Salem Media (SALM) 10-Q 9 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 03, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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		20,269,730
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	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 80	$ 98
Trade accounts receivable (net of allowances of $13,479 in 2015 and $11,423 in 2016)	36,444	36,029
Other receivables (net of allowances of $371 in 2015 and $262 in 2016)	1,001	1,981
Inventories (net of reserves of $1,855 in 2015 and $2,150 in 2016)	746	893
Prepaid expenses	7,003	6,285
Deferred income taxes	9,813	9,813
Assets held for sale	1,000	1,700
Total current assets	56,087	56,799
Notes receivable (net of allowances of $528 in 2015 and $582 in 2016)	96	173
Property and equipment (net of accumulated depreciation of $162,382 in 2015 and $152,982 in 2016)	103,322	105,483
Broadcast licenses	394,043	393,031
Goodwill	25,724	24,563
Other indefinite-lived intangible assets	833	833
Amortizable intangible assets (net of accumulated amortization of $39,454 in 2015 and $43,127 in 2016)	15,690	11,481
Deferred financing costs	99	151
Other assets	3,179	2,500
Total assets	599,073	595,014
Current liabilities:
Accounts payable	5,821	5,177
Accrued expenses	11,648	11,301
Accrued compensation and related expenses	10,424	8,297
Accrued interest	44	16
Current portion of deferred revenue	10,739	13,128
Income taxes payable	179	73
Current portion of long-term debt and capital lease obligations	2,681	5,662
Total current liabilities	41,536	43,654
Long-term debt and capital lease obligations, less unamortized discount and debt issuance costs, net of current portion	265,368	269,093
Fair value of interest rate swap	2,124	798
Deferred income taxes	62,766	57,082
Deferred revenue, less current portion	14,832	13,930
Other long-term liabilities	34	636
Total liabilities	386,660	385,193
Commitments and contingencies (Note 16)
Stockholders’ Equity:
Additional paid-in capital	243,468	241,780
Accumulated earnings	2,669	1,768
Treasury stock, at cost (2,317,650 shares at December 31, 2015 and September 30, 2016)	(34,006)	(34,006)
Total stockholders’ equity	212,413	209,821
Total liabilities and stockholders’ equity	599,073	595,014
Common Class A [Member]
Stockholders’ Equity:
Common stock	226	223
Common Class B [Member]
Stockholders’ Equity:
Common stock	$ 56	$ 56

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Trade accounts receivable, allowances	$ 11,423	$ 13,479
Other Receivables	262	371
Inventories, reserves	2,150	1,855
Notes receivable, allowance	582	528
Property and equipment, accumulated depreciation	152,982	162,382
Amortizable intangible assets, accumulated amortization	$ 43,127	$ 39,454
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	22,587,380	22,246,134
Common stock, outstanding	20,269,730	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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net broadcast revenue	$ 51,052	$ 49,451	$ 149,768	$ 145,609
Net digital media revenue	11,999	11,128	34,056	32,859
Net publishing revenue	8,221	6,912	19,802	18,172
Total net revenue	71,272	67,491	203,626	196,640
Operating expenses:
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $366 and $412 for the three months ended September 30, 2015 and 2016, respectively, and $1,096 and $1,231 for the nine months ended September 30, 2015 and 2016, respectively, paid to related parties)	37,434	35,538	109,455	104,958
Digital media operating expenses, exclusive of depreciation and amortization shown below	9,172	8,630	26,815	26,081
Publishing operating expenses, exclusive of depreciation and amortization shown below	8,020	6,966	19,951	17,932
Unallocated corporate expenses exclusive of depreciation and amortization shown below (including $0 and $147 for the three months ended September 30, 2015 and 2016, respectively, and $69 and $254 for the nine months ended September 30, 2015 and 2016, respectively, paid to related parties)	4,147	3,697	11,928	11,206
Depreciation	2,976	3,136	8,950	9,368
Amortization	1,341	1,330	3,673	3,974
Change in the estimated fair value of contingent earn-out consideration	(196)	(603)	(458)	(792)
Impairment of long-lived assets	0	0	700	0
(Gain) loss on the sale or disposal of assets	(457)	(3)	(2,008)	156
Total operating expenses	62,437	58,691	179,006	172,883
Operating income	8,835	8,800	24,620	23,757
Other income (expense):
Interest income	1	3	4	6
Interest expense	(3,726)	(3,900)	(11,252)	(11,578)
Change in the fair value of interest rate swap	856	(1,510)	(1,325)	(2,486)
Loss on early retirement of long-term debt	(18)	0	(32)	(41)
Net miscellaneous income and expenses	7	1	7	8
Income from operations before income taxes	5,955	3,394	12,022	9,666
Provision for income taxes	3,763	1,317	6,121	3,771
Net income	$ 2,192	$ 2,077	$ 5,901	$ 5,895
Basic earnings per share data:
Basic earnings per share Class A and Class B common stock	$ 0.08	$ 0.08	$ 0.23	$ 0.23
Diluted earnings per share data:
Diluted earnings Class A and Class B common stock	0.08	0.08	0.23	0.23
Distributions per share Class A and Class B common stock	$ 0.07	$ 0.07	$ 0.2	$ 0.2
Basic weighted average Class A and Class B shares outstanding	25,815,242	25,459,962	25,617,307	25,411,862
Diluted weighted average Class A and Class B shares outstanding	26,183,182	25,907,651	26,012,930	25,886,087

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Parenthetical] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Broadcast operating expenses exclusive of depreciation and amortization	$ 37,434	$ 35,538	$ 109,455	$ 104,958
Unallocated corporate expenses exclusive of depreciation and amortization	4,147	3,697	11,928	11,206
Related Party [Member]
Broadcast operating expenses exclusive of depreciation and amortization	412	366	1,231	1,096
Unallocated corporate expenses exclusive of depreciation and amortization	$ 147	$ 0	$ 254	$ 69

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
OPERATING ACTIVITIES
Net income	$ 5,901	$ 5,895
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash stock-based compensation	458	657
Tax benefit related to stock options exercised	264	114
Depreciation and amortization	12,623	13,342
Amortization of debt issuance costs	475	471
Accretion of discount on Term Loan B	155	140
Accretion of acquisition-related deferred payments and contingent consideration	55	286
Provision for bad debts	688	1,746
Deferred income taxes	5,684	3,489
Change in the fair value of interest rate swap	1,325	2,486
Change in the estimated fair value of contingent earn-out consideration	(458)	(792)
Loss on early retirement of long-term debt	32	41
Impairment of long-lived assets	700	0
(Gain) loss on the sale or disposal of assets	(2,008)	156
Changes in operating assets and liabilities:
Accounts receivable	3,632	1,896
Inventories	147	(487)
Prepaid expenses and other current assets	(718)	(2,044)
Accounts payable and accrued expenses	4,143	(1,457)
Deferred revenue	(6,695)	(801)
Other liabilities	0	448
Income taxes payable	106	(154)
Net cash provided by operating activities	26,509	25,432
INVESTING ACTIVITIES
Cash paid for capital expenditures net of tenant improvement allowances and non-cash transactions from trade agreements	(7,240)	(6,317)
Capital expenditures reimbursable under tenant improvement allowances and non-cash transactions from trade agreements	(486)	(2,735)
Escrow deposits related to acquisitions	(228)	(112)
Purchases of broadcast assets and radio stations	(718)	(8,686)
Purchases of publishing businesses assets	(3,318)	0
Proceeds from sale of broadcast assets	3,147	10
Other	(398)	(429)
Net cash used in investing activities	(12,394)	(22,598)
FINANCING ACTIVITIES
Payments of acquisition-related contingent earn-out consideration	(99)	(1,193)
Payments of deferred installments on acquisitions	(3,421)	(935)
Proceeds from the exercise of stock options	969	314
Payments of capital lease obligations	(80)	(87)
Payment of cash distributions on common stock	(5,000)	(4,956)
Book overdraft	734	1,905
Net cash used in financing activities	(14,133)	(2,681)
CASH FLOWS FROM DISCONTINUED OPERATIONS
Net increase (decrease) in cash and cash equivalents	(18)	153
Cash and cash equivalents at the beginning of year	98	33
Cash and cash equivalents at end of period	80	186
Cash paid during the period for:
Cash paid for interest, net of capitalized interest	10,644	10,675
Cash paid for income taxes	67	327
Other supplemental disclosures of cash flow information:
Barter revenue	3,886	4,701
Barter expense	3,734	4,358
Non-cash investing and financing activities:
Capital expenditures reimbursable under tenant improvement allowances	486	2,709
Non-cash capital expenditures for property & equipment acquired under trade agreements	0	20
Estimated present value of contingent earn-out consideration	0	300
Current value of deferred cash payments (short-term)	1,566	0
Term Loan B [Member]
FINANCING ACTIVITIES
Repayments of borrowings	(5,000)	(2,000)
Revolver [Member]
FINANCING ACTIVITIES
Repayments of borrowings	(37,837)	(40,059)
Proceeds from borrowings under Revolver	35,601	44,330
Digital Media [Member]
INVESTING ACTIVITIES
Purchases of digital media businesses and assets	$ (3,153)	$ (4,329)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 results of operations for the interim periods presented are not necessarily indicative of the results of operations for the full year. The balance sheet at December 31, 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. There have been no material changes from Note 1, Summary of Significant Accounting Policies, as contained in our Form 10-K for the year ended December 31, 2015. 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. to more accurately reflect our multi-media business. 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. We have three operating segments, (1) Broadcast, (2) Digital Media, and (3) Publishing, which are discussed in Note 17 – Segment Data. Our foundational business is the ownership and operation of radio stations in large metropolitan markets. We also own and operate Salem Radio Network® (“SRN”), SRN News Network (“SNN”), Salem Music Network (“SMN”), Today’s Christian Music (“TCM”), Singing News Network (formerly Solid Gospel Network) and Salem Media Representatives TM Web-based and digital content has been an area of growth 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, Eagle Wellness and Gene Smart Wellness. These e-commerce sites 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 and Hillcrest Media provide self-publishing services to authors. Salem Publishing™ produces and distributes five print magazines and one digital magazine. We may enter into agreements or investments with other entities that could qualify as variable interest entities (“VIEs”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “ Consolidation.” We may enter into lease arrangements with entities controlled by our principal stockholders or other related parties. We believe that the requirements of FASB ASC Topic 810 do not apply to these entities because the lease arrangements do not contain explicit guarantees of the residual value of the real estate, do not contain purchase options or similar provisions and the leases are at terms that do not vary materially from leases that would have been available with unaffiliated parties. Additionally, we do not have an equity interest in the entities controlled by our principal stockholders or other related parties and we do not guarantee debt of the entities controlled by our principal stockholders or other related parties. We also enter into Local Marketing Agreements (“LMAs”) or Time Brokerage Agreements (“TBAs”) contemporaneously with entering into an Asset Purchase Agreement (“APA”) to acquire or sell a radio station. 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 September 30, 2016, we did not have implicit or explicit arrangements that required consolidation 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. · asset impairments, including goodwill, broadcasting licenses, other indefinite-lived intangible assets, and assets held for sale; · 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 and the reclassification of Salem Consumer Products from e-commerce (digital) to broadcast. Under ASU 2015-03 and 2015-15, debt issuance costs, with the exception of costs associated with obtaining line-of-credit arrangements, are 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 9 – Notes Payable. The reclassification of Salem Consumer Products, our e-commerce business that sells books, DVD’s and editorial content developed by our on-air personalities, was made to assess the performance of each network program based on all revenue sources. Refer to Note 17 – Segment Data for an explanation of this reclassification. During the third quarter of 2016, we identified an error in our valuation allowance for certain deferred tax assets. We recorded an adjustment to increase our estimated deferred tax valuation allowance by $ 1.6 In evaluating the adjustment, we referred to the Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 99, including SAB Topic 1.M, which provides guidance on the assessment of materiality and states that “the omission or misstatement of an item in a financial report is material if, in the light of surrounding circumstances, the magnitude of the item is such that it is probable that the judgment of a reasonable person relying upon the report would have been changed or influenced by the inclusion or correction of the item.” We also referred to SAB 108 for guidance on considering the effects of prior year misstatements when quantifying misstatements in current year financial statements and the assessment of materiality. Our analysis of the materiality of the adjustment was performed by reviewing quantitative and qualitative factors. We determined based on this analysis that the adjustment was not material to the current period and any prior periods. 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 October 2016, the FASB issued ASU 2016-17, “ Interests Held through Related Parties That Are under Common Control, In October 2016, the FASB issued ASU 2016-16 “ Intra-Entity Transfers of Assets Other Than Inventory This ASU requires entities to immediately recognize the tax consequences on intercompany asset transfers (excluding inventory) at the transaction date, rather than deferring the tax consequences under current GAAP. The guidance is effective for fiscal years beginning after December 15, 2018, and interim reports within those fiscal years, with early adoption permitted only as of the first quarter of a fiscal year. In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses,” We have not yet 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 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 (Topic 606)” change.

IMPAIRMENT OF GOODWILL AND OTHE

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 Based on changes in management’s planned usage, we classified land in Covina, California as held for sale as of June 2012. At that time we evaluated the land for impairment in accordance with guidance for impairment of long-lived assets held for sale. We determined that the carrying value of the land exceeded the estimated fair value less costs to sell and recorded an impairment charge of $ 5.6 1.2 0.7 Fair Value Measurements Using: (Dollars in thousands) Description As of September 30, 2016 Quoted prices in Significant Other Significant Total Loss Long-Lived Asset Held for Sale $ 1,000 $ 1,000 $ (700)

ACQUISITIONS AND RECENT TRANSAC

ACQUISITIONS AND RECENT TRANSACTIONS	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
ACQUISITIONS AND RECENT TRANSACTIONS	NOTE 4. ACQUISITIONS AND RECENT TRANSACTIONS During the nine month period ending September 30, 2016, we completed or entered into the following transactions: Debt On September 30, 2016, we paid $ 2.3 300.0 1.5 3,900 14,000 On June 30, 2016, we paid $ 1.2 0.4 1,300 3,400 On March 31, 2016, we paid the quarterly installment due of $ 0.8 On March 17, 2016, we paid $ 0.8 2,500 6,700 Equity On September 9, 2016, we announced a quarterly equity distribution in the amount of $ 0.0650 1.7 On June 2, 2016 0.0650 1.6 June 30, 2016 June 16, 2016 On March 10, 2016 0.0650 1.7 April 5, 2016 March 22, 2016 Related Party Transactions On May 25, 2016, we entered into an APA to acquire an FM Translator in Lake City, Florida for $ 65,000 Chairman of the Board, serve as directors. The translator will be used by our WBZW-AM radio station in Orlando, Florida. The transaction closed on October 12, 2016. On May 18, 2016, we entered into an APA to acquire a construction permit for an FM Translator in Palm Coast, Florida for $ 65,000 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 located in Brighton, Colorado that is used to operate radio station KNUS-AM in our Denver, Colorado market. 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 – Broadcast The FCC permits AM and FM radio stations to operate FM Translators, or low power secondary stations that retransmit the programming of a radio station to portions of the station’s service area that the primary signal does not reach because of distance or terrain barriers. The FCC began an AM Revitalization program, or “AMR,” that included several initiatives intended to benefit AM broadcasters. One of these benefits, intended to promote the use of FM Translators by AM broadcasters, allows an AM station to relocate one FM translator up to 250 miles from its authorized site and operate the translator on any non-reserved band FM channel in the AM station’s market, subject to coverage and interference rules. On January 29, 2016, the FCC opened a one-time only filing window during which only Class C and Class D AM broadcast stations could participate. This window closed on July 28, 2016. A second window opened on July 29, 2016, allowing Class A and Class B AM broadcast stations to participate. The second window closed on October 31, 2016. During these filing windows, qualifying AM licensees may apply for one new FM translator station, in the non-reserved FM band to be used solely to re-broadcast the AM licensee’s AM signal to provide fill-in and/or nighttime service. The FM translator must rebroadcast the related AM station for at least four years, not counting any periods of silence. We entered into several agreements to acquire FM Translators or FM Translators construction permits during the applicable windows of the FCC AM R. Construction permits provide the station the authority to construct a new FM Translator or make changes in the existing facilities. We believe that securing these FM Translators allows us to increase our listening audience by providing enhanced coverage and reach of our existing AM broadcasts. Our broadcast acquisitions include the following: On June 24, 2016, we entered into an LMA to operate radio station KTRB-AM in San Francisco, California beginning on July 1, 2016. On June 20, 2016 0.3 On June 10, 2016 60,000 On June 8, 2016 50,000 On June 3, 2016 88,000 On May 13, 2016 50,000 On May 2, 2016 100,000 On April 29, 2016 25,000 Acquisitions – Digital Media On September 13, 2016, we acquired Mike Turner’s line of investment products, including TurnerTrends.com, other domain names and related assets for $ 0.4 0.1 0.1 7,200 On April 1, 2016 0.1 0.6 8,600 On March 8, 2016, we acquired King James Bible mobile applications for $ 4.0 2.7 1.3 0.3 0.6 0.3 0.2 0.9 0.2 Throughout the nine-month period ending September 30, 2016, we acquired domain names and other assets associated within our digital media operating segment for approximately $ 3,000 Acquisitions – Publishing On August 1, 2016, we acquired the assets of Hillcrest Media Group, Inc. (“Hillcrest”), for $ 3.5 1.1 3.3 0.2 0.9 Throughout the nine month period ending September 30, 2016, we acquired domain names and other assets associated within our publishing operating segment for approximately $ 3,000 Acquisition Date Description Total Cost (Dollars in thousands) September 13, 2016 Mike Turner’s investment products and domain names (business acquisition) $ 416 August 1, 2016 Hillcrest Media Group, Inc. (business acquisition) 3,515 June 20, 2016 FM Translator, Columbus, Ohio (asset purchase) 345 June 10, 2016 FM Translator, Amherst, New York (asset purchase) 60 June 8, 2016 FM Translator construction permit, Charlotte, Michigan (asset purchase) 50 June 3, 2016 FM Translator construction permit, Atwood, Kentucky (asset purchase) 88 May 13, 2016 FM Translator construction permit, Kerrville, Texas (asset purchase) 50 May 2, 2016 FM Translator, Lincoln, Maine (asset purchase) 100 April 29, 2016 FM Translator construction permit, Emporia, Kansas (asset purchase) 25 April 1, 2016 Retirement Watch (business acquisition) 100 March 8, 2016 King James Bible mobile applications (business acquisition) 4,000 Various Purchase of domain names and other assets (asset purchases) 6 $ 8,755 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 the net assets acquired as of the acquisition date. These initial valuations are subject to refinement during the measurement period, which may be up to one year from the acquisition date. During this measurement period we may retroactively record adjustments to the net assets acquired based on additional information obtained for items that existed as of the acquisition date. Upon the conclusion of the measurement period any adjustments are reflected in our consolidated statements of operations. We have not to date recorded adjustments to our estimated fair values used in our acquisition consideration during or after the measurement period. 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 total costs associated with acquisitions of $ 0.3 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 14 - Fair Value Measurements. Description Total Consideration (Dollars in thousands) Cash payments made upon closing $ 7,189 Deferred payments 1,566 Total purchase price consideration $ 8,755 The total acquisition consideration was allocated to the net assets acquired as follows: Net Broadcast Net Digital Media Net Publishing Net Total Assets Acquired Assets Acquired Assets Acquired Assets Acquired (Dollars in thousands) Assets Trade accounts receivable, net of allowances of $42 $ — $ — $ 166 $ 166 Property and equipment 13 405 186 604 Broadcast licenses 705 — — 705 Goodwill — 237 924 1,161 Domain and brand names — 1,129 2,121 3,250 Customer lists and contracts — 3,101 526 3,627 Non-compete agreements — 289 716 1,005 Liabilities Deferred revenue — (642) (1,121) (1,763) $ 718 $ 4,519 $ 3,518 $ 8,755 Divestitures On September 1, 2016, we received $ 0.7 On June 10, 2016, we received $ 2.5 1.9 Pending Transactions On July 21, 2016, we entered into an APA to acquire radio station KXFN-AM in St. Louis, Missouri for $ 0.2 We are programming radio station KHTE-FM, Little Rock, Arkansas, under a 36 month TBA that began on April 1, 2015. The TBA is extendable for up to 48 months. We have the option to acquire the station for $ 1.2 FM Translators or FM Translator Construction permits purchase agreements pending as of the period end September 30, 2016 include the following: Date Permit or Authorized Site - Current Purchase Price Escrow Date Market (Dollars in thousands) 5/18/2016 W267BW Palm Coast, Florida* Related Party $ 65 $ - 10/19/2016 Tampa, Florida 5/25/2016 W224BU Lake City, Florida Related Party 65 - 10/12/2016 Orlando, Florida 6/2/2016 W284BO Lake Placid, Florida 35 4 - Orlando, Florida 6/15/2016 W267BW Sebring, Florida 77 15 11/7/2016 Miami, Florida 7/25/2016 K296AL Crested Butte, Colorado 39 8 - Colorado Springs, Colorado 7/25/2016 K283CA Festus, Missouri * 40 8 - St. Louis, Missouri 7/26/2016 W263BS Rhinelander, Wisconsin 50 25 - Minneapolis, Minnesota 7/26/2016 K294CP Roseburg, Oregon * 45 9 - Portland, Oregon 7/26/2016 W279BK Carbondale, Pennsylvania 75 15 - Pittsburgh, Pennsylvania 7/26/2016 W283BR Dansville, New York 75 15 - New York, New York 7/26/2016 K228FC Kingsville, Texas * 50 10 - Houston, Texas 7/26/2016 K245AR Little Fish Lake Valley, California 44 20 - Sacramento, California 7/26/2016 K276FZ Eaglemount, Washington * 40 8 - Portland, Oregon 7/27/2016 W256CO Angola, Indiana * 50 15 10/20/2016 Cleveland, Ohio 7/27/2016 W249CQ Cofax, Indiana * 45 14 10/20/2016 St. Louis, Missouri 7/27/2016 W263CS Battle Creek, Michigan * 50 15 10/20/2016 Cleveland, Ohio 7/27/2016 W227BT Port St Lucie, Florida 100 10 - Tampa, Florida W298AM Aurora, Florida - Tampa, Florida 7/28/2016 K239CD Lahaina, Hawaii * 110 11 - Honolulu, Hawaii K241BZ Kihei, Hawaii - Honolulu, Hawaii 8/25/2016 K278BH Astoria, Oregon 33 6 - Seattle, Washington 9/22/2016 K260CG Mojave Valley, Arizona* 20 2 - Phoenix, Arizona * Indicates that the purchase is for a FM Translator Construction Permit.

CONTINGENT EARN-OUT CONSIDERATI

CONTINGENT EARN-OUT CONSIDERATION	9 Months Ended
	Sep. 30, 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 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. Tuner Investment Products We acquired Mike Turner’s line of investment products, including TurnerTrends.com and other domain names and related assets on September 13, 2016. We paid $ 0.4 0.1 66,000 0.1 Daily Bible Devotion We acquired Daily Bible Devotion mobile applications on May 6, 2015. We paid $ 1.1 0.3 165,000 142,000 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 75,000 107 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 nine month period ending September 30, 2016, we paid a total of $ 24,000 12 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 0.9 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 million less amounts paid or expired to date. Changes in the fair value of the contingent earn-out consideration may materially impact and cause volatility in our future operating results. During the nine month period ending September 30, 2016, no payments were made to the seller for amounts earned under the contingent earn-out consideration, which was less than our original estimates. Based on actual revenues for the period ending September 30, 2016 that were below those used in our prior estimates, we recorded a net decrease in the estimated fair value of the contingent earn-out consideration of $ 0.3 Three Months Ending September 30, 2016 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of July 1, 2016 $ 441 $ — $ 441 Acquisitions 66 — 66 Accretion of acquisition-related contingent earn-out consideration 5 — 5 Change in the estimated fair value of contingent earn-out consideration (196) — (196) Reclassification of payments due in next 12 months to short-term — — — Payments (11) — (11) Ending Balance as of September 30, 2016 $ 305 $ — $ 305 Three Months Ending September 30, 2015 Short-Term Long-Term Total (Dollars in thousands) Beginning Balance as of July 1, 2015 $ 1,190 $ 1,086 $ 2,276 Acquisitions — — — Accretion of acquisition-related contingent earn-out consideration 17 12 29 Change in the estimated fair value of contingent earn-out consideration (418) (185) (603) Reclassification of payments due in next 12 months to short-term — — — Payments (16) — (16) Ending Balance as of September 30, 2015 $ 773 $ 913 $ 1,686 Nine Months Ending September 30, 2016 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2016 $ 173 $ 602 $ 775 Acquisitions 66 — 66 Accretion of acquisition-related contingent earn-out consideration 13 8 21 Change in the estimated fair value of contingent earn-out consideration (404) (54) (458) Reclassification of payments due in next 12 months to short-term 556 (556) — Payments (99) — (99) Ending Balance as of September 30, 2016 $ 305 $ — $ 305 Nine Months Ending September 30, 2015 Short-Term Long-Term Total (Dollars in thousands) Beginning Balance as of January 1, 2015 $ 1,575 $ 1,710 $ 3,285 Acquisitions 176 124 300 Accretion of acquisition-related contingent earn-out consideration 48 38 86 Change in the estimated fair value of contingent earn-out consideration (631) (161) (792) Reclassification of payments due in next 12 months to short-term 798 (798) — Payments (1,193) — (1,193) Ending Balance as of September 30, 2015 $ 773 $ 913 $ 1,686

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 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. December 31, 2015 September 30, 2016 (Dollars in thousands) Regnery Publishing book inventories $ 2,186 $ 2,490 Reserve for obsolescence – Regnery Publishing (1,798) (2,068) Inventory net, Regnery Publishing 388 422 Wellness products $ 562 $ 406 Reserve for obsolescence – Wellness products (57) (82) Inventory, net Wellness products 505 324 Consolidated inventories, net $ 893 $ 746

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 7. PROPERTY AND EQUIPMENT December 31, 2015 September 30, 2016 (Dollars in thousands) Land $ 31,565 $ 31,180 Buildings 25,448 25,362 Office furnishings and equipment 38,812 36,847 Office furnishings and equipment under capital lease obligations 228 228 Antennae, towers and transmitting equipment 83,501 83,256 Antennae, towers and transmitting equipment under capital lease obligations 795 795 Studio, production and mobile equipment 30,598 28,245 Computer software and website development costs 28,134 18,719 Record and tape libraries 55 27 Automobiles 1,298 1,349 Leasehold improvements 20,799 20,059 Construction-in-progress 6,632 10,237 $ 267,865 $ 256,304 Less accumulated depreciation (162,382) (152,982) $ 105,483 $ 103,322 Depreciation expense was approximately $ 3.1 3.0 9.4 9.0 24,000 72,000 639,000 566,000

AMORTIZABLE INTANGIBLE ASSETS

AMORTIZABLE INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2016
Intangible Assets Disclosure [Abstract]
AMORTIZABLE INTANGIBLE ASSETS	NOTE 8. AMORTIZABLE INTANGIBLE ASSETS September 30, 2016 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 22,435 $ (19,815) $ 2,620 Domain and brand names 19,869 (12,468) 7,401 Favorable and assigned leases 2,379 (1,953) 426 Subscriber base and lists 7,988 (4,921) 3,067 Author relationships 2,771 (1,694) 1,077 Non-compete agreements 2,039 (940) 1,099 Other amortizable intangible assets 1,336 (1,336) — $ 58,817 $ (43,127) $ 15,690 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(Oct – Dec) $ 1,395 2017 4,340 2018 3,901 2019 3,327 2020 2,027 Thereafter 700 Total $ 15,690

LONG TERM DEBT

LONG TERM DEBT	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTE 9. 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 47,000 140,000 51,000 155,000 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 nine month period ending September 30, 2016, including interest through the payment date as follows: Date Principal Paid Unamortized Discount (Dollars in thousands) September 30, 2016 $ 1,500 $ 4 September 30, 2016 750 — June 30, 2016 441 1 June 30, 2016 750 — 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 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 Term Loan B using the effective interest method. For each of the three months ended September 30, 2015 and 2016, approximately $ 139,000 140,000 418,000 423,000 We chose to continue the presentation of debt issue costs associated with our Revolver as an asset in accordance with ASU 2015-15. These costs are being amortized to non-cash interest expense over the five year life of the Revolver using the effective interest method based on an imputed interest rate of 4.58 17,000 52,000 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 2.50 2.00 5.07 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 stepped up to 2.50 to 1.0 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 5.29 6.00 3.40 2.50 Other Debt We have several capital leases related to office equipment. The obligation recorded at December 31, 2015 and September 30, 2016 represents the present value of future commitments under the capital lease agreements. Summary of long-term debt obligations December 31, 2015 September 30, 2016 (Dollars in thousands) Term Loan B principal amount $ 274,000 $ 269,000 Less unamortized discount and debt issuance costs based on imputed interest rate of 4.78% (3,225) (2,615) Term Loan B net carrying value 270,775 266,385 Revolver 3,306 1,069 Capital leases and other loans 674 595 274,755 268,049 Less current portion (5,662) (2,681) $ 269,093 $ 265,368 In addition to the outstanding amounts listed above, we also have interest payments related to our long-term debt as follows as of September 30, 2016: ⋅ Outstanding borrowings of $ 269.0 1.00 3.50 2.50 ⋅ Outstanding borrowings of $ 1.1 3.00 2.00 ⋅ Commitment fees of 0.50 ⋅ Quarterly interest payments on $ 150.0 0.625 1.645 Maturities of Long-Term Debt and Capital Lease Obligations Amount For the Twelve Months Ended September 30, (Dollars in thousands) 2017 $ 2,681 2018 3,108 2019 3,104 2020 258,988 2021 116 Thereafter 52 $ 268,049

STOCK INCENTIVE PLAN

STOCK INCENTIVE PLAN	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK INCENTIVE PLAN	NOTE 10. STOCK INCENTIVE PLAN Our Amended and Restated 1999 Stock Incentive Plan (the “Plan”) provides for grants of equity-based awards to employees, non-employee directors and officers, and advisors of the company (“Eligible Persons”). The Plan is designed to promote the interests of the company using equity investment interests to attract, motivate, and retain individuals. A maximum of 5,000,000 The Plan does not allow insiders, or key employees and directors to exercise awards during pre-defined blackout periods. Insiders may participate in plans established pursuant to Rule 10b5-1 under the Exchange Act that allow them to exercise awards subject to pre-established criteria. We recognize non-cash stock-based compensation expense based on the estimated fair value of awards in accordance with FASB ASC Topic 718 “ Compensation—Stock Compensation Three Months Ended Nine Months Ended 2015 2016 2015 2016 (Dollars in thousands) Stock option compensation expense included in corporate expenses $ 97 $ 94 $ 413 $ 296 Restricted stock awards compensation expense included in corporate expenses 14 - 29 24 Stock option compensation expense included in broadcast operating expenses 30 19 107 67 Stock option compensation expense included in digital media operating expenses 20 12 75 51 Stock option compensation expense included in publishing operating expenses 9 9 33 20 Total stock-based compensation expense, pre-tax $ 170 $ 134 $ 657 $ 458 Tax provision for stock-based compensation expense (68) (54) (263) (183) Total stock-based compensation expense, net of tax $ 102 $ 80 $ 394 $ 275 Stock option and restricted stock grants Eligible employees may receive stock option awards annually with the number of shares and type of instrument generally determined by the employee’s salary grade and performance level. Incentive and non-qualified stock option awards allow the recipient to purchase shares of the company common stock at a set price, not to be less than the closing market price on the date of award, for no consideration payable by the recipient. The related number of shares underlying the stock option is fixed at the time of the grant. Options generally vest over a four-year period with a maximum term of five years from the vesting date. In addition, certain management and professional level employees may receive stock option awards upon the commencement of employment. The Plan also allows for awards of restricted shares, which are typically granted annually to non-employee directors of the company. Awards granted to non-employee directors are made in exchange for their services to the company as directors and therefore, the guidance in FASB ASC Topic 505-50 “ Equity Based Payments to Non Employees The fair value of each award is estimated as of the date of the grant using the Black-Scholes valuation model. 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 commensurate with the expected term of the award. Expected dividends reflect the amount of 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 September 30, Nine Months Ended September 30, 2015 2016 2015 2016 Expected volatility n/a n/a 52.37 % 47.03 % Expected dividends n/a n/a 4.28 % 5.36 % Expected term (in years) n/a n/a 3.0 7.4 Risk-free interest rate n/a n/a 0.85 % 1.64 % Options Shares Weighted Average Weighted Average Weighted Average Aggregate (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 $ 1,786 Granted 549,500 4.85 1.33 Exercised (331,246) 2.92 1.99 Forfeited or cancelled (3,500) 5.44 2.38 Expired (66,877) 8.16 6.11 Outstanding at September 30, 2016 1,729,000 $ 5.11 $ 2.90 4.8 years $ 2,047 Exercisable at September 30, 2016 848,375 $ 5.55 $ 3.94 3.1 years $ 844 Expected to Vest 836,154 $ 4.69 $ 1.90 4.8 years $ 1,174 Restricted Stock Awards Shares Weighted Average Weighted Average Remaining Aggregate (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 September 30, 2016 — $ — — $ — The aggregate intrinsic value represents the difference between the company’s closing stock price on September 30, 2016 of $ 5.88 1.5 1.1 As of September 30, 2016, there was $ 0.6 1.97

EQUITY TRANSACTIONS

EQUITY TRANSACTIONS	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
EQUITY TRANSACTIONS	NOTE 11. EQUITY TRANSACTIONS We account for stock-based compensation expense in accordance with FASB ASC Topic 718, “ Compensation-Stock Compensation 0.1 0.5 0.2 0.7 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 Adjusted EBITDA less cash paid for capital expenditures, less cash paid for income taxes, and less cash paid for interest. Adjusted EBITDA is a non-GAAP financial measure defined in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this quarterly report on Form 10-Q. Cash Distributed Announcement Date Payment Date Amount Per Share (in thousands) September 9, 2016 September 30, 2016 $ 0.0650 $ 1,679 June 2, 2016 June 30, 2016 $ 0.0650 $ 1,664 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 $ 6.7

BASIC AND DILUTED NET EARNINGS

BASIC AND DILUTED NET EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
BASIC AND DILUTED NET EARNINGS PER SHARE	NOTE 12. BASIC AND DILUTED NET EARNINGS PER SHARE Basic net earnings per share 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 1,628,534 1,729,000 447,689 367,940

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	NOTE 13. DERIVATIVE INSTRUMENTS We are exposed to fluctuations in interest rates. We actively monitor these fluctuations and use derivative instruments from time to time to manage the related risk. In accordance with our risk management strategy, we may use derivative instruments only for the purpose of managing risk associated with an asset, liability, committed transaction, or probable forecasted transaction that is identified by management. Our use of derivative instruments may result in short-term gains or losses that may increase the volatility of our earnings. Under FASB ASC Topic 815, “ Derivatives and Hedging,” On March 27, 2013, we entered into an interest rate swap agreement with Wells Fargo that began on March 28, 2014 with a notional principal amount of $ 150.0 0.625 March 28, 2019 1.645 2.1 December 31, 2015 September 30, 2016 (Dollars in thousands) Fair value of interest rate swap liability $ 798 $ 2,124

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 14. FAIR VALUE MEASUREMENTS FASB ASC Topic 820 “ Fair Value Measurements and Disclosures, • Level 1 Inputs • Level 2 Inputs • Level 3 Inputs As of September 30, 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 following table summarizes the fair value of our financial liabilities that are measured at fair value: September 30, 2016 Total Fair Value Fair Value Measurement Category and Carrying Level 1 Level 2 Level 3 (Dollars in thousands) Liabilities: Estimated fair value of contingent earn-out consideration included in accrued expenses $ 305 $ — $ — $ 305 Long-term debt and capital lease obligations less unamortized discount and debt issuance costs 268,049 — 268,049 — Fair value of interest rate swap 2,124 — 2,124 — Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The fair value of contingent earn-out consideration is estimated as 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. These fair value estimates use 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 carrying value of long-term debt and capital lease obligations approximates the fair value as the related interest rates approximate rates currently available to the company for similar debt instruments of comparable maturity. The fair value of the interest rate swap is based on market quotes from a major financial institution taking into consideration the most recent market activity.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 15. 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 $ 4.4 2.8

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 16. COMMITMENTS AND CONTINGENCIES The company enters into various agreements in the normal course of business that contain minimum guarantees. These minimum guarantees are often tied to future events, such as future revenue earned in excess of the contractual level. Accordingly, the fair value of these arrangements is zero. The company also records contingent earn-out consideration representing the estimated fair value of future liabilities associated with acquisitions that may have additional payments due upon the achievement of certain performance targets. The fair value of the contingent earn-out consideration is estimated as of the acquisition date as the present value of the expected contingent payments as determined using weighted probabilities of the expected payment amounts. 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 have filed an appeal against the award as well as a malpractice lawsuit against the lawyer that represented Salem in the suit, we recorded a legal reserve of $ 0.5 The company believes, at this time, that the final resolution of these matters, individually and in the aggregate, will not have a material adverse effect upon the company’s condensed consolidated financial position, results of operations or cash flows.

SEGMENT DATA

SEGMENT DATA	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
SEGMENT DATA	NOTE 17. SEGMENT DATA FASB ASC Topic 280, “ Segment Reporting ” During the third quarter of 2016 we reclassed Salem Consumer Products, our e-commerce business that sells books, DVD’s and editorial content developed by our on-air personalities, from our Digital Media segment to our Broadcast segment. With this reclassification, all revenue and expenses generated by on-air hosts, including broadcast programs and e-commerce product sales are consolidated to assess the financial performance of each network program. Our operating segments reflect how our We measure and evaluate our operating segments based on operating income and operating expenses that do not include allocations of costs related to corporate functions, such as accounting and finance, human resources, legal, tax and treasury; nor do they include costs such as amortization, depreciation, taxes or interest expense. Changes to our operating segments did not impact the reporting units used to test non-amortizable assets for impairment. All prior periods presented are updated to reflect the new composition of our operating segments. Segment performance, as defined by Salem, is not necessarily comparable to other similarly titled captions of other companies. The table below presents financial information for each operating segment as of September 30, 2016 and 2015 based on the new composition of our operating s Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) Three Months Ended September 30, 2016 Net revenue $ 51,052 $ 11,999 $ 8,221 $ — $ 71,272 Operating expenses 37,434 9,172 8,020 4,147 58,773 Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and the (gain) loss on the sale or disposal of assets $ 13,618 $ 2,827 $ 201 $ (4,147) $ 12,499 Depreciation 1,753 840 174 209 2,976 Amortization 22 1,091 228 — 1,341 Change in the estimated fair value of contingent earn-out consideration — (13) (183) — (196) (Gain) loss on the sale or disposal of assets (633) 176 — — (457) Operating income (loss) $ 12,476 $ 733 $ (18) $ (4,356) $ 8,835 Three Months Ended September 30, 2015 Net revenue $ 49,451 $ 11,128 $ 6,912 $ — $ 67,491 Operating expenses 35,538 8,630 6,966 3,697 54,831 Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and loss on disposal of assets $ 13,913 $ 2,498 $ (54) $ (3,697) $ 12,660 Depreciation 1,947 820 153 216 3,136 Amortization 23 1,171 136 — 1,330 Change in the estimated fair value of contingent earn-out consideration — (105) (498) — (603) Loss on disposal of assets 35 11 (57) 8 (3) Operating income (loss) $ 11,908 $ 601 $ 212 $ (3,921) $ 8,800 Nine Months Ended September 30, 2016 Net revenue $ 149,768 $ 34,056 $ 19,802 $ — $ 203,626 Operating expenses 109,455 26,815 19,951 11,928 168,149 Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairment of long-lived assets and (gain) loss on the sale or disposal of assets $ 40,313 $ 7,241 $ (149) $ (11,928) $ 35,477 Depreciation 5,431 2,392 489 638 8,950 Amortization 67 3,233 372 1 3,673 Change in the estimated fair value of contingent earn-out consideration — (119) (339) — (458) Impairment of long-lived assets 700 — — — 700 (Gain) loss on the sale or disposal of assets (2,175) 182 (21) 6 (2,008) Operating income (loss) $ 36,290 $ 1,553 $ (650) $ (12,573) $ 24,620 Nine Months Ended September 30, 2015 Net revenue $ 145,609 $ 32,859 $ 18,172 $ — $ 196,640 Operating expenses 104,958 26,081 17,932 11,206 160,177 Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on the sale or disposal of assets $ 40,651 $ 6,778 $ 240 $ (11,206) $ 36,463 Depreciation 5,821 2,344 488 715 9,368 Amortization 73 3,493 407 1 3,974 Change in the estimated fair value of contingent earn-out consideration — (316) (476) — (792) (Gain) loss on the sale or disposal of assets 194 11 (58) 9 156 Operating income (loss) $ 34,563 $ 1,246 $ (121) $ (11,931) $ 23,757 Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) As of September 30, 2016 Inventories, net $ — $ 324 $ 422 $ — $ 746 Property and equipment, net 87,369 6,680 1,757 7,516 103,322 Broadcast licenses 394,043 — — — 394,043 Goodwill 3,581 20,167 1,968 8 25,724 Other indefinite-lived intangible assets — — 833 — 833 Amortizable intangible assets, net 425 10,883 4,376 6 15,690 As of December 31, 2015 Inventories, net $ — $ 505 $ 388 $ — $ 893 Property and equipment, net 88,894 6,927 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	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 18. SUBSEQUENT EVENTS On November 7, 2016, we closed on the acquisition of an FM translator in Sebring, Florida for $ 0.1 On October 20, 2016 0.2 On October 20, 2016 0.1 On October 19, 2016 65,000 On October 17, 2016 we purchased two websites, www.historyonthenet.com www.authentichistory.com 0.1 On October 12, 2016 65,000 On October 7, 2016 20,000 Subsequent events reflect all applicable transactions through the date of the filing.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
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. to more accurately reflect our multi-media business. 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. We have three operating segments, (1) Broadcast, (2) Digital Media, and (3) Publishing, which are discussed in Note 17 – Segment Data. Our foundational business is the ownership and operation of radio stations in large metropolitan markets. We also own and operate Salem Radio Network® (“SRN”), SRN News Network (“SNN”), Salem Music Network (“SMN”), Today’s Christian Music (“TCM”), Singing News Network (formerly Solid Gospel Network) and Salem Media Representatives TM Web-based and digital content has been an area of growth 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, Eagle Wellness and Gene Smart Wellness. These e-commerce sites 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 and Hillcrest Media provide self-publishing services to authors. Salem Publishing™ produces and distributes five print magazines and one digital magazine.
Variable Interest Entities	We may enter into agreements or investments with other entities that could qualify as variable interest entities (“VIEs”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “ Consolidation.” We may enter into lease arrangements with entities controlled by our principal stockholders or other related parties. We believe that the requirements of FASB ASC Topic 810 do not apply to these entities because the lease arrangements do not contain explicit guarantees of the residual value of the real estate, do not contain purchase options or similar provisions and the leases are at terms that do not vary materially from leases that would have been available with unaffiliated parties. Additionally, we do not have an equity interest in the entities controlled by our principal stockholders or other related parties and we do not guarantee debt of the entities controlled by our principal stockholders or other related parties. We also enter into Local Marketing Agreements (“LMAs”) or Time Brokerage Agreements (“TBAs”) contemporaneously with entering into an Asset Purchase Agreement (“APA”) to acquire or sell a radio station. 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 September 30, 2016, we did not have implicit or explicit arrangements that required consolidation 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. · asset impairments, including goodwill, broadcasting licenses, other indefinite-lived intangible assets, and assets held for sale; · 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	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 and the reclassification of Salem Consumer Products from e-commerce (digital) to broadcast. Under ASU 2015-03 and 2015-15, debt issuance costs, with the exception of costs associated with obtaining line-of-credit arrangements, are 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 9 – Notes Payable. The reclassification of Salem Consumer Products, our e-commerce business that sells books, DVD’s and editorial content developed by our on-air personalities, was made to assess the performance of each network program based on all revenue sources. Refer to Note 17 – Segment Data for an explanation of this reclassification.
Out Of Period Adjustment	Out-of-Period Adjustment During the third quarter of 2016, we identified an error in our valuation allowance for certain deferred tax assets. We recorded an adjustment to increase our estimated deferred tax valuation allowance by $ 1.6 In evaluating the adjustment, we referred to the Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 99, including SAB Topic 1.M, which provides guidance on the assessment of materiality and states that “the omission or misstatement of an item in a financial report is material if, in the light of surrounding circumstances, the magnitude of the item is such that it is probable that the judgment of a reasonable person relying upon the report would have been changed or influenced by the inclusion or correction of the item.” We also referred to SAB 108 for guidance on considering the effects of prior year misstatements when quantifying misstatements in current year financial statements and the assessment of materiality. Our analysis of the materiality of the adjustment was performed by reviewing quantitative and qualitative factors. We determined based on this analysis that the adjustment was not material to the current period and any prior periods.
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 October 2016, the FASB issued ASU 2016-17, “ Interests Held through Related Parties That Are under Common Control, In October 2016, the FASB issued ASU 2016-16 “ Intra-Entity Transfers of Assets Other Than Inventory This ASU requires entities to immediately recognize the tax consequences on intercompany asset transfers (excluding inventory) at the transaction date, rather than deferring the tax consequences under current GAAP. The guidance is effective for fiscal years beginning after December 15, 2018, and interim reports within those fiscal years, with early adoption permitted only as of the first quarter of a fiscal year. In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments,” In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses,” We have not yet 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 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 (Topic 606)” change.

IMPAIRMENT OF LONG-LIVED ASSE26

IMPAIRMENT OF LONG-LIVED ASSETS (Tables)	9 Months Ended
	Sep. 30, 2016
Impairment Of Long Lived Assets Disclosure [Abstract]
Disclosure of Long Lived Assets Held-for-sale	Fair Value Measurements Using: (Dollars in thousands) Description As of September 30, 2016 Quoted prices in Significant Other Significant Total Loss Long-Lived Asset Held for Sale $ 1,000 $ 1,000 $ (700)

ACQUISITIONS AND RECENT TRANS27

ACQUISITIONS AND RECENT TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Summary of Business Acquisitions and Asset Purchased	Acquisition Date Description Total Cost (Dollars in thousands) September 13, 2016 Mike Turner’s investment products and domain names (business acquisition) $ 416 August 1, 2016 Hillcrest Media Group, Inc. (business acquisition) 3,515 June 20, 2016 FM Translator, Columbus, Ohio (asset purchase) 345 June 10, 2016 FM Translator, Amherst, New York (asset purchase) 60 June 8, 2016 FM Translator construction permit, Charlotte, Michigan (asset purchase) 50 June 3, 2016 FM Translator construction permit, Atwood, Kentucky (asset purchase) 88 May 13, 2016 FM Translator construction permit, Kerrville, Texas (asset purchase) 50 May 2, 2016 FM Translator, Lincoln, Maine (asset purchase) 100 April 29, 2016 FM Translator construction permit, Emporia, Kansas (asset purchase) 25 April 1, 2016 Retirement Watch (business acquisition) 100 March 8, 2016 King James Bible mobile applications (business acquisition) 4,000 Various Purchase of domain names and other assets (asset purchases) 6 $ 8,755
Summary of Total Acquisition Consideration	Description Total Consideration (Dollars in thousands) Cash payments made upon closing $ 7,189 Deferred payments 1,566 Total purchase price consideration $ 8,755
Total Acquisition Consideration Allocated	Net Broadcast Net Digital Media Net Publishing Net Total Assets Acquired Assets Acquired Assets Acquired Assets Acquired (Dollars in thousands) Assets Trade accounts receivable, net of allowances of $42 $ — $ — $ 166 $ 166 Property and equipment 13 405 186 604 Broadcast licenses 705 — — 705 Goodwill — 237 924 1,161 Domain and brand names — 1,129 2,121 3,250 Customer lists and contracts — 3,101 526 3,627 Non-compete agreements — 289 716 1,005 Liabilities Deferred revenue — (642) (1,121) (1,763) $ 718 $ 4,519 $ 3,518 $ 8,755
Business Combination, Separately Recognized Transactions [Table Text Block]	FM Translators or FM Translator Construction permits purchase agreements pending as of the period end September 30, 2016 include the following: Date Permit or Authorized Site - Current Purchase Price Escrow Date Market (Dollars in thousands) 5/18/2016 W267BW Palm Coast, Florida* Related Party $ 65 $ - 10/19/2016 Tampa, Florida 5/25/2016 W224BU Lake City, Florida Related Party 65 - 10/12/2016 Orlando, Florida 6/2/2016 W284BO Lake Placid, Florida 35 4 - Orlando, Florida 6/15/2016 W267BW Sebring, Florida 77 15 11/7/2016 Miami, Florida 7/25/2016 K296AL Crested Butte, Colorado 39 8 - Colorado Springs, Colorado 7/25/2016 K283CA Festus, Missouri * 40 8 - St. Louis, Missouri 7/26/2016 W263BS Rhinelander, Wisconsin 50 25 - Minneapolis, Minnesota 7/26/2016 K294CP Roseburg, Oregon * 45 9 - Portland, Oregon 7/26/2016 W279BK Carbondale, Pennsylvania 75 15 - Pittsburgh, Pennsylvania 7/26/2016 W283BR Dansville, New York 75 15 - New York, New York 7/26/2016 K228FC Kingsville, Texas * 50 10 - Houston, Texas 7/26/2016 K245AR Little Fish Lake Valley, California 44 20 - Sacramento, California 7/26/2016 K276FZ Eaglemount, Washington * 40 8 - Portland, Oregon 7/27/2016 W256CO Angola, Indiana * 50 15 10/20/2016 Cleveland, Ohio 7/27/2016 W249CQ Cofax, Indiana * 45 14 10/20/2016 St. Louis, Missouri 7/27/2016 W263CS Battle Creek, Michigan * 50 15 10/20/2016 Cleveland, Ohio 7/27/2016 W227BT Port St Lucie, Florida 100 10 - Tampa, Florida W298AM Aurora, Florida - Tampa, Florida 7/28/2016 K239CD Lahaina, Hawaii * 110 11 - Honolulu, Hawaii K241BZ Kihei, Hawaii - Honolulu, Hawaii 8/25/2016 K278BH Astoria, Oregon 33 6 - Seattle, Washington 9/22/2016 K260CG Mojave Valley, Arizona* 20 2 - Phoenix, Arizona * Indicates that the purchase is for a FM Translator Construction Permit.

CONTINGENT EARN-OUT CONSIDERA28

CONTINGENT EARN-OUT CONSIDERATION (Tables)	9 Months Ended
	Sep. 30, 2016
Business Combination, Contingent Consideration, Liability [Abstract]
Schedule of changes in present value of acquisition related contingent earn-out consideration	Three Months Ending September 30, 2016 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of July 1, 2016 $ 441 $ — $ 441 Acquisitions 66 — 66 Accretion of acquisition-related contingent earn-out consideration 5 — 5 Change in the estimated fair value of contingent earn-out consideration (196) — (196) Reclassification of payments due in next 12 months to short-term — — — Payments (11) — (11) Ending Balance as of September 30, 2016 $ 305 $ — $ 305 Three Months Ending September 30, 2015 Short-Term Long-Term Total (Dollars in thousands) Beginning Balance as of July 1, 2015 $ 1,190 $ 1,086 $ 2,276 Acquisitions — — — Accretion of acquisition-related contingent earn-out consideration 17 12 29 Change in the estimated fair value of contingent earn-out consideration (418) (185) (603) Reclassification of payments due in next 12 months to short-term — — — Payments (16) — (16) Ending Balance as of September 30, 2015 $ 773 $ 913 $ 1,686 Nine Months Ending September 30, 2016 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2016 $ 173 $ 602 $ 775 Acquisitions 66 — 66 Accretion of acquisition-related contingent earn-out consideration 13 8 21 Change in the estimated fair value of contingent earn-out consideration (404) (54) (458) Reclassification of payments due in next 12 months to short-term 556 (556) — Payments (99) — (99) Ending Balance as of September 30, 2016 $ 305 $ — $ 305 Nine Months Ending September 30, 2015 Short-Term Long-Term Total (Dollars in thousands) Beginning Balance as of January 1, 2015 $ 1,575 $ 1,710 $ 3,285 Acquisitions 176 124 300 Accretion of acquisition-related contingent earn-out consideration 48 38 86 Change in the estimated fair value of contingent earn-out consideration (631) (161) (792) Reclassification of payments due in next 12 months to short-term 798 (798) — Payments (1,193) — (1,193) Ending Balance as of September 30, 2015 $ 773 $ 913 $ 1,686

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Schedule of inventory on hand by segment	The following table provides details of inventory on hand by segment: December 31, 2015 September 30, 2016 (Dollars in thousands) Regnery Publishing book inventories $ 2,186 $ 2,490 Reserve for obsolescence – Regnery Publishing (1,798) (2,068) Inventory net, Regnery Publishing 388 422 Wellness products $ 562 $ 406 Reserve for obsolescence – Wellness products (57) (82) Inventory, net Wellness products 505 324 Consolidated inventories, net $ 893 $ 746

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 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: December 31, 2015 September 30, 2016 (Dollars in thousands) Land $ 31,565 $ 31,180 Buildings 25,448 25,362 Office furnishings and equipment 38,812 36,847 Office furnishings and equipment under capital lease obligations 228 228 Antennae, towers and transmitting equipment 83,501 83,256 Antennae, towers and transmitting equipment under capital lease obligations 795 795 Studio, production and mobile equipment 30,598 28,245 Computer software and website development costs 28,134 18,719 Record and tape libraries 55 27 Automobiles 1,298 1,349 Leasehold improvements 20,799 20,059 Construction-in-progress 6,632 10,237 $ 267,865 $ 256,304 Less accumulated depreciation (162,382) (152,982) $ 105,483 $ 103,322

AMORTIZABLE INTANGIBLE ASSETS (

AMORTIZABLE INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2016
Intangible Assets Disclosure [Abstract]
Summary of Significant Classes of Amortizable Intangible Assets	The following tables summarize the categories of our amortizable intangible assets by major category: September 30, 2016 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 22,435 $ (19,815) $ 2,620 Domain and brand names 19,869 (12,468) 7,401 Favorable and assigned leases 2,379 (1,953) 426 Subscriber base and lists 7,988 (4,921) 3,067 Author relationships 2,771 (1,694) 1,077 Non-compete agreements 2,039 (940) 1,099 Other amortizable intangible assets 1,336 (1,336) — $ 58,817 $ (43,127) $ 15,690 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	Year Ending December 31, Amortization Expense (Dollars in thousands) 2016(Oct – Dec) $ 1,395 2017 4,340 2018 3,901 2019 3,327 2020 2,027 Thereafter 700 Total $ 15,690

LONG TERM DEBT (Tables)

LONG TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 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 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: December 31, 2015 September 30, 2016 (Dollars in thousands) Term Loan B principal amount $ 274,000 $ 269,000 Less unamortized discount and debt issuance costs based on imputed interest rate of 4.78% (3,225) (2,615) Term Loan B net carrying value 270,775 266,385 Revolver 3,306 1,069 Capital leases and other loans 674 595 274,755 268,049 Less current portion (5,662) (2,681) $ 269,093 $ 265,368
Principle Repayment Requirements Under Long Term Agreements Outstanding	Principal repayment requirements under all long-term debt agreements and capital lease obligations outstanding at September 30, 2016 for each of the next five years and thereafter are as follows: Amount For the Twelve Months Ended September 30, (Dollars in thousands) 2017 $ 2,681 2018 3,108 2019 3,104 2020 258,988 2021 116 Thereafter 52 $ 268,049
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	Date Principal Paid Unamortized Discount (Dollars in thousands) September 30, 2016 $ 1,500 $ 4 September 30, 2016 750 — June 30, 2016 441 1 June 30, 2016 750 — March 31, 2016 750 — March 17, 2016 809 2 January 30, 2015 2,000 15

STOCK INCENTIVE PLAN (Tables)

STOCK INCENTIVE PLAN (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2015 and 2016: Three Months Ended Nine Months Ended 2015 2016 2015 2016 (Dollars in thousands) Stock option compensation expense included in corporate expenses $ 97 $ 94 $ 413 $ 296 Restricted stock awards compensation expense included in corporate expenses 14 - 29 24 Stock option compensation expense included in broadcast operating expenses 30 19 107 67 Stock option compensation expense included in digital media operating expenses 20 12 75 51 Stock option compensation expense included in publishing operating expenses 9 9 33 20 Total stock-based compensation expense, pre-tax $ 170 $ 134 $ 657 $ 458 Tax provision for stock-based compensation expense (68) (54) (263) (183) Total stock-based compensation expense, net of tax $ 102 $ 80 $ 394 $ 275
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 option and restricted stock awards using the Black-Scholes valuation model were as follows for the three and nine months ended September 30, 2015 and 2016: Three Months Ended September 30, Nine Months Ended September 30, 2015 2016 2015 2016 Expected volatility n/a n/a 52.37 % 47.03 % Expected dividends n/a n/a 4.28 % 5.36 % Expected term (in years) n/a n/a 3.0 7.4 Risk-free interest rate n/a n/a 0.85 % 1.64 %
Schedule of Stock Option Activity	Activity with respect to the company’s option awards during the nine months ended September 30, 2016 is as follows: Options Shares Weighted Average Weighted Average Weighted Average Aggregate (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 $ 1,786 Granted 549,500 4.85 1.33 Exercised (331,246) 2.92 1.99 Forfeited or cancelled (3,500) 5.44 2.38 Expired (66,877) 8.16 6.11 Outstanding at September 30, 2016 1,729,000 $ 5.11 $ 2.90 4.8 years $ 2,047 Exercisable at September 30, 2016 848,375 $ 5.55 $ 3.94 3.1 years $ 844 Expected to Vest 836,154 $ 4.69 $ 1.90 4.8 years $ 1,174
Schedule of Information Regarding Restricted Stock Activity	Activity with respect to the company’s restricted stock awards during the nine months ended September 30, 2016 is as follows: Restricted Stock Awards Shares Weighted Average Weighted Average Remaining Aggregate (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 September 30, 2016 — $ — — $ —

EQUITY TRANSACTIONS (Tables)

EQUITY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 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) September 9, 2016 September 30, 2016 $ 0.0650 $ 1,679 June 2, 2016 June 30, 2016 $ 0.0650 $ 1,664 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)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position Fair Value	December 31, 2015 September 30, 2016 (Dollars in thousands) Fair value of interest rate swap liability $ 798 $ 2,124

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets Measured at Fair Value	September 30, 2016 Total Fair Value Fair Value Measurement Category and Carrying Level 1 Level 2 Level 3 (Dollars in thousands) Liabilities: Estimated fair value of contingent earn-out consideration included in accrued expenses $ 305 $ — $ — $ 305 Long-term debt and capital lease obligations less unamortized discount and debt issuance costs 268,049 — 268,049 — Fair value of interest rate swap 2,124 — 2,124 —

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Data	Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) Three Months Ended September 30, 2016 Net revenue $ 51,052 $ 11,999 $ 8,221 $ — $ 71,272 Operating expenses 37,434 9,172 8,020 4,147 58,773 Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and the (gain) loss on the sale or disposal of assets $ 13,618 $ 2,827 $ 201 $ (4,147) $ 12,499 Depreciation 1,753 840 174 209 2,976 Amortization 22 1,091 228 — 1,341 Change in the estimated fair value of contingent earn-out consideration — (13) (183) — (196) (Gain) loss on the sale or disposal of assets (633) 176 — — (457) Operating income (loss) $ 12,476 $ 733 $ (18) $ (4,356) $ 8,835 Three Months Ended September 30, 2015 Net revenue $ 49,451 $ 11,128 $ 6,912 $ — $ 67,491 Operating expenses 35,538 8,630 6,966 3,697 54,831 Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and loss on disposal of assets $ 13,913 $ 2,498 $ (54) $ (3,697) $ 12,660 Depreciation 1,947 820 153 216 3,136 Amortization 23 1,171 136 — 1,330 Change in the estimated fair value of contingent earn-out consideration — (105) (498) — (603) Loss on disposal of assets 35 11 (57) 8 (3) Operating income (loss) $ 11,908 $ 601 $ 212 $ (3,921) $ 8,800 Nine Months Ended September 30, 2016 Net revenue $ 149,768 $ 34,056 $ 19,802 $ — $ 203,626 Operating expenses 109,455 26,815 19,951 11,928 168,149 Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairment of long-lived assets and (gain) loss on the sale or disposal of assets $ 40,313 $ 7,241 $ (149) $ (11,928) $ 35,477 Depreciation 5,431 2,392 489 638 8,950 Amortization 67 3,233 372 1 3,673 Change in the estimated fair value of contingent earn-out consideration — (119) (339) — (458) Impairment of long-lived assets 700 — — — 700 (Gain) loss on the sale or disposal of assets (2,175) 182 (21) 6 (2,008) Operating income (loss) $ 36,290 $ 1,553 $ (650) $ (12,573) $ 24,620 Nine Months Ended September 30, 2015 Net revenue $ 145,609 $ 32,859 $ 18,172 $ — $ 196,640 Operating expenses 104,958 26,081 17,932 11,206 160,177 Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on the sale or disposal of assets $ 40,651 $ 6,778 $ 240 $ (11,206) $ 36,463 Depreciation 5,821 2,344 488 715 9,368 Amortization 73 3,493 407 1 3,974 Change in the estimated fair value of contingent earn-out consideration — (316) (476) — (792) (Gain) loss on the sale or disposal of assets 194 11 (58) 9 156 Operating income (loss) $ 34,563 $ 1,246 $ (121) $ (11,931) $ 23,757 Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) As of September 30, 2016 Inventories, net $ — $ 324 $ 422 $ — $ 746 Property and equipment, net 87,369 6,680 1,757 7,516 103,322 Broadcast licenses 394,043 — — — 394,043 Goodwill 3,581 20,167 1,968 8 25,724 Other indefinite-lived intangible assets — — 833 — 833 Amortizable intangible assets, net 425 10,883 4,376 6 15,690 As of December 31, 2015 Inventories, net $ — $ 505 $ 388 $ — $ 893 Property and equipment, net 88,894 6,927 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

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Textual) $ in Millions	3 Months Ended
	Sep. 30, 2016USD ($)
Schedule Of Significant Accounting Policies [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 1.6

IMPAIRMENT OF GOODWILL AND OT39

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details Textual)	9 Months Ended
	Sep. 30, 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) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Dec. 31, 2012	Jun. 30, 2012	Jun. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Land Available-for-sale				$ 1,000		$ 1,700
Impairment Charges Land Held For Sale	$ 1,200	$ 5,600	$ 700	700	$ 0
Fair Value, Inputs, Level 1 [Member]
Land Available-for-sale
Fair Value, Inputs, Level 2 [Member]
Land Available-for-sale
Fair Value, Inputs, Level 3 [Member]
Land Available-for-sale				$ 1,000

IMPAIRMENT OF LONG-LIVED ASSE41

IMPAIRMENT OF LONG-LIVED ASSETS (Details Textual) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Dec. 31, 2012	Jun. 30, 2012	Jun. 30, 2016	Sep. 30, 2016	Sep. 30, 2015
Impairment Of Long Lived Assets [Line Items]
Impairment Charges Land Held For Sale	$ 1,200	$ 5,600	$ 700	$ 700	$ 0

ACQUISITIONS AND RECENT TRANS42

ACQUISITIONS AND RECENT TRANSACTIONS (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Aug. 01, 2016	Sep. 30, 2016
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 8,755
Mike Turner’s Investment Products And Domain Names (Business Acquisition) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 416
Business Acquisition, Effective Date of Acquisition		Sep. 13, 2016
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
Retirement Watch (Business Acquisition) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 100
Business Acquisition, Effective Date of Acquisition		Apr. 1, 2016
FM Translator construction permit, Emporia, Kansas (asset purchase) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 25
Business Acquisition, Effective Date of Acquisition		Apr. 29, 2016
FM Translator, Lincoln, Maine (Asset Purchase) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 100
Business Acquisition, Effective Date of Acquisition		May 2, 2016
FM Translator construction permit, Kerrville, Texas (asset purchase) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 50
Business Acquisition, Effective Date of Acquisition		May 13, 2016
FM Translator construction permit, Atwood, Kentucky (asset purchase) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 88
Business Acquisition, Effective Date of Acquisition		Jun. 3, 2016
FM Translator construction permit, Charlotte, Michigan (asset purchase) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 50
Business Acquisition, Effective Date of Acquisition		Jun. 8, 2016
FM Translator, Amherst, New York (Asset Purchase) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 60
Business Acquisition, Effective Date of Acquisition		Jun. 10, 2016
FM Translator, Columbus, Ohio (Asset Purchase) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 345
Business Acquisition, Effective Date of Acquisition		Jun. 20, 2016
Hillcrest Media Group, Inc [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 3,500	$ 3,515
Business Acquisition, Effective Date of Acquisition		Aug. 1, 2016
Purchase Of Domain Names And Other Assets (Asset Purchases) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 6

ACQUISITIONS AND RECENT TRANS43

ACQUISITIONS AND RECENT TRANSACTIONS (Details 1) $ in Thousands	Sep. 30, 2016USD ($)
Business Acquisition [Line Items]
Cash payments made upon closing	$ 7,189
Deferred payments	1,566
Total purchase price consideration	$ 8,755

ACQUISITIONS AND RECENT TRANS44

ACQUISITIONS AND RECENT TRANSACTIONS (Details 2) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Trade accounts receivable, net of allowances of $42	$ 36,444	$ 36,029
Property and equipment	604
Broadcast licenses	705
Goodwill	25,724	$ 24,563
Domain and brand names	3,250
Customer lists and contracts	3,627
Non-compete agreements	1,005
Liabilities
Deferred revenue	(1,763)
Total purchase price consideration	8,755
Broadcast [Member]
Assets
Trade accounts receivable, net of allowances of $42	0
Property and equipment	13
Broadcast licenses	705
Goodwill	0
Domain and brand names	0
Customer lists and contracts	0
Non-compete agreements	0
Liabilities
Deferred revenue	0
Total purchase price consideration	718
Digital Media [Member]
Assets
Property and equipment	405
Broadcast licenses	0
Goodwill	237
Domain and brand names	1,129
Customer lists and contracts	3,101
Non-compete agreements	289
Liabilities
Deferred revenue	(642)
Total purchase price consideration	4,519
Publishing [Member]
Assets
Trade accounts receivable, net of allowances of $42	166
Property and equipment	186
Broadcast licenses	0
Goodwill	924
Domain and brand names	2,121
Customer lists and contracts	526
Non-compete agreements	716
Liabilities
Deferred revenue	(1,121)
Total purchase price consideration	$ 3,518

ACQUISITIONS AND RECENT TRANS45

ACQUISITIONS AND RECENT TRANSACTIONS (Details 2) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Allowance for Doubtful Accounts Receivable, Current	$ 11,423	$ 13,479

ACQUISITIONS AND RECENT TRANS46

ACQUISITIONS AND RECENT TRANSACTIONS (Details 3) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Palm Coast, Florida [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	May 18, 2016
Business Acquisition, Permit or ID of the Acquired Translators	W267BW
Entity Address, Address Description	Palm Coast, Florida* Related Party	[1]
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 65
Escrow Deposit	$ 0
Business Acquisition, Market Segment of the Acquired Translators	Tampa, Florida
Business Acquisition, Effective Closing Date of Acquisition	October 19, 2016
Lake City, Florida [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	May 25, 2016
Business Acquisition, Permit or ID of the Acquired Translators	W224BU
Entity Address, Address Description	Lake City, Florida Related Party
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 65
Escrow Deposit	$ 0
Business Acquisition, Market Segment of the Acquired Translators	Orlando, Florida
Business Acquisition, Effective Closing Date of Acquisition	October 12, 2016
Lake Placid, Florida [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jun. 2, 2016
Business Acquisition, Permit or ID of the Acquired Translators	W284BO
Entity Address, Address Description	Lake Placid, Florida
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 35
Escrow Deposit	$ 4
Business Acquisition, Market Segment of the Acquired Translators	Orlando, Florida
Sebring, Florida [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jun. 15, 2016
Business Acquisition, Permit or ID of the Acquired Translators	W267BW
Entity Address, Address Description	Sebring, Florida
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 77
Escrow Deposit	$ 15
Business Acquisition, Market Segment of the Acquired Translators	Miami, Florida
Crested Butte, Colorado [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jul. 25, 2016
Business Acquisition, Permit or ID of the Acquired Translators	K296AL
Entity Address, Address Description	Crested Butte, Colorado
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 39
Escrow Deposit	$ 8
Business Acquisition, Market Segment of the Acquired Translators	Colorado Springs, Colorado
Festus, Missouri [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jul. 25, 2016
Business Acquisition, Permit or ID of the Acquired Translators	K283CA
Entity Address, Address Description	Festus, Missouri *	[1]
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 40
Escrow Deposit	$ 8
Business Acquisition, Market Segment of the Acquired Translators	St. Louis, Missouri
Rhinelander, Wisconsin [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jul. 26, 2016
Business Acquisition, Permit or ID of the Acquired Translators	W263BS
Entity Address, Address Description	Rhinelander, Wisconsin
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 50
Escrow Deposit	$ 25
Business Acquisition, Market Segment of the Acquired Translators	Minneapolis, Minnesota
Roseburg, Oregon [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jul. 26, 2016
Business Acquisition, Permit or ID of the Acquired Translators	K294CP
Entity Address, Address Description	Roseburg, Oregon *	[1]
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 45
Escrow Deposit	$ 9
Business Acquisition, Market Segment of the Acquired Translators	Portland, Oregon
Carbondale, Pennsylvania [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jul. 26, 2016
Business Acquisition, Permit or ID of the Acquired Translators	W279BK
Entity Address, Address Description	Carbondale, Pennsylvania
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 75
Escrow Deposit	$ 15
Business Acquisition, Market Segment of the Acquired Translators	Pittsburgh, Pennsylvania
Dansville, New York [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jul. 26, 2016
Business Acquisition, Permit or ID of the Acquired Translators	W283BR
Entity Address, Address Description	Dansville, New York
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 75
Escrow Deposit	$ 15
Business Acquisition, Market Segment of the Acquired Translators	New York, New York
Kingsville, Texas [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jul. 26, 2016
Business Acquisition, Permit or ID of the Acquired Translators	K228FC
Entity Address, Address Description	Kingsville, Texas *	[1]
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 50
Escrow Deposit	$ 10
Business Acquisition, Market Segment of the Acquired Translators	Houston, Texas
Little Fish Lake Valley, California [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jul. 26, 2016
Business Acquisition, Permit or ID of the Acquired Translators	K245AR
Entity Address, Address Description	Little Fish Lake Valley, California
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 44
Escrow Deposit	$ 20
Business Acquisition, Market Segment of the Acquired Translators	Sacramento, California
Eaglemount, Washington [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jul. 26, 2016
Business Acquisition, Permit or ID of the Acquired Translators	K276FZ
Entity Address, Address Description	Eaglemount, Washington *	[1]
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 40
Escrow Deposit	$ 8
Business Acquisition, Market Segment of the Acquired Translators	Portland, Oregon
Angola, Indiana [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jul. 27, 2016
Business Acquisition, Permit or ID of the Acquired Translators	W256CO
Entity Address, Address Description	Angola, Indiana *	[1]
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 50
Escrow Deposit	$ 15
Business Acquisition, Market Segment of the Acquired Translators	Cleveland, Ohio
Business Acquisition, Effective Closing Date of Acquisition	October 20, 2016
Cofax, Indiana [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jul. 27, 2016
Business Acquisition, Permit or ID of the Acquired Translators	W249CQ
Entity Address, Address Description	Cofax, Indiana *	[1]
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 45
Escrow Deposit	$ 14
Business Acquisition, Market Segment of the Acquired Translators	St. Louis, Missouri
Business Acquisition, Effective Closing Date of Acquisition	October 20, 2016
Battle Creek, Michigan [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jul. 27, 2016
Business Acquisition, Permit or ID of the Acquired Translators	W263CS
Entity Address, Address Description	Battle Creek, Michigan *	[1]
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 50
Escrow Deposit	$ 15
Business Acquisition, Market Segment of the Acquired Translators	Cleveland, Ohio
Business Acquisition, Effective Closing Date of Acquisition	October 20, 2016
Port St Lucie, Florida [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jul. 27, 2016
Business Acquisition, Permit or ID of the Acquired Translators	W227BT
Entity Address, Address Description	Port St Lucie, Florida
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 100
Escrow Deposit	$ 10
Business Acquisition, Market Segment of the Acquired Translators	Tampa, Florida
Aurora, Florida [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Permit or ID of the Acquired Translators	W298AM
Entity Address, Address Description	Aurora, Florida
Business Acquisition, Market Segment of the Acquired Translators	Tampa, Florida
Lahaina, Hawaii [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Jul. 28, 2016
Business Acquisition, Permit or ID of the Acquired Translators	K239CD
Entity Address, Address Description	Lahaina, Hawaii *	[1]
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 110
Escrow Deposit	$ 11
Business Acquisition, Market Segment of the Acquired Translators	Honolulu, Hawaii
Kihei, Hawaii [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Permit or ID of the Acquired Translators	K241BZ
Entity Address, Address Description	Kihei, Hawaii
Business Acquisition, Market Segment of the Acquired Translators	Honolulu, Hawaii
Astoria, Oregon [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Aug. 25, 2016
Business Acquisition, Permit or ID of the Acquired Translators	K278BH
Entity Address, Address Description	Astoria, Oregon
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 33
Escrow Deposit	$ 6
Business Acquisition, Market Segment of the Acquired Translators	Seattle, Washington
Mojave Valley, Arizona [Member]
Debt Instrument, Redemption [Line Items]
Business Acquisition, Date of Acquisition Agreement	Sep. 22, 2016
Business Acquisition, Permit or ID of the Acquired Translators	K260CG
Entity Address, Address Description	Mojave Valley, Arizona*	[1]
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 20
Escrow Deposit	$ 2
Business Acquisition, Market Segment of the Acquired Translators	Phoenix, Arizona
[1]	Indicates that the purchase is for a FM Translator Construction Permit.

ACQUISITIONS AND RECENT TRANS47

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

Sep. 09, 2016

Mar. 08, 2016

Sep. 30, 2016

Aug. 01, 2016

Jun. 30, 2016

May 25, 2016

May 18, 2016

Mar. 31, 2016

Mar. 17, 2016

Jan. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2016

Sep. 30, 2015

Sep. 13, 2016

Jul. 21, 2016

May 17, 2016

Dec. 31, 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

Gains (Losses) on Extinguishment of Debt, Total

$ (18,000)

$ 0

$ (32,000)

$ (41,000)

Amortization of Financing Costs

475,000

471,000

Dividends Payable, Date Declared

Sep. 9, 2016

Jun. 2, 2016

Mar. 10, 2016

Common Stock, Dividends, Per Share, Declared

$ 0.0650

$ 0.0650

$ 0.0650

Payments of Ordinary Dividends, Common Stock

$ 1,700,000

$ 1,600,000

$ 1,700,000

5,000,000

4,956,000

Dividends Payable, Date to be Paid

Sep. 30, 2016

Jun. 30, 2016

Apr. 5, 2016

Dividends Payable, Date of Record

Sep. 19, 2016

Jun. 16, 2016

Mar. 22, 2016

Business Combination, Consideration Transferred, Total

8,755,000

Goodwill

$ 25,724,000

25,724,000

25,724,000

$ 24,563,000

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents

$ 1,300,000

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other

600,000

Business Acquisition Purchase Price Allocation Deferred Revenue

1,763,000

1,763,000

1,763,000

Payments to Acquire Intangible Assets

3,000

Proceeds from Sale of Land Held-for-use

$ 700,000

National Park Service [Member]

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

Proceeds from Sale of Other Assets

2,500,000

Gain (Loss) on Disposition of Other Assets

1,900,000

King James Bible Mobile Applications [Member]

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

Business Combination, Consideration Transferred, Total

900,000

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

4,000,000

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

300,000

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other

$ 200,000

Term B Loan [Member]

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

Payments for Loans

2,300,000

$ 1,200,000

$ 800,000

800,000

Debt Instrument, Face Amount

300,000,000

300,000,000

300,000,000

Gains (Losses) on Extinguishment of Debt, Total

3,900

1,300

2,500

Amortization of Financing Costs

14,000

3,400

$ 6,700

Early Repayments of Debt, Principal Payments

1,500,000

$ 400,000

Time Brokerage Agreement [Member]

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

Business Combination, Assets Arising from Contingencies, Amount Recognized

1,200,000

1,200,000

1,200,000

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

3,000

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 1,100,000

Business Acquisition Contingent Earn Out Consideration Payable

$ 300,000

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

$ 300,000

$ 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

$ 200,000

FM Translator, Columbus, Ohio Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Jun. 20, 2016

Business Combination, Consideration Transferred, Total

$ 345,000

FM Translator, Amherst, New York Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Jun. 10, 2016

Business Combination, Consideration Transferred, Total

$ 60,000

FM Translator construction permit, Charlotte, Michigan asset purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Jun. 8, 2016

Business Combination, Consideration Transferred, Total

$ 50,000

FM Translator construction permit, Atwood, Kentucky asset purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Jun. 3, 2016

Business Combination, Consideration Transferred, Total

$ 88,000

FM Translator construction permit, Kerrville, Texas asset purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

May 13, 2016

Business Combination, Consideration Transferred, Total

$ 50,000

FM Translator, Lincoln, Maine Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

May 2, 2016

Business Combination, Consideration Transferred, Total

$ 100,000

FM Translator construction permit, Emporia, Kansas asset purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Apr. 29, 2016

Business Combination, Consideration Transferred, Total

$ 25,000

Retirement Watch Business Acquisition [Member]

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

Business Acquisition, Effective Date of Acquisition

Apr. 1, 2016

Business Combination, Consideration Transferred, Total

$ 100,000

Goodwill

8,600

8,600

8,600

Business Acquisition Purchase Price Allocation Deferred Revenue

$ 600,000

$ 600,000

600,000

CycleProphet.com Business Acquisition [Member]

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

Business Combination, Consideration Transferred, Total

$ 400,000

Goodwill

$ 7,200

Business Acquisition Purchase Price Allocation Deferred Revenue

100,000

Business Acquisition Contingent Earn Out Consideration Payable

$ 100,000

Hillcrest Media Group, Inc [Member]

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

Business Acquisition, Effective Date of Acquisition

Aug. 1, 2016

Business Combination, Consideration Transferred, Total

$ 3,500,000

$ 3,515,000

Goodwill

900,000

Payments to Acquire Businesses, Gross

3,300,000

Business Combination, Consideration Transferred, Liabilities Incurred

200,000

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue

$ 1,100,000

FM Translator Delmarva Educational Association Corporation Asset Purchase Agreement [Member]

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

Business Combination, Consideration Transferred, Total

$ 65,000

FM Translator Construction Permit Delmarva Educational Association Corporation Asset Purchase Agreement [Member]

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

Business Combination, Consideration Transferred, Total

$ 65,000

CONTINGENT EARN-OUT CONSIDERA48

CONTINGENT EARN-OUT CONSIDERATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	$ 441	$ 2,276	$ 775	$ 3,285
Acquisitions	66	0	66	300
Accretion of acquisition-related contingent earn-out consideration	5	29	21	86
Change in the estimated fair value of contingent earn-out consideration	(196)	(603)	(458)	(792)
Reclassification of payments due in next 12 months to short-term	0	0	0	0
Payments	(11)	(16)	(99)	(1,193)
Ending Balance	305	1,686	305	1,686
Short-Term Accrued Expenses [Member]
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	441	1,190	173	1,575
Acquisitions	66	0	66	176
Accretion of acquisition-related contingent earn-out consideration	5	17	13	48
Change in the estimated fair value of contingent earn-out consideration	(196)	(418)	(404)	(631)
Reclassification of payments due in next 12 months to short-term	0	0	556	798
Payments	(11)	(16)	(99)	(1,193)
Ending Balance	305	773	305	773
Long-Term Other Liabilities [Member]
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	0	1,086	602	1,710
Acquisitions	0	0	0	124
Accretion of acquisition-related contingent earn-out consideration	0	12	8	38
Change in the estimated fair value of contingent earn-out consideration	0	(185)	(54)	(161)
Reclassification of payments due in next 12 months to short-term	0	0	(556)	(798)
Payments	0	0	0	0
Ending Balance	$ 0	$ 913	$ 0	$ 913

CONTINGENT EARN-OUT CONSIDERA49

CONTINGENT EARN-OUT CONSIDERATION (Details Textual) - USD ($)	Sep. 13, 2016	Feb. 06, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2016	May 06, 2015	Jan. 10, 2014
Business Acquisition, Contingent Consideration [Line Items]
Business Combination, Contingent Consideration Arrangements Payment			$ 11,000	$ 16,000	$ 99,000	$ 1,193,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability			(196,000)	$ (603,000)	(458,000)	$ (792,000)
Bryan Perry Newsletters (business acquisition) [Member]
Business Acquisition, Contingent Consideration [Line Items]
Business Combination, Contingent Consideration Arrangements Payment					24,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability					12,000,000
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					300,000
Business Combination, Liabilities Arising from Contingencies, Amount Recognized			$ 2,000,000		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
Eagle Publishing (business acquisition) [Member] | Scenario, Forecast [Member]
Business Acquisition, Contingent Consideration [Line Items]
Payments to Acquire Businesses, Gross							$ 900,000
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					$ 107,000,000
Business Combination, Liabilities Arising from Contingencies, Amount Recognized								165,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High								300,000
Business Acquisition Contingent Earn Out Consideration Payable								300,000
Business Combination Liabilities A rising From Contingencies Amount Recognized Discounted Present Value								$ 142,000
Cycle Prophet [Member]
Business Acquisition, Contingent Consideration [Line Items]
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 400,000
Business Combination, Contingent Consideration Arrangements Payment	100,000
Business Combination, Liabilities Arising from Contingencies, Amount Recognized	66,000
Business Acquisition Contingent Earn Out Consideration Payable	$ 100,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Inventory [Line Items]
Reserve for obsolescence	$ (2,150)	$ (1,855)
Inventories, net	746	893
Regnery Publishing [Member]
Inventory [Line Items]
Inventories, gross	2,490	2,186
Reserve for obsolescence	(2,068)	(1,798)
Inventories, net	422	388
Wellness Products [Member]
Inventory [Line Items]
Inventories, gross	406	562
Reserve for obsolescence	(82)	(57)
Inventories, net	$ 324	$ 505

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment, Gross, Total	$ 256,304	$ 267,865
Less accumulated depreciation	(152,982)	(162,382)
Property, Plant and Equipment, Net, Total	103,322	105,483
Land [Member]
Property, Plant and Equipment, Gross, Total	31,180	31,565
Building [Member]
Property, Plant and Equipment, Gross, Total	25,362	25,448
Office furnishings and equipment [Member]
Property, Plant and Equipment, Gross, Total	36,847	38,812
Office furnishings and equipment under capital lease obligations [Member]
Property, Plant and Equipment, Gross, Total	228	228
Antennae, towers and transmitting equipment
Property, Plant and Equipment, Gross, Total	83,256	83,501
Antennae, towers and transmitting equipment under capital lease obligations [Member]
Property, Plant and Equipment, Gross, Total	795	795
Studio, production and mobile equipment
Property, Plant and Equipment, Gross, Total	28,245	30,598
Computer Software [Member]
Property, Plant and Equipment, Gross, Total	18,719	28,134
Record and tape libraries [Member]
Property, Plant and Equipment, Gross, Total	27	55
Automobiles [Member]
Property, Plant and Equipment, Gross, Total	1,349	1,298
Leasehold Improvements [Member]
Property, Plant and Equipment, Gross, Total	20,059	20,799
Construction in Progress [Member]
Property, Plant and Equipment, Gross, Total	$ 10,237	$ 6,632

PROPERTY AND EQUIPMENT (Detai52

PROPERTY AND EQUIPMENT (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Depreciation, Total	$ 3,000,000	$ 3,100,000	$ 9,000,000	$ 9,400,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	152,982,000		152,982,000		$ 162,382,000
Capital Lease [Member]
Depreciation, Total	24,000	$ 24,000	72,000	$ 72,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 639,000		$ 639,000		$ 566,000

AMORTIZABLE INTANGIBLE ASSETS53

AMORTIZABLE INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Cost	$ 58,817	$ 50,935
Accumulated Amortization	(43,127)	(39,454)
Net	15,690	11,481
Customer lists and contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	22,435	20,009
Accumulated Amortization	(19,815)	(18,914)
Net	2,620	1,095
Domain and brand names [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	19,869	16,619
Accumulated Amortization	(12,468)	(11,200)
Net	7,401	5,419
Favorable and assigned leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	2,379	2,379
Accumulated Amortization	(1,953)	(1,887)
Net	426	492
Subscriber base and lists [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	7,988	7,313
Accumulated Amortization	(4,921)	(3,808)
Net	3,067	3,505
Author Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	2,771	2,245
Accumulated Amortization	(1,694)	(1,523)
Net	1,077	722
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	2,039	1,034
Accumulated Amortization	(940)	(786)
Net	1,099	248
Other amortizable 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 ASSETS54

AMORTIZABLE INTANGIBLE ASSETS (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
2016(Oct-Dec)	$ 1,395
2,017	4,340
2,018	3,901
2,019	3,327
2,020	2,027
Thereafter	700
Amortizable intangible assets (net of accumulated amortization of $39,454 in 2015 and $42,970 in 2016)	$ 15,690	$ 11,481

LONG TERM DEBT (Details)

LONG TERM DEBT (Details) - USD ($) $ in Thousands	1 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Mar. 17, 2016	Jan. 30, 2015
Principal Paid			$ 750	$ 809	$ 2,000
Unamortized Discount			$ 0	$ 2	$ 15
Term Loan B Payment One [Member]
Principal Paid	$ 1,500	$ 441
Unamortized Discount	4	1
Term Loan B Payment Two [Member]
Principal Paid	750	750
Unamortized Discount	$ 0	$ 0

LONG TERM DEBT (Details 1)

LONG TERM DEBT (Details 1) - USD ($) $ in Thousands	Sep. 30, 2016	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	$ 268,049			$ 274,755
Less current portion	(2,681)			(5,662)
Long-term debt and capital lease obligations less unamortized discount and debt issuance costs, net of current portion	265,368			269,093
Deferred financing costs	99			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	266,385			270,775
Revolver [Member]
Debt Instrument [Line Items]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	1,069			3,306
Capital Lease Obligations And Other [Member]
Debt Instrument [Line Items]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	$ 595			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

LONG TERM DEBT (Details 1) (Par

LONG TERM DEBT (Details 1) (Parenthetical)	Sep. 30, 2016	Dec. 31, 2015
Term B Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage	4.78%	4.78%

LONG TERM DEBT (Details 2)

LONG TERM DEBT (Details 2)	Sep. 30, 2016
Less than 3.00 to 1.00 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.25%
Less than 3.00 to 1.00 [Member] | LIBOR Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.25%
Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.50%
Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 [Member] | LIBOR Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.50%
Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.75%
Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 [Member] | LIBOR Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.75%
Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.00%
Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 [Member] | LIBOR Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.00%
Greater than or equal to 6.00 to 1.00 [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.50%
Greater than or equal to 6.00 to 1.00 [Member] | LIBOR Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.50%

LONG TERM DEBT (Details 2) (Par

LONG TERM DEBT (Details 2) (Parenthetical)	Sep. 30, 2016
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Leverage Ratio	5.29%
Maximum [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Leverage Ratio	6.00%
Maximum [Member] | Less than 3.00 to 1.00 [Member]
Debt Instrument [Line Items]
Leverage Ratio	3.00%
Maximum [Member] | Greater than or equal to 3.00 to 1.00 but less than 4.00 to 1.00 [Member]
Debt Instrument [Line Items]
Leverage Ratio	4.00%
Maximum [Member] | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 [Member]
Debt Instrument [Line Items]
Leverage Ratio	5.00%
Maximum [Member] | Greater than or equal to 5.00 to 1.00 but less than 6.00 to 1.00 [Member]
Debt Instrument [Line Items]
Leverage Ratio	6.00%
Minimum [Member] | Greater than or equal to 3.00 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%

LONG TERM DEBT (Details 3)

LONG TERM DEBT (Details 3) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Long Term Debt And Capital Lease Obligations Current And Noncurrent	$ 268,049	$ 274,755
Less current portion	(2,681)	(5,662)
Long-term Debt and Capital Lease Obligations, Total	265,368	269,093
Term B Loan [Member]
Term Loan B principal amount	269,000	274,000
Less unamortized discount and debt issuance costs based on imputed interest rate of 4.78%	(2,615)	(3,225)
Term Loan B net carrying value	266,385	270,775
Revolver [Member]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	1,069	3,306
Capital Lease Obligations And Other [Member]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	$ 595	$ 674

LONG TERM DEBT (Details 3) (Par

LONG TERM DEBT (Details 3) (Parenthetical)	Sep. 30, 2016	Dec. 31, 2015
Term B Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.78%	4.78%

LONG TERM DEBT (Details 4)

LONG TERM DEBT (Details 4) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
2,017	$ 2,681
2,018	3,108
2,019	3,104
2,020	258,988
2,021	116
Thereafter	52
Long-term debt	$ 268,049	$ 274,755

LONG TERM DEBT (Details Textual

LONG TERM DEBT (Details Textual) - USD ($)	1 Months Ended				3 Months Ended		9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 17, 2016	Sep. 30, 2013	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Mar. 27, 2013	Mar. 14, 2013
Interest Expense, Debt					$ 140,000	$ 139,000	$ 423,000	$ 418,000
Amortization of Financing Costs							475,000	471,000
Interest Rate Swap [Member]
Derivative, Notional Amount	$ 150,000,000				$ 150,000,000		$ 150,000,000			$ 150,000,000
Derivative, Floor Interest Rate	0.625%				0.625%		0.625%
Derivative, Fixed Interest Rate	1.645%				1.645%		1.645%
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 stepped up to 2.50 to 1.0 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
Leverage Ratio	5.29%				5.29%		5.29%
Revolving Credit Facility [Member] | Maximum [Member]
Interest Coverage Ratio	3.40%				3.40%		3.40%
Leverage Ratio	6.00%				6.00%		6.00%
Revolving Credit Facility [Member] | Minimum [Member]
Interest Coverage Ratio	2.50%				2.50%		2.50%
Term B Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 269,000,000				$ 269,000,000		$ 269,000,000				$ 300,000,000
Senior Notes, Noncurrent											298,500,000
Interest Expense, Debt					$ 51,000	47,000	$ 155,000	140,000
Amortization of Financing Costs	$ 14,000	$ 3,400	$ 6,700
Floor Rate On Term Loan							1.00%
Line Of Credit Default Rate Above Applicable Interest Rate	2.00%				2.00%		2.00%
Proceeds from Issuance of Debt							$ 60,000,000
Debt Instrument, Periodic Payment, Principal				$ 750,000
Line of Credit Facility, Expiration Period							7 years
Debt Instrument Interest Additional Interest Above Prime Rate							2.50%
Debt Instrument Interest Additional Interest Above London Interbank Offered Rate							3.50%
Debt Instrument, Interest Rate, Stated Percentage	4.78%				4.78%		4.78%		4.78%
Revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,100,000				$ 1,100,000		$ 1,100,000				$ 25,000,000
Amortization of Financing Costs					$ 52,000	$ 17,000	$ 52,000	$ 17,000
Debt Instrument Interest Additional Interest Above Base Rate							2.00%
Debt Instrument, Interest Rate, Effective Percentage	5.07%				5.07%		5.07%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage							0.50%
Line of Credit Facility, Expiration Period							5 years
Debt Instrument Interest Additional Interest Above Prime Rate							2.50%
Debt Instrument Interest Additional Interest Above London Interbank Offered Rate							3.00%
Debt Instrument, Interest Rate, Stated Percentage	4.58%				4.58%		4.58%
Deferred Financing Cost Amortization Period							5 years

STOCK INCENTIVE PLAN (Details)

STOCK INCENTIVE PLAN (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense, pre-tax	$ 134	$ 170	$ 458	$ 657
Tax provision for stock-based compensation expense	(54)	(68)	(183)	(263)
Total stock-based compensation expense, net of tax	80	102	275	394
Corporate [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	94	97	296	413
Restricted stock shares compensation expense	0	14	24	29
Broadcast [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	19	30	67	107
Publishing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	9	9	20	33
Digital Media [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	$ 12	$ 20	$ 51	$ 75

STOCK INCENTIVE PLAN (Details 1

STOCK INCENTIVE PLAN (Details 1)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 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 4 months 24 days	3 years
Risk-free interest rate			1.64%	0.85%

STOCK INCENTIVE PLAN (Details 2

STOCK INCENTIVE PLAN (Details 2) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)$ / sharesshares
Shares
Outstanding | shares	1,729,000
Employee Stock Option [Member]
Shares
Outstanding | shares	1,581,123
Granted | shares	549,500
Exercised | shares	(331,246)
Forfeited or cancelled | shares	(3,500)
Expired | shares	(66,877)
Outstanding | shares	1,729,000
Exercisable at end of period | shares	848,375
Expected to Vest | shares	836,154
Weighted Average Exercise Price
Outstanding	$ 4.87
Granted	4.85
Exercised	2.92
Forfeited or cancelled	5.44
Expired	8.16
Outstanding	5.11
Exercisable at end of period	5.55
Expected to Vest	4.69
Weighted Average Grant Date Fair value
Outstanding	3.39
Granted	1.33
Exercised	1.99
Forfeited or cancelled	2.38
Expired	6.11
Outstanding	2.9
Exercisable at end of period	3.94
Expected to Vest	$ 1.9
Weighted Average Remaining Contractual Term
Outstanding	4 years 3 months 18 days
Outstanding	4 years 9 months 18 days
Exercisable at end of period	3 years 1 month 6 days
Expected to Vest	4 years 9 months 18 days
Aggregate Intrinsic Value
Outstanding | $	$ 1,786
Outstanding | $	2,047
Exercisable at end of period | $	844
Expected to Vest | $	$ 1,174

STOCK INCENTIVE PLAN (Details 3

STOCK INCENTIVE PLAN (Details 3) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2016	Sep. 30, 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	$ 0.6
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 11 months 19 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	$ 5.88
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 1.1	$ 1.5

EQUITY TRANSACTIONS (Details)

EQUITY TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2016
Dividends Payable [Line Items]
Announcement Date	Sep. 9, 2016	Jun. 2, 2016	Mar. 10, 2016
Payment Date	Sep. 30, 2016	Jun. 30, 2016	Apr. 5, 2016
Dividend Payment One [Member]
Dividends Payable [Line Items]
Announcement Date				Sep. 9, 2016
Payment Date				Sep. 30, 2016
Amount Per Share	$ 0.0650			$ 0.0650
Cash Distributed				$ 1,679
Dividend Payment Two [Member]
Dividends Payable [Line Items]
Announcement Date				Jun. 2, 2016
Payment Date				Jun. 30, 2016
Amount Per Share	0.0650			$ 0.0650
Cash Distributed				$ 1,664
Dividend Payment Three [Member]
Dividends Payable [Line Items]
Announcement Date				Mar. 10, 2016
Payment Date				Apr. 5, 2016
Amount Per Share	0.0650			$ 0.0650
Cash Distributed				$ 1,657
Dividend Payment Four [Member]
Dividends Payable [Line Items]
Announcement Date				Dec. 1, 2015
Payment Date				Dec. 29, 2015
Amount Per Share	0.0650			$ 0.0650
Cash Distributed				$ 1,656
Dividend Payment Five [Member]
Dividends Payable [Line Items]
Announcement Date				Sep. 1, 2015
Payment Date				Sep. 30, 2015
Amount Per Share	0.0650			$ 0.0650
Cash Distributed				$ 1,655
Dividend Payment Six [Member]
Dividends Payable [Line Items]
Announcement Date				Jun. 2, 2015
Payment Date				Jun. 30, 2015
Amount Per Share	0.0650			$ 0.0650
Cash Distributed				$ 1,654
Dividend Payment Seven [Member]
Dividends Payable [Line Items]
Announcement Date				Mar. 5, 2015
Payment Date				Mar. 31, 2015
Amount Per Share	$ 0.0650			$ 0.0650
Cash Distributed				$ 1,647

EQUITY TRANSACTIONS (Details Te

EQUITY TRANSACTIONS (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 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	$ 0.1	$ 0.2	$ 0.5	$ 0.7
Scenario, Forecast [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected Dividend Payments					$ 6.7

BASIC AND DILUTED NET EARNING71

BASIC AND DILUTED NET EARNINGS PER SHARE (Details Textual) - shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share Basic And Diluted [Line Items]
Options to purchase Class A common stock	1,729,000	1,628,534
Dilutive shares	367,940	447,689

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Fair value of interest rate swap liability	$ 2,124
Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Fair value of interest rate swap liability	2,124
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Fair value of interest rate swap liability	$ 2,124	$ 798

DERIVATIVE INSTRUMENTS (Detai73

DERIVATIVE INSTRUMENTS (Details Textual) - Interest Rate Swap [Member] - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Mar. 27, 2013
Derivative [Line Items]
Derivative, Notional Amount	$ 150	$ 150
Payments swap LIBOR floor rate	0.625%
Derivative, Maturity Date	Mar. 28, 2019
Interest rate swap, fixed rate	1.645%
Liabilities, Noncurrent, Total	$ 2.1

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) $ in Thousands	Sep. 30, 2016USD ($)
Liabilities:
Estimated fair value of contingent earn-out consideration included in accrued expenses	$ 305
Long-term debt and capital lease obligations less unamortized discount and debt issuance costs	268,049
Fair value of interest rate swap	2,124
Fair Value, Inputs, Level 1 [Member]
Liabilities:
Estimated fair value of contingent earn-out consideration included in accrued expenses	0
Long-term debt and capital lease obligations less unamortized discount and debt issuance costs	0
Fair value of interest rate swap	0
Fair Value, Inputs, Level 2 [Member]
Liabilities:
Estimated fair value of contingent earn-out consideration included in accrued expenses	0
Long-term debt and capital lease obligations less unamortized discount and debt issuance costs	268,049
Fair value of interest rate swap	2,124
Fair Value, Inputs, Level 3 [Member]
Liabilities:
Estimated fair value of contingent earn-out consideration included in accrued expenses	305
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 ($)	3 Months Ended
	Sep. 30, 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	$ 4,400,000	$ 2,800,000
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 1,600,000

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	1 Months Ended		3 Months Ended			9 Months Ended
	Dec. 31, 2012	Jun. 30, 2012	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue			$ 71,272		$ 67,491	$ 203,626	$ 196,640
Operating expenses			58,773		54,831	168,149	160,177
Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairment of long-lived assets and (gain) loss on the sale or disposal of assets			12,499		12,660	35,477	36,463
Depreciation			2,976		3,136	8,950	9,368
Amortization			1,341		1,330	3,673	3,974
Change in the estimated fair value of contingent earn-out consideration			(196)		(603)	(458)	(792)
Impairment of long-lived assets	$ 1,200	$ 5,600		$ 700		700	0
(Gain) loss on the sale or disposal of assets			457		3	2,008	(156)
Operating income (loss)			8,835		8,800	24,620	23,757
Inventories, net			746			746		$ 893
Property and equipment, net			103,322			103,322		105,483
Broadcast licenses			394,043			394,043		393,031
Goodwill			25,724			25,724		24,563
Other indefinite-lived intangible assets			833			833		833
Amortizable intangible assets, net			12,487			12,487		11,481
Operating Segments [Member] | Broadcast [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue			51,052		49,451	149,768	145,609
Operating expenses			37,434		35,538	109,455	104,958
Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairment of long-lived assets and (gain) loss on the sale or disposal of assets			13,618		13,913	40,313	40,651
Depreciation			1,753		1,947	5,431	5,821
Amortization			22		23	67	73
Change in the estimated fair value of contingent earn-out consideration			0		0	0	0
Impairment of long-lived assets						700
(Gain) loss on the sale or disposal of assets			(633)		35	(2,175)	194
Operating income (loss)			12,476		11,908	36,290	34,563
Inventories, net			0			0		0
Property and equipment, net			87,369			87,369		88,894
Broadcast licenses			394,043			394,043		393,031
Goodwill			3,581			3,581		3,581
Other indefinite-lived intangible assets			0			0		0
Amortizable intangible assets, net			425			425		492
Operating Segments [Member] | Digital Media [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue			11,999		11,128	34,056	32,859
Operating expenses			9,172		8,630	26,815	26,081
Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairment of long-lived assets and (gain) loss on the sale or disposal of assets			2,827		2,498	7,241	6,778
Depreciation			840		820	2,392	2,344
Amortization			1,091		1,171	3,233	3,493
Change in the estimated fair value of contingent earn-out consideration			(13)		(105)	(119)	(316)
Impairment of long-lived assets						0
(Gain) loss on the sale or disposal of assets			176		11	182	11
Operating income (loss)			733		601	1,553	1,246
Inventories, net			324			324		505
Property and equipment, net			6,680			6,680		6,927
Broadcast licenses			0			0		0
Goodwill			20,167			20,167		19,930
Other indefinite-lived intangible assets			0			0		0
Amortizable intangible assets, net			10,883			10,883		9,599
Operating Segments [Member] | Publishing [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue			8,221		6,912	19,802	18,172
Operating expenses			8,020		6,966	19,951	17,932
Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairment of long-lived assets and (gain) loss on the sale or disposal of assets			201		(54)	(149)	240
Depreciation			174		153	489	488
Amortization			228		136	372	407
Change in the estimated fair value of contingent earn-out consideration			(183)		(498)	(339)	(476)
Impairment of long-lived assets						0
(Gain) loss on the sale or disposal of assets			0		(57)	(21)	(58)
Operating income (loss)			(18)		212	(650)	(121)
Inventories, net			422			422		388
Property and equipment, net			1,582			1,582		1,742
Broadcast licenses			0			0		0
Goodwill			1,044			1,044		1,044
Other indefinite-lived intangible assets			833			833		833
Amortizable intangible assets, net			1,173			1,173		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	0	0
Operating expenses			4,147		3,697	11,928	11,206
Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairment of long-lived assets and (gain) loss on the sale or disposal of assets			(4,147)		(3,697)	(11,928)	(11,206)
Depreciation			209		216	638	715
Amortization			0		0	1	1
Change in the estimated fair value of contingent earn-out consideration			0		0	0	0
Impairment of long-lived assets						0
(Gain) loss on the sale or disposal of assets			0		8	6	9
Operating income (loss)			(4,356)		$ (3,921)	(12,573)	$ (11,931)
Inventories, net			0			0		0
Property and equipment, net			7,516			7,516		7,920
Broadcast licenses			0			0		0
Goodwill			8			8		8
Other indefinite-lived intangible assets			0			0		0
Amortizable intangible assets, net			$ 6			$ 6		$ 5

SEGMENT DATA (Details Textual)

SEGMENT DATA (Details Textual)	9 Months Ended
	Sep. 30, 2016
Segment Reporting Information [Line Items]
Number of Reportable Segments	3

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - Subsequent Event [Member]	Oct. 12, 2016USD ($)	Oct. 07, 2016USD ($)	Oct. 20, 2016USD ($)	Oct. 19, 2016USD ($)	Oct. 17, 2016USD ($)	Nov. 07, 2016USD ($)
Subsequent Event [Line Items]
Number Of Software					2
Payments to Acquire Software					$ 100,000
Radio Station KXFN AM In St Louis [Member]
Subsequent Event [Line Items]
Business Acquisition, Effective Date of Acquisition			Oct. 20, 2016
Business Acquisition Cost Of Acquired Entity Cash Paid Net			$ 200,000
FM Translator Construction [Member]
Subsequent Event [Line Items]
Business Acquisition, Effective Date of Acquisition			Oct. 20, 2016
Business Acquisition Cost Of Acquired Entity Cash Paid Net			$ 100,000
FM Translator Construction Permit In Palm Coast Florida [Member]
Subsequent Event [Line Items]
Business Acquisition, Effective Date of Acquisition				Oct. 19, 2016
Business Acquisition Cost Of Acquired Entity Cash Paid Net				$ 65,000
FM Translator In Lake City Florida [Member]
Subsequent Event [Line Items]
Business Acquisition, Effective Date of Acquisition	Oct. 12, 2016
Business Acquisition Cost Of Acquired Entity Cash Paid Net	$ 65,000
FM Translator In Quartz Site Arizona [Member]
Subsequent Event [Line Items]
Business Acquisition, Effective Date of Acquisition		Oct. 7, 2016
Business Acquisition Cost Of Acquired Entity Cash Paid Net		$ 20,000
FM translator in Sebring [Member]
Subsequent Event [Line Items]
Business Acquisition Cost Of Acquired Entity Cash Paid Net						$ 100,000