Salem Media (SALM) 10-Q 8 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 01, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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		20,565,198
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	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 19	$ 130
Trade accounts receivable (net of allowances of $10,420 in 2016 and $7,091 in 2017)	33,552	37,260
Other receivables (net of allowances of $260 in 2016 and $125 in 2017 )	982	751
Inventories (net of reserves of $2,226 in 2016 and $1,596 in 2017)	867	670
Prepaid expenses	7,091	6,287
Deferred income taxes - current	0	9,411
Land held for sale	1,000	1,000
Total current assets	43,511	55,509
Notes receivable (net of allowance of $564 in 2016 and $723 in 2017)	191	65
Property and equipment (net of accumulated depreciation of $156,024 in 2016 and $160,869 in 2017)	101,617	102,790
Broadcast licenses	388,678	388,517
Goodwill	25,628	25,613
Other indefinite-lived intangible assets	313	332
Amortizable intangible assets (net of accumulated amortization of $44,488 in 2016 and $44,872 in 2017)	12,204	14,408
Deferred financing costs	506	82
Deferred income taxes - non-current	1,877	0
Other assets	3,284	2,952
Total assets	577,809	590,268
Current liabilities:
Accounts payable	2,542	4,968
Accrued expenses	12,322	15,658
Accrued compensation and related expenses	8,196	8,133
Accrued interest	2,114	77
Current portion of deferred revenue	9,219	9,491
Income taxes payable	59	223
Current portion of long-term debt and capital lease obligations	10,116	590
Total current liabilities	44,568	39,140
Long-term debt and capital lease obligations less unamortized debt issuance costs, net of current portion	249,206	261,084
Fair value of interest rate swap	0	514
Deferred income taxes	54,507	60,769
Deferred rent expense	9,679	9,596
Deferred revenue less current portion	5,127	5,252
Other long-term liabilities	52	67
Total liabilities	363,139	376,422
Commitments and contingencies (Note 18)
Stockholders' Equity:
Additional paid-in capital	245,486	243,607
Accumulated earnings	2,907	3,963
Treasury stock, at cost (2,317,650 shares at December 31, 2016 and June 30, 2017)	(34,006)	(34,006)
Total stockholders' equity	214,670	213,846
Total liabilities and stockholders' equity	577,809	590,268
Common Class A [Member]
Stockholders' Equity:
Common stock	227	226
Common Class B [Member]
Stockholders' Equity:
Common stock	$ 56	$ 56

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Trade accounts receivable, allowances	$ 7,091	$ 10,240
Allowance for Doubtful Other Receivables, Current	125	260
Inventories, reserves	1,596	2,226
Notes receivable, allowance	723	564
Property and equipment, accumulated depreciation	160,869	156,024
Amortizable intangible assets, accumulated amortization	$ 44,872	$ 44,488
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	22,879,193	22,593,130
Common stock, outstanding	20,561,543	20,275,480
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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net broadcast revenue	$ 49,251	$ 49,971	$ 97,055	$ 98,716
Net digital media revenue	10,866	11,047	21,552	22,057
Net publishing revenue	5,995	6,761	12,485	11,581
Total net revenue	66,112	67,779	131,092	132,354
Operating expenses:
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $411 and $429 for the three months ended June 30, 2016 and 2017, respectively, and $819 and $853 for the six months ended June 30, 2016 and 2017, respectively, paid to related parties)	35,931	35,871	71,767	72,021
Digital media operating expenses, exclusive of depreciation and amortization shown below	8,370	8,619	17,072	17,643
Publishing operating expenses, exclusive of depreciation and amortization shown below	5,668	6,983	12,019	11,931
Unallocated corporate expenses exclusive of depreciation and amortization shown below (including $9 and $28 for the three months ended June 30, 2016 and 2017, respectively, and $107 and $120 for the six months ended June 30, 2016 and 2017, respectively, paid to related parties)	3,825	3,568	8,950	7,781
Depreciation	3,109	2,982	6,089	5,974
Amortization	1,143	1,189	2,285	2,332
Change in the estimated fair value of contingent earn-out consideration	(43)	(134)	(42)	(262)
Impairment of long-lived assets	0	700	0	700
Impairment of indefinite-lived long-term assets other than goodwill	0	0	19	0
Net gain on the sale or disposal of assets	(510)	(1,701)	(505)	(1,551)
Total operating expenses	57,493	58,077	117,654	116,569
Operating income	8,619	9,702	13,438	15,785
Other income (expense):
Interest income	1	2	2	3
Interest expense	(3,924)	(3,730)	(7,354)	(7,526)
Change in the fair value of interest rate swap	0	(423)	357	(2,181)
Loss on early retirement of long-term debt	(2,734)	(5)	(2,775)	(14)
Net income before income taxes	1,962	5,546	3,668	6,067
Provision for income taxes	690	2,190	1,336	2,358
Net income	$ 1,272	$ 3,356	$ 2,332	$ 3,709
Basic earnings per share data:
Basic earnings per share	$ 0.05	$ 0.13	$ 0.09	$ 0.14
Diluted earnings per share data:
Diluted earnings per share	0.05	0.13	0.09	0.14
Distributions per share	$ 0.07	$ 0.13	$ 0.13	$ 0.13
Basic weighted average shares outstanding	26,062,403	25,551,445	25,982,102	25,518,339
Diluted weighted average shares outstanding	26,593,366	26,052,649	26,442,146	25,927,804

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Parenthetical] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Broadcast operating expenses exclusive of depreciation and amortization	$ 35,931	$ 35,871	$ 71,767	$ 72,021
Unallocated corporate expenses exclusive of depreciation and amortization	3,825	3,568	8,950	7,781
Related Party [Member]
Broadcast operating expenses exclusive of depreciation and amortization	429	411	853	819
Unallocated corporate expenses exclusive of depreciation and amortization	$ 28	$ 9	$ 120	$ 107

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
OPERATING ACTIVITIES
Net income	$ 2,332,000	$ 3,709,000
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash stock-based compensation	1,425,000	324,000
Tax benefit related to stock options exercised	0	67,000
Depreciation and amortization	8,374,000	8,306,000
Amortization of deferred financing costs	357,000	318,000
Accretion of financing items	74,000	103,000
Accretion of acquisition-related deferred payments and contingent consideration	24,000	38,000
Provision for bad debts	796,000	268,000
Deferred income taxes	1,272,000	2,176,000
Change in the fair value of interest rate swap	(357,000)	2,181,000
Change in the estimated fair value of contingent earn-out consideration	(42,000)	(262,000)
Impairment of long-lived assets	0	700,000
Impairment of indefinite-lived long-term assets other than goodwill	19,000	0
Loss on early retirement of long-term debt	2,775,000	14,000
Net gain on the sale or disposal of assets	(505,000)	(1,551,000)
Changes in operating assets and liabilities:
Accounts receivable	2,669,000	7,421,000
Inventories	(197,000)	(10,000)
Prepaid expenses and other current assets	(804,000)	(30,000)
Accounts payable and accrued expenses	(1,143,000)	1,234,000
Deferred rent	49,000	(6,429,000)
Deferred revenue	(360,000)	1,086,000
Other liabilities	(15,000)	0
Income taxes payable	(164,000)	55,000
Net cash provided by operating activities	16,579,000	19,718,000
INVESTING ACTIVITIES
Cash paid for capital expenditures net of tenant improvement allowances	(4,768,000)	(5,055,000)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements	(52,000)	(448,000)
Escrow deposits related to acquisitions	(42,000)	(19,000)
Purchases of broadcast assets and radio stations	(130,000)	(718,000)
Proceeds from sale of broadcast assets	600,000	2,471,000
Other	(289,000)	(547,000)
Net cash used in investing activities	(4,991,000)	(7,122,000)
FINANCING ACTIVITIES
Payments of acquisition-related contingent earn-out consideration	(14,000)	(88,000)
Payments of deferred installments due from acquisition activity	(225,000)	(3,071,000)
Proceeds from the exercise of stock options	455,000	336,000
Payments of capital lease obligations	(62,000)	(53,000)
Payment of cash distributions on common stock	(3,388,000)	(3,321,000)
Book overdraft	(2,838,000)	(2,168,000)
Payment of interest rate swap	(783,000)	0
Proceeds from bond offering	255,000,000	0
Payment of debt issuance costs	(6,368,000)	0
Net cash used in financing activities	(11,699,000)	(12,650,000)
CASH FLOWS FROM DISCONTINUED OPERATIONS
Net decrease in cash and cash equivalents	(111,000)	(54,000)
Cash and cash equivalents at beginning of year	130,000	98,000
Cash and cash equivalents at end of period	19,000	44,000
Cash paid during the period for:
Cash paid for interest, net of capitalized interest	4,849,000	7,099,000
Cash paid for income taxes	211,000	60,000
Other supplemental disclosures of cash flow information:
Barter revenue	2,565,000	2,475,000
Barter expense	2,348,000	2,441,000
Non-cash investing and financing activities:
Capital expenditures reimbursable under tenant improvement allowances	52,000	448,000
Current value of deferred cash payments (short-term)	0	1,300,000
Assets acquired under capital leases	16,000	0
Debt issuance costs accrued	465,000	0
Term Loan B [Member]
FINANCING ACTIVITIES
Payments on Term Loan B, Revolver and ABL Facility	(263,000,000)	(2,750,000)
Revolver [Member]
FINANCING ACTIVITIES
Payments on Term Loan B, Revolver and ABL Facility	(24,583,000)	(34,433,000)
Proceeds from borrowings under Revolver and ABL Facility	34,107,000	32,898,000
Digital Media [Member]
INVESTING ACTIVITIES
Purchases of digital media businesses and assets	(310,000)	(2,803,000)
Publishing [Member]
INVESTING ACTIVITIES
Purchases of digital media businesses and assets	$ 0	$ (3,000)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
BASIS OF PRESENTATION	NOTE 1. BASIS OF PRESENTATION The accompanying consolidated financial statements of Salem Media Group, Inc. (“Salem” “we,” “us,” “our” or the “company”) include the company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Effective February 19, 2015, we changed our name from Salem Communications Corporation to Salem Media Group, Inc. Salem was formed in 1986 as a California corporation and was reincorporated in Delaware in 1999. Our content is intended for audiences interested in Christian and family-themed programming and conservative news talk. We maintain a website at www.salemmedia.com. Information with respect to the three and six months ended June 30, 2017 and 2016 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, 2016. 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, 2016 included in this report has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by GAAP. Description of Business Salem is a domestic multimedia company specializing in Christian and conservative content. Our media properties are comprised of radio broadcasting, digital media, and publishing entities. We have three operating segments: (1) Broadcast, (2) Digital Media, and (3) Publishing, which are discussed in Note 19 – Segment Data. Our foundational business is radio broadcasting, which includes the ownership and operation of radio stations in large metropolitan markets. We also own and operate Salem Radio Network® (“SRN”), SRN News Network (“SNN”), Today’s Christian Music (“TCM”), Singing News Network (formerly Solid Gospel Network) and Salem Media Representatives TM Our digital media based businesses provide Christian, conservative, investing and health-themed content, e-commerce, audio and video streaming, and other resources digitally through the web. Salem Web Network™ (“SWN”) websites include Christian content websites; OnePlace.com, Christianity.com, Crosswalk.com®, GodVine.com, GodTube.com, CrossCards.com, LightSource.com, Jesus.org, BibleStudyTools.com, iBelieve.com, CCMmagazine.com and ChristianHeadlines.com, and our conservative opinion websites; collectively known as Townhall Media, include Townhall.com™, HotAir.com, Twitchy.com, HumanEvents.com, RedState.com, and BearingArms.com. We also publish digital newsletters through Eagle Financial Publications, which provide market analysis and non-individualized investment strategies from financial commentators on a subscription basis. Our church e-commerce websites, including WorshipHouseMedia.com, SermonSpice.com, SermonSearch.com, ChurchStaffing.com, and ChristianJobs.com, offer a variety of digital resources including videos, song tracks, sermon archives and job listings to pastors and Church leaders. E-commerce also includes Eagle Wellness, which sells nutritional supplements. Our web content is accessible through all of our radio station websites that feature content of interest to local audiences throughout the United States. Our publishing operating segment is comprised of three businesses: (1) Regnery Publishing, 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; (2) Salem Author Services, our self-publishing service for authors through Xulon Press and Mill City Press; and (3) Salem Publishing™ which produces and distributes print magazines. 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 June 30, 2017, we did not have implicit or explicit arrangements that required consolidation under the guidance in FASB ASC Topic 810. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant areas for which management uses estimates include: · 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 reclassification of Salem Consumer Products (“SCP”) from our digital media segment to our broadcast segment. SCP sells books, DVD’s and editorial content developed by our on-air personalities. The reclassification was made to include revenue from all sources, including SCP, to assess the overall performance of each network program. Refer to Note 19 – Segment Data for an explanation of this reclassification. 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 financial position, results of operations, cash flows, or presentation thereof. Described below are ASUs that are not yet effective, but may be applicable to our financial position, results of operations, cash flows, or presentation thereof. ASUs not listed below were assessed and determined to not be applicable to our financial position, results of operations, cash flows, or presentation thereof. In May 2017, the FASB issued ASU 2017-09, “ Compensation – Stock Compensation (Topic 718) Scope of Modification Accounting, In March 2017, the FASB issued ASU 2017-08, “ Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium on Purchased Callable Debt Securities In February 2017, the FASB issued ASU 2017-05, “ Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20) In January 2017, the FASB issued ASU 2017-04, “ Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU 2017-01, “ Business Combinations – Clarifying the Definition of a Business In November 2016, the FASB issued ASU 2016-18, “ Statements of Cash Flows (Topic 230): Restricted Cash, In October 2016, the FASB issued ASU 2016-16 “ Intra-Entity Transfers of Assets Other Than Inventory 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,” In February 2016, the FASB issued ASU 2016-02, “ Leases In January 2016, the FASB issued ASU 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606),”

IMPAIRMENT OF GOODWILL AND OTHE

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2017
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 72 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,” We continue to evaluate our print magazine business due to recurring declines in operating results and projected revenues. Due to operating results during the three months ended March 31, 2017 that did not meet management’s expectations, we ceased publishing Preaching Magazine ™ ™ ™ 19

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS	6 Months Ended
	Jun. 30, 2017
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 ™ ™ ™ 1.9

ACQUISITIONS AND RECENT TRANSAC

ACQUISITIONS AND RECENT TRANSACTIONS	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
ACQUISITIONS AND RECENT TRANSACTIONS	NOTE 4. ACQUISITIONS AND RECENT TRANSACTIONS During the six month period ended June 30, 2017, we completed or entered into the following transactions: Debt On May 19, 2017, we closed on a private offering of $ 255.0 aggregate principal amount of 6.75 2024 concurrently entered into 30.0 , which includes a $ 5.0 7.5 Facility”) due May 19, 2022. , together with borrowings under the 25.0 Facility (collectively, the “Refinancing”). In connection with the Refinancing, on 258.0 0.6 1.5 as of May 19, 2017 4.1 56,000 On February 28, 2017, we repaid $ 3.0 300.0 6,200 18,000 On January 30, 2017, we repaid $ 2.0 4,500 12,000 Equity On June 1, 2017 0.0650 1.7 June 30, 2017 June 16, 2017 On March 9, 2017 0.0650 1.7 March 30, 2017 March 20, 2017 On March 24, 2017, a restricted stock award was granted to certain members of management that vested immediately. The fair value of each restricted stock award was measured based on the grant date market price of our common shares and expensed as of the vesting date. These restricted stock awards contained transfer restrictions under which they could not be sold, pledged, transferred or assigned until three months from vesting date. Recipients of these restricted stock awards were entitled to all the rights of absolute ownership of the restricted stock from the date of grant, including the right to vote the shares and to receive dividends. Acquisitions – Broadcast On June 28, 2017, we closed on the acquisition of an FM translator construction permit 40,000 On March 14, 2017, we closed on the acquisition of an FM translator construction permit in Quartz Site, Arizona for $ 20,000 On March 1, 2017, we closed on the acquisition of an FM translator construction permit in Roseburg, Oregon for $ 45,000 On January 16, 2017, we closed on the acquisition of an FM translator in Astoria, Oregon for $ 33,000 On January 6, 2017, we closed on the acquisition of an FM translator construction permit in Mohave Valley, Arizona for $ 20,000 Acquisitions Digital Media On June 8, 2017, we acquired a Portuguese Bible mobile application and related assets 65,000 20,000 16,500 On March 15, 2017, we acquired the website prayers-for-special-help.com and related assets for $ 0.2 15,000 Acquisition Date Description Total Cost (Dollars in thousands) June 28, 2017 FM Translator construction permit, Festus, Missouri (asset acquisition) $ 40 June 8, 2017 Portuguese Bible Mobile Applications (business acquisition) 82 March 15, 2017 Prayers for Special Help (business acquisition) 245 March 14, 2017 FM Translator construction permit, Quartz Site, Arizona (asset purchase) 20 March 1, 2017 FM Translator construction permit, Roseburg, Oregon (asset purchase) 45 January 16, 2017 FM Translator, Astoria, Oregon (asset purchase) 33 January 1, 2017 FM Translator construction permit, Mohave Valley, Arizona (asset purchase) 20 $ 485 The operating results of our business acquisitions and asset purchases are included in our consolidated results of operations from their respective closing date or the date that we began operating them under an LMA or TBA. Under the acquisition method of accounting as specified in FASB ASC Topic 805, “ Business Combinations Estimates of the fair value include discounted estimated cash flows to be generated by the assets and their expected useful lives based on historical experience, market trends and any synergies believed to be achieved from the acquisition. Acquisitions may include contingent consideration, the fair value of which is estimated as of the acquisition date as the present value of the expected contingent payments as determined using weighted probabilities of the payment amounts. We may retain a third-party appraiser to estimate the fair value of the acquired net assets as of the acquisition date. As part of the valuation and appraisal process, the third-party appraiser prepares a report assigning estimated fair values to the various assets acquired. 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 Condensed Consolidated Statements of Operations. To date, we have not recorded adjustments to the 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. We recognized costs associated with acquisitions of $ 42,000 0.1 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 16 - Fair Value Measurements. Description Total Consideration (Dollars in thousands) Cash payments made upon closing $ 440 Escrow deposits paid in prior years 28 Present value of estimated fair value of contingent earn-out consideration 17 Total purchase price consideration $ 485 Net Broadcast Net Digital Media Net Total Assets Acquired Assets Acquired Assets Acquired (Dollars in thousands) Assets Property and equipment $ — $ 230 $ 230 Broadcast licenses 158 — 158 Goodwill — 15 15 Domain and brand names — 56 56 Customer lists and contracts — 26 26 $ 158 $ 327 $ 485 Pending Transactions 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 On July 26, 2016, we entered an APA to acquire an FM translator construction permit in Eaglemount, Washington for $ 40,000 Divestitures On June 1, 2017, we received $ 0.6 Due to operating results during the three month period ended March 31, 2017 that did not meet management’s expectations, we ceased publishing Preaching Magazine ™ ™ ™ 10,000 ™ ™ 56,000 On January 3, 2017, Word Broadcasting began operating our Louisville radio stations (WFIA-AM; WFIA-FM; WGTK-AM) under a twenty-four month TBA.

CONTINGENT EARN-OUT CONSIDERATI

CONTINGENT EARN-OUT CONSIDERATION	6 Months Ended
	Jun. 30, 2017
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. Portuguese Bible Mobile Application We acquired a Portuguese Bible mobile application and related assets on June 8, 2017. We paid $ 65,000 20,000 16,500 We review the fair value of the contingent earn-out consideration quarterly over the earn-out period to compare actual revenues achieved and projected to the estimated revenues used in our forecasts. Any changes in the estimated fair value of the contingent earn-out consideration will be reflected in our results of operations in the period they are identified, up to the maximum future value outstanding under the contract of $ 20,000 Turner 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 74,000 66,000 We review the fair value of the contingent earn-out consideration quarterly over the earn-out period to compare actual subscriber revenues achieved and projected to the estimated subscriber revenues used in our forecasts. Any changes in the estimated fair value of the contingent earn-out consideration will be reflected in our results of operations in the period they are identified, up to the maximum future value outstanding under the contract of $ 74,000 39,000 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 reviewed 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 were reflected in our results of operations in the period they were identified, up to the maximum amount due under the contract of $ 165,000 4,000 75,000 Bryan Perry Newsletters On February 6, 2015, we acquired the assets and assumed the deferred subscription liabilities for Bryan Perry Newsletters, paying no cash to the seller upon closing. Future contingent earn-out consideration due to the seller was based upon 50 171,000 158,000 91,000 14,000 Eagle Publishing On January 10, 2014, we acquired the entities of Eagle Publishing, including Regnery Publishing, HumanEvents.com, RedState.com, Eagle Financial Publications and Eagle Wellness. The base purchase price was $ 8.5 3.5 2.5 8.5 2.4 2.0 0.9 Three Months Ended June 30, 2017 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of April 1, 2017 $ 60 $ — $ 60 Acquisitions 17 — 17 Accretion of acquisition-related contingent earn-out consideration 2 — 2 Change in the estimated fair value of contingent earn-out consideration (43) — (43) Reclassification of payments due in next 12 months to short-term — — — Payments (5) — (5) Ending Balance as of June 30, 2017 $ 31 $ — $ 31 Three Months Ended June 30, 2016 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of April 1, 2016 $ 541 $ 33 $ 574 Acquisitions — — — Accretion of acquisition-related contingent earn-out consideration 5 1 6 Change in the estimated fair value of contingent earn-out consideration (134) — (134) Reclassification of payments due in next 12 months to short-term 34 (34) — Payments (5) — (5) Ending Balance as of June 30, 2016 $ 441 $ — $ 441 Six Months Ended June 30, 2017 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2017 $ 66 $ — $ 66 Acquisitions 17 — 17 Accretion of acquisition-related contingent earn-out consideration 4 — 4 Change in the estimated fair value of contingent earn-out consideration (42) — (42) Reclassification of payments due in next 12 months to short-term — — — Payments (14) — (14) Ending Balance as of June 30, 2017 $ 31 $ — $ 31 Six Months Ended June 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 — — — Accretion of acquisition-related contingent earn-out consideration 8 8 16 Change in the estimated fair value of contingent earn-out consideration (208) (54) (262) Reclassification of payments due in next 12 months to short-term 556 (556) — Payments (88) — (88) Ending Balance as of June 30, 2016 $ 441 $ — $ 441

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 6. INVENTORIES Inventories consist of finished goods that include books printed for sale by Regnery Publishing and wellness products for sale on our e-commerce sites. All inventories are valued at the lower of cost or market as determined on a First-In First-Out (“FIFO”) cost method and reported net of estimated reserves for obsolescence. As of December 31, 2016 As of June 30, 2017 (Dollars in thousands) Regnery Publishing book inventories $ 2,473 $ 2,126 Reserve for obsolescence – Regnery Publishing (2,104) (1,499) Inventory, net - Regnery Publishing 369 627 Wellness products $ 423 $ 337 Reserve for obsolescence – Wellness products (122) (97) Inventory, net - Wellness products 301 240 Consolidated inventories, net $ 670 $ 867

BROADCAST LICENSES

BROADCAST LICENSES	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
BROADCAST LICENSES	NOTE 7. BROADCAST LICENSES Broadcast Licenses Twelve Months Ended Six Months Ended (Dollars in thousands) Balance, beginning of period before cumulative loss on impairment $ 492,032 $ 494,058 Accumulated loss on impairment (99,001) (105,541) Balance, beginning of period after cumulative loss on impairment 393,031 388,517 Acquisitions of radio stations 74 — Acquisitions of FM translators 1,645 133 Capital projects to improve broadcast signal and strength 307 28 Impairments based on estimated fair value of broadcast licenses (6,540) — Balance, end of period before cumulative loss on impairment 494,058 494,219 Accumulated loss on impairment (105,541) (105,541) Balance, end of period after cumulative loss on impairment $ 388,517 $ 388,678

GOODWILL

GOODWILL	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	NOTE 8. GOODWILL Twelve Months Ended Six Months Ended Goodwill December 31, 2016 June 30, 2017 (Dollars in thousands) Balance, beginning of period before cumulative loss on impairment $ 26,560 $ 27,642 Accumulated loss on impairment (1,997) (2,029) Balance, beginning of period after cumulative loss on impairment 24,563 25,613 Acquisitions of radio stations — — Acquisitions of digital media entities 237 15 Acquisitions of publishing entities 845 — Impairment charge during year (32) — Balance, end of period before cumulative loss on impairment 27,642 27,657 Accumulated loss on impairment (2,029) (2,029) Ending period balance $ 25,613 $ 25,628

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 9. PROPERTY AND EQUIPMENT As of As of (Dollars in thousands) Land $ 32,402 $ 32,310 Buildings 29,070 28,894 Office furnishings and equipment 37,386 38,527 Office furnishings and equipment under capital lease obligations 228 244 Antennae, towers and transmitting equipment 84,144 84,694 Antennae, towers and transmitting equipment under capital lease obligations 795 795 Studio, production and mobile equipment 28,668 29,634 Computer software and website development costs 20,042 22,475 Record and tape libraries 27 27 Automobiles 1,373 1,323 Leasehold improvements 14,696 18,437 Construction-in-progress 9,983 5,126 $ 258,814 $ 262,486 Less accumulated depreciation (156,024) (160,869) $ 102,790 $ 101,617 Depreciation expense was approximately $ 3.1 3.0 6.1 6.0 13,000 26,000 0.8 543,000 517,000

AMORTIZABLE INTANGIBLE ASSETS

AMORTIZABLE INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2017
Intangible Assets Disclosure [Abstract]
AMORTIZABLE INTANGIBLE ASSETS	NOTE 10. AMORTIZABLE INTANGIBLE ASSETS As of June 30, 2017 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 22,577 $ (20,460) $ 2,117 Domain and brand names 19,517 (13,629) 5,888 Favorable and assigned leases 2,379 (2,007) 372 Subscriber base and lists 6,481 (4,180) 2,301 Author relationships 2,771 (2,084) 687 Non-compete agreements 2,018 (1,179) 839 Other amortizable intangible assets 1,333 (1,333) — $ 57,076 $ (44,872) $ 12,204 As of December 31, 2016 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 22,599 $ (20,070) $ 2,529 Domain and brand names 19,821 (12,970) 6,851 Favorable and assigned leases 2,379 (1,972) 407 Subscriber base and lists 7,972 (5,304) 2,668 Author relationships 2,771 (1,824) 947 Non-compete agreements 2,018 (1,012) 1,006 Other amortizable intangible assets 1,336 (1,336) — $ 58,896 $ (44,488) $ 14,408 1.2 2.3 Year Ended December 31, Amortization Expense (Dollars in thousands) 2017 (July – Dec) $ 2,084 2018 3,933 2019 3,363 2020 2,072 2021 520 Thereafter 232 Total $ 12,204

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
NOTES PAYABLE AND LONG-TERM DEBT	NOTE 11. LONG-TERM DEBT Salem Media Group, Inc. has no independent assets or operations, the subsidiary guarantees relating to certain debt are full and unconditional and joint and several, and any subsidiaries of Salem Media Group, Inc. other than the subsidiary guarantors are minor. 6.75% Senior Secured Notes On May 19, 2017, we issued in a private placement the Notes, which were guaranteed on a senior secured basis by our existing subsidiaries (the “Subsidiary Guarantors”). The Notes bear interest at a rate of 6.75% per year and mature on June 1, 2024, unless earlier redeemed or repurchased. Interest accrues on the Notes from May 19, 2017 and is payable semi-annually, in cash in arrears, on June 1 and December 1 of each year, commencing December 1, 2017. The Notes and the ABL Facility are secured by liens on substantially all of our and the Subsidiary Guarantors’ assets, other than certain excluded assets. The ABL Facility has a first-priority lien on our and the Subsidiary Guarantor’s accounts receivable, inventory, deposit and securities accounts, certain real estate and related assets (the “ABL Priority Collateral”). The Notes are secured by a first-priority lien on substantially all other assets of ours and the Subsidiary Guarantors (the “Notes Priority Collateral”). There is no direct lien on our Federal Communications Commission (“FCC”) licenses to the extent prohibited by law or regulation. We may redeem the Notes, in whole or in part, at any time on or after June 1, 2020 at a price equal to 100 35 106.75 10 103 The indenture relating to the Notes (the “Indenture”) contains covenants that, among other things and subject in each case to certain specified exceptions, limit our ability and the ability of our restricted subsidiaries to: (i) incur additional debt; (ii) declare or pay dividends, redeem stock or make other distributions to stockholders; (iii) make investments; (iv) create liens or use assets as security in other transactions; (v) merge or consolidate, or sell, transfer, lease or dispose of substantially all of our assets; (vi) engage in transactions with affiliates; and (vii) sell or transfer assets. The Indenture provides for the following events of default (each, an “Event of Default”): (i) default in payment of principal or premium on the Notes at maturity, upon repurchase, acceleration, optional redemption or otherwise; (ii) default for 30 days in payment of interest on the Notes; (iii) the failure by us or certain restricted subsidiaries to comply with other agreements in the Indenture or the Notes, in certain cases subject to notice and lapse of time; (iv) the failure of any guarantee by certain significant Subsidiary Guarantors to be in full force and effect and enforceable in accordance with its terms, subject to notice and lapse of time; (v) certain accelerations (including failure to pay within any grace period) of other indebtedness of ours or any restricted subsidiary if the amount accelerated (or so unpaid) is at least $15 million; (vi) certain judgments for the payment of money in excess of $15 million; (vii) certain events of bankruptcy or insolvency with respect to us or any significant subsidiary; and (vii) certain defaults with respect to any collateral having a fair market value in excess of $15 million 25 We are required to pay $ 17.2 2.0 We incurred debt issuance costs of $ 6.3 0.1 Asset-Based Revolving Credit Facility On May 19, 2017, the Company also entered into the ABL Facility pursuant to a Credit Agreement (the “Credit Agreement”) by and among us, as a borrower, our subsidiaries party thereto, as borrowers, Wells Fargo Bank, National Association, as administrative agent and lead arranger, and the lenders that are parties thereto. We used the proceeds of the ABL Facility, together with the net proceeds from the Notes offering, to repay the Prior Facility and related fees and expenses. Going forward, the proceeds of the ABL Facility will be used to provide ongoing working capital and for other general corporate purposes (including permitted acquisitions). The ABL Facility is a five-year $ 30.0 5.0 7.5 0.50 1.00 1.50 2.00 2.00 The ABL Facility is secured by a first-priority lien on the ABL Priority Collateral and by a second-priority lien on the Notes Priority Collateral. There is no direct lien on the Company’s FCC licenses to the extent prohibited by law or regulation (other than the economic value and proceeds thereof). The Credit Agreement includes a springing fixed charge coverage ratio of 1.0 to 1.0, which is tested during the period commencing on the last day of the fiscal month most recently ended prior to the date on which Availability (as defined in the Credit Agreement) is less than the greater of 15% of the Maximum Revolver Amount (as defined in the Credit Agreement) and $ 4.5 The Credit Agreement provides for the following events of default: (i) default for non-payment of any principal or letter of credit reimbursement when due or any interest, fees or other amounts within five days of the due date; (ii) the failure by any borrower or any subsidiary to comply with any covenant or agreement contained in the Credit Agreement or any other loan document, in certain cases subject to applicable notice and lapse of time; (iii) any representation or warranty made pursuant to the Credit Agreement or any other loan document is incorrect in any material respect when made; (iv) certain defaults of other indebtedness of any borrower or any subsidiary of indebtedness of at least $10 million; (v) certain events of bankruptcy or insolvency with respect to any borrower or any subsidiary; (vi) certain judgments for the payment of money of $10 million or more; (vii) a change of control; and (viii) certain defaults relating to the loss of FCC licenses, cessation of broadcasting and termination of material station contracts We incurred debt issue costs of $0.3 million that were recorded as an asset and are being amortized to non-cash interest expense over the term of the ABL Facility using the effective interest method. During the three and six month periods ended June 30, 2017, $ 12,000 2.97 We report outstanding balances on the ABL Facility as short-term regardless of the maturity date based on use of the ABL Facility to fund ordinary and customary operating cash needs with frequent repayments. We believe that our borrowing capacity under the ABL Facility allows us to meet our ongoing operating requirements, fund capital expenditures and satisfy our debt service requirements for at least the next twelve months. Prior Term Loan B and Revolving Credit Facility Our prior credit facility consisted of a term loan of $ 300.0 25.0 298.5 26,000 52,000 74,000 104,000 The Term Loan B had a term of seven years, maturing in March 2020. On May 19, 2017, we used the net proceeds of the Notes and a portion of the ABL Facility to fully repay amounts outstanding under the Term Loan B of $ 258.0 4.1 2.1 1.5 0.6 Date Principal Paid Unamortized Discount (Dollars in Thousands) May 19, 2017 $ 258,000 $ 550 February 28, 2017 3,000 6 January 30, 2017 2,000 5 December 30, 2016 5,000 12 November 30, 2016 1,000 3 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 Debt issuance costs were 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 June 30, 2017 and 2016, approximately $ 71,000 141,000 203,000 283,000 Debt issuance costs associated with the Revolver were recorded as an asset in accordance with ASU 2015-15. The costs were 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 9,000 17,000 26,000 35,000 Summary of long-term debt obligations As of December 31, 2016 As of June 30, 2017 (Dollars in thousands) 6.75% Senior Secured Notes $ – $ 255,000 Less unamortized debt issuance costs based on imputed interest rate of 7.08% – (6,199) 6.75% Senior Secured Notes net carrying value – 248,801 Asset-Based Revolving Credit Facility principal outstanding – 10,000 Term Loan B principal amount 263,000 – Less unamortized discount and debt issuance costs based on imputed interest rate of 4.78% (2,371) – Term Loan B net carrying value 260,629 – Revolver principal outstanding 477 – Capital leases and other loans 568 521 Long-term debt and capital lease obligations less unamortized debt issuance costs 261,674 259,322 Less current portion (590) (10,116) Long-term debt and capital lease obligations less unamortized debt issuance costs, net of current portion $ 261,084 $ 249,206 In addition to the outstanding amounts listed above, we also have interest payments related to our long-term debt as follows as of June 30, 2017: ⋅ Outstanding borrowings of $ 10.0 1.5 2.0 ⋅ $ 255.0 ⋅ Commitment fee of 0.25 0.375 Other Debt We have several capital leases related to office equipment. The obligation recorded at December 31, 2016 and June 30, 2017 represents the present value of future commitments under the capital lease agreements. Maturities of Long-Term Debt and Capital Lease Obligations Amount For the Twelve Months Ended June 30, (Dollars in thousands) 2018 $ 10,116 2019 106 2020 107 2021 117 2022 75 Thereafter 255,000 $ 265,521

STOCK INCENTIVE PLAN

STOCK INCENTIVE PLAN	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK INCENTIVE PLAN	NOTE 12. 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 Under the Plan, the Board, or a committee appointed by the Board, may impose restrictions on the exercise of 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 Improvements to Employee Share-Based Payment Accounting” Three Months Ended June 30, Six Months Ended June 30, 2016 2017 2016 2017 (Dollars in thousands) Stock option compensation expense included in corporate expenses $ 81 $ 28 $ 202 $ 99 Restricted stock shares compensation expense included in corporate expenses – – 24 875 Stock option compensation expense included in broadcast operating expenses 20 6 48 34 Restricted stock shares compensation expense included in broadcast operating expenses – – – 224 Stock option compensation expense included in digital media operating expenses 14 5 39 19 Restricted stock shares compensation expense included in digital media operating expenses – – – 124 Stock option compensation expense included in publishing operating expenses 10 5 11 14 Restricted stock shares compensation expense included in publishing operating expenses – – – 36 Total stock-based compensation expense, pre-tax $ 125 $ 44 $ 324 $ 1,425 Tax benefit (expense) for stock-based compensation expense (50) (18) (130) (570) Total stock-based compensation expense, net of tax $ 75 $ 26 $ 194 $ 855 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 our 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 stock, which have been granted periodically 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 common 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 have used historical data to estimate future forfeiture rates to apply against the gross amount of compensation expense determined using the valuation model. These estimates have approximated our actual forfeiture rates. There were no stock options granted during the six month period ended June 30, 2017. Three Months Ended Six Months Ended June 30, 2016 June 30, 2016 Expected volatility 46.77 % 47.03 % Expected dividends 4.08 % 5.36 % Expected term (in years) 6.0 7.5 Risk-free interest rate 1.38 % 1.66 % Weighted Average Weighted Average Weighted Average Aggregate Options Shares Exercise Price Grant Date Fair Value Term Value (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value) Outstanding at January 1, 2017 1,720,000 $ 5.12 $ 2.89 4.5 years $ 2,428 Granted — — — Exercised (107,471) 4.24 2.05 Forfeited or expired (122,125) 5.87 3.03 Outstanding at June 30, 2017 1,490,404 $ 5.13 $ 2.93 4.1 years $ 2,979 Exercisable at June 30, 2017 988,276 $ 5.53 $ 3.69 3.1 years $ 1,582 Expected to Vest 476,771 $ 5.13 $ 2.95 4.1 years $ 1,357 The aggregate intrinsic value represents the difference between the company’s closing stock price on June 30, 2017 of $ 7.10 13,000 1.1 As of June 30, 2017, there was $ 0.3 1.8 On February 24, 2017, a restricted stock award was granted to certain members of management that vested immediately. The fair value of each restricted stock award was measured based on the grant date market price of our common shares and expensed as of the vesting date. These restricted stock awards contained transfer restrictions under which they could not be sold, pledged, transferred or assigned until three months from vesting date. Recipients of these restricted stock awards were entitled to all the rights of absolute ownership of the restricted stock from the date of grant including the right to vote the shares and to receive dividends. Weighted Average Weighted Average Remaining Aggregate Restricted Stock Awards Shares Grant Date Fair Value Contractual Term Intrinsic Value (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value) Outstanding at January 1, 2017 — $ — — $ — Granted 178,592 7.05 0.2 years 1,331 Lapsed (178,592) 7.25 — 1,295 Forfeited — — — — Outstanding at June 30, 2017 — $ — — $ —

EQUITY TRANSACTIONS

EQUITY TRANSACTIONS	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
EQUITY TRANSACTIONS	NOTE 13. EQUITY TRANSACTIONS We account for stock-based compensation expense in accordance with FASB ASC Topic 718, “ Compensation-Stock Compensation 44,000 1.4 0.1 0.3 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 and legal 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. In recent years, distributions have been 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 with this quarterly report on Form 10-Q. Future distributions, if any, are likely to be approximately 30% of Adjusted EBITDA less cash paid for capital expenditures, less cash paid for income taxes, and less cash paid for interest. Cash Distributed Announcement Date Payment Date Amount Per Share (in thousands) June 1, 2017 June 30, 2017 $ 0.0650 $ 1,697 March 9, 2017 March 30, 2017 $ 0.0650 $ 1,691 December 7, 2016 December 31, 2016 $ 0.0650 $ 1,678 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 Based on the number of shares of Class A and Class B currently outstanding, we expect to pay total annual distributions of approximately $ 6.8

BASIC AND DILUTED NET EARNINGS

BASIC AND DILUTED NET EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 14. 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. Restricted stock awards that vested immediately during the three month period ended March 31, 2017, were included in the weighted average number of common shares used to compute basic earnings per share because these restricted stock awards contained dividend participation and voting rights. 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 1,490,404 1,942,803 530,963 501,204

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure	NOTE 15. 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 0.8 The following table summarizes the fair value of our derivative instruments that are measured at fair value: As of December 31, 2016 As of June 30, 2017 (Dollars in thousands) Fair value of interest rate swap $ 514 $ —

FAIR VALUE MEASURMENTS

FAIR VALUE MEASURMENTS	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASURMENTS AND DISCLOSURES	NOTE 16. FAIR VALUE MEASUREMENTS FASB ASC Topic 820 “ Fair Value Measurements and Disclosures, • Level 1 Inputs • Level 2 Inputs • Level 3 Inputs As of June 30, 2017, 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. We have certain assets that are measured at fair value on a non-recurring basis that are adjusted to fair value only when the carrying values exceed the fair values. The categorization of the framework used to price the assets is considered Level 3 due to the subjective nature of the unobservable inputs used when estimating the fair value. June 30, 2017 Total Fair Value and Carrying Value on Fair Value Measurement Category Balance Sheet Level 1 Level 2 Level 3 (Dollars in thousands) Assets Estimated fair value of other indefinite-lived intangible assets $ 313 — — $ 313 Liabilities: Estimated fair value of contingent earn-out consideration included in accrued expenses 31 — — 31 Long-term debt and capital lease obligations less unamortized debt issuance costs 259,322 — 259,322 —

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 17. INCOME TAXES We recognize deferred tax assets and liabilities for future tax consequences attributable to differences between our consolidated financial statement carrying amount of assets and liabilities and their respective tax bases. We measure these deferred tax assets and liabilities using enacted tax rates expected to apply in the years in which these temporary differences are expected to reverse. We recognize the effect on deferred tax assets and liabilities resulting from a change in tax rates in income in the period that includes the date of the change. We recorded no adjustments to our unrecognized tax benefits as of June 30, 2017 and 2016. We prospectively adopted ASU 2015-17, “ Income Taxes, Balance Sheet Classification of Deferred Taxes” 9.4 1.9 7.5 We adopted ASU 2016-09, “ Improvements to Employee Share-Based Payment Accounting.” At December 31, 2016, we had net operating loss carryforwards for federal income tax purposes of approximately $ 150.7 2020 2034 1,021.2 2017 2036 4.5 4.2 0.3 The amortization of our indefinite-lived intangible assets for tax purposes but not for book purposes creates deferred tax liabilities. A reversal of deferred tax liabilities may occur when indefinite-lived intangibles: (1) become impaired; or (2) are sold, which would typically only occur in connection with the sale of the assets of a station or groups of stations or the entire company in a taxable transaction. Due to the amortization for tax purposes and not book purposes of our indefinite-lived intangible assets, we expect to continue to generate deferred tax liabilities in future periods exclusive of any impairment losses in future periods. These deferred tax liabilities and net operating loss carryforwards result in differences between our provision for income tax and cash paid for taxes. Valuation Allowance (Deferred Taxes) For financial reporting purposes, we recorded a valuation allowance of $ 4.5

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 18. 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. We filed an appeal against the award as well as a malpractice lawsuit against the lawyer that represented Salem in the collection lawsuit. A legal reserve of $ 0.5 0.3 .

SEGMENT DATA

SEGMENT DATA	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
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 chief operating decision makers, which we define as a collective group of senior executives, assess the performance of each operating segment and determine the appropriate allocations of resources to each segment. We continue to review our operating segment classifications to align with operational changes in our business and may make future changes as necessary. We measure and evaluate our operating segments based on operating income and operating expenses that do not include allocations of costs related to corporate functions, such as accounting and finance, human resources, legal, tax and treasury; nor do they include costs such as amortization, depreciation, taxes or interest expense. 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. Unallocated Digital Corporate Broadcast Media Publishing Expenses Consolidated (Dollars in thousands) Three Months Ended June 30, 2017 Net revenue $ 49,251 $ 10,866 $ 5,995 $ — $ 66,112 Operating expenses 35,931 8,370 5,668 3,825 53,794 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments and (gain) loss on disposal of assets $ 13,320 $ 2,496 $ 327 $ (3,825) $ 12,318 Depreciation 1,929 820 162 198 3,109 Amortization 18 816 308 1 1,143 Change in the estimated fair value of contingent earn-out consideration — (43) — — (43) Impairment of indefinite-lived long-term assets other than goodwill — — — — — Net gain on disposal of assets (494) — (16) — (510) Net operating income (loss) $ 11,867 $ 903 $ (127) $ (4,024) $ 8,619 Three Months Ended June 30, 2016 Net revenue $ 49,971 $ 11,047 $ 6,761 $ — $ 67,779 Operating expenses 35,871 8,619 6,983 3,568 55,041 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairment losses and (gain) loss on disposal of assets $ 14,100 $ 2,428 $ (222) $ (3,568) $ 12,738 Depreciation 1,815 785 165 217 2,982 Amortization 23 1,093 72 1 1,189 Change in the estimated fair value of contingent earn-out consideration — (36) (98) — (134) Impairment of long-lived assets 700 — — — 700 Net (gain) loss on disposal of assets (1,721) 20 (3) 3 (1,701) Net operating income (loss) $ 13,283 $ 566 $ (358) $ (3,789) $ 9,702 Unallocated Digital Corporate Broadcast Media Publishing Expenses Consolidated (Dollars in thousands) Six Months Ended June 30, 2017 Net revenue $ 97,055 $ 21,552 $ 12,485 $ — $ 131,092 Operating expenses 71,767 17,072 12,019 8,950 109,808 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments and (gain) loss on disposal of assets $ 25,288 4,480 $ 466 $ (8,950) $ 21,284 Depreciation 3,748 1,597 356 388 6,089 Amortization 35 1,634 615 1 2,285 Change in the estimated fair value of contingent earn-out consideration — (42) — — (42) Impairment of indefinite-lived long-term assets other than goodwill — — 19 — 19 Net gain on disposal of assets (496) — (9) — (505) Net operating income (loss) $ 22,001 $ 1,291 $ (515) $ (9,339) $ 13,438 Six Months Ended June 30, 2016 Net revenue $ 98,716 $ 22,057 $ 11,581 $ — $ 132,354 Operating expenses 72,021 17,643 11,931 7,781 109,376 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairment losses and (gain) loss on disposal of assets $ 26,695 $ 4,414 $ (350) $ (7,781) $ 22,978 Depreciation 3,678 1,552 315 429 5,974 Amortization 45 2,142 144 1 2,332 Change in the estimated fair value of contingent earn-out consideration — (106) (156) — (262) Impairment of long-lived assets 700 — — — 700 Net (gain) loss on disposal of assets (1,542) 6 (21) 6 (1,551) Net operating income (loss) $ 23,814 $ 820 $ (632) $ (8,217) $ 15,785 Unallocated Broadcast Digital Media Publishing Corporate Consolidated (Dollars in thousands) As of June 30, 2017 Inventories, net $ — $ 240 $ 627 $ — $ 867 Property and equipment, net 85,691 6,520 1,379 8,027 101,617 Broadcast licenses 388,678 — — — 388,678 Goodwill 3,581 20,151 1,888 8 25,628 Other indefinite-lived intangible assets — — 313 — 313 Amortizable intangible assets, net 372 8,373 3,454 5 12,204 As of December 31, 2016 Inventories, net $ — $ 300 $ 370 $ — $ 670 Property and equipment, net 86,976 6,634 1,779 7,401 102,790 Broadcast licenses 388,517 — — — 388,517 Goodwill 3,581 20,136 1,888 8 25,613 Other indefinite-lived intangible assets — — 332 — 332 Amortizable intangible assets, net 407 9,927 4,069 5 14,408

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 20. SUBSEQUENT EVENTS On July 24, 2017, we closed on the acquisition of the FM translator construction permit in Eaglemount, Washington, for $40,000 in cash. The FM translator will be relocated to the Portland, Oregon market for use by our KDZR-AM radio station. On July 6, 2017, we acquired TradersCrux.com for $ 0.3 0.1 Subsequent events reflect all applicable transactions through the date of the filing.

ACQUISITIONS AND RECENT TRANS27

ACQUISITIONS AND RECENT TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Summary of Business Acquisitions and Asset Purchased	A summary of our business acquisitions and asset purchases during the six month period ended June 30, 2017, none of which were individually or in the aggregate material to our Condensed Consolidated financial position as of the respective date of acquisition, is as follows: Acquisition Date Description Total Cost (Dollars in thousands) June 28, 2017 FM Translator construction permit, Festus, Missouri (asset acquisition) $ 40 June 8, 2017 Portuguese Bible Mobile Applications (business acquisition) 82 March 15, 2017 Prayers for Special Help (business acquisition) 245 March 14, 2017 FM Translator construction permit, Quartz Site, Arizona (asset purchase) 20 March 1, 2017 FM Translator construction permit, Roseburg, Oregon (asset purchase) 45 January 16, 2017 FM Translator, Astoria, Oregon (asset purchase) 33 January 1, 2017 FM Translator construction permit, Mohave Valley, Arizona (asset purchase) 20 $ 485
Summary of Total Acquisition Consideration	The following table summarizes the total acquisition consideration for the six month period ended June 30, 2017: Description Total Consideration (Dollars in thousands) Cash payments made upon closing $ 440 Escrow deposits paid in prior years 28 Present value of estimated fair value of contingent earn-out consideration 17 Total purchase price consideration $ 485
Total Acquisition Consideration Allocated	The fair value of the net assets acquired was allocated as follows: Net Broadcast Net Digital Media Net Total Assets Acquired Assets Acquired Assets Acquired (Dollars in thousands) Assets Property and equipment $ — $ 230 $ 230 Broadcast licenses 158 — 158 Goodwill — 15 15 Domain and brand names — 56 56 Customer lists and contracts — 26 26 $ 158 $ 327 $ 485

CONTINGENT EARN-OUT CONSIDERA28

CONTINGENT EARN-OUT CONSIDERATION (Tables)	6 Months Ended
	Jun. 30, 2017
Business Combination, Contingent Consideration, Liability [Abstract]
Schedule of changes in present value of acquisition related contingent earn-out consideration	The following table reflects the changes in the present value of our acquisition-related estimated contingent earn-out consideration during the three and six month periods ended June 30, 2017 and 2016: Three Months Ended June 30, 2017 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of April 1, 2017 $ 60 $ — $ 60 Acquisitions 17 — 17 Accretion of acquisition-related contingent earn-out consideration 2 — 2 Change in the estimated fair value of contingent earn-out consideration (43) — (43) Reclassification of payments due in next 12 months to short-term — — — Payments (5) — (5) Ending Balance as of June 30, 2017 $ 31 $ — $ 31 Three Months Ended June 30, 2016 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of April 1, 2016 $ 541 $ 33 $ 574 Acquisitions — — — Accretion of acquisition-related contingent earn-out consideration 5 1 6 Change in the estimated fair value of contingent earn-out consideration (134) — (134) Reclassification of payments due in next 12 months to short-term 34 (34) — Payments (5) — (5) Ending Balance as of June 30, 2016 $ 441 $ — $ 441 Six Months Ended June 30, 2017 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2017 $ 66 $ — $ 66 Acquisitions 17 — 17 Accretion of acquisition-related contingent earn-out consideration 4 — 4 Change in the estimated fair value of contingent earn-out consideration (42) — (42) Reclassification of payments due in next 12 months to short-term — — — Payments (14) — (14) Ending Balance as of June 30, 2017 $ 31 $ — $ 31 Six Months Ended June 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 — — — Accretion of acquisition-related contingent earn-out consideration 8 8 16 Change in the estimated fair value of contingent earn-out consideration (208) (54) (262) Reclassification of payments due in next 12 months to short-term 556 (556) — Payments (88) — (88) Ending Balance as of June 30, 2016 $ 441 $ — $ 441

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Schedule of inventory on hand by segment	The following table provides details of inventory on hand by segment: As of December 31, 2016 As of June 30, 2017 (Dollars in thousands) Regnery Publishing book inventories $ 2,473 $ 2,126 Reserve for obsolescence – Regnery Publishing (2,104) (1,499) Inventory, net - Regnery Publishing 369 627 Wellness products $ 423 $ 337 Reserve for obsolescence – Wellness products (122) (97) Inventory, net - Wellness products 301 240 Consolidated inventories, net $ 670 $ 867

BROADCAST LICENSES (Tables)

BROADCAST LICENSES (Tables)	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in broadcasting licenses	The following table presents the changes in broadcasting licenses that include capital projects and acquisitions of radio stations and FM translators as discussed in Note 4 of our Condensed Consolidated financial statements. Broadcast Licenses Twelve Months Ended Six Months Ended (Dollars in thousands) Balance, beginning of period before cumulative loss on impairment $ 492,032 $ 494,058 Accumulated loss on impairment (99,001) (105,541) Balance, beginning of period after cumulative loss on impairment 393,031 388,517 Acquisitions of radio stations 74 — Acquisitions of FM translators 1,645 133 Capital projects to improve broadcast signal and strength 307 28 Impairments based on estimated fair value of broadcast licenses (6,540) — Balance, end of period before cumulative loss on impairment 494,058 494,219 Accumulated loss on impairment (105,541) (105,541) Balance, end of period after cumulative loss on impairment $ 388,517 $ 388,678

GOODWILL (Tables)

GOODWILL (Tables)	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in goodwill	The following table presents the changes in goodwill including acquisitions of multiple radio stations, digital entities and Mill City Press Media within our publishing segment. Twelve Months Ended Six Months Ended Goodwill December 31, 2016 June 30, 2017 (Dollars in thousands) Balance, beginning of period before cumulative loss on impairment $ 26,560 $ 27,642 Accumulated loss on impairment (1,997) (2,029) Balance, beginning of period after cumulative loss on impairment 24,563 25,613 Acquisitions of radio stations — — Acquisitions of digital media entities 237 15 Acquisitions of publishing entities 845 — Impairment charge during year (32) — Balance, end of period before cumulative loss on impairment 27,642 27,657 Accumulated loss on impairment (2,029) (2,029) Ending period balance $ 25,613 $ 25,628

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Summary of categories of property and equipment	The following is a summary of the categories of our property and equipment: As of As of (Dollars in thousands) Land $ 32,402 $ 32,310 Buildings 29,070 28,894 Office furnishings and equipment 37,386 38,527 Office furnishings and equipment under capital lease obligations 228 244 Antennae, towers and transmitting equipment 84,144 84,694 Antennae, towers and transmitting equipment under capital lease obligations 795 795 Studio, production and mobile equipment 28,668 29,634 Computer software and website development costs 20,042 22,475 Record and tape libraries 27 27 Automobiles 1,373 1,323 Leasehold improvements 14,696 18,437 Construction-in-progress 9,983 5,126 $ 258,814 $ 262,486 Less accumulated depreciation (156,024) (160,869) $ 102,790 $ 101,617

AMORTIZABLE INTANGIBLE ASSETS (

AMORTIZABLE INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2017
Intangible Assets Disclosure [Abstract]
Summary of Significant Classes of Amortizable Intangible Assets	The following tables provide details, by major category, of the significant classes of amortizable intangible assets: As of June 30, 2017 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 22,577 $ (20,460) $ 2,117 Domain and brand names 19,517 (13,629) 5,888 Favorable and assigned leases 2,379 (2,007) 372 Subscriber base and lists 6,481 (4,180) 2,301 Author relationships 2,771 (2,084) 687 Non-compete agreements 2,018 (1,179) 839 Other amortizable intangible assets 1,333 (1,333) — $ 57,076 $ (44,872) $ 12,204 As of December 31, 2016 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 22,599 $ (20,070) $ 2,529 Domain and brand names 19,821 (12,970) 6,851 Favorable and assigned leases 2,379 (1,972) 407 Subscriber base and lists 7,972 (5,304) 2,668 Author relationships 2,771 (1,824) 947 Non-compete agreements 2,018 (1,012) 1,006 Other amortizable intangible assets 1,336 (1,336) — $ 58,896 $ (44,488) $ 14,408
Amortizable Intangible Assets, Estimate Amortization Expense	Amortization expense was approximately $ 1.2 2.3 Year Ended December 31, Amortization Expense (Dollars in thousands) 2017 (July – Dec) $ 2,084 2018 3,933 2019 3,363 2020 2,072 2021 520 Thereafter 232 Total $ 12,204

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2017
Long-Term Debt	Long-term debt consisted of the following: As of December 31, 2016 As of June 30, 2017 (Dollars in thousands) 6.75% Senior Secured Notes $ – $ 255,000 Less unamortized debt issuance costs based on imputed interest rate of 7.08% – (6,199) 6.75% Senior Secured Notes net carrying value – 248,801 Asset-Based Revolving Credit Facility principal outstanding – 10,000 Term Loan B principal amount 263,000 – Less unamortized discount and debt issuance costs based on imputed interest rate of 4.78% (2,371) – Term Loan B net carrying value 260,629 – Revolver principal outstanding 477 – Capital leases and other loans 568 521 Long-term debt and capital lease obligations less unamortized debt issuance costs 261,674 259,322 Less current portion (590) (10,116) Long-term debt and capital lease obligations less unamortized debt issuance costs, net of current portion $ 261,084 $ 249,206
Principle Repayment Requirements Under Long Term Agreements Outstanding	Principal repayment requirements under all long-term debt agreements outstanding at June 30, 2017 for each of the next five years and thereafter are as follows: Amount For the Twelve Months Ended June 30, (Dollars in thousands) 2018 $ 10,116 2019 106 2020 107 2021 117 2022 75 Thereafter 255,000 $ 265,521
Term B Loan [Member]
Repayments of Term Loan B	The following payments or prepayments of the Term Loan B were made during the year ended December 31, 2016 and through the date of the termination, including interest through the payment date as follows: Date Principal Paid Unamortized Discount (Dollars in Thousands) May 19, 2017 $ 258,000 $ 550 February 28, 2017 3,000 6 January 30, 2017 2,000 5 December 30, 2016 5,000 12 November 30, 2016 1,000 3 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

STOCK INCENTIVE PLAN (Tables)

STOCK INCENTIVE PLAN (Tables)	6 Months Ended
	Jun. 30, 2017
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 six month periods ended June 30, 2017 and 2016: Three Months Ended June 30, Six Months Ended June 30, 2016 2017 2016 2017 (Dollars in thousands) Stock option compensation expense included in corporate expenses $ 81 $ 28 $ 202 $ 99 Restricted stock shares compensation expense included in corporate expenses – – 24 875 Stock option compensation expense included in broadcast operating expenses 20 6 48 34 Restricted stock shares compensation expense included in broadcast operating expenses – – – 224 Stock option compensation expense included in digital media operating expenses 14 5 39 19 Restricted stock shares compensation expense included in digital media operating expenses – – – 124 Stock option compensation expense included in publishing operating expenses 10 5 11 14 Restricted stock shares compensation expense included in publishing operating expenses – – – 36 Total stock-based compensation expense, pre-tax $ 125 $ 44 $ 324 $ 1,425 Tax benefit (expense) for stock-based compensation expense (50) (18) (130) (570) Total stock-based compensation expense, net of tax $ 75 $ 26 $ 194 $ 855
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Valuation Model	The weighted-average assumptions used to estimate the fair value of the stock options using the Black-Scholes valuation model were as follows for the three and six month periods ended June 30, 2016: Three Months Ended Six Months Ended June 30, 2016 June 30, 2016 Expected volatility 46.77 % 47.03 % Expected dividends 4.08 % 5.36 % Expected term (in years) 6.0 7.5 Risk-free interest rate 1.38 % 1.66 %
Schedule of Stock Option Activity	Activity with respect to the company’s option awards during the six month period ended June 30, 2017 is as follows: Weighted Average Weighted Average Weighted Average Aggregate Options Shares Exercise Price Grant Date Fair Value Term Value (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value) Outstanding at January 1, 2017 1,720,000 $ 5.12 $ 2.89 4.5 years $ 2,428 Granted — — — Exercised (107,471) 4.24 2.05 Forfeited or expired (122,125) 5.87 3.03 Outstanding at June 30, 2017 1,490,404 $ 5.13 $ 2.93 4.1 years $ 2,979 Exercisable at June 30, 2017 988,276 $ 5.53 $ 3.69 3.1 years $ 1,582 Expected to Vest 476,771 $ 5.13 $ 2.95 4.1 years $ 1,357
Schedule of Information Regarding Restricted Stock Activity	Activity with respect to the company’s restricted stock awards during the six month period ended June 30, 2017 is as follows: Weighted Average Weighted Average Remaining Aggregate Restricted Stock Awards Shares Grant Date Fair Value Contractual Term Intrinsic Value (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value) Outstanding at January 1, 2017 — $ — — $ — Granted 178,592 7.05 0.2 years 1,331 Lapsed (178,592) 7.25 — 1,295 Forfeited — — — — Outstanding at June 30, 2017 — $ — — $ —

EQUITY TRANSACTIONS (Tables)

EQUITY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Schedule of Cash Distributions Declared and Paid	The following table shows distributions that have been declared and paid since January 1, 2016: Cash Distributed Announcement Date Payment Date Amount Per Share (in thousands) June 1, 2017 June 30, 2017 $ 0.0650 $ 1,697 March 9, 2017 March 30, 2017 $ 0.0650 $ 1,691 December 7, 2016 December 31, 2016 $ 0.0650 $ 1,678 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

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	As of December 31, 2016 As of June 30, 2017 (Dollars in thousands) Fair value of interest rate swap $ 514 $ —

FAIR VALUE MEASURMENTS (Tables)

FAIR VALUE MEASURMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities Measured at Fair Value	The following table summarizes the fair value of our financial assets and liabilities that are measured at fair value: June 30, 2017 Total Fair Value and Carrying Value on Fair Value Measurement Category Balance Sheet Level 1 Level 2 Level 3 (Dollars in thousands) Assets Estimated fair value of other indefinite-lived intangible assets $ 313 — — $ 313 Liabilities: Estimated fair value of contingent earn-out consideration included in accrued expenses 31 — — 31 Long-term debt and capital lease obligations less unamortized debt issuance costs 259,322 — 259,322 —

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Schedule of Segment Data	The table below presents financial information for each operating segment as of June 30, 2017 and 2016 based on the new composition of our operating segments: Unallocated Digital Corporate Broadcast Media Publishing Expenses Consolidated (Dollars in thousands) Three Months Ended June 30, 2017 Net revenue $ 49,251 $ 10,866 $ 5,995 $ — $ 66,112 Operating expenses 35,931 8,370 5,668 3,825 53,794 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments and (gain) loss on disposal of assets $ 13,320 $ 2,496 $ 327 $ (3,825) $ 12,318 Depreciation 1,929 820 162 198 3,109 Amortization 18 816 308 1 1,143 Change in the estimated fair value of contingent earn-out consideration — (43) — — (43) Impairment of indefinite-lived long-term assets other than goodwill — — — — — Net gain on disposal of assets (494) — (16) — (510) Net operating income (loss) $ 11,867 $ 903 $ (127) $ (4,024) $ 8,619 Three Months Ended June 30, 2016 Net revenue $ 49,971 $ 11,047 $ 6,761 $ — $ 67,779 Operating expenses 35,871 8,619 6,983 3,568 55,041 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairment losses and (gain) loss on disposal of assets $ 14,100 $ 2,428 $ (222) $ (3,568) $ 12,738 Depreciation 1,815 785 165 217 2,982 Amortization 23 1,093 72 1 1,189 Change in the estimated fair value of contingent earn-out consideration — (36) (98) — (134) Impairment of long-lived assets 700 — — — 700 Net (gain) loss on disposal of assets (1,721) 20 (3) 3 (1,701) Net operating income (loss) $ 13,283 $ 566 $ (358) $ (3,789) $ 9,702 Unallocated Digital Corporate Broadcast Media Publishing Expenses Consolidated (Dollars in thousands) Six Months Ended June 30, 2017 Net revenue $ 97,055 $ 21,552 $ 12,485 $ — $ 131,092 Operating expenses 71,767 17,072 12,019 8,950 109,808 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments and (gain) loss on disposal of assets $ 25,288 4,480 $ 466 $ (8,950) $ 21,284 Depreciation 3,748 1,597 356 388 6,089 Amortization 35 1,634 615 1 2,285 Change in the estimated fair value of contingent earn-out consideration — (42) — — (42) Impairment of indefinite-lived long-term assets other than goodwill — — 19 — 19 Net gain on disposal of assets (496) — (9) — (505) Net operating income (loss) $ 22,001 $ 1,291 $ (515) $ (9,339) $ 13,438 Six Months Ended June 30, 2016 Net revenue $ 98,716 $ 22,057 $ 11,581 $ — $ 132,354 Operating expenses 72,021 17,643 11,931 7,781 109,376 Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairment losses and (gain) loss on disposal of assets $ 26,695 $ 4,414 $ (350) $ (7,781) $ 22,978 Depreciation 3,678 1,552 315 429 5,974 Amortization 45 2,142 144 1 2,332 Change in the estimated fair value of contingent earn-out consideration — (106) (156) — (262) Impairment of long-lived assets 700 — — — 700 Net (gain) loss on disposal of assets (1,542) 6 (21) 6 (1,551) Net operating income (loss) $ 23,814 $ 820 $ (632) $ (8,217) $ 15,785 Unallocated Broadcast Digital Media Publishing Corporate Consolidated (Dollars in thousands) As of June 30, 2017 Inventories, net $ — $ 240 $ 627 $ — $ 867 Property and equipment, net 85,691 6,520 1,379 8,027 101,617 Broadcast licenses 388,678 — — — 388,678 Goodwill 3,581 20,151 1,888 8 25,628 Other indefinite-lived intangible assets — — 313 — 313 Amortizable intangible assets, net 372 8,373 3,454 5 12,204 As of December 31, 2016 Inventories, net $ — $ 300 $ 370 $ — $ 670 Property and equipment, net 86,976 6,634 1,779 7,401 102,790 Broadcast licenses 388,517 — — — 388,517 Goodwill 3,581 20,136 1,888 8 25,613 Other indefinite-lived intangible assets — — 332 — 332 Amortizable intangible assets, net 407 9,927 4,069 5 14,408

IMPAIRMENT OF GOODWILL AND OT40

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Goodwill And Other Intangible Assets [Line Items]
Percentage Of Intangible Assets			72.00%
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	$ 0	$ 0	$ 19	$ 0
Broadcast Licenses [Member]
Goodwill And Other Intangible Assets [Line Items]
Percentage Of Indefinite Lived Intangible Assets			94.00%
Mastheads [Member]
Goodwill And Other Intangible Assets [Line Items]
Percentage Of Indefinite Lived Intangible Assets			6.00%
Media Content [Member]
Goodwill And Other Intangible Assets [Line Items]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)			$ 19

IMPAIRMENT OF LONG-LIVED ASSE41

IMPAIRMENT OF LONG-LIVED ASSETS (Details Textual) - USD ($)	1 Months Ended	6 Months Ended
	May 30, 2017	Jun. 30, 2017
Impairment Of Long Lived Assets [Line Items]
Proceeds from Sale of Intangible Assets	$ 10,000	$ 1,900,000

ACQUISITIONS AND RECENT TRANS42

ACQUISITIONS AND RECENT TRANSACTIONS (Details) - USD ($)	Jun. 08, 2017	Mar. 14, 2017	Mar. 01, 2017	Jan. 06, 2017	Jan. 16, 2017	Jun. 30, 2017
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 65,000					$ 485,000
FM Translator construction permit, Festus, Missouri (asset acquisition) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total						$ 40,000
Business Acquisition, Effective Date of Acquisition						Jun. 28, 2017
Portuguese Bible Mobile Applications (business acquisition) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total						$ 82,000
Business Acquisition, Effective Date of Acquisition						Jun. 8, 2017
Prayers for Special Help (business acquisition) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total						$ 245,000
Business Acquisition, Effective Date of Acquisition						Mar. 15, 2017
FM Translator construction permit, Quartz Site, Arizona (asset purchase) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 20,000				$ 20,000
Business Acquisition, Effective Date of Acquisition						Mar. 14, 2017
FM Translator construction permit, Roseburg, Oregon (asset purchase) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total			$ 45,000			$ 45,000
Business Acquisition, Effective Date of Acquisition						Mar. 1, 2017
FM Translator, Astoria, Oregon (asset purchase) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total					$ 33,000	$ 33,000
Business Acquisition, Effective Date of Acquisition						Jan. 16, 2017
FM Translator construction permit, Mohave Valley, Arizona (asset purchase) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total				$ 20,000		$ 20,000
Business Acquisition, Effective Date of Acquisition						Jan. 1, 2017

ACQUISITIONS AND RECENT TRANS43

ACQUISITIONS AND RECENT TRANSACTIONS (Details 1) $ in Thousands	Jun. 30, 2017USD ($)
Business Acquisition [Line Items]
Cash payments made upon closing	$ 440
Escrow deposits paid in prior years	28
Present value of estimated fair value of contingent earn-out consideration	17
Total purchase price consideration	$ 485

ACQUISITIONS AND RECENT TRANS44

ACQUISITIONS AND RECENT TRANSACTIONS (Details 2) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Property and equipment	$ 230
Broadcast licenses	158
Goodwill	25,628	$ 25,613	$ 24,563
Domain and brand names	56
Customer lists and contracts	26
Total purchase price consideration	485
Broadcast [Member]
Assets
Property and equipment	0
Broadcast licenses	158
Goodwill	0
Domain and brand names	0
Customer lists and contracts	0
Total purchase price consideration	158
Digital Media [Member]
Assets
Property and equipment	230
Broadcast licenses	0
Goodwill	15
Domain and brand names	56
Customer lists and contracts	26
Total purchase price consideration	$ 327

ACQUISITIONS AND RECENT TRANS45

ACQUISITIONS AND RECENT TRANSACTIONS (Details Textual) - USD ($)	Jun. 08, 2017	Mar. 14, 2017	Mar. 01, 2017	Jan. 06, 2017	Jun. 30, 2017	May 30, 2017	May 19, 2017	Mar. 31, 2017	Feb. 28, 2017	Jan. 30, 2017	Jan. 16, 2017	Jul. 26, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 28, 2017	Mar. 15, 2017
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Gains (Losses) on Extinguishment of Debt, Total							$ 2,100,000						$ (2,734,000)	$ (5,000)	$ (2,775,000)	$ (14,000)
Amortization of Financing Costs									$ 18,000				$ 9,000	$ 17,000	357,000	318,000
Dividends Payable, Date Declared					Jun. 1, 2017			Mar. 9, 2017
Common Stock, Dividends, Per Share, Declared					$ 0.0650			$ 0.0650
Payments of Ordinary Dividends, Common Stock					$ 1,700,000			$ 1,700,000							3,388,000	3,321,000
Dividends Payable, Date to be Paid					Jun. 30, 2017			Mar. 30, 2017
Dividends Payable, Date of Record					Jun. 16, 2017			Mar. 20, 2017
Business Combination, Consideration Transferred, Total	$ 65,000														485,000
Proceeds from Sale of Intangible Assets						$ 10,000									$ 1,900,000
Gain (Loss) on Disposition of Intangible Assets						$ 56,000
Debt Instrument, Interest Rate, Stated Percentage					4.58%								4.58%		4.58%
Proceeds from Collection of Lease Receivables					$ 600,000
Business Combination Recognized Identifiable Assets Increase or Decrease															$ 42,000	$ 100,000
Standby Letters of Credit [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity							5,000,000
Senior Secured Debt [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Debt Instrument, Face Amount							$ 255,000,000
Debt Instrument, Interest Rate, Stated Percentage							6.75%
Debt Instrument expiration Period							2,024
Asset-Based Revoloving Credit Facility [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Debt Instrument, Face Amount							$ 30,000,000
Line of Credit Facility, Maximum Borrowing Capacity					10,000,000		$ 4,500,000						$ 10,000,000		10,000,000
Debt Instrument, Term							5 years
Revolver [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Payments for Loans							$ 4,100,000
Gains (Losses) on Extinguishment of Debt, Total							56,000
Long-term Line of Credit, Noncurrent							25,000,000
Term B Loan [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Payments for Loans							258,000,000		3,000,000	$ 2,000,000
Debt Instrument, Face Amount									300,000,000
Gains (Losses) on Extinguishment of Debt, Total							1,500,000		$ 6,200	4,500
Amortization of Financing Costs										$ 12,000
Line of Credit Facility, Maximum Borrowing Capacity					300,000,000								300,000,000		300,000,000
Time Brokerage Agreement [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Business Combination, Liabilities Arising from Contingencies, Amount Recognized					1,200,000								1,200,000		1,200,000
Swingline Loans [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity							$ 7,500,000
FM Translator construction permit, Quartz Site, Arizona (asset purchase) [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Business Combination, Consideration Transferred, Total		$ 20,000													20,000
FM Translator construction permit, Roseburg, Oregon (asset purchase) [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Business Combination, Consideration Transferred, Total			$ 45,000												45,000
FM Translator, Astoria, Oregon (asset purchase) [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Business Combination, Consideration Transferred, Total											$ 33,000				33,000
FM Translator construction permit, Mohave Valley, Arizona (asset purchase) [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Business Combination, Consideration Transferred, Total				$ 20,000											20,000
FM translator in Festus, Missouri [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Business Combination, Liabilities Arising from Contingencies, Amount Recognized																	$ 40,000
Portuguese Bible mobile application Assets Purchase [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Business Combination, Consideration Transferred, Total	65,000
Business Combination, Contingent Consideration, Liability, Current	20,000
Estimated Contingent Earn-out Consideration	$ 16,500				$ 20,000								$ 20,000		$ 20,000
Prayers-For-Special-Help.com [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total																		$ 200,000
Business Acquisition Installments Payable																		$ 15,000
FM translator Permit,Eaglemount,Washington Assets Purchase [Member]
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Business Combination, Consideration Transferred, Total												$ 40,000

CONTINGENT EARN-OUT CONSIDERA46

CONTINGENT EARN-OUT CONSIDERATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	$ 60	$ 574	$ 66	$ 775
Acquisitions	17	0	17	0
Accretion of acquisition-related contingent earn-out consideration	2	6	4	16
Change in the estimated fair value of contingent earn-out consideration	(43)	(134)	(42)	(262)
Reclassification of payments due in next 12 months to short-term	0	0	0	0
Payments	(5)	(5)	(14)	(88)
Ending Balance	31	441	31	441
Short-Term Accrued Expenses [Member]
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	60	541	66	173
Acquisitions	17	0	17	0
Accretion of acquisition-related contingent earn-out consideration	2	5	4	8
Change in the estimated fair value of contingent earn-out consideration	(43)	(134)	(42)	(208)
Reclassification of payments due in next 12 months to short-term	0	34	0	556
Payments	(5)	(5)	(14)	(88)
Ending Balance	31	441	31	441
Long-Term Other Liabilities [Member]
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	0	33	0	602
Acquisitions	0	0	0	0
Accretion of acquisition-related contingent earn-out consideration	0	1	0	8
Change in the estimated fair value of contingent earn-out consideration	0	0	0	(54)
Reclassification of payments due in next 12 months to short-term	0	(34)	0	(556)
Payments	0	0	0	0
Ending Balance	$ 0	$ 0	$ 0	$ 0

CONTINGENT EARN-OUT CONSIDERA47

CONTINGENT EARN-OUT CONSIDERATION (Details Textual) - USD ($)	Jun. 08, 2017	May 06, 2015	Feb. 06, 2015	Jan. 10, 2014	Sep. 13, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017
Business Acquisition, Contingent Consideration [Line Items]
Business Combination, Contingent Consideration Arrangements Payment						$ (5,000)	$ (5,000)	$ (14,000)	$ (88,000)
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability						(43,000)	$ (134,000)	(42,000)	$ (262,000)
Business Combination, Consideration Transferred, Total	$ 65,000							485,000
Bryan Perry Newsletters (business acquisition) [Member]
Business Acquisition, Contingent Consideration [Line Items]
Business Combination, Contingent Consideration Arrangements Payment								14,000		$ 91,000
Business Combination Liabilities Arising From Contingencies Amount Recognized Discounted Present Value			$ 158,000
Business Combination, Contingent Consideration, Liability			$ 171,000
Contingent Earn Out Consideration Due To Seller Net Subscriber Revenues Percentage			50.00%
Eagle Publishing (business acquisition) [Member]
Business Acquisition, Contingent Consideration [Line Items]
Business Acquisition Cost Of Acquired Entity Cash Paid Net				$ 3,500,000
Business Combination, Contingent Consideration Arrangements Payment				900,000
Business Combination Liabilities Arising From Contingencies Amount Recognized Discounted Present Value				2,000,000
Business Combination, Liabilities Arising from Contingencies, Amount Recognized						8,500,000		8,500,000		8,500,000
Business Combination, Contingent Consideration, Liability				2,400,000
Business Acquisition Deferred Cash Payment Due				2,500,000
Business Acquisition Contingent Earn Out Consideration Payable				$ 8,500,000
Daily Bible Devotion (business acquisition) [Member]
Business Acquisition, Contingent Consideration [Line Items]
Business Acquisition Cost Of Acquired Entity Cash Paid Net		$ 1,100,000
Business Combination, Contingent Consideration Arrangements Payment		300,000						75,000
Business Combination Liabilities Arising From Contingencies Amount Recognized Discounted Present Value		142,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability								(4,000)
Business Combination, Liabilities Arising from Contingencies, Amount Recognized		$ 165,000
Turner Investment Products [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			74,000
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability								(39,000)
Business Combination, Liabilities Arising from Contingencies, Amount Recognized					74,000
Business Combination, Contingent Consideration, Discounted Present Value					$ 66,000
Portuguese Bible mobile application Assets Purchase [Member]
Business Acquisition, Contingent Consideration [Line Items]
Business Combination, Contingent Consideration, Liability	20,000
Business Combination, Consideration Transferred, Total	65,000
Estimated Contingent Earn-out Consideration	$ 16,500					$ 20,000		$ 20,000		$ 20,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Inventory [Line Items]
Reserve for obsolescence	$ (1,596)	$ (2,226)
Inventories, net	867	670
Regnery Publishing [Member]
Inventory [Line Items]
Inventories, gross	2,126	2,473
Reserve for obsolescence	(1,499)	(2,104)
Inventories, net	627	369
Wellness Products [Member]
Inventory [Line Items]
Inventories, gross	337	423
Reserve for obsolescence	(97)	(122)
Inventories, net	$ 240	$ 301

BROADCAST LICENSES (Details)

BROADCAST LICENSES (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Indefinite-lived Intangible Assets [Line Items]
Balance, beginning of period before cumulative loss on impairment	$ 494,058	$ 492,032
Accumulated loss on impairment	(105,541)	(99,001)
Balance, beginning of period after cumulative loss on impairment	388,517	393,031
Capital projects to improve broadcast signal and strength	28	307
Impairments based on estimated fair value of broadcast licenses	0	(6,540)
Balance, end of period before cumulative loss on impairment	494,219	494,058
Accumulated loss on impairment	(105,541)	(105,541)
Balance, end of period after cumulative loss on impairment	388,678	388,517
Radio Stations [Member]
Indefinite-lived Intangible Assets [Line Items]
Acquisitions	0	74
FM Translators [Member]
Indefinite-lived Intangible Assets [Line Items]
Acquisitions	$ 133	$ 1,645

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Goodwill [Line Items]
Balance, beginning of period before cumulative loss on impairment,	$ 27,642	$ 26,560
Accumulated loss on impairment	(2,029)	(1,997)
Balance, beginning of period after cumulative loss on impairment	25,613	24,563
Impairment charge during year	0	(32)
Balance, end of period before cumulative loss on impairment	27,657	27,642
Accumulated loss on impairment	(2,029)	(2,029)
Ending period balance	25,628	25,613
Radio Stations [Member]
Goodwill [Line Items]
Acquisitions	0	0
Digital Media Entities [Member]
Goodwill [Line Items]
Acquisitions	15	237
Publishing Entities [Member]
Goodwill [Line Items]
Acquisitions	$ 0	$ 845

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment, Gross, Total	$ 262,486	$ 258,814
Less accumulated depreciation	(160,869)	(156,024)
Property, Plant and Equipment, Net, Total	101,617	102,790
Land [Member]
Property, Plant and Equipment, Gross, Total	32,310	32,402
Building [Member]
Property, Plant and Equipment, Gross, Total	28,894	29,070
Office furnishings and equipment [Member]
Property, Plant and Equipment, Gross, Total	38,527	37,386
Office Furnishings And Equipment Under Capital Lease Obligations [Member]
Property, Plant and Equipment, Gross, Total	244	228
Antennae, towers and transmitting equipment [Member]
Property, Plant and Equipment, Gross, Total	84,694	84,144
Antennae Towers And Transmitting Equipment Under Capital Lease Obligations [Member]
Property, Plant and Equipment, Gross, Total	795	795
Studio, production and mobile equipment [Member]
Property, Plant and Equipment, Gross, Total	29,634	28,668
Computer Software [Member]
Property, Plant and Equipment, Gross, Total	22,475	20,042
Record and tape libraries [Member]
Property, Plant and Equipment, Gross, Total	27	27
Automobiles [Member]
Property, Plant and Equipment, Gross, Total	1,323	1,373
Leasehold Improvements [Member]
Property, Plant and Equipment, Gross, Total	18,437	14,696
Construction in Progress [Member]
Property, Plant and Equipment, Gross, Total	$ 5,126	$ 9,983

PROPERTY AND EQUIPMENT (Detai52

PROPERTY AND EQUIPMENT (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Depreciation, Total	$ 3,100,000	$ 3,000,000	$ 6,100,000	$ 6,000,000
Capital Lease Obligations	800,000		800,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	160,869,000		160,869,000		$ 156,024,000
Capital Lease [Member]
Depreciation, Total	13,000		26,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 543,000		$ 543,000		$ 517,000

AMORTIZABLE INTANGIBLE ASSETS53

AMORTIZABLE INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Cost	$ 57,076	$ 58,896
Accumulated Amortization	(44,872)	(44,488)
Net	12,204	14,408
Customer lists and contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	22,577	22,599
Accumulated Amortization	(20,460)	(20,070)
Net	2,117	2,529
Domain and brand names [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	19,517	19,821
Accumulated Amortization	(13,629)	(12,970)
Net	5,888	6,851
Favorable and assigned leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	2,379	2,379
Accumulated Amortization	(2,007)	(1,972)
Net	372	407
Subscriber base and lists [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	6,481	7,972
Accumulated Amortization	(4,180)	(5,304)
Net	2,301	2,668
Author Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	2,771	2,771
Accumulated Amortization	(2,084)	(1,824)
Net	687	947
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	2,018	2,018
Accumulated Amortization	(1,179)	(1,012)
Net	839	1,006
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	1,333	1,336
Accumulated Amortization	(1,333)	(1,336)
Net	$ 0	$ 0

AMORTIZABLE INTANGIBLE ASSETS54

AMORTIZABLE INTANGIBLE ASSETS (Details 1) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
2017 (July - Dec)	$ 2,084
2,018	3,933
2,019	3,363
2,020	2,072
2,021	520
Thereafter	232
Total	$ 12,204	$ 14,408

AMORTIZABLE INTANGIBLE ASSETS55

AMORTIZABLE INTANGIBLE ASSETS (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 1.2	$ 1.2	$ 2.3	$ 2.3

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details) - USD ($) $ in Thousands	1 Months Ended
	May 19, 2017	Feb. 28, 2017	Jan. 30, 2017	Dec. 30, 2016	Nov. 30, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Mar. 17, 2016
Term Loan B Payment One [Member]
Principal Paid	$ 258,000	$ 3,000	$ 2,000	$ 5,000	$ 1,000	$ 1,500	$ 441	$ 750	$ 809
Unamortized Discount	$ 550	$ 6	$ 5	$ 12	$ 3	4	1	$ 0	$ 2
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	Jun. 30, 2017	Dec. 31, 2016
Long Term Debt And Capital Lease Obligations Current And Noncurrent	$ 265,521
Long-term Debt and Capital Lease Obligations, Including Current Maturities	259,322	$ 261,674
Long-term Debt and Capital Lease Obligations, Current	10,116	590
Long-term Debt and Capital Lease Obligations	249,206	261,084
Senior Secured Debt [Member]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	255,000	0
Less unamortized discount and debt issuance costs based on an imputed interest rate of 4.78%	(6,199)	0
Term Loan B net carrying value	248,801	0
Long-term Debt	248,801	0
Asset-Based Revoloving Credit Facility [Member]
Term Loan B net carrying value	10,000	0
Long-term Debt	10,000	0
Term B Loan [Member]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	0	263,000
Less unamortized discount and debt issuance costs based on an imputed interest rate of 4.78%	0	(2,371)
Term Loan B net carrying value	0	260,629
Long-term Debt	0	260,629
Revolver [Member]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	0	477
Capital Lease Obligations And Other [Member]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	$ 521	$ 568

LONG-TERM DEBT (Details 2)

LONG-TERM DEBT (Details 2) $ in Thousands	Jun. 30, 2017USD ($)
2,018	$ 10,116
2,019	106
2,020	107
2,021	117
2,022	75
Thereafter	255,000
Long-term debt	$ 265,521

LONG-TERM DEBT (Details Textual

LONG-TERM DEBT (Details Textual) - USD ($)	1 Months Ended			3 Months Ended		6 Months Ended
	May 19, 2017	Feb. 28, 2017	Jan. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Interest Expense, Debt				$ 71,000	$ 141,000	$ 203,000	$ 283,000
Amortization of Financing Costs		$ 18,000		9,000	17,000	357,000	318,000
Gains (Losses) on Extinguishment of Debt, Total	$ 2,100,000			(2,734,000)	(5,000)	(2,775,000)	(14,000)
Interest Payable, Current				$ 2,114,000		$ 2,114,000		$ 77,000
Debt Instrument, Interest Rate, Stated Percentage				4.58%		4.58%
Debt Instrument, Redemption, Period One [Member]
Debt Instrument, Redemption Price, Percentage	100.00%
Debt Instrument, Redemption, Period Two [Member]
Debt Instrument, Redemption Price, Percentage	106.75%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed	35.00%
Debt Instrument, Redemption, Period Three [Member]
Debt Instrument, Redemption Price, Percentage	103.00%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed	10.00%
Standby Letters of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000
Swingline Loans [Member]
Line of Credit Facility, Maximum Borrowing Capacity	7,500,000
Revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 25,000,000		$ 25,000,000
Revolver [Member] | Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage						0.375%
Revolver [Member] | Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage						0.25%
Senior Secured Debt [Member]
Interest Expense, Debt	17,200,000
Debt Instrument, Face Amount	$ 255,000,000
Interest Payable, Current				2,000,000		$ 2,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.75%
Debt Related Commitment Fees and Debt Issuance Costs				100,000		100,000
Unamortized Debt Issuance Expense				6,199,000		6,199,000		0
Debt Instrument, Debt Default, Description of Violation or Event of Default	The Indenture provides for the following events of default (each, an Event of Default): (i) default in payment of principal or premium on the Notes at maturity, upon repurchase, acceleration, optional redemption or otherwise; (ii) default for 30 days in payment of interest on the Notes; (iii) the failure by us or certain restricted subsidiaries to comply with other agreements in the Indenture or the Notes, in certain cases subject to notice and lapse of time; (iv) the failure of any guarantee by certain significant Subsidiary Guarantors to be in full force and effect and enforceable in accordance with its terms, subject to notice and lapse of time; (v) certain accelerations (including failure to pay within any grace period) of other indebtedness of ours or any restricted subsidiary if the amount accelerated (or so unpaid) is at least $15 million; (vi) certain judgments for the payment of money in excess of $15 million; (vii) certain events of bankruptcy or insolvency with respect to us or any significant subsidiary; and (vii) certain defaults with respect to any collateral having a fair market value in excess of $15 million
Debt Instrument, Debt Default, Percentage	25.00%
Asset-Based Revoloving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 4,500,000			10,000,000		10,000,000
Line of Credit Facility, Covenant Terms	The Credit Agreement includes a springing fixed charge coverage ratio of 1.0 to 1.0, which is tested during the period commencing on the last day of the fiscal month most recently ended prior to the date on which Availability (as defined in the Credit Agreement) is less than the greater of 15% of the Maximum Revolver Amount (as defined in the Credit Agreement) and $4.5 million and continuing for a period of 60 consecutive days after the first day on which Availability exceeds such threshold amount.
Debt Instrument, Face Amount	$ 30,000,000
Debt Related Commitment Fees and Debt Issuance Costs				$ 12,000,000,000		$ 12,000,000,000
Debt Instrument, Term	5 years
Debt Instrument, Interest Rate, Increase (Decrease)	2.00%
Debt Instrument Blended Interest Rate				2.97%		2.97%
Debt Instrument, Debt Default, Description of Violation or Event of Default	The Credit Agreement provides for the following events of default: (i) default for non-payment of any principal or letter of credit reimbursement when due or any interest, fees or other amounts within five days of the due date; (ii) the failure by any borrower or any subsidiary to comply with any covenant or agreement contained in the Credit Agreement or any other loan document, in certain cases subject to applicable notice and lapse of time; (iii) any representation or warranty made pursuant to the Credit Agreement or any other loan document is incorrect in any material respect when made; (iv) certain defaults of other indebtedness of any borrower or any subsidiary of indebtedness of at least $10 million; (v) certain events of bankruptcy or insolvency with respect to any borrower or any subsidiary; (vi) certain judgments for the payment of money of $10 million or more; (vii) a change of control; and (viii) certain defaults relating to the loss of FCC licenses, cessation of broadcasting and termination of material station contracts
Asset-Based Revoloving Credit Facility [Member] | Base Rate [Member]
Debt Instrument, Description of Variable Rate Basis	Base Rate (as defined in the Credit Agreement) plus a spread of 0.50% to 1.0% per annum
Asset-Based Revoloving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Asset-Based Revoloving Credit Facility [Member] | Maximum [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Asset-Based Revoloving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Asset-Based Revoloving Credit Facility [Member] | Minimum [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Term B Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 300,000,000		$ 300,000,000
Senior Notes, Noncurrent				298,500,000		298,500,000
Interest Expense, Debt				26,000	$ 52,000	74,000	$ 104,000
Amortization of Financing Costs			$ 12,000
Gains (Losses) on Extinguishment of Debt, Total	$ 1,500,000	6,200	$ 4,500
Debt Instrument, Face Amount		$ 300,000,000
Debt Instrument, Unamortized Discount	600,000
Long-term Debt, Gross	258,000,000
Unamortized Debt Issuance Expense				$ 0		$ 0		$ 2,371,000
Term B Loan [Member] | Maximum [Member]
Debt Instrument Interest Additional Interest Above Prime Rate						2.00%
Term B Loan [Member] | Minimum [Member]
Debt Instrument Interest Additional Interest Above Base Rate						1.50%
Revolver [Member]
Long-term Line of Credit, Noncurrent	$ 4,100,000
Revolver [Member] | Maximum [Member]
Debt Instrument Interest Additional Interest Above Base Rate	2.00%
Revolver [Member] | Minimum [Member]
Debt Instrument Interest Additional Interest Above Base Rate	1.50%
Term Loan B And Revolver [Member]
Unamortized Debt Issuance Expense	$ 1,500,000

STOCK INCENTIVE PLAN (Details)

STOCK INCENTIVE PLAN (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense, pre-tax	$ 44	$ 125	$ 1,425	$ 324
Tax benefit (expense) from stock-based compensation expense	(18)	(50)	(570)	(130)
Total stock-based compensation expense, net of tax	26	75	855	194
Corporate [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	28	81	99	202
Restricted stock shares compensation expense	0	0	875	24
Broadcast [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	6	20	34	48
Restricted stock shares compensation expense	0	0	224	0
Publishing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	5	10	14	11
Restricted stock shares compensation expense	0	0	36	0
Digital Media [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted stock shares compensation expense	0	0
Internet [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	$ 5	$ 14	19	39
Restricted stock shares compensation expense			$ 124	$ 0

STOCK INCENTIVE PLAN (Details 1

STOCK INCENTIVE PLAN (Details 1)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected volatility	46.77%	47.03%
Expected dividends	4.08%	5.36%
Expected term (in years)	6 years	7 years 6 months
Risk-free interest rate	1.38%	1.66%

STOCK INCENTIVE PLAN (Details 2

STOCK INCENTIVE PLAN (Details 2) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares
Shares
Ending Balance | shares	1,490,404
Employee Stock Option [Member]
Shares
Beginning Balance | shares	1,720,000
Granted | shares	0
Exercised | shares	(107,471)
Forfeited or expired | shares	(122,125)
Ending Balance | shares	1,490,404
Exercisable at end of period | shares	988,276
Expected to Vest | shares	476,771
Weighted Average Exercise Price
Beginning Balance	$ 5.12
Granted	0
Exercised	4.24
Forfeited or expired	5.87
Ending Balance	5.13
Exercisable at end of period	5.53
Expected to Vest	5.13
Weighted Average Grant Date Fair value
Beginning Balance	2.89
Granted	0
Exercised	2.05
Forfeited or expired	3.03
Ending Balance	2.93
Exercisable at end of period	3.69
Expected to Vest	$ 2.95
Weighted Average Remaining Contractual Term
Outstanding	4 years 6 months
Outstanding	4 years 1 month 6 days
Exercisable at end of period	3 years 1 month 6 days
Expected to Vest	4 years 1 month 6 days
Aggregate Intrinsic Value
Beginning Balance | $	$ 2,428
Exercised | $
Ending Balance | $	2,979
Exercisable at end of period | $	1,582
Expected to Vest | $	$ 1,357

STOCK INCENTIVE PLAN (Details 3

STOCK INCENTIVE PLAN (Details 3) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares
Shares
Beginning balance | shares | shares	0
Granted | shares	178,592
Lapsed | shares	(178,592)
Forfeited | shares	0
Ending balance | shares | shares	0
Weighted Average Grant Date Fair Value
Beginning balance | $ / shares	$ 0
Granted | $ / shares	7.05
Lapsed | $ / shares	7.25
Forfeited | $ / shares	0
Ending balance | $ / shares	$ 0
Weighted Average Remaining Contractual Term
Granted	2 months 12 days
Aggregate Intrinsic Value
Beginning Balance | $ | $	$ 0
Granted | $ | $	1,331
Lapsed | $	1,295
Forfeited or expired | $	0
Ending Balance | $ | $	$ 0

STOCK INCENTIVE PLAN (Details T

STOCK INCENTIVE PLAN (Details Textual) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 0.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 9 months 18 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	$ 7.10
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 13,000	$ 1.1

EQUITY TRANSACTIONS (Details)

EQUITY TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2017
Dividends Payable [Line Items]
Announcement Date	Jun. 1, 2017	Mar. 9, 2017
Payment Date	Jun. 30, 2017	Mar. 30, 2017
Dividend Payment One [Member]
Dividends Payable [Line Items]
Announcement Date			Jun. 1, 2017
Payment Date			Jun. 30, 2017
Amount Per Share	$ 0.0650		$ 0.0650
Cash Distributed			$ 1,697
Dividend Payment Two [Member]
Dividends Payable [Line Items]
Announcement Date			Mar. 9, 2017
Payment Date			Mar. 30, 2017
Amount Per Share	0.0650		$ 0.0650
Cash Distributed			$ 1,691
Dividend Payment Three [Member]
Dividends Payable [Line Items]
Announcement Date			Dec. 7, 2016
Payment Date			Dec. 31, 2016
Amount Per Share	0.0650		$ 0.0650
Cash Distributed			$ 1,678
Dividend Payment Four [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 Five [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 Six [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

EQUITY TRANSACTIONS (Details Te

EQUITY TRANSACTIONS (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2017
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	$ 44,000	$ 0.1	$ 1.4	$ 0.3
Scenario, Forecast [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected Dividend Payments					$ 6.8

BASIC AND DILUTED NET EARNING67

BASIC AND DILUTED NET EARNINGS PER SHARE (Details Textual) - shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share Basic And Diluted [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance	1,490,404	1,942,803
Weighted Average Number Diluted Shares Outstanding Adjustment	530,963	501,204

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Fair value of interest rate swap	$ 0	$ 514

DERIVATIVE INSTRUMENTS (Detai69

DERIVATIVE INSTRUMENTS (Details Textual) - Interest Rate Swap [Member] - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	May 19, 2017	Jun. 30, 2017
Derivative [Line Items]
Derivative, Notional Amount		$ 150
Derivative, Floor Interest Rate		0.625%
Derivative, Maturity Date		Mar. 28, 2019
Derivative, Fixed Interest Rate		1.645%
Payments for Derivative Instrument, Investing Activities	$ 0.8

FAIR VALUE MEASURMENTS (Details

FAIR VALUE MEASURMENTS (Details) $ in Thousands	Jun. 30, 2017USD ($)
Liabilities:
Estimated fair value of contingent earn-out consideration included in accrued expenses	$ 31
Long-term debt and capital lease obligations less unamortized discount and debt issuance costs	259,322
Other Indefinite Lived Intangible Assets [Member]
Assets:
Estimated fair value of other indefinite-lived intangible assets	313
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, Inputs, Level 1 [Member] | Other Indefinite Lived Intangible Assets [Member]
Assets:
Estimated fair value of other indefinite-lived intangible assets	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	259,322
Fair Value, Inputs, Level 2 [Member] | Other Indefinite Lived Intangible Assets [Member]
Assets:
Estimated fair value of other indefinite-lived intangible assets	0
Fair Value, Inputs, Level 3 [Member]
Liabilities:
Estimated fair value of contingent earn-out consideration included in accrued expenses	31
Long-term debt and capital lease obligations less unamortized discount and debt issuance costs	0
Fair Value, Inputs, Level 3 [Member] | Other Indefinite Lived Intangible Assets [Member]
Assets:
Estimated fair value of other indefinite-lived intangible assets	$ 313

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2017
Income Tax Contingency [Line Items]
Deferred Tax Assets, Valuation Allowance		$ 4.5
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	$ 4.2
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Impairment Losses	0.3
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	4.5
Adjustment In Current Deferred Tax Assets [Member] | Accounting Standards Update 2015-17 [Member]
Income Tax Contingency [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		9.4
Adjustment In Non-Current Deferred Tax Assets [Member] | Accounting Standards Update 2015-17 [Member]
Income Tax Contingency [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		1.9
Adjustment In Non-Current Deferred Tax Liabilities [Member] | Accounting Standards Update 2015-17 [Member]
Income Tax Contingency [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets		$ 7.5
Domestic Tax Authority [Member]
Income Tax Contingency [Line Items]
Operating Loss Carryforwards	$ 150.7
Beginning Year of Expiry for Net Operating Loss Carry forwards	2,020
Ending Year of Expiry for Net Operating Loss Carryforwards	2,034
State and Local Jurisdiction [Member]
Income Tax Contingency [Line Items]
Operating Loss Carryforwards	$ 1,021.2
Beginning Year of Expiry for Net Operating Loss Carry forwards	2,017
Ending Year of Expiry for Net Operating Loss Carryforwards	2,036

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Commitments And Contingencies [Line Items]
Loss Contingency Accrual	$ 0.5
Litigation Settlement, Expense	$ 0.3

SEGMENT DATA (Details)

SEGMENT DATA (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	$ 66,112	$ 67,779	$ 131,092	$ 132,354
Depreciation	3,109	2,982	6,089	5,974
Amortization	1,143	1,189	2,285	2,332
Change in the estimated fair value of contingent earn-out consideration	(43)	(134)	(42)	(262)
Impairment of indefinite-lived long-term assets other than goodwill	0	0	19	0
Net (gain) on disposal of assets	510	1,701	505	1,551
Net operating income (loss)	8,619	9,702	13,438	15,785
Inventories, net	867		867		$ 670
Property and equipment, net	101,617		101,617		102,790
Broadcast licenses	388,678		388,678		388,517	$ 393,031
Goodwill	25,628		25,628		25,613	$ 24,563
Other indefinite-lived intangible assets	313		313		332
Amortizable intangible assets, net	12,204		12,204		14,408
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	66,112	67,779	131,092	132,354
Operating expenses	53,794	55,041	109,808	109,376
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments and (gain) loss on disposal of assets	12,318	12,738	21,284	22,978
Depreciation	3,109	2,982	6,089	5,974
Amortization	1,143	1,189	2,285	2,332
Change in the estimated fair value of contingent earn-out consideration	(43)	(134)	(42)	(262)
Impairment of long-lived assets		700		700
Impairment of indefinite-lived long-term assets other than goodwill	0		19
Net (gain) on disposal of assets	(510)	(1,701)	(505)	(1,551)
Net operating income (loss)	8,619	9,702	13,438	15,785
Operating Segments [Member] | Broadcast [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	49,251	49,971	97,055	98,716
Operating expenses	35,931	35,871	71,767	72,021
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments and (gain) loss on disposal of assets	13,320	14,100	25,288	26,695
Depreciation	1,929	1,815	3,748	3,678
Amortization	18	23	35	45
Change in the estimated fair value of contingent earn-out consideration	0	0	0	0
Impairment of long-lived assets		700		700
Impairment of indefinite-lived long-term assets other than goodwill	0		0
Net (gain) on disposal of assets	(494)	(1,721)	(496)	(1,542)
Net operating income (loss)	11,867	13,283	22,001	23,814
Inventories, net	0		0		0
Property and equipment, net	85,691		85,691		86,976
Broadcast licenses	388,678		388,678		388,517
Goodwill	3,581		3,581		3,581
Other indefinite-lived intangible assets	0		0		0
Amortizable intangible assets, net	372		372		407
Operating Segments [Member] | Digital Media [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	10,866	11,047	21,552	22,057
Operating expenses	8,370	8,619	17,072	17,643
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments and (gain) loss on disposal of assets	2,496	2,428	4,480	4,414
Depreciation	820	785	1,597	1,552
Amortization	816	1,093	1,634	2,142
Change in the estimated fair value of contingent earn-out consideration	(43)	(36)	(42)	(106)
Impairment of long-lived assets		0		0
Impairment of indefinite-lived long-term assets other than goodwill	0		0
Net (gain) on disposal of assets	0	20	0	6
Net operating income (loss)	903	566	1,291	820
Inventories, net	240		240		300
Property and equipment, net	6,520		6,520		6,634
Broadcast licenses	0		0		0
Goodwill	20,151		20,151		20,136
Other indefinite-lived intangible assets	0		0		0
Amortizable intangible assets, net	8,373		8,373		9,927
Operating Segments [Member] | Publishing [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue	5,995	6,761	12,485	11,581
Operating expenses	5,668	6,983	12,019	11,931
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments and (gain) loss on disposal of assets	327	(222)	466	(350)
Depreciation	162	165	356	315
Amortization	308	72	615	144
Change in the estimated fair value of contingent earn-out consideration	0	(98)	0	(156)
Impairment of long-lived assets		0		0
Impairment of indefinite-lived long-term assets other than goodwill	0		19
Net (gain) on disposal of assets	(16)	(3)	(9)	(21)
Net operating income (loss)	(127)	(358)	(515)	(632)
Inventories, net	627		627		370
Property and equipment, net	1,379		1,379		1,779
Broadcast licenses	0		0		0
Goodwill	1,888		1,888		1,888
Other indefinite-lived intangible assets	313		313		332
Amortizable intangible assets, net	3,454		3,454		4,069
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	3,825	3,568	8,950	7,781
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments and (gain) loss on disposal of assets	(3,825)	(3,568)	(8,950)	(7,781)
Depreciation	198	217	388	429
Amortization	1	1	1	1
Change in the estimated fair value of contingent earn-out consideration	0	0	0	0
Impairment of long-lived assets		0		0
Impairment of indefinite-lived long-term assets other than goodwill	0		0
Net (gain) on disposal of assets	0	3	0	6
Net operating income (loss)	(4,024)	$ (3,789)	(9,339)	$ (8,217)
Inventories, net	0		0		0
Property and equipment, net	8,027		8,027		7,401
Broadcast licenses	0		0		0
Goodwill	8		8		8
Other indefinite-lived intangible assets	0		0		0
Amortizable intangible assets, net	$ 5		$ 5		$ 5

SEGMENT DATA (Details Textual)

SEGMENT DATA (Details Textual)	6 Months Ended
	Jun. 30, 2017
Segment Reporting Information [Line Items]
Number of Operating Segments	3

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($)	Jun. 08, 2017	Jul. 24, 2017	Jul. 06, 2017	Jun. 30, 2017
Subsequent Event [Line Items]
Business Combination, Consideration Transferred, Total	$ 65,000			$ 485,000
Subsequent Event [Member] | TradersCrux.com [Member]
Subsequent Event [Line Items]
One Time Contingent Payment Liability			$ 100,000
Business Combination, Consideration Transferred, Total			$ 300,000
Subsequent Event [Member] | FM translator construction permit in Eaglemount [Member]
Subsequent Event [Line Items]
Business Combination, Consideration Transferred, Total		$ 40,000