery Publishing 388 410 Wellness products $ 562 $ 496 Reserve for obsolescence – Wellness products (57) (35) Inventory, net Wellness products 505 461 Consolidated inventories, net $ 893 $ 871

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2016
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, 2015 As of March 31, 2016 (Dollars in thousands) Land $ 31,565 $ 31,575 Buildings 25,448 25,431 Office furnishings and equipment 39,040 38,117 Antennae, towers and transmitting equipment 84,296 84,135 Studio, production and mobile equipment 30,598 29,851 Computer software and website development costs 28,134 27,842 Record and tape libraries 55 54 Automobiles 1,298 1,306 Leasehold improvements 20,799 19,883 Construction-in-progress 6,632 7,998 $ 267,865 $ 266,192 Less accumulated depreciation (162,382) (160,963) $ 105,483 $ 105,229

AMORTIZABLE INTANGIBLE ASSETS (

AMORTIZABLE INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2016
Intangible Assets Disclosure [Abstract]
Summary of Significant Classes of Amortizable Intangible Assets	The following tables provide details, by major category, of the significant classes of amortizable intangible assets: As of March 31, 2016 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 22,403 $ (19,220) $ 3,183 Domain and brand names 17,358 (11,593) 5,765 Favorable and assigned leases 2,379 (1,909) 470 Subscriber base and lists 7,313 (4,162) 3,151 Author relationships 2,245 (1,559) 686 Non-compete agreements 1,323 (818) 505 Other amortizable intangible assets 1,336 (1,336) — $ 54,357 $ (40,597) $ 13,760 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
Amortizable Intangible Assets, Estimate Amortization Expense	Based on the amortizable intangible assets as of March 31, 2016, we estimate amortization expense for the next five years to be as follows: Year Ending December 31, Amortization Expense (Dollars in thousands) 2016 (April – Dec) $ 3,405 2017 3,285 2018 3,042 2019 2,529 2020 1,229 Thereafter 270 Total $ 13,760

DEFERRED FINANCING COSTS (Table

DEFERRED FINANCING COSTS (Tables)	3 Months Ended
	Mar. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of deferred costs, capitalized, prepaid, and other assets disclosure	We have reclassified debt issue costs reported on our December 31, 2015 condensed consolidated balance sheet as follows: December 31, 2015 (Dollars in thousands) As Reported As Updated ASU 2015-03 Balance Sheet Line Item: Deferred financing costs $ 2,512 $ 151

NOTES PAYABLE AND LONG-TERM D33

NOTES PAYABLE AND LONG-TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles	We have reclassified debt issue costs reported on our December 31, 2015 consolidated balance sheet as follows: December 31, 2015 (Dollars in thousands) As Reported As Updated ASU 2015-03 Balance Sheet Line Items: Term Loan B $ 273,136 $ 274,000 Less: Unamortized discount based on imputed interest rate of 4.78% — (864) Less: Unamortized debt issuance costs based on imputed interest rate of 4.78% — (2,361) Term Loan B net carrying value 273,136 270,775 Revolver 3,306 3,306 Capital leases and other loans 674 674 $ 277,116 $ 274,755 Less current portion (5,662) (5,662) Long-term debt and capital lease obligations less unamortized discount and debt issuance costs, net of current portion $ 271,454 $ 269,093 Deferred financing costs $ 2,512 $ 151
Long-Term Debt	Long-term debt consisted of the following: As of December 31, 2015 As of March 31, 2016 (Dollars in thousands) Term Loan B principal amount $ 274,000 $ 272,441 Less unamortized discount and debt issuance costs based on imputed interest rate of 4.78% (3,225) (3,022) Term Loan B net carrying value 270,775 269,419 Revolver 3,306 3,000 Capital leases and other loans 674 648 274,755 273,067 Less current portion (5,662) (6,108) $ 269,093 $ 266,959
Principle Repayment Requirements Under Long Term Agreements Outstanding	Principal repayment requirements under all long-term debt agreements and capital lease obligations outstanding at March 31, 2016 for each of the next five years and thereafter are as follows: Amount For the Twelve Months Ended March 31, (Dollars in thousands) 2017 $ 6,108 2018 3,116 2019 3,100 2020 260,522 2021 109 Thereafter 112 $ 273,067
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 made the following payments or prepayments of our Term Loan B during the year ended December 31, 2015 and three month period ending March 31, 2016, including interest through the payment date as follows: Date Principal Paid Unamortized Discount (Dollars in thousands) March 31, 2016 $ 750 $ — March 17, 2016 809 2 January 30, 2015 2,000 15

STOCK INCENTIVE PLAN (Tables)

STOCK INCENTIVE PLAN (Tables)	3 Months Ended
	Mar. 31, 2016
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 Condensed Consolidated Statements of Operations for the three months ended March 31, 2015 and 2016: Three Months Ended March 31, 2015 2016 (Dollars in thousands) Stock option compensation expense included in corporate expenses $ 228 $ 121 Restricted stock shares compensation expense included in corporate expenses 1 24 Stock option compensation expense included in broadcast operating expenses 52 28 Stock option compensation expense included in digital media operating expenses 36 25 Stock option compensation expense included in publishing operating expenses 14 1 Total stock-based compensation expense, pre-tax $ 331 $ 199 Tax provision for stock-based compensation expense (132) (80) Total stock-based compensation expense, net of tax $ 199 $ 119
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 three months ended March 31, 2015 and 2016: Three Months Ended March 31, 2015 2016 Expected volatility 52.37 % 47.03 % Expected dividends 4.28 % 5.36 % Expected term (in years) 3.0 7.5 Risk-free interest rate 0.85 % 1.66 %
Schedule of Stock Option Activity	Stock option information with respect to the company’s stock-based equity plans during the three months ended March 31, 2016 is as follows: Weighted Average Weighted Average Weighted Average Remaining Contractual Aggregate Options Shares Exercise Price Grant Date Fair Value Term Intrinsic Value (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value) Outstanding at January 1, 2016 1,581,123 $ 4.87 $ 3.39 4.3 years $ 1,738 Granted 548,500 4.85 1.33 Exercised (11,625) 2.63 1.67 Forfeited or expired (56,002) 8.07 6.10 Outstanding at March 31, 2016 2,061,996 $ 4.80 $ 2.78 5.0 years $ 2,830 Exercisable at March 31, 2016 1,235,871 $ 4.76 $ 3.34 3.7 years $ 1,896 Expected to Vest 784,415 $ 4.85 $ 1.94 6.9 years $ 887
Schedule of Information Regarding Restricted Stock Activity	Information regarding the company’s restricted stock awards during the three months ended March 31, 2016 is as follows: Weighted Average Weighted Average Remaining Aggregate Restricted Stock Awards Shares Grant Date Fair Value Contractual Term Intrinsic Value (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value) Outstanding at January 1, 2016 8,000 $ 5.83 0.2 years $ 40 Granted — — — — Lapsed (8,000) 5.83 — 52 Forfeited — — — — Unvested outstanding at March 31, 2016 — $ — — $ —

EQUITY TRANSACTIONS (Tables)

EQUITY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Schedule of Cash Distributions Declared and Paid	The following table shows distributions that have been declared and paid since January 1, 2015: Cash Distributed Announcement Date Payment Date Amount Per Share (in thousands) March 10, 2016 April 5, 2016 $ 0.0650 $ 1,657 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

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position Fair Value	As of December 31, 2015 As of March 31, 2016 (Dollars in thousands) Fair value of interest rate swap liability $ 798 $ 2,556

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
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: March 31, 2016 Total Fair Value and Carrying Value Fair Value Measurement Category on Balance Sheet Level 1 Level 2 Level 3 (Dollars in thousands) Assets: Cash and cash equivalents $ 84 $ 84 $ — $ — Trade accounts receivable, net 31,845 31,845 — — Liabilities: Accounts payable 4,174 4,174 — — Accrued expenses including estimated fair value of contingent earn-out consideration 11,262 10,721 — 541 Accrued interest 52 52 — — Long term liabilities including estimated fair value of contingent earn-out consideration 68 35 — 33 Long-term debt and capital lease obligations less unamortized discount and debt issuance costs 273,067 273,067 — — Fair value of interest rate swap 2,556 — 2,556 —

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Data	The table below presents financial information for each operating segment as of March 31, 2016 and 2015 based on the composition of our operating segments: Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) Three Months Ended March 31, 2016 Net revenue $ 48,471 $ 11,284 $ 4,820 $ — $ 64,575 Operating expenses 35,988 9,186 4,948 4,213 54,335 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets $ 12,483 $ 2,098 $ (128) $ (4,213) $ 10,240 Depreciation 1,848 782 150 212 2,992 Amortization 22 1,049 72 — 1,143 Change in the estimated fair value of contingent earn-out consideration — (70) (58) — (128) (Gain) loss on disposal of assets 179 (14) (18) 3 150 Net operating income (loss) $ 10,434 $ 351 $ (274) $ (4,428) $ 6,083 Three Months Ended March 31, 2015 Net revenue $ 46,539 $ 10,791 $ 4,526 $ — $ 61,856 Operating expenses 33,917 9,000 4,497 3,991 51,405 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets $ 12,622 $ 1,791 $ 29 $ (3,991) $ 10,451 Depreciation 1,951 776 168 277 3,172 Amortization 23 1,170 136 — 1,329 Change in the estimated fair value of contingent earn-out consideration — 33 85 — 118 (Gain) loss on disposal of assets 129 — (1) 1 129 Net operating income (loss) $ 10,519 $ (188) $ (359) $ (4,269) $ 5,703 Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) As of March 31, 2016 Inventories, net $ — $ 461 $ 410 $ — $ 871 Property and equipment, net 88,651 7,205 1,681 7,692 105,229 Broadcast licenses 393,074 — — — 393,074 Goodwill 3,581 20,151 1,044 8 24,784 Other indefinite-lived intangible assets — — 833 — 833 Amortizable intangible assets, net 469 11,970 1,316 5 13,760 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

IMPAIRMENT OF GOODWILL AND OT39

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details Textual)	3 Months Ended
	Mar. 31, 2016
Goodwill And Other Intangible Assets [Line Items]
Percentage Of Intangible Assets	70.00%
Broadcast Licenses [Member]
Goodwill And Other Intangible Assets [Line Items]
Percentage Of Indefinite Lived Intangible Assets	94.00%
Mastheads [Member]
Goodwill And Other Intangible Assets [Line Items]
Percentage Of Indefinite Lived Intangible Assets	6.00%

IMPAIRMENT OF LONG-LIVED ASSE40

IMPAIRMENT OF LONG-LIVED ASSETS (Details Textual)	3 Months Ended
	Mar. 31, 2016USD ($)
Impairment Of Long Lived Assets [Line Items]
Impairment of Long-Lived Assets to be Disposed of	$ 0

ACQUISITIONS AND RECENT TRANS41

ACQUISITIONS AND RECENT TRANSACTIONS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 4,003
King James Bible mobile applications (business acquisition)
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 4,000
Business Acquisition, Effective Date of Acquisition	Mar. 8, 2016
Purchase of domain names and assets for use in publishing business (asset purchases)
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 3

ACQUISITIONS AND RECENT TRANS42

ACQUISITIONS AND RECENT TRANSACTIONS (Details 1) $ in Thousands	Mar. 31, 2016USD ($)
Business Acquisition [Line Items]
Cash payments	$ 2,703
Deferred payments	1,300
Total purchase price consideration	$ 4,003

ACQUISITIONS AND RECENT TRANS43

ACQUISITIONS AND RECENT TRANSACTIONS (Details 2) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Goodwill	$ 24,784	$ 24,563
Broadcast Digital Media and Publishing Acquisitions [Member]
Assets
Property and equipment	360
Goodwill	221
Domain and brand names	739
Customer lists and contracts	2,394
Non-compete agreements	289
Liabilities
Total purchase price consideration	4,003
Broadcast [Member] | Broadcast Digital Media and Publishing Acquisitions [Member]
Assets
Property and equipment	360
Goodwill	221
Domain and brand names	736
Customer lists and contracts	2,394
Non-compete agreements	289
Liabilities
Total purchase price consideration	4,000
Digital Media [Member] | Broadcast Digital Media and Publishing Acquisitions [Member]
Assets
Property and equipment	0
Goodwill	0
Domain and brand names	3
Customer lists and contracts	0
Non-compete agreements	0
Liabilities
Total purchase price consideration	$ 3

ACQUISITIONS AND RECENT TRANS44

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

Mar. 08, 2016

Mar. 31, 2016

Mar. 17, 2016

Jan. 30, 2015

Mar. 31, 2016

Mar. 31, 2015

Feb. 22, 2016

Jan. 27, 2016

Jan. 25, 2016

Dec. 31, 2015

Dec. 15, 2015

May. 06, 2015

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

Payments for Loans

$ 750,000

$ 809,000

$ 2,000,000

$ 800,000

Gains (Losses) on Extinguishment of Debt, Total

(9,000)

$ (41,000)

Amortization of Financing Costs

160,000

158,000

Business Combination, Consideration Transferred, Total

4,003,000

Goodwill

24,784,000

24,784,000

$ 24,563,000

King James Bible Mobile Applications [Member]

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

Goodwill

$ 200,000

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

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

$ 4,000,000

Term B Loan [Member]

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

Payments for Loans

800,000

Debt Instrument, Face Amount

300,000,000

300,000,000

Gains (Losses) on Extinguishment of Debt, Total

9,000

Amortization of Financing Costs

$ 2,500

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

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

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

Business Combination, Consideration Transferred, Total

3,300

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 1,100,000

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

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

Business Combination, Consideration Transferred, Total

$ 100,000

$ 200,000

Asset Purchase Agreement One [Member]

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

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 60,000

Asset Purchase Agreement Two [Member]

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

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 50,000

Asset Purchase Agreement Three [Member]

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

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 50,000

Asset Purchase Agreement Four [Member]

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

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 100,000

Asset Purchase Agreement Five [Member]

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

Business Acquisition Cost Of Acquired Entity Cash Paid Net

88,000

Asset Purchase Agreement Six [Member]

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

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 25,000

Asset Purchase Agreement Seven [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

CONTINGENT EARN-OUT CONSIDERA45

CONTINGENT EARN-OUT CONSIDERATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	$ 775	$ 3,285
Acquisitions	0	158
Accretion of acquisition-related contingent earn-out consideration	10	25
Change in the estimated fair value of contingent earn-out consideration	(128)	118
Reclassification of payments due in next 12 months to short-term	0	0
Payments	(83)	(300)
Ending Balance	574	3,286
Short-Term Accrued Expenses [Member]
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	173	1,575
Acquisitions	0	88
Accretion of acquisition-related contingent earn-out consideration	3	10
Change in the estimated fair value of contingent earn-out consideration	(74)	80
Reclassification of payments due in next 12 months to short-term	522	798
Payments	(83)	(300)
Ending Balance	541	2,251
Long-Term Other Liabilities [Member]
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	602	1,710
Acquisitions	0	70
Accretion of acquisition-related contingent earn-out consideration	7	15
Change in the estimated fair value of contingent earn-out consideration	(54)	38
Reclassification of payments due in next 12 months to short-term	(522)	(798)
Payments	0	0
Ending Balance	$ 33	$ 1,035

CONTINGENT EARN-OUT CONSIDERA46

CONTINGENT EARN-OUT CONSIDERATION (Details Textual) - USD ($)	Feb. 06, 2015	May. 06, 2015	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	Jan. 10, 2014
Business Acquisition, Contingent Consideration [Line Items]
Business Combination, Contingent Consideration Arrangements Payment			$ (83,000)	$ (300,000)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability			(128,000)	$ 118,000
Bryan Perry Newsletters (business acquisition) [Member]
Business Acquisition, Contingent Consideration [Line Items]
Business Combination, Contingent Consideration Arrangements Payment			8,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability			7,000
Business Combination, Contingent Consideration, Liability	$ 171,000
Contingent Earn Out Consideration Due To Seller Net Subscriber Revenues Percentage	50.00%
Business Combination Liabilities A rising From Contingencies Amount Recognized Discounted Present Value	$ 158,000
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, Change in Amount of Contingent Consideration, Liability			57,000
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	$ 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, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability		300,000	$ 64,000
Business Combination, Liabilities Arising from Contingencies, Amount Recognized		165,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		300,000
Business Combination Liabilities A rising From Contingencies Amount Recognized Discounted Present Value		$ 142,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory [Line Items]
Reserve for obsolescence	$ (2,034)	$ (1,855)
Inventories, net	871	893
Regnery Publishing [Member]
Inventory [Line Items]
Inventories, gross	2,409	2,186
Reserve for obsolescence	(1,999)	(1,798)
Inventories, net	410	388
Wellness Products [Member]
Inventory [Line Items]
Inventories, gross	496	562
Reserve for obsolescence	(35)	(57)
Inventories, net	$ 461	$ 505

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment, Gross, Total	$ 266,192	$ 267,865
Less accumulated depreciation	(160,963)	(162,382)
Property, Plant and Equipment, Net, Total	105,229	105,483
Land [Member]
Property, Plant and Equipment, Gross, Total	31,575	31,565
Building [Member]
Property, Plant and Equipment, Gross, Total	25,431	25,448
Office furnishings and equipment [Member]
Property, Plant and Equipment, Gross, Total	38,117	39,040
Antennae, towers and transmitting equipment
Property, Plant and Equipment, Gross, Total	84,135	84,296
Studio, production and mobile equipment
Property, Plant and Equipment, Gross, Total	29,851	30,598
Computer Software [Member]
Property, Plant and Equipment, Gross, Total	27,842	28,134
Record and tape libraries [Member]
Property, Plant and Equipment, Gross, Total	54	55
Automobiles [Member]
Property, Plant and Equipment, Gross, Total	1,306	1,298
Leasehold Improvements [Member]
Property, Plant and Equipment, Gross, Total	19,883	20,799
Construction in Progress [Member]
Property, Plant and Equipment, Gross, Total	$ 7,998	$ 6,632

PROPERTY AND EQUIPMENT (Detai49

PROPERTY AND EQUIPMENT (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Depreciation, Total	$ 3,000,000	$ 3,200,000
Capital Lease Obligations	800,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	160,963,000		$ 162,382,000
Capital Lease [Member]
Depreciation, Total	13,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 477,000		$ 464,000

AMORTIZABLE INTANGIBLE ASSETS50

AMORTIZABLE INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Cost	$ 54,357	$ 50,935
Accumulated Amortization	(40,597)	(39,454)
Net	13,760	11,481
Customer lists and contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	22,403	20,009
Accumulated Amortization	(19,220)	(18,914)
Net	3,183	1,095
Domain and brand names [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	17,358	16,619
Accumulated Amortization	(11,593)	(11,200)
Net	5,765	5,419
Favorable and assigned leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	2,379	2,379
Accumulated Amortization	(1,909)	(1,887)
Net	470	492
Subscriber base and lists [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	7,313	7,313
Accumulated Amortization	(4,162)	(3,808)
Net	3,151	3,505
Author Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	2,245	2,245
Accumulated Amortization	(1,559)	(1,523)
Net	686	722
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	1,323	1,034
Accumulated Amortization	(818)	(786)
Net	505	248
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 ASSETS51

AMORTIZABLE INTANGIBLE ASSETS (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
2016 (April - Dec)	$ 3,405
2,017	3,285
2,018	3,042
2,019	2,529
2,020	1,229
Thereafter	270
Total	$ 13,760	$ 11,481

DEFERRED FINANCING COSTS (Detai

DEFERRED FINANCING COSTS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Deferred financing costs	$ 133	$ 151
Scenario, Previously Reported [Member]
Deferred financing costs		$ 2,512

DEFERRED FINANCING COSTS (Det53

DEFERRED FINANCING COSTS (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Defined Contribution Benefit Plans [Line Items]
Deferred Finance Costs, Noncurrent, Net	$ 133,000		$ 151,000
Amortization of Financing Costs	$ 160,000	$ 158,000
Revolver [Member]
Defined Contribution Benefit Plans [Line Items]
Line of Credit Facility, Interest Rate During Period	4.58%
Amortization of Financing Costs	$ 18,000	$ 18,000

NOTES PAYABLE AND LONG-TERM D54

NOTES PAYABLE AND LONG-TERM DEBT (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Mar. 31, 2016	Mar. 17, 2016	Jan. 30, 2015	Mar. 31, 2016
Principal Paid	$ 750	$ 809	$ 2,000	$ 800
Unamortized Discount	$ 0	$ 2	$ 15	$ 0

NOTES PAYABLE AND LONG-TERM D55

NOTES PAYABLE AND LONG-TERM DEBT (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 17, 2016	Dec. 31, 2015	Jan. 30, 2015
Debt Instrument [Line Items]
Less: Unamortized discount based on imputed interest rate of 4.78%	$ 0	$ 2		$ 15
Long Term Debt And Capital Lease Obligations Current And Noncurrent	273,067		$ 274,755
Less current portion	6,108		5,662
Long-term debt and capital lease obligations less unamortized discount and debt issuance costs, net of current portion	266,959		269,093
Deferred financing costs	133		151
Term B Loan [Member]
Debt Instrument [Line Items]
Term Loan B			274,000
Less: Unamortized discount based on imputed interest rate of 4.78%			(864)
Less: Unamortized debt issuance costs based on imputed interest rate of 4.78%			(2,361)
Term Loan B net carrying value	269,419		270,775
Revolver [Member]
Debt Instrument [Line Items]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	3,000		3,306
Capital Lease Obligations And Other [Member]
Debt Instrument [Line Items]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	$ 648		674
Scenario, Previously Reported [Member]
Debt Instrument [Line Items]
Long Term Debt And Capital Lease Obligations Current And Noncurrent			277,116
Less current portion			(5,662)
Long-term debt and capital lease obligations less unamortized discount and debt issuance costs, net of current portion			271,454
Deferred financing costs			2,512
Scenario, Previously Reported [Member] | Term B Loan [Member]
Debt Instrument [Line Items]
Term Loan B			273,136
Less: Unamortized discount based on imputed interest rate of 4.78%			0
Less: Unamortized debt issuance costs based on imputed interest rate of 4.78%			0
Term Loan B net carrying value			273,136
Scenario, Previously Reported [Member] | Revolver [Member]
Debt Instrument [Line Items]
Long Term Debt And Capital Lease Obligations Current And Noncurrent			3,306
Scenario, Previously Reported [Member] | Capital Lease Obligations And Other [Member]
Debt Instrument [Line Items]
Long Term Debt And Capital Lease Obligations Current And Noncurrent			$ 674

NOTES PAYABLE AND LONG-TERM D56

NOTES PAYABLE AND LONG-TERM DEBT (Details 1) (Parenthetical)	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument, Interest Rate, Stated Percentage		4.78%
Term B Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage	4.78%	4.78%

NOTES PAYABLE AND LONG-TERM D57

NOTES PAYABLE AND LONG-TERM DEBT (Details 2)	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.78%
LIBOR Loans [Member] | Less than 3.00 to 1.00 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.25%
LIBOR Loans [Member] | Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.50%
LIBOR Loans [Member] | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.75%
LIBOR Loans [Member] | Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.00%
Less than 3.00 to 1.00 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.25%
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 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 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 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 D58

NOTES PAYABLE AND LONG-TERM DEBT (Details 2) (Parenthetical)	Mar. 31, 2016
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Leverage Ratio	5.36%
Maximum [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Leverage Ratio	0.00%
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%
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	3.00%
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 D59

NOTES PAYABLE AND LONG-TERM DEBT (Details 3) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Long Term Debt And Capital Lease Obligations Current And Noncurrent	$ 273,067	$ 274,755
Less current portion	(6,108)	(5,662)
Long-term Debt and Capital Lease Obligations, Total	266,959	269,093
Term B Loan [Member]
Term Loan B principal amount	272,441	274,000
Less unamortized discount and debt issuance costs based on imputed interest rate of 4.78%	(3,022)	(3,225)
Term Loan B net carrying value	269,419	270,775
Revolver [Member]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	3,000	3,306
Capital Lease Obligations And Other [Member]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	$ 648	$ 674

NOTES PAYABLE AND LONG-TERM D60

NOTES PAYABLE AND LONG-TERM DEBT (Details 3) (Parenthetical)	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		4.78%
Term B Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.78%	4.78%

NOTES PAYABLE AND LONG-TERM D61

NOTES PAYABLE AND LONG-TERM DEBT (Details 4) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
2,017	$ 6,108
2,018	3,116
2,019	3,100
2,020	260,522
2,021	109
Thereafter	112
Long-term debt	$ 273,067	$ 274,755

NOTES PAYABLE AND LONG-TERM D62

NOTES PAYABLE AND LONG-TERM DEBT (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 30, 2013	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2014	Mar. 14, 2013
Interest Expense, Debt		$ 142,000	$ 140,000
Revolving Credit Facility [Member]
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		3.36%			2.50%
Leverage Ratio, Description		53.6 to 1
Term B Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 272,400,000				$ 300,000,000
Senior Notes, Noncurrent						298,500,000
Interest Expense, Debt		$ 52,000	46,000
Floor Rate On Term Loan		1.00%
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		3.44%
Debt Instrument Interest Additional Interest Above Prime Rate		2.50%
Debt Instrument Interest Over London Inter bank Offered Rate				3.50%
Debt Instrument Interest Additional Interest Above London Interbank Offered Rate		3.50%
Revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 3,000,000				$ 25,000,000
Interest Expense, Debt		$ 18,000	$ 17,000
Debt Instrument Interest Additional Interest Above Base Rate		2.00%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.50%
Debt Instrument Interest Additional Interest Above London Interbank Offered Rate		3.00%

STOCK INCENTIVE PLAN (Details)

STOCK INCENTIVE PLAN (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense, pre-tax	$ 199	$ 331
Tax provision for stock-based compensation expense	(80)	(132)
Total stock-based compensation expense, net of tax	119	199
Corporate [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	121	228
Restricted stock shares compensation expense	24	1
Broadcast [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	28	52
Publishing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	1	14
Internet [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	$ 25	$ 36

STOCK INCENTIVE PLAN (Details 1

STOCK INCENTIVE PLAN (Details 1)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected volatility	47.03%	52.37%
Expected dividends	5.36%	4.28%
Expected term (in years)	7 years 6 months	3 years
Risk-free interest rate	1.66%	0.85%

STOCK INCENTIVE PLAN (Details 2

STOCK INCENTIVE PLAN (Details 2) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Shares
Outstanding | shares	2,061,996
Employee Stock Option [Member]
Shares
Outstanding | shares	1,581,123
Granted | shares	548,500
Exercised | shares	(11,625)
Forfeited or expired | shares	(56,002)
Outstanding | shares	2,061,996
Exercisable at end of period | shares	1,235,871
Expected to Vest | shares	784,415
Weighted Average Exercise Price
Outstanding	$ 4.87
Granted	4.85
Exercised	2.63
Forfeited or expired	8.07
Outstanding	4.8
Exercisable at end of period	4.76
Expected to Vest	4.85
Weighted Average Grant Date Fair value
Outstanding	3.39
Granted	1.33
Exercised	1.67
Forfeited or expired	6.1
Outstanding	2.78
Exercisable at end of period	3.34
Expected to Vest	$ 1.94
Weighted Average Remaining Contractual Term
Outstanding	4 years 3 months 18 days
Outstanding	5 years
Exercisable at end of period	3 years 8 months 12 days
Expected to Vest	6 years 10 months 24 days
Aggregate Intrinsic Value
Outstanding | $	$ 1,738
Granted | $
Exercised | $
Forfeited or expired | $
Outstanding | $	$ 2,830
Exercisable at end of period | $	1,896
Expected to Vest | $	$ 887

STOCK INCENTIVE PLAN (Details 3

STOCK INCENTIVE PLAN (Details 3) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Shares
Outstanding | shares | shares	8,000
Granted | shares	0
Lapsed | shares	(8,000)
Forfeited | shares	0
Outstanding | shares | shares	0
Weighted Average Grant Date Fair Value
Outstanding | $ / shares	$ 5.83
Granted | $ / shares	0
Lapsed | $ / shares	5.83
Forfeited | $ / shares	0
Outstanding | $ / shares	$ 0
Weighted Average Remaining Contractual Term
Outstanding, contractual term	2 months 12 days
Aggregate Intrinsic Value
Outstanding | $ | $	$ 40
Granted | $ | $	0
Lapsed | $	52
Forfeited or expired | $	0
Outstanding | $ | $	$ 0

STOCK INCENTIVE PLAN (Details T

STOCK INCENTIVE PLAN (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 0.8
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 2 months 12 days
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	$ 5.76
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 1.1	$ 1.3

EQUITY TRANSACTIONS (Details)

EQUITY TRANSACTIONS (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)$ / shares
Dividend Payment One [Member]
Dividends Payable [Line Items]
Announcement Date	Mar. 10, 2016
Payment Date	Apr. 5, 2016
Amount Per Share | $ / shares	$ 0.0650
Cash Distributed | $	$ 1,657
Dividend Payment Two [Member]
Dividends Payable [Line Items]
Announcement Date	Dec. 1, 2015
Payment Date	Dec. 29, 2015
Amount Per Share | $ / shares	$ 0.0650
Cash Distributed | $	$ 1,656
Dividend Payment Three [Member]
Dividends Payable [Line Items]
Announcement Date	Sep. 1, 2015
Payment Date	Sep. 30, 2015
Amount Per Share | $ / shares	$ 0.0650
Cash Distributed | $	$ 1,655
Dividend Payment Four [Member]
Dividends Payable [Line Items]
Announcement Date	Jun. 2, 2015
Payment Date	Jun. 30, 2015
Amount Per Share | $ / shares	$ 0.0650
Cash Distributed | $	$ 1,654
Dividend Payment Five [Member]
Dividends Payable [Line Items]
Announcement Date	Mar. 5, 2015
Payment Date	Mar. 31, 2015
Amount Per Share | $ / shares	$ 0.0650
Cash Distributed | $	$ 1,647

EQUITY TRANSACTIONS (Details Te

EQUITY TRANSACTIONS (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	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	$ 0.2	$ 0.3
Scenario, Forecast [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected Dividend Payments			$ 6.6

BASIC AND DILUTED NET EARNING70

BASIC AND DILUTED NET EARNINGS PER SHARE (Details Textual) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share Basic And Diluted [Line Items]
Options to purchase Class A common stock	2,061,996	1,715,252
Dilutive shares	317,724	574,620

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Fair value of interest rate swap asset (liability)	$ 2,556
Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Fair value of interest rate swap asset (liability)	2,556
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Fair value of interest rate swap asset (liability)	$ 2,556	$ 798

DERIVATIVE INSTRUMENTS (Detai72

DERIVATIVE INSTRUMENTS (Details Textual) - Interest Rate Swap [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 27, 2013
Derivative [Line Items]
Derivative, Notional Amount		$ 150
Payments swap LIBOR floor rate	0.625%
Derivative, Maturity Date	Mar. 28, 2019
Interest rate swap, fixed rate	1.645%
Liabilities, Noncurrent, Total	$ 2.6

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Cash and cash equivalents	$ 84
Trade accounts receivable, net	31,845
Liabilities:
Accounts payable	4,174
Accrued expenses including estimated fair value of contingent earn-out consideration	11,262
Accrued interest	52
Long term liabilities including estimated fair value of contingent earn-out consideration	68	$ 636
Long-term debt and capital lease obligations less unamortized discount and debt issuance costs	273,067
Fair value of interest rate swap	2,556
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash and cash equivalents	84
Trade accounts receivable, net	31,845
Liabilities:
Accounts payable	4,174
Accrued expenses including estimated fair value of contingent earn-out consideration	10,721
Accrued interest	52
Long term liabilities including estimated fair value of contingent earn-out consideration	35
Long-term debt and capital lease obligations less unamortized discount and debt issuance costs	273,067
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 less unamortized discount and debt issuance costs	0
Fair value of interest rate swap	2,556
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	541
Accrued interest	0
Long term liabilities including estimated fair value of contingent earn-out consideration	33
Long-term debt and capital lease obligations less unamortized discount and debt issuance costs	0
Fair value of interest rate swap	$ 0

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits		$ 100,000
Unrecognized Tax Benefits, Interest on Income Taxes Accrued		20,000
Unrecognized Tax Benefits, Income Tax Penalties Accrued		$ 6,000
Deferred Tax Assets, Valuation Allowance	$ 2,800,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Textual) $ in Millions	Mar. 31, 2016USD ($)
Commitments And Contingencies [Line Items]
Loss Contingency Accrual, Beginning Balance	$ 0.5

SEGMENT DATA (Details)

SEGMENT DATA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	$ 64,575	$ 61,856
Operating expenses	54,335	51,405
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets	10,240	10,451
Depreciation	2,992	3,172
Amortization	1,143	1,329
Change in the estimated fair value of contingent earn-out consideration	(128)	118
(Gain) loss on disposal of assets	(150)	(129)
Net operating income (loss)	6,083	5,703
Inventories, net	871		$ 893
Property and equipment, net	105,229		105,483
Broadcast licenses	393,074		393,031
Goodwill	24,784		24,563
Other indefinite-lived intangible assets	833		833
Amortizable intangible assets, net	13,760		11,481
Operating Segments [Member] | Broadcast [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	48,471	46,539
Operating expenses	35,988	33,917
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets	12,483	12,622
Depreciation	1,848	1,951
Amortization	22	23
Change in the estimated fair value of contingent earn-out consideration	0	0
(Gain) loss on disposal of assets	179	129
Net operating income (loss)	10,434	10,519
Inventories, net	0		0
Property and equipment, net	88,651		88,788
Broadcast licenses	393,074		393,031
Goodwill	3,581		3,581
Other indefinite-lived intangible assets	0		0
Amortizable intangible assets, net	469		492
Operating Segments [Member] | Digital Media [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	11,284	10,791
Operating expenses	9,186	9,000
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets	2,098	1,791
Depreciation	782	776
Amortization	1,049	1,170
Change in the estimated fair value of contingent earn-out consideration	(70)	33
(Gain) loss on disposal of assets	(14)	0
Net operating income (loss)	351	(188)
Inventories, net	461		505
Property and equipment, net	7,205		7,033
Broadcast licenses	0		0
Goodwill	20,151		19,930
Other indefinite-lived intangible assets	0		0
Amortizable intangible assets, net	11,970		9,599
Operating Segments [Member] | Publishing [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	4,820	4,526
Operating expenses	4,948	4,497
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets	(128)	29
Depreciation	150	168
Amortization	72	136
Change in the estimated fair value of contingent earn-out consideration	(58)	85
(Gain) loss on disposal of assets	(18)	(1)
Net operating income (loss)	(274)	(359)
Inventories, net	410		388
Property and equipment, net	1,681		1,742
Broadcast licenses	0		0
Goodwill	1,044		1,044
Other indefinite-lived intangible assets	833		833
Amortizable intangible assets, net	1,316		1,385
Operating Segments [Member] | Unallocated Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	0	0
Operating expenses	4,213	3,991
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets	(4,213)	(3,991)
Depreciation	212	277
Amortization	0	0
Change in the estimated fair value of contingent earn-out consideration	0	0
(Gain) loss on disposal of assets	3	1
Net operating income (loss)	(4,428)	$ (4,269)
Inventories, net	0		0
Property and equipment, net	7,692		7,920
Broadcast licenses	0		0
Goodwill	8		8
Other indefinite-lived intangible assets	0		0
Amortizable intangible assets, net	$ 5		$ 5

SEGMENT DATA (Details Textual)

SEGMENT DATA (Details Textual)	3 Months Ended
	Mar. 31, 2016
Segment Reporting Information [Line Items]
Number of Reportable Segments	3

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($)	Mar. 10, 2016	Mar. 31, 2016	Mar. 31, 2015	May. 02, 2016	Apr. 29, 2016	Apr. 01, 2016
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.0650
Dividends Payable, Date of Record	Mar. 22, 2016
Payments of Ordinary Dividends, Common Stock	$ 1,700,000	$ 0	$ 1,647,000
Subsequent Event [Member] | Retirement Watch newsletter [Member]
Subsequent Event [Line Items]
Business Acquisition Cost Of Acquired Entity Cash Paid Net						$ 100,000
Subsequent Event [Member] | FM Translator in Lincoln [Member]
Subsequent Event [Line Items]
Business Acquisition Cost Of Acquired Entity Cash Paid Net				$ 100,000
Subsequent Event [Member] | FM Translator in Emporia [Member]
Subsequent Event [Line Items]
Business Acquisition Cost Of Acquired Entity Cash Paid Net					$ 25,000