Salem Media (SALM) 10-K 16 Mar 18 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 08, 2018	Jun. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Entity Registrant Name	SALEM MEDIA GROUP, INC. /DE/
Entity Central Index Key	1,050,606
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 78,674,071
Trading Symbol	SALM
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		20,615,426
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,553,696

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 3	$ 130
Trade accounts receivable (net of allowances of $10,420 in 2016 and $11,019 in 2017)	34,843	37,260
Other receivables (net of allowances of $260 in 2016 and $227 in 2017)	820	751
Inventories (net of reserves of $2,226 in 2016 and $1,657 in 2017)	730	670
Prepaid expenses	6,824	6,287
Deferred income taxes	0	9,411
Assets held for sale	3,500	0
Total current assets	46,720	54,509
Land held for sale	1,000	1,000
Notes receivable (net of allowance of $564 in 2016 and $759 in 2017)	53	65
Property and equipment (net of accumulated depreciation of $156,024 in 2016 and $164,720 in 2017)	99,480	102,790
Broadcast licenses	380,914	388,517
Goodwill	26,424	25,613
Other indefinite-lived intangible assets	313	332
Amortizable intangible assets (net of accumulated amortization of $44,488 in 2016 and $47,179 in 2017)	13,104	14,408
Deferred financing costs	550	82
Deferred income taxes	1,070	0
Other assets	3,191	2,952
Total assets	572,819	590,268
Current liabilities:
Accounts payable	1,584	4,968
Accrued expenses	11,697	15,658
Accrued compensation and related expenses	7,643	8,133
Accrued interest	1,445	77
Current portion of deferred revenue	10,499	9,491
Income taxes payable	172	223
Current portion of long-term debt and capital lease obligations	9,109	590
Total current liabilities	42,149	39,140
Long-term debt and capital lease obligations, less current portion	249,579	261,084
Fair value of interest rate swap	0	514
Deferred income taxes	34,151	63,423
Deferred rent expense	9,494	9,596
Deferred revenue less current portion	6,101	5,252
Other long-term liabilities	64	67
Total liabilities	341,538	379,076
Commitments and contingencies (Note 14)
Stockholders' Equity:
Additional paid-in capital	244,634	242,400
Accumulated earnings	20,370	2,516
Treasury stock, at cost (2,317,650 shares at December 31, 2016 and 2017)	(34,006)	(34,006)
Total stockholders' equity	231,281	211,192
Total liabilities and stockholders' equity	572,819	590,268
Common Class A [Member]
Stockholders' Equity:
Common stock	227	226
Total stockholders' equity	227	226
Common Class B [Member]
Stockholders' Equity:
Common stock	56	56
Total stockholders' equity	$ 56	$ 56

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Trade accounts receivable, allowances	$ 11,019	$ 10,420
Allowance for Doubtful Other Receivables, Current	227	260
Inventories, reserves	1,657	2,226
Notes receivable, allowance	759	564
Property and equipment, accumulated depreciation	164,720	156,024
Amortizable intangible assets, accumulated amortization	$ 47,179	$ 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	22,932,451	22,593,130
Common stock, outstanding	20,614,801	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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net broadcast revenue	$ 196,197	$ 202,016	$ 197,184
Net digital media revenue	43,096	46,777	44,761
Net publishing revenue	24,443	25,528	23,842
Total net revenue	263,736	274,321	265,787
Operating expenses:
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $1,509, $1,663 and $1,705 for the years ended December 31, 2015, 2016 and 2017, respectively, paid to related parties)	145,494	146,283	140,819
Digital media operating expenses, exclusive of depreciation and amortization shown below	33,675	36,290	35,380
Publishing operating expenses exclusive of depreciation and amortization shown below	24,475	26,209	24,774
Unallocated corporate expenses, exclusive of depreciation and amortization shown below (including $133, $301 and $238 for the years ended December 31, 2015, 2016 and 2017, respectively, paid to related parties)	16,255	14,994	15,146
Depreciation	12,369	12,205	12,417
Amortization	4,593	5,071	5,324
Change in the estimated fair value of contingent earn-out consideration	(23)	(689)	(1,715)
Impairment of long-lived assets	0	700	0
Impairment of indefinite-lived long-term assets other than goodwill	19	7,041	0
Impairment of goodwill	0	32	439
Impairment of amortizable intangible assets	0	8	0
(Gain) loss on the sale or disposal of assets	3,905	(1,901)	181
Total operating expenses	240,762	246,243	232,765
Operating income	22,974	28,078	33,022
Other income (expense):
Interest income	4	6	8
Interest expense, net of capitalized interest	(16,706)	(14,938)	(15,429)
Change in the fair value of interest rate swap	357	285	(1,273)
Gain on bargain purchase	0	95	1,357
Loss on early retirement of long-term debt	(2,775)	(87)	(41)
Net miscellaneous income and (expenses)	(80)	6	201
Income from operations before income taxes	3,774	13,445	17,845
Provision for (benefit from) income taxes	(20,870)	4,572	6,695
Net income	$ 24,644	$ 8,873	$ 11,150
Basic earnings per share data:
Basic earnings per share Class A and Class B common stock	$ 0.94	$ 0.34	$ 0.43
Diluted earnings per share data:
Diluted earnings per share Class A and Class B common stock	0.94	0.34	0.43
Distributions per share Class A and Class B common stock	$ 0.26	$ 0.26	$ 0.26
Basic weighted average Class A and Class B shares outstanding	26,068,942	25,669,538	25,426,732
Diluted weighted average Class A and Class B shares outstanding	26,435,757	26,034,990	25,887,819

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS [Parenthetical] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Broadcast operating expenses exclusive of depreciation and amortization	$ 145,494	$ 146,283	$ 140,819
Unallocated corporate expenses exclusive of depreciation and amortization	16,255	14,994	15,146
Related Party [Member]
Broadcast operating expenses exclusive of depreciation and amortization	1,705	1,663	1,509
Unallocated corporate expenses exclusive of depreciation and amortization	$ 238	$ 301	$ 133

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Additional Paid-In Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Treasury Stock [Member]	Class A Common Stock [Member]	Class B Common Stock [Member]
Balance at Dec. 31, 2014	$ 201,468	$ 239,414	$ (4,217)	$ (34,006)	$ 221	$ 56
Balance (in shares) at Dec. 31, 2014					22,082,140	5,553,696
Stock-based compensation	771	771	0	0	$ 0	$ 0
Options exercised	385	383	0	0	$ 2	$ 0
Options exercised (in shares)					163,994	0
Tax benefit related to stock options exercised	59	59	0	0	$ 0	$ 0
Cash distributions	(6,612)	0	(6,612)	0	0	0
Net income	11,150	0	11,150	0	0	0
Balance at Dec. 31, 2015	207,221	240,627	321	(34,006)	$ 223	$ 56
Balance (in shares) at Dec. 31, 2015					22,246,134	5,553,696
Stock-based compensation	582	582	0	0	$ 0	$ 0
Options exercised	993	990	0	0	$ 3	$ 0
Options exercised (in shares)					336,996	0
Lapse of restricted shares	0	0	0	0	$ 0	$ 0
Lapse of restricted shares (in shares)					10,000	0
Tax benefit related to stock options exercised	201	201	0	0	$ 0	$ 0
Cash distributions	(6,678)	0	(6,678)	0	0	0
Net income	8,873	0	8,873	0	0	0
Balance at Dec. 31, 2016	211,192	242,400	2,516	(34,006)	$ 226	$ 56
Balance (in shares) at Dec. 31, 2016					22,593,130	5,553,696
Stock-based compensation	1,721	1,721	0	0	$ 0	$ 0
Options exercised	514	513	0	0	$ 1	$ 0
Options exercised (in shares)					127,663	0
Lapse of restricted shares	0	0	0	0	$ 0	$ 0
Lapse of restricted shares (in shares)					211,658	0
Cash distributions	(6,790)	0	(6,790)	0	$ 0	$ 0
Net income	24,644	0	24,644	0	0	0
Balance at Dec. 31, 2017	$ 231,281	$ 244,634	$ 20,370	$ (34,006)	$ 227	$ 56
Balance (in shares) at Dec. 31, 2017					22,932,451	5,553,696

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
OPERATING ACTIVITIES
Net income	$ 24,644	$ 8,873	$ 11,150
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash stock-based compensation	1,721	582	771
Tax benefit related to stock options exercised	0	255	133
Depreciation and amortization	16,962	17,276	17,741
Amortization of deferred financing costs	940	631	628
Accretion of financing items	74	206	188
Accretion of acquisition-related deferred payments and contingent earn-out consideration	42	70	349
Provision for bad debts	2,196	941	1,733
Deferred income taxes	(20,932)	4,089	6,313
Impairment of long-lived assets	0	700	0
Impairment of indefinite-lived long-term assets other than goodwill	19	7,041	0
Impairment of goodwill	0	32	439
Impairment of amortizable intangible assets	0	8	0
Change in the fair value of interest rate swap	(357)	(285)	1,273
Change in the estimated fair value of contingent earn-out consideration	(23)	(689)	(1,715)
(Gain) loss on the sale or disposal of assets	3,905	(1,901)	181
Gain on bargain purchase	0	(95)	(1,357)
Loss on early retirement of debt	2,775	87	41
Changes in operating assets and liabilities:
Accounts receivable	144	4,236	1,461
Inventories	(60)	223	(307)
Prepaid expenses and other current assets	(537)	(2)	(705)
Accounts payable and accrued expenses	(3,041)	(819)	(6,482)
Deferred rent	(79)	1,330	3,745
Deferred revenue	(1,009)	(4,106)	(72)
Other liabilities	(3)	33	703
Income taxes payable	(51)	150	(81)
Net cash provided by operating activities	27,330	38,866	36,130
INVESTING ACTIVITIES
Cash paid for capital expenditures net of tenant improvement allowances	(8,534)	(9,414)	(8,833)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements	(50)	(620)	(3,034)
Escrow deposits related to acquisitions	0	(36)	0
Deposit received under option agreement for radio station sales	0	450	0
Acquisitions of broadcast assets and radio stations	(2,282)	(1,758)	(12,411)
Proceeds from the sale of assets	2,456	3,147	10
Other	(242)	(606)	(443)
Net cash used in investing activities	(10,342)	(15,493)	(29,183)
FINANCING ACTIVITIES
Payment of interest rate swap	(783)	0	0
Proceeds from Notes offering	255,000	0	0
Payments of debt issuance costs	(7,035)	0	0
Payments of acquisition-related contingent earn-out consideration	(14)	(111)	(1,204)
Payments of deferred installments due from acquisition activity	(225)	(3,621)	(935)
Proceeds from the exercise of stock options	514	993	385
Payment of cash distribution on common stock	(6,790)	(6,678)	(6,612)
Payments on capital lease obligations	(122)	(107)	(112)
Book overdraft	(3,184)	12	2,075
Net cash used in financing activities	(17,115)	(23,341)	(6,882)
CASH FLOWS FROM DISCONTINUED OPERATIONS
Net increase (decrease) in cash and cash equivalents	(127)	32	65
Cash and cash equivalents at beginning of year	130	98	33
Cash and cash equivalents at end of year	3	130	98
Cash paid during the year for:
Cash paid for interest net of capitalized interest	14,237	14,038	14,289
Cash paid for income taxes	96	78	330
Other supplemental disclosures of cash flow information:
Barter revenue	5,939	5,470	6,204
Barter expense	5,675	5,341	5,990
Non-cash investing and financing activities:
Capital expenditures reimbursable under tenant improvement allowances	50	620	2,998
Non-cash capital expenditures for property & equipment acquired under trade agreements	39	0	36
Net assets and liabilities assumed non-cash acquisition	2,852	0	0
Estimated present value of contingent earn-out consideration	0	66	300
Current value of deferred cash payments (short-term)	0	1,640	21
Assets acquired under capital leases	16	0	0
Revolver [Member]
FINANCING ACTIVITIES
Payments on Term Loan B, Revolver and ABL Facility	(81,214)	(46,738)	(58,698)
Proceeds from borrowings under Revolver and ABL Facility	89,738	43,909	60,219
Term Loan B [Member]
FINANCING ACTIVITIES
Payments on Term Loan B, Revolver and ABL Facility	(263,000)	(11,000)	(2,000)
Digital Media [Member]
INVESTING ACTIVITIES
Acquisitions of digital media and publishing businesses and assets	(1,690)	(3,253)	(4,472)
Publishing Enterprise Valuations [Member]
INVESTING ACTIVITIES
Acquisitions of digital media and publishing businesses and assets	$ 0	$ (3,403)	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying Consolidated Financial Statements of Salem Media Group, Inc. (“Salem” “we,” “us,” “our” or the “company”) include the company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. Salem is a domestic multimedia company specializing in Christian and conservative content. Our media properties include 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 20 – 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 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; BibleStudyTools.com™, Crosswalk.com®, GodVine.com™, iBelieve.com, GodTube.com™, OnePlace.com™, Christianity.com™, GodUpdates.com, CrossCards.com™, ChristianHeadlines.com, LightSource.com™, AllCreated.com, ChristianRadio.com™, CCMmagazine.com™, SingingNews.com™ and SouthernGospel.com™ and our conservative opinion websites; collectively known as Townhall Media, include Townhall.com™, HotAir.com™, Twitchy.com, RedState.com, BearingArms.com, HumanEvents.com, and ConservativeRadio.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 SermonSearch.com, ChurchStaffing.com™, WorshipHouseMedia.com, SermonSpice.com™, WorshipHouseKids.com, Preaching.com, ChristianJobs.com™ and Youthworker.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 includes 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, a self-publishing service for authors through Xulon Press, Mill City Press and Bookprinting.com; and (3) Singing News ® We consider all highly liquid debt instruments, purchased with an initial maturity of three-months or less, to be cash equivalents. The carrying value of our cash and cash equivalents approximated fair value at each balance sheet date. Trade accounts receivable represent amounts due to us from our customers from revenue generating activities. Our receivables are recorded at the invoiced amount and represent claims that will be settled in cash. The carrying value of our receivables, net of the allowance for doubtful accounts and estimated sales returns, represents their estimated net realizable value. Trade accounts receivable for our self-publishing services represent contractual amounts due under individual payment plans that are adjusted quarterly to exclude unearned or cancellable contracts. We evaluate the balance reserved in our allowance for doubtful accounts on a quarterly basis based on our historical collection experience, the age of the receivables, specific customer information and current economic conditions. Past due balances are generally not written-off until all collection efforts have been exhausted, including use of a collections agency. A considerable amount of judgment is required in assessing the likelihood of ultimate realization of these receivables, including the current creditworthiness of each customer. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. We have not modified our estimate methodology and we have not historically recognized significant losses from changes in our estimates. We believe that our estimates and assumptions are reasonable and that our reserves are accurately reflected. Inventories consist of finished goods including published books and wellness products. Inventory is recorded at the lower of cost or market as determined on a First-In First-Out (“FIFO”) cost method. We record a provision to expense the balance of unsold inventory that we believe to be unrecoverable. We review historical data associated with book and wellness product inventories held by Regnery Publishing and our e-commerce wellness entities, as well as our own experiences to estimate the fair value of inventory on hand. Our analysis includes a review of actual sales returns, our allowances, royalty reserves, overall economic conditions and product demand. We regularly monitor actual performance to our estimates and make adjustments as necessary. Estimated inventory reserves may be adjusted, either favorably or unfavorably, if factors such as the historical data we used to calculate these estimates do not properly reflect future returns or as a result of changes in economic conditions of the customer and/or the market. We have not modified our estimate methodology and we have not historically recognized significant losses from changes in our estimates. We believe that our estimates and assumptions are reasonable and that our reserves are accurately reflected. Property and equipment are recorded at cost less accumulated depreciation. Cost represents the historical cost of acquiring the asset, including the costs necessarily incurred to bring it to the condition and location necessary for its intended use. For assets constructed for our own use, such as towers and buildings that are discrete projects for which costs are separately accumulated and for which construction takes considerable time, we record capitalized interest. The amount capitalized is the cost that could have been avoided had the asset not been constructed and is based on the average accumulated expenditures incurred over the capitalization period at the weighted average rate applicable to our outstanding variable rate debt. We capitalized interest of $ 0.2 Category Estimated Life Buildings 40 years Office furnishings and equipment 5 -10 years Antennae, towers and transmitting equipment 10 - 20 years Studio, production and mobile equipment 5 - 10 years Computer software and website development costs 3 years Record and tape libraries 3 years Automobiles 5 years Leasehold improvements Lesser of the useful life or remaining lease term The carrying value of property and equipment is evaluated periodically in relation to the operating performance and anticipated future cash flows of the underlying radio stations and business units for indicators of impairment. When indicators of impairment are present, and the cash flows estimated to be generated from these assets is less than the carrying value, an adjustment to reduce the carrying value to the fair market value of the assets is recorded. See Note 9 – Property and Equipment. We capitalize costs incurred during the application development stage related to the development of internal-use software as specified in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350-40 Internal-Use Software 3.7 2.3 2.2 2.8 2.5 2.4 Category Estimated Life Customer lists and contracts Lesser of 5 years or the life of contract Domain and brand names 5 -7 years Favorable and assigned leases Lease Term Subscriber base and lists 3 - 7 years Author relationships 1 - 7 years Non-compete agreements 1 to 5 years The carrying value of our amortizable intangible assets are evaluated periodically in relation to the operating performance and anticipated future cash flows of the underlying radio stations and businesses for indicators of impairment. In accordance with FASB ASC Topic 360 Property, Plant and Equipment Broadcast Licenses In the case of our broadcast radio stations, we would not be able to operate the properties without the related FCC broadcast license for each property. Broadcast licenses are renewed with the FCC every eight years for a nominal fee that is expensed as incurred. We continually monitor our stations’ compliance with the various regulatory requirements that are necessary for FCC renewal and all of our broadcast licenses have been renewed at the end of their respective periods. We expect all of our broadcast licenses to be renewed in the future and therefore, we consider our broadcast licenses to be indefinite-lived intangible assets. The weighted-average period before the next renewal of our broadcasting licenses is 3.5 We account for broadcast licenses in accordance with FASB ASC Topic 350 Intangibles—Goodwill and Other The unit of accounting we use to test broadcast licenses is the cluster level, which we define as a group of radio stations operating in the same geographic market, sharing the same building and equipment and managed by a single general manager. The cluster level is the lowest level for which discrete financial information and cash flows are available and the level reviewed by management to analyze operating results. We perform a qualitative assessment for each of our broadcast market clusters. We review the significant assumptions and key estimates applicable to our prior year estimated fair value calculations to assess if events and circumstances have occurred that could affect these assumptions and key estimates. We also review internal benchmarks and the economic performance for each market cluster to assess if it is more likely than not that impairment exists. The first step of our qualitative assessment is to calculate excess fair value, defined as the amount by which our prior year estimated fair value exceeds the current year carrying value. We believe based on our analysis and review, including the financial performance of each market, that a 25 25 The second step of our qualitative assessment consists of a review of the financial operating results for each market cluster. Radio stations are often sold on the basis of a multiple of projected cash flow, or Station Operating Income (“SOI”) defined as net broadcast revenue less broadcast operating expenses. See Item 6 – Selected Financial Data within this annual report for information on SOI, a non-GAAP measure. Numerous trade organizations and analysts review these radio station sales to track SOI multiples applicable to each transaction. Based on published reports and analysis of market transactions, we believe industry benchmarks to be in the six to seven times cash flow range. We elected an SOI benchmark of four as a conservative indicator of fair value. If the results of our qualitative assessment indicate that the fair value of a reporting unit is less than its carrying value, we perform a quantitative review of the reporting unit. We engage an independent third-party appraisal and valuation firm to assist us with determining the enterprise value as part of this quantitative review. We account for goodwill and other indefinite-lived intangible assets in accordance with FASB ASC Topic 350 Intangibles—Goodwill and Other The unit of accounting we use to test goodwill associated with our radio stations is the cluster level, which we define as a group of radio stations operating in the same geographic market, sharing the same building and equipment and managed by a single general manager. Nineteen of our 34 market clusters have goodwill associated with them as of our annual testing period ended December 31, 2017. The unit of accounting we use to test goodwill in our radio networks is the entity level, which includes Salem Radio Network® (“SRN”), SRN News Network (“SNN”), Todays Christian Music (“TCM”) and Singing News Network. The entity level is the level reviewed by management for which discrete financial information is available. One of our five networks has goodwill associated with it as of our annual testing period ended December 31, 2017. The unit of accounting we use to test goodwill in our digital media segment is the entity level, which includes Salem Web Network, Townhall.com, and Eagle Financial Publications. The financial statements for Salem Web Network reflect the operating results and cash flows for our Christian content websites and our church product websites. The financial statements for Townhall.com reflect the operating results for each of our conservative opinion websites. Eagle Financial Publications include our investing websites and related digital publications. The unit of accounting we use to test goodwill in our publishing segment is the entity level, which includes Regnery Publishing and Salem Author Services. Regnery Publishing is a book publisher based in Washington DC, that operates from a stand-alone facility under one general manager, with operating results and cash flows of reported at the entity level. Salem Author Services operates from a stand-alone facility in Orlando, Florida under one general manager who is responsible for the operating results and cash flows. We perform a qualitative assessment to determine if events and circumstances have occurred that indicate it is more likely than not that the fair value of the assets, including goodwill, are less than their carrying values. We review the significant inputs used in our prior year fair value estimates to determine if any changes to those inputs should be made. We estimate the fair value using a market approach and compare the estimated fair value of each entity to its carrying value, including goodwill. Under the market approach, we apply a multiple of four to each entities operating income to estimate the fair value. We believe that a multiple of four is a conservative indicator of fair value as described above. If the results of our qualitative assessment indicate that the fair value of a reporting unit is less than its carrying value, we perform a quantitative review of the reporting unit. We engage an independent third-party appraisal and valuation firm to assist us with determining the enterprise value as part of this quantitative review. Mastheads consist of the graphic elements that identify our publications to readers and advertisers. These include customized typeset page headers, section headers, and column graphics as well as other name and identity stylized elements within the body of each publication. We test the value of mastheads as a single combined publishing entity as our print magazines operate from one shared facility under one general manager with operating results and cash flows reported on a combined basis for all publications. This is the lowest level for which discrete financial information and cash flows are available and the level reviewed by management to analyze operating results. We account for business acquisitions in accordance with the acquisition method of accounting as specified in FASB ASC Topic 805 Business Combinations 0.1 1.4 0.8 0.3 0.3 Acquisitions may include contingent earn-out consideration, the fair value of which is estimated as of the acquisition date as the present value of the expected contingent payments as determined using weighted probabilities of the payment amounts. See Note 4 – Acquisitions and Recent Transactions and Note 5 – Contingent Earn-Out Consideration. A majority of our radio station acquisitions have consisted primarily of the FCC licenses to broadcast in a particular market. We often do not acquire the existing format, or we change the format upon acquisition when we find it beneficial. As a result, a substantial portion of the purchase price for the assets of a radio station is allocated to the broadcast license. We may retain a third-party appraiser to estimate the fair value of the acquired net assets as of the acquisition date. As part of the valuation and appraisal process, the third-party appraiser prepares a report assigning estimated fair values to the various asset categories in our financial statements. These fair value estimates are subjective in nature and require careful consideration and judgment. Management reviews the third party reports for reasonableness of the assigned values. We believe that the purchase price allocations represent the appropriate estimated fair value of the assets acquired and we have not had to modify our purchase price allocations. We estimate the economic life of each tangible and intangible asset acquired to determine the period of time in which the asset should be depreciated or amortized. A considerable amount of judgment is required in assessing the economic life of each asset. We consider our own experience with similar assets, industry trends, market conditions and the age of the property at the time of our acquisition to estimate the economic life of each asset. If the financial condition of the assets were to deteriorate, the resulting change in life or impairment of the asset could cause a material impact and volatility in our operating results. To date, we have not experienced changes in the economic life established for each major category of our assets. Property and equipment are recorded at their estimated fair value and depreciated on a straight-line basis over their estimated useful lives. Finite-lived intangible assets are recorded at their estimated fair value and amortized on a straight-line basis over their estimated useful lives. Costs associated with acquisitions, such as consulting and legal fees, are expensed as incurred in unallocated corporate operating expenses. Our acquisitions 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. We recorded a net decrease to our estimated contingent earn-out liabilities of $ 23,000 689,000 We regularly review underperforming assets to determine if a sale or disposal might be a better way to monetize the assets. When a station, group of stations, or other asset group is considered for sale or disposal, we review the transaction to determine if or when the entity qualifies as a discontinued operation in accordance with the criteria of FASB ASC Topic 205-20 Discontinued Operations. Revenue is recognized as it is earned in accordance with applicable guidelines. We consider amounts to be earned once evidence of an arrangement has been obtained, services are performed, fees are fixed or determinable and collectability is reasonably assured. We account for broadcast revenue from the sale of airtime for programs or spots as the program or advertisement is broadcast. Revenues are reported net of agency commissions, which are calculated as a stated percentage applied to gross billings. Digital revenue is recognized upon delivery of page-views, delivery of impressions as specified in the contract, delivery of the digital newsletter or email, or upon delivery of the advertisement or programming content via streaming. Revenues are reported net of agency commissions, which are calculated as a stated percentage applied to gross billings. Revenue from product sales and book sales are recognized upon shipment net of distribution fees and an allowance for sales returns. Revenues from advertisements in our print magazines are recognized upon delivery of the publication net of agency commissions, which are calculated as a stated percentage applied to gross billings. Subscription revenue from our print magazines and digital newsletters is recognized over the life of the related subscription. We enter bundled advertising agreements that may include cross-promotions such as advertisements on our radio stations, digital banners, print magazine placements, booth space at local events, or some combination thereof. The multiple deliverables contained in each agreement are accounted for separately over their respective delivery period provided that they are separate units of accounting. The selling price for each deliverable is based on vendor specific objective evidence, if available, or the estimated fair value of each deliverable. Objective evidence of the fair value includes the price charged for each element when sold separately or the price that we would transact if the deliverable is sold regularly on a standalone basis. Arrangement consideration is allocated at the inception of each agreement to all deliverables using the relative selling price method. The relative selling price method allocates any discount in the arrangement proportionally to each deliverable on the basis of each deliverable’s selling price. We provide for estimated returns for products sold with the right of return, primarily book sales associated with Regnery Publishing and nutritional products sold through Eagle Wellness and Gene Smart. We record an estimate of these product returns as a reduction of revenue in the period of the sale. Our estimates are based upon historical sales returns, the amount of current period sales, economic trends and any changes in customer demand and acceptance of our products. We regularly monitor actual performance to estimated return rates and make adjustments as necessary. Estimated return rates utilized for establishing estimated returns reserves have approximated actual returns experience. However, actual returns may differ significantly, either favorably or unfavorably, from these estimates if factors such as the historical data we used to calculate these estimates do not properly reflect future returns or as a result of changes in economic conditions of the customer and/or the market. We have not modified our estimate methodology and we have not recognized significant losses from changes in our estimates We may provide broadcast time or digital advertising placement to customers in exchange for certain products, supplies or services. The terms of these exchanges generally permit for the preemption of such broadcast time or digital placements in favor of customers who purchase these items for cash. We include the value of such exchanges in net revenues and operating expenses. The value recorded for barter revenue and barter expense is based upon management’s estimate of the fair value of the products, supplies or services received. We believe that our estimates and assumptions are reasonable and that our barter revenue and barter expense are accurately reflected. We record barter revenue as it is earned, typically when the broadcast time is used or the digital advertisement is delivered. We record barter expense equal to the estimated fair value of the goods or services received upon receipt or usage of the items as applicable. Barter revenue included in broadcast revenue for the years ended December 31, 2017, 2016 and 2015 was approximately $ 5.8 5.4 6.1 5.6 5.3 5.9 0.1 42,000 0.1 0.1 34,000 0.1 We account for stock-based compensation under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation—Stock Compensation Advertising and Promotional Cost Costs of media advertising and associated production costs are expensed as incurred and amounted to approximately $ 12.0 12.3 11.3 We lease broadcast towers, transmitter sites and office space throughout the United States. We review each lease agreement upon inception to determine the appropriate classification of the lease as a capital lease or operating lease based on the factors listed in FASB ASC Topic 840 Leases 15.5 15.3 14.8 Deferred rental revenue was $ 4.3 We may construct or otherwise invest in leasehold improvements to properties. The costs of these leasehold improvements are capitalized and depreciated over the shorter of the estimated useful life of the improvement or the lease term including anticipated renewal periods. We provide health insurance benefits to eligible employees under a self-insured plan whereby we pay actual medical claims subject to certain stop loss limits. We record self-insurance liabilities based on actual claims filed and an estimate of those claims incurred but not reported. Our estimates are based on historical data and probabilities. Any projection of losses concerning our liability is subject to a high degree of variability. Among the causes of this variability are unpredictable external factors such as future inflation rates, changes in severity, benefit level changes, medical costs and claim settlement patterns. Should the actual amount of claims increase or decrease beyond what was anticipated, we may adjust our future reserves. Our self-insurance liability was $ 0.7 0.8 Year Ended December 31, 2016 2017 (Dollars in thousands) Balance, beginning of period $ 676 $ 783 Self-funded costs 9,526 9,735 Claims paid (9,419) (9,771) Ending period balance $ 783 $ 747 We are exposed to market risk from changes in interest rates. primarily for the purpose of reducing the impact of changing interest rates on our variable rate debt and to reduce the impact of changing fair market values on our fixed rate debt 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 December 31, 2016 December 31, 2017 (Dollars in thousands) Fair value of interest rate swap $ 514 $ — On May 19, 2017, we entered into a new senior credit facility, which is an asset-based revolving credit facility (“ABL Facility”). The ABL Facility is a five-year $ 30.0 1.50 2.0 0.50 1.0 0.25 0.375 As of December 31, 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. The carrying value of the ABL approximates fair value as the related interest rates approximate rates currently available to the company. The carrying amount of the Notes at December 31, 2017 was $ 255.0 Our classification of outstanding borrowings on our Notes as long-term debt on our balance sheet is based on our assessment that, under the Indenture and after considering our projected operating results and cash flows for the coming year, no principal payments are required to be made within the next twelve months. The Notes have a term of seven years, maturing on June 1, 2024 100 June 1, 2020 35 June 1, 2020 106.75 10 June 1, 2020 103 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. Our projections of operating results and cash flows for the coming year are estimates dependent upon a number of factors including but not limited to developments in the markets in which we are operating in and varying economic and political factors. Accordingly, these projections are inherently uncertain and our actual results could differ from these estimates. We adopted ASU 2015-03, as amended by ASU 2015-15, as of the effective date of January 1, 2016. Debt issue costs are being amortized to non-cash interest expense over the life of the Term Loan B using the effective interest method. We chose to continue presentation of debt issue costs associated with our Revolver as an asset in accordance with ASU 2015-15. We have retrospectively accounted for the implementation of ASU 2015-03 and ASU 2015-15 as a change in accounting principle. Costs of the Revolver are being amortized to non-cash interest expense over the five year life of the Revolver using the effective interest method based on an imputed interest rate of 4.58 On May 19, 2017, we closed on a private offering of $ 255.0 6.75 2024 5.0 7.5 We incurred debt issuance costs of $ 6.3 0.7 We account for income taxes in accordance with FASB ASC Topic 740 Income Taxes We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. We consider all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance. In the event we were to determine that we would not be able to realize all or part of our net deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to earnings in the period in which we make such a determination. Likewise, if we later determine that it is more likely than not that the net deferred tax assets would be realized, we would reverse the applicable portion of the previously provided valuation allowance. For financial reporting purposes, we recorded a valuation allowance of $ 6.2 6.0 0.2 4.5 4.2 0.3 On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35 21 The SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of US GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act. SAB 118 summarizes a three-step process to be applied at each reporting period to account for and qualitatively disclose: (1) the effects of the change in tax law for which accounting is complete; (2) provisional amounts (or adjustments to provisional amounts) for the effects of the tax law where accounting is not complete, but that a reasonable estimate has been determined; and (3) a reasonable estimate cannot yet be made and therefore taxes are reflected in accordance with law prior to the enactment of the Tax Cuts and Jobs Act. Amounts recorded where we consider accounting to be complete for the year ended December 31, 2017 principally relate to the reduction in the U.S. corporate income tax rate to 21%, which resulted in the recording of an income tax benefit of $ 23.0 Other significant provisions that are not yet effective but may impact income taxes in future years include include limitations on the current deductibility of net interest expense, limitation of net operating losses generated after fiscal 2018 to 80 We are subject to audit and review by various taxing jurisdictions. We may recognize liabilities on our financial statements for positions taken on uncertain tax positions. When tax returns are filed, it is highly certain that some p

IMPAIRMENT OF GOODWILL AND OTHE

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 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 We account for goodwill and other indefinite-lived intangible assets in accordance with FASB ASC Topic 350 Intangibles—Goodwill and Other Broadcast Licenses We perform a qualitative assessment for each of our broadcast market clusters annually. We review the significant assumptions and key estimates applicable to our prior year estimated fair value calculations to assess if events and circumstances have occurred that could affect these assumptions and key estimates. We also review internal benchmarks and the economic performance for each market cluster to assess if it is more likely than not that impairment exists. The first step of our qualitative assessment is to calculate excess fair value, or the amount by which our prior year estimated fair value exceeds the current year carrying value. We believe based on our analysis and review, including the financial performance of each market, that a 25 25 Of the 25 markets for which an independent third party fair value appraisal was obtained in the prior year, eight markets were subject to testing in the current year. Geographic Market Clusters as of December 31, 2017 Percentage Range By Which 2016 Estimated Fair Value Exceeded 2017 Carrying Value ≤ 25% >26%-50% >50% to 75% > than 75% Number of accounting units 8 2 - 15 Broadcast license carrying value (in thousands) $ 174,287 $ 7,692 $ - $ 105,641 The second step of our qualitative assessment consists of a review of the financial operating results for each market cluster. Radio stations are often sold on the basis of a multiple of projected cash flow, or Station Operating Income (“SOI”) defined as net broadcast revenue less broadcast operating expenses. See Item 6 – Selected Financial Data within this annual report for information on SOI, a non-GAAP measure. Numerous trade organizations and analysts review these radio station sales to track SOI multiples applicable to each transaction. Based on published reports and analysis of market transactions, we believe industry benchmarks to be in the six to seven times cash flow range. We elected an SOI benchmark of four as a conservative indicator of fair value. Based on this qualitative review, we identified eight additional markets subject to further testing, which included each of the eight markets not tested in the prior year. We identified one additional market subject to further testing based on declining SOI margins. Geographic Market Clusters as of December 31, 2017 Tested due to SOI Multiple and length of time from prior valuation – Percentage Range ≤ 25% >26%-50% >50% to 100% > than 100% Number of accounting units - 4 1 4 Broadcast license carrying value (in thousands) $ - $ 49,765 $ 27,878 $ 27,372 Based on our qualitative assessment we engaged Noble Financial, an independent third-party appraisal and valuation firm, to assist us with determining the enterprise value as part of our quantitative review. The quantitative review performed was to estimate the fair value of broadcast licenses in 17 of our market clusters. The estimated fair value of each market cluster was determined using the Greenfield Method, a form of the income approach. The premise of the Greenfield Method is that the value of an FCC license is equivalent to a hypothetical start-up in which the only asset owned by the station as of the valuation date is the FCC license. This approach eliminates factors that are unique to the operation of the station, including its format and historical financial performance. The method then assumes the entity has to purchase, build, or rent all of the other assets needed to operate a comparable station to the one in which the FCC license is being utilized as of the valuation date. Cash flows are estimated and netted against all start-up costs, expenses and investments necessary to achieve a normalized and mature state of operations, thus reflecting only the cash flows directly attributable to the FCC License. A multi-year discounted cash flow approach is then used to determine the net present value of these cash flows to derive an indication of fair value. For cash flows beyond the projection period, a terminal value is calculated using the Gordon constant growth model and long-term industry growth rate assumptions based on long-term industry growth and Gross Domestic Product (“GDP”) inflation rates. The primary assumptions used in the Greenfield Method are: (1) gross operating revenue in the station’s designated market area, (2) normalized market share, (3) normalized profit margin, (4) duration of the “ramp-up” period to reach normalized operations, (which was assumed to be three years), (5) estimated start-up costs (based on market size), (6) ongoing replacement costs of fixed assets and working capital, (7) the calculations of yearly net free cash flows to invested capital; and (8) amortization of the intangible asset, the FCC license. The assumptions used reflect those of a hypothetical market participant and not necessarily the actual or projected results of Salem. Broadcast Licenses December 31, 2015 December 31, 2016 December 31, 2017 Risk-adjusted discount rate 8.0% 8.5% 9.0% Operating profit margin ranges (13.9)% - 30.8% (13.9)% - 30.8% (13.9)% - 30.8% Long-term market revenue growth rate ranges 2.0% 1.9% 1.9% The risk-adjusted discount rate reflects the Weighted Average Cost of Capital (“WACC”) developed based on data from same or similar industry participants and publicly available market data as of the measurement date. The increase in the WACC for the 2017 testing period as compared to 2016 was largely attributable to increases in corporate borrowing interest rates during 2017 within the composite mix of industry participants considered in the analysis and the impact of the tax reform act of 2017. Based on our review and analysis, we did not recognize impairment charges to our broadcast license as of the annual testing period ended December 31, 2017. Market Cluster Excess Fair Value Atlanta, GA 3.5 % Boston, MA 31.6 % Chicago, IL 63.0 % Cleveland, OH 4.4 % Col Springs, CO 89.9 % Dallas, TX 1.3 % Detroit, MI 5.3 % Greenville, SC 92.0 % Louisville, KY 22.3 % Miami FL 71.3 % Minneapolis, MN 68.2 % Omaha NE 27.3 % Orlando FL 55.5 % Portland, OR 3.3 % Sacramento, CA 15.9 % San Francisco, CA 3.1 % Tampa, FL 22.9 % Mastheads We regularly perform quantitative reviews of mastheads due to the low margins by which the estimated fair value has exceeded our carrying value. Due to operating results that did not meet management’s expectations, we ceased publishing Preaching Magazine ™ ™ ™ ™ The Relief from Royalty method estimates the fair value of mastheads through use of a discounted cash flow model that incorporates a hypothetical “royalty rate” that a third-party owner would be willing to pay in lieu of owning the asset. The royalty rate is based on observed royalty rates for comparable assets as of the measurement date. We adjust the selected royalty rate to account for a percentage of the royalty fee that could be attributed to the use of other intangibles, such as goodwill, time in existence, trade secrets and industry expertise. The adjusted royalty rate represents the royalty fee remaining that could be attributed to the use of the masthead only. Pre-tax royalty income is based on a 10-year revenue forecast and assumed to carry on into perpetuity. Revenue beyond the projection period (terminal year) is based on estimated long-term industry growth rates. The analysis also incorporated the present value of the tax amortization benefit associated with the mastheads. Mastheads December 31, 2015 December 31, 2016 December 31, 2017 Risk-adjusted discount rate 8.0% 9.5% 10.0% Projected revenue growth ranges 2.1% – 2.9% (4.3)% – 1.2% (3.2)% – 0.9% Royalty rate 3.0% 3.0% 3.0% The risk-adjusted discount rate reflects the WACC developed based on data from same or similar industry participants and publicly available market data as of the measurement date. The increase in the WACC for the 2017 testing period as compared to 2016 was largely attributable to increases in corporate borrowing interest rates during 2016 within the composite mix of industry participants considered in the analysis and the impact of the tax reform act of 2017. Based on our review and analysis, we did not recognize impairment charges to mastheads as of the annual testing period ended December 31, 2017. Goodwill – Broadcast Radio Stations Nineteen of our broadcast markets had goodwill associated with them as of December 31, 2017. Based on our qualitative review, we tested three of these market clusters for impairment of goodwill. We engaged Noble Financial, an independent third-party appraisal firm, to assist us in estimating the enterprise of value our market clusters for the purpose of testing goodwill for impairment. Broadcast Markets Enterprise Valuations December 31, 2015 December 31, 2016 December 31, 2017 Risk-adjusted discount rate 8.0% 8.5% 9.0% Operating profit margin ranges 49.7% (18.5)% – 43.3% (7.8)% – 36.2% Long-term revenue market growth rate ranges 2.0% 1.9% 1.9% The risk-adjusted discount rate reflects the WACC developed based on data from same or similar industry participants and publicly available market data as of the measurement date. The increase in the WACC for the 2017 testing period as compared to 2016 was largely attributable to increases in corporate borrowing interest rates during 2017 within the composite mix of industry participants considered in the analysis and the impact of the tax reform act of 2017. Based on our review and analysis, we determined that no impairment charges were necessary to the carrying value of our broadcast market goodwill as of the annual testing period ended December 31, 2017. Broadcast Market Clusters as of December 31, 2017 Percentage Range By Which Estimated Fair Value Exceeds < 10% >10% to 20% >20% to 50% > than 50% Number of accounting units 3 2 7 7 Carrying value including goodwill (in thousands) 83,729 $ 25,053 $ 120,849 $ 69,981 Goodwill – Broadcast Networks TCM, one of our five networks has goodwill associated with it as of our annual testing period ended December 31, 2017. Based on the first step of our qualitative review, in which we calculate excess fair value, or the amount by which our prior year estimated fair value exceeds the current year carrying value, with no significant changes in the prior year assumptions and key estimates, the value of broadcast network goodwill is not likely to be impaired Based on this review and analysis, we determined that the fair value of the reporting unit was more than the carrying value. No impairment charges were recorded and Step 2 was not necessary based on the results. We did not perform a sensitivity analysis for the current year certain key assumptions, as such changes in assumptions would have no impact on the carrying value of goodwill associated with our broadcast networks. Goodwill – Digital Media Four of our digital media businesses had goodwill associated with them as of our annual testing period ended December 31, 2017. We tested two of these entities for impairment based on our qualitative review indicating an excess carrying value of less than 25%. Digital Media Enterprise Valuations December 31, 2015 December 31, 2016 December 31, 2017 Risk adjusted discount rate 8.0% - 9.0% 8.5% - 9.5% 10.0% Operating profit margin ranges (8.9)% - 13.8% (20.3)% - 8.2% 8.0% – 36.0% Long-term revenue market growth rate ranges 2.0 - 3.0% 1.9% - 2.5% 1.9% - 2.0% The risk-adjusted discount rate reflects the WACC developed based on data from same or similar industry participants and publicly available market data as of the measurement date. The increase in the WACC for the 2017 testing period as compared to 2016 was largely attributable to increases in the risk free rate and corporate borrowing interest rates during 2017 as compared to the prior year and the impact of the tax reform act of 2017. We engaged Noble Financial, an independent third-party appraisal firm, to assist us in estimating the enterprise of value this entity for the purpose of testing goodwill for impairment. Based on this review and analysis, we determined that the fair value of the reporting unit was more than the carrying value. No impairment charges were recorded and Step 2 was not necessary based on the results. We did not perform a sensitivity analysis for the current year certain key assumptions, as such changes in assumptions would have no impact on the carrying value of goodwill associated with our digital media entities. Digital Media Entities as of December 31, 2017 Percentage Range By Which Estimated Fair Value Exceeds Carrying < 10% >10% to 20% >20% to 50% > than 50% Number of accounting units 1 - 1 2 Carrying value including goodwill (in thousands) $ 448 $ - $ 3,585 $ 28,343 Goodwill – Publishing Two of our publishing entities had goodwill associated with them as of the annual testing period ended December 31, 2017. Based on actual operating results that did not meet our annual projections, we engaged Noble Financial, an independent third-party appraisal firm to assist us with estimating the enterprise value of one of these entities for the purpose of testing goodwill for impairment. The enterprise valuation assumes that the subject assets are installed as part of an operating business rather than as a hypothetical start-up. Publishing Enterprise Valuations December 31, 2015 December 31, 2016 December 31, 2017 Risk adjusted discount rate 8.0% 8.5% 10.0% Operating margin ranges 4.2% – 6.2% 3.5% – 5.7% 5.0% – 5.5% Long-term revenue market growth rates 2.0% 1.9% 1.9% The risk-adjusted discount rate reflects the WACC developed based on data from same or similar industry participants and publicly available market data as of the measurement date. The increase in the WACC for the 2017 testing period as compared to 2016 was largely attributable to increases in corporate borrowing interest rates during 2017 within the composite mix of industry participants considered in the analysis and the impact of the tax reform act of 2017. Based on our review and analysis of the enterprise estimated fair value, we determined that no impairment charges were necessary to the carrying value of goodwill associated with our publishing entities as of the annual testing period ended December 31, 2017 and that Step 2 was not necessary. Publishing Entities as of December 31, 2017 Percentage Range By Which Estimated Fair Value Exceeds Carrying < 10% >10% to 20% >20% to 50% > than 50% Number of accounting units - - - 2 Carrying value including goodwill (in thousands) $ - $ - $ - $ 2,993 We believe that we have made reasonable estimates and assumptions to calculate the estimated fair value of our indefinite-lived intangible assets, however, these estimates and assumptions are highly judgmental in nature. Actual results can be materially different from estimates and assumptions. If actual market conditions are less favorable than those projected by the industry or by us, or if events occur or circumstances change that would reduce the estimated fair value of our indefinite-lived intangible assets below the amounts reflected on our balance sheet, we may recognize future impairment charges, the amount of which may be material.

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS	12 Months Ended
	Dec. 31, 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

ACQUISITIONS AND RECENT TRANSAC

ACQUISITIONS AND RECENT TRANSACTIONS	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
ACQUISITIONS AND RECENT TRANSACTIONS	NOTE 4. ACQUISITIONS AND RECENT TRANSACTIONS During the year ended December 31, 2017, we completed or entered into the following transactions: 2017 Debt Transactions On May 19, 2017, we closed on a private offering of $ 255.0 6.75 2024 30.0 5.0 7.5 In connection with the Refinancing, on May 19, 2017, we repaid $ 258.0 0.6 1.5 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 2017 Equity Transactions On December 7, 2017 0.0650 1.7 December 29, 2017 December 18, 2017 On September 12, 2017 0.0650 1.7 September 29, 2017 September 22, 2017 On August 9, 2017, a restricted stock award of 33,066 On June 1, 2017, we announced a quarterly equity distribution in the amount of $ 0.0650 1.7 On March 9, 2017, we announced a quarterly equity distribution in the amount of $ 0.0650 1.7 On February 24, 2017, a restricted stock award of a total of 178,592 restricted stock from the date of grant, including the right to vote the shares and to receive dividends. 2017 Acquisitions – Broadcast On November 22, 2017, we closed on the acquisition of radio station WSPZ-AM (now WWRC-AM) in Bethesda, Maryland for $ 0.6 On September 15, 2017, we closed on the acquisition of real property, including the land, tower and broadcasting facilities, of radio station WSPZ-AM (now WWRC-AM) in Bethesda, Maryland for $ 1.5 13,000 On July 24, 2017 40,000 On June 28, 2017 40,000 On March 14, 2017 20,000 On March 1, 2017 45,000 On January 16, 2017 33,000 On January 6, 2017 20,000 2017 Acquisitions - Digital Media On August 31, 2017, we acquired the TeacherTube.com website and related assets for $ 1.1 On August 31, 2017, we acquired the Intelligence Report newsletter and related assets valued at $ 2.5 2.9 On July 6, 2017, we acquired the TradersCrux.com website and related assets for $ 0.3 0.1 On June 8, 2017, we acquired a Portuguese Bible mobile application and related assets for $ 65,000 20,000 On March 15, 2017, we acquired the website prayers-for-special-help.com and related assets for $ 0.2 Acquisition Date Description Total Cost (Dollars in thousands) November 22, 2017 WWRC-AM (formerly WSPZ-AM) in Bethesda, Maryland (business acquisition) $ 620 September 15, 2017 Real property of radio station WSPZ-AM in Bethesda, Maryland (business acquisition) 1,500 August 31, 2017 TeacherTube.com (business acquisition) 1,100 August 31, 2017 Intelligence Reporter newsletter (business acquisition) — July 24, 2017 FM Translator construction permit, Eaglemount, Washington (asset acquisition) 40 July 6, 2017 TradersCrux.com (business acquisition) 298 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 $ 4,043 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 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 $ 0.1 0.5 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 12 - Fair Value Measurements. Description Total Consideration (Dollars in thousands) Cash payments made upon closing $ 3,972 Escrow deposits paid in prior years 35 Present value of estimated fair value of contingent earn-out consideration 36 Total purchase price consideration $ 4,043 Net Broadcast Net Digital Media Total Net Assets Acquired Assets Acquired Assets Acquired (Dollars in thousands) Assets Property and equipment $ 1,915 $ 479 $ 2,394 Broadcast licenses 389 — 389 Goodwill 14 810 824 Customer lists and contracts — 314 314 Domain and brand names — 647 647 Subscriber base and lists — 2,316 2,316 Non-compete agreements — 11 11 $ 2,318 $ 4,577 $ 6,895 Liabilities Deferred revenue $ — (2,852) (2,852) $ 2,318 $ 1,725 $ 4,043 2017 Divestitures On December 28, 2017, we sold real property, including the land, tower and broadcasting facilities, of radio station WSPZ-AM (now WWRC-AM) in Bethesda, Maryland for $ 1.9 0.4 On June 1, 2017, we received $ 0.6 Due to operating results 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. We received $ 0.5 Pending Transactions at December 31, 2017 On December 29, 2017, we entered into two Local Marketing Agreements (“LMA”) to program radio stations KPAM-AM and KKOV-AM in Portland, Oregon. We began operating the radio stations on January 2, 2018. The LMA’s have a 12-month term. On December 1, 2017, we entered into an agreement to sell radio station WQVN-AM (formerly WKAT-AM in Miami, Florida for $ 3.5 4.7 In August 2017, we received an escrow deposit under an agreement to sell land in Covina, California for $ 1.0 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 0.1 During the year ended December 31, 2016, we completed or entered into the following transactions: 2016 Debt Transactions On December 30, 2016, we paid $ 5.0 33,000 On November 30, 2016, we paid $ 1.0 6,900 On September 30, 2016, we paid $ 2.3 1.5 14,000 On June 30, 2016, we paid $ 1.2 0.4 3,400 On March 31, 2016, we paid the quarterly installment due of $ 0.8 On March 17, 2016, we paid $ 0.8 6,700 2016 Equity Transactions On December 7, 2016, we announced a quarterly equity distribution in the amount of $ 0.0650 1.7 December 31, 2016 December 19, 2016 On September 9, 2016, we announced a quarterly equity distribution in the amount of $ 0.0650 1.7 September 30, 2016 September 19, 2016 On June 2, 2016 0.0650 1.6 June 30, 2016 June 16, 2016 On March 10, 2016 0.0650 1.7 April 5, 2016 March 22, 2016 2016 Acquisitions - Broadcast We acquired or entered agreements to acquire several FM Translators or FM Translator construction permits during the year. The FCC permits AM and FM radio stations to operate FM Translators. The FCC began an AM Revitalization program, or “AMR,” that included several initiatives intended to benefit AM broadcasters. One of these benefits, intended to promote the use of FM Translators by AM broadcasters, allows an AM station to relocate one FM translator up to 250 miles from its authorized site and operate the translator on any non-reserved band FM channel in the AM station’s market, subject to coverage and interference rules (“250 Mile Window”). On February 23, 2017, the FCC amended its rules to allow an AM station using a rebroadcasting FM translator to locate the FM translator anywhere within the AM station’s daytime service contour or anywhere within a 25-mile radius of the transmitter, even if the contour extends farther than 25 miles from the transmitter. This rule change, when it becomes effective, will be particularly useful for finding a location for these translators. On January 29, 2016, the FCC opened a one-time only 250 Mile Window during which only Class C and Class D AM broadcast stations could participate. This window closed on July 28, 2016. A second window opened on July 29, 2016, allowing Class A and Class B AM broadcast stations to participate in addition to any Class C and Class D AM broadcast station that did not participate in the first 250 Mile Window. The second 250 Mile Window closed on October 31, 2016. During these filing windows, qualifying AM stations were able to apply for one new FM translator station, in the non-reserved FM band to be used solely to re-broadcast the AM station’s AM signal to provide fill-in and/or nighttime service. The FM translator must rebroadcast the related AM station for at least four years, not counting any periods of silence. In 2017 and 2018, the FCC opened application filing windows wherein AM stations that did not participate in the 250 Mile Windows described above could file an application for a new fill-in FM translator to be used permanently with that AM station. We filed applications in each of the application filing windows. Construction permits provide authority to construct new FM Translators or make changes in existing facilities. We believe that securing these FM Translators allows us to increase our listening audience by providing enhanced coverage and reach of our existing AM broadcasts that can be heard on FM or expand the listenership of FM HD channels with the potential to create new stations using the HD-2, HD-3 and HD-4 channel capacity. Our 2016 broadcast acquisitions include the following: On December 31, 2016, we closed on the acquisition of an FM translator in Aurora, Florida for $ 50,000 On December 31, 2016, we closed on the acquisition of an FM translator in Port St. Lucie, Florida for $ 50,000 On December 14, 2016, we closed on the acquisition of an FM translator in Rhinelander, Wisconsin for $ 50,000 On December 8, 2016, we closed on the acquisition of an FM translator in Little Fish Lake Valley, California for $ 44,000 On December 1, 2016, we closed on the acquisition of an FM translator in Lake Placid, Florida for $ 35,000 On November 22, 2016, we closed on the acquisition of two FM translator construction permits in Lahaina, Hawaii and Kihei, Hawaii for $ 110,000 On November 22, 2016 38,500 On November 21, 2016, we closed on the acquisition of an FM translator in Dansville, New York for $ 75,000 On November 21, 2016, we closed on the acquisition of an FM translator in Carbondale, Pennsylvania for $ 75,000 On November 11, 2016 50,000 On November 7, 2016, we closed on the acquisition of an FM translator in Sebring, Florida for $ 77,000 On October 20, 2016 190,000 On October 20, 2016 155,000 On October 19, 2016 65,000 On October 12, 2016, we closed on the acquisition of an FM translator in Lake City, Florida for $ 65,000 On June 24, 2016, we entered into an LMA to operate radio station KTRB-AM in San Francisco, California beginning on July 1, 2016. The accompanying consolidated statements of operations included in this annual report on Form 10-K reflect the operating results of this entity as of the LMA date. On December 15, 2016, we entered into a new LMA to operate this station with East Bay Broadcasting, LLC, a related party. On June 20, 2016 0.3 On June 10, 2016 60,000 On June 8, 2016 50,000 On June 3, 2016 88,000 On May 13, 2016 50,000 On May 2, 2016 100,000 On April 29, 2016 25,000 2016 Acquisitions - Digital Media On December 1, 2016, we acquired ChristianConcertAlerts.com for $ 0.2 0.1 50,000 On October 17, 2016, we purchased Historyonthenet.com and Authentichistory.com for $ 0.1 On September 13, 2016, we acquired Mike Turner’s line of investment products, including TurnerTrends.com, other domain names and related assets for $ 0.4 0.1 0.1 66,000 7,200 On April 1, 2016 0.1 0.6 8,600 On March 8, 2016, we acquired King James Bible mobile applications for $ 4.0 2.7 1.3 0.3 0.6 0.3 0.2 1.1 0.2 Throughout the year ended December 31, 2016, we acquired other domain names and assets associated within our digital media operating segment for approximately $ 3,000 2016 Acquisitions - Publishing On August 1, 2016, we acquired the assets of Hillcrest Media Group, Inc., including Mill City Press and Bookprinting.com, for $ 3.5 1.0 3.3 0.2 0.8 Throughout the year ended December 31, 2016, we acquired other domain names and assets associated within our publishing operating segment for approximately $ 3,000 Acquisition Date Description Total Consideration (Dollars in thousands) December 31, 2016 FM translator, Aurora, Florida (asset purchase) $ 50 December 31, 2016 FM translator, Port St. Lucie, Florida (asset purchase) 50 December 14, 2016 FM translator, Rhinelander, Wisconsin (asset purchase) 50 December 8, 2016 FM translator, Little Fish Lake Valley, California (asset purchase) 44 December 1, 2016 FM translator, Lake Placid, Florida (asset purchase) 35 December 1, 2016 Christian Concerts Alerts, LLC (asset purchase) 150 November 22, 2016 FM translator construction permit, Kihei, Hawaii (asset purchase) 55 November 22, 2016 FM translator construction permit, Lahaina, Hawaii (asset purchase) 55 November 22, 2016 FM translator, Crested Butte, Colorado (asset purchase) 39 November 21, 2016 FM translator, Dansville, New York (asset purchase) 75 November 21, 2016 FM translator, Carbondale, Pennsylvania (asset purchase) 75 November 11, 2016 FM translator construction permit, Kingsville, Texas (asset purchase) 50 November 7, 2016 FM translator, Sebring, Florida (asset purchase) 77 October 20, 2016 KXFN-AM, St. Louis, Missouri (business acquisition) 190 October 20, 2016 FM translator construction permit, Angola, Indiana (asset purchase) 50 October 20, 2016 FM translator construction permit, Cofax, Indiana (asset purchase) 55 October 20, 2016 FM translator construction permit, Battle Creek, Michigan (asset purchase) 50 October 19, 2016 FM translator construction permit Palm Coast, Florida purchased from a related party (asset purchase) 65 October 17, 2016 Historyonthenet.com and Authentichistory.com (asset purchase) 85 October 12, 2016 FM translator Lake City, Florida purchased from a related party (asset purchase) 65 September 13, 2016 Mike Turner’s investment products and domain names (business acquisition) 416 August 1, 2016 Mill City Press and Bookprinting.com (business acquisition) 3,515 June 20, 2016 FM translator, Columbus, Ohio (asset purchase) 345 June 10, 2016 FM translator, Amherst, New York (asset purchase) 60 June 8, 2016 FM translator construction permit, Charlotte, Michigan (asset purchase) 50 June 3, 2016 FM translator construction permit, Atwood, Kentucky (asset purchase) 88 May 13, 2016 FM translator construction permit, Kerrville, Texas (asset purchase) 50 May 2, 2016 FM translator, Lincoln, Maine (asset purchase) 100 April 29, 2016 FM translator construction permit, Emporia, Kansas (asset purchase) 25 April 1, 2016 Retirement Watch (business acquisition) 100 March 8, 2016 King James Bible mobile applications (business acquisition) 4,000 Various Purchase of other domain names and assets (asset purchases) 6 $ 10,120 Description Total Consideration (Dollars in thousands) Cash payments made upon closing $ 8,414 Deferred payments 1,640 Present value of estimated fair value of contingent earn-out consideration 66 Total acquisition consideration $ 10,120 Gain on bargain purchase 95 Fair value of net assets acquired $ 10,215 Net Broadcast Net Digital Media Net Publishing Net Total Assets Acquired Assets Acquired Assets Acquired Assets Acquired (Dollars in thousands) Assets Trade accounts receivable, net of allowances of $42 $ — $ — $ 166 $166 Property and equipment 224 405 271 900 Broadcast licenses 1,719 — — 1,719 Goodwill — 237 845 1,082 Domain and brand names — 1,129 2,121 3,250 Customer lists and contracts — 2,576 — 2,576 Subscriber base and lists — 675 — 675 Author relationships — — 526 526 Non-compete agreements — 289 716 1,005 Liabilities Deferred revenue — (642) (1,042) (1,684) $ 1,943 $ 4,669 $ 3,603 $10,215 2016 Divestitures On September 1, 2016, we received $ 0.7 On June 10, 2016, we received $ 2.5 1.9

CONTINGENT EARN-OUT CONSIDERATI

CONTINGENT EARN-OUT CONSIDERATION	12 Months Ended
	Dec. 31, 2017
Business Combination, Contingent Consideration, Liability [Abstract]
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. TradersCrux.com We acquired the TradersCrux.com website and related assets for $ 0.3 0.3 0.1 18,750 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 $ 0.1 31,000 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 are 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 66,000 We reviewed 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 were reflected in our results of operations in the period they were identified, up to the maximum future value outstanding under the contract of $ 0.1 Daily Bible Devotion We acquired Daily Bible Devotion mobile applications on May 6, 2015. We paid $ 1.1 0.3 165,000 142,000 75,000 Bryan Perry Newsletters On February 6, 2015, we acquired the assets and assumed the deferred subscription liabilities for Bryan Perry Newsletters, paying no cash to the seller upon closing. Future contingent earn-out consideration due to the seller is based upon net subscriber revenues achieved over a two-year period from date of close, of which we will pay the seller 50 171,000 158,000 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 1.4 Year Ended December 31, 2017 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2017 $ 66 $ — $ 66 Acquisitions 36 — 36 Accretion of acquisition-related contingent earn-out consideration 4 — 4 Change in the estimated fair value of contingent earn-out consideration (23) — (23) Reclassification of payments due in next 12 months to short-term — — — Payments (14) — (14) Ending Balance as of December 31, 2017 $ 69 $ — $ 69 Year Ended December 31, 2016 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2016 $ 173 $ 602 $ 775 Acquisitions 66 — 66 Accretion of acquisition-related contingent earn-out consideration 17 8 25 Change in the estimated fair value of contingent earn-out consideration (635) (54) (689) Reclassification of payments due in next 12 months to short-term 556 (556) — Payments (111) — (111) Ending Balance as of December 31, 2016 $ 66 $ — $ 66

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2017
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 6. INVENTORIES Inventories consist of finished goods including books from Regnery Publishing and wellness products. All inventories are valued at the lower of cost or market as determined on a First-In First-Out (“FIFO”) cost method and reported net of estimated reserves for obsolescence. The following table provides details of inventory on hand by segment: As of December 31, 2016 2017 (Dollars in thousands) Regnery Publishing book inventories $ 2,473 $ 2,038 Reserve for obsolescence – Regnery Publishing (2,104) (1,621) Inventory, net - Regnery Publishing 369 417 Wellness products $ 423 $ 349 Reserve for obsolescence – Wellness products (122) (36) Inventory, net - Wellness products 301 313 Consolidated inventories, net $ 670 $ 730

BROADCAST LICENSES

BROADCAST LICENSES	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
BROADCAST LICENSES	NOTE 7. BROADCAST LICENSES Year Ended December 31, 2016 2017 (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 74 191 Acquisitions of FM translators and construction permits 1,645 198 Capital projects to improve broadcast signal and strength 307 5 Sale of WQVN-AM (formerly WKAT-AM) - (7,997) Impairments based on the estimated fair value of broadcast licenses (6,540) — Balance, end of period before cumulative loss on impairment $ 494,058 $ 486,455 Accumulated loss on impairment (105,541) (105,541) Balance, end of period after cumulative loss on impairment $ 388,517 $ 380,914

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	NOTE 8. GOODWILL Year Ended December 31, 2016 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 — 14 Acquisitions of digital media entities 237 810 Acquisitions of publishing entities 845 — Sale of income generating broadcast business — (13) Impairments based on the estimated fair value (32) — Balance, end of period before cumulative loss on impairment 27,642 28,453 Accumulated loss on impairment (2,029) (2,029) Ending period balance $ 25,613 $ 26,424

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 9. PROPERTY AND EQUIPMENT As of December 31, 2016 2017 (Dollars in thousands) Land $ 32,402 $ 32,320 Buildings 29,070 28,962 Office furnishings and equipment 37,386 37,583 Office furnishings and equipment under capital lease obligations 228 244 Antennae, towers and transmitting equipment 84,144 85,632 Antennae, towers and transmitting equipment under capital lease obligations 795 795 Studio, production and mobile equipment 28,668 29,697 Computer software and website development costs 20,042 24,477 Record and tape libraries 27 27 Automobiles 1,373 1,385 Leasehold improvements 14,696 19,003 Construction-in-progress 9,983 4,075 $ 258,814 $ 264,200 Less accumulated depreciation (156,024) (164,720) $ 102,790 $ 99,480 Depreciation expense was approximately $ 12.4 12.2 12.4 93,000 96,000 108,000 755,000 662,000 566,000

AMORTIZABLE INTANGIBLE ASSETS

AMORTIZABLE INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2017
Intangible Assets Disclosure [Abstract]
AMORTIZABLE INTANGIBLE ASSETS	NOTE 10. AMORTIZABLE INTANGIBLE ASSETS As of December 31, 2017 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 22,865 $ (20,888) $ 1,977 Domain and brand names 20,109 (14,650) 5,459 Favorable and assigned leases 2,379 (2,028) 351 Subscriber base and lists 8,797 (4,701) 4,096 Author relationships 2,771 (2,237) 534 Non-compete agreements 2,029 (1,342) 687 Other amortizable intangible assets 1,333 (1,333) — $ 60,283 $ (47,179) $ 13,104 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 4.6 5.1 5.3 Year ended December 31, Amortization Expense (Dollars in thousands) 2018 $ 4,576 2019 4,006 2020 2,714 2021 1,159 2022 435 Thereafter 214 Total $ 13,104

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 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 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 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 1.4 We incurred debt issuance costs of $ 6.3 0.6 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 outstanding borrowings under our previously existing senior credit facilities, 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 0.25 0.375 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 $ 0.7 0.2 3.64 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 74,000 206,000 188,000 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 the year ended December 31, 2017, 2016 and 2015, approximately $ 203,000 562,000 558,000 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 Summary of long-term debt obligations As of December 31, 2016 2017 (Dollars in thousands) 6.75% Senior Secured Notes $ — $ 255,000 Less unamortized debt issuance costs based on imputed interest rate of 7.08% — (5,774) 6.75% Senior Secured Notes net carrying value — 249,226 Asset-Based Revolving Credit Facility principal outstanding — 9,000 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 568 462 Long-term debt and capital lease obligations less unamortized debt issuance costs 261,674 258,688 Less current portion (590) (9,109) Long-term debt and capital lease obligations less unamortized debt issuance costs, net of current portion $ 261,084 $ 249,579 In addition to the outstanding amounts listed above, we also have interest payments related to our long-term debt as follows as of December 31, 2017: · Outstanding borrowings of $ 9.0 0.50 1.00 1.50 2.00 · $ 255.0 6.75 · Commitment fee of 0.25 0.375 Other Debt We have several capital leases related to office equipment. The obligation recorded at December 31, 2017 and December 31, 2016 represents the present value of future commitments under the capital lease agreements. Maturities of Long-Term Debt and Capital Lease Obligations Amount For the Year Ended December 31, (Dollars in thousands) 2018 $ 9,109 2019 107 2020 110 2021 125 2022 11 Thereafter 255,000 $ 264,462

FAIR VALUE MEASUREMENTS AND DIS

FAIR VALUE MEASUREMENTS AND DISCLOSURES	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS AND DISCLOSURES	NOTE 12. FAIR VALUE MEASUREMENTS AND DISCLOSURES FASB ASC Topic 820 Fair Value Measurements and Disclosures, • Level 1 Inputs —quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; • Level 2 Inputs —inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability; and • Level 3 Inputs —unobservable inputs for the asset or liability. These unobservable inputs reflect the entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances (which might include the reporting entity’s own data). As of December 31, 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. The carrying amount of the Notes at December 31, 2017 was $ 255.0 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. During the fourth quarter of 2016, we estimated the fair value of broadcast licenses and mastheads using significant unobservable inputs (Level 3). We adjusted four of our broadcast market clusters and mastheads to their estimated fair value and recorded a combined impairment loss of $ 7.0 December 31, 2017 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 69 — — 69 Long-term debt and capital lease obligations less unamortized debt issuance costs 258,688 — 258,688 —

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 13. 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. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21 For financial reporting purposes, we recorded a valuation allowance of $ 6.2 6.0 0.2 4.5 4.2 0.3 1.6 The consolidated provision for (benefit from) income taxes is as follows: Year Ended December 31, 2015 2016 2017 (Dollars in thousands) Current: Federal $ — $ — $ — State 249 229 63 249 229 63 Deferred: Federal 6,234 4,938 (21,167) State 212 (595) 234 6,446 4,343 (20,933) Provision for (benefit from) income taxes $ 6,695 $ 4,572 $ (20,870) As of December 31, 2016 2017 (Dollars in thousands) Deferred tax assets: Financial statement accruals not currently deductible $ 9,324 $ 6,220 Net operating loss, AMT credit and other carryforwards 71,215 55,720 State taxes 87 103 Other 740 2,191 Total deferred tax assets 81,366 64,234 Valuation allowance for deferred tax assets (4,487) (6,154) Net deferred tax assets $ 76,879 $ 58,080 Deferred tax liabilities: Excess of net book value of property and equipment and software for financial reporting purposes over tax basis $ 2,096 $ 1,218 Excess of net book value of intangible assets for financial reporting purposes over tax basis 128,988 89,898 Interest rate swap (193) — Unrecognized tax benefits — — Other — 45 Total deferred tax liabilities 130,891 91,161 Net deferred tax liabilities $ (54,012) $ (33,081) As of December 31, 2016 2017 (Dollars in thousands) Deferred income tax asset per balance sheet $ 9,411 $ 1,070 Deferred income tax liability per balance sheet (63,423) (34,151) $ (54,012) $ (33,081) Year Ended December 31, 2015 2016 2017 (Dollars in thousands) Statutory federal income tax rate (at 35%) $ 6,246 $ 4,706 $ 1,321 Effect of state taxes, net of federal 458 (486) (1,207) Permanent items 445 266 458 State rate change 23 (1,664) (179) Valuation allowance (181) 1,763 1,667 Tax Cuts and Jobs Act of 2017 — — (23,000) Other, net (296) (13) 70 Provision for income taxes $ 6,695 $ 4,572 $ (20,870) At December 31, 2017, we had net operating loss carryforwards for federal income tax purposes of approximately $ 153.1 2020 790.4 2018 2037 6.2 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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 14. COMMITMENTS AND CONTINGENCIES The Company enters into various agreements in the normal course of business that contain minimum guarantees. These minimum guarantees are often tied to future events, such as future revenue earned in excess of the contractual level. Accordingly, the fair value of these arrangements is zero. The Company also records contingent earn-out consideration representing the estimated fair value of future liabilities associated with acquisitions that may have additional payments due upon the achievement of certain performance targets. The fair value of the contingent earn-out consideration is estimated as of the acquisition date as the present value of the expected contingent payments as determined using weighted probabilities of the expected payment amounts. We review the probabilities of possible future payments to estimate the fair value of any contingent earn-out consideration on a quarterly basis over the earn-out period. Actual results are compared to the estimates and probabilities of achievement used in our forecasts. Should actual results of the acquired business increase or decrease as compared to our estimates and assumptions, the estimated fair value of the contingent earn-out consideration liability will increase or decrease, up to the contracted limit, as applicable. Changes in the estimated fair value of the contingent earn-out consideration are reflected in our results of operations in the period in which they are identified. Changes in the estimated fair value of the contingent earn-out consideration may materially impact and cause volatility in our operating results. The Company and its subsidiaries, incident to its business activities, are parties to a number of legal proceedings, lawsuits, arbitration and other claims. Such matters are subject to many uncertainties and outcomes that are not predictable with assurance. We evaluate claims based on what we believe to be both probable and reasonably estimable. With the exception of the matter described below, we are unable to ascertain the ultimate aggregate amount of monetary liability or the financial impact with respect to these matters. The company maintains insurance that may provide coverage for such matters. In April 2016, pursuant to a counterclaim to a collection suit initiated by Salem, an award was issued against Salem for breach of contract and attorney fees. While we have filed an appeal against the award as well as a malpractice lawsuit against the lawyer that represented Salem in the suit, we recorded a legal reserve of $ 0.5 The company believes, at this time, that the final resolution of these matters, individually and in the aggregate, will not have a material adverse effect upon the Company’s consolidated financial position, results of operations or cash flows. Salem leases various land, offices, studios and other equipment under operating leases that generally expire over the next ten to twenty-five years. The majority of these leases are subject to escalation clauses and may be renewed for successive periods ranging from one to five years on terms similar to current agreements and except for specified increases in lease payments. Rental expense included in operating expense under all lease agreements was $ 20.3 19.8 19.1 Related Parties Other Total (Dollars in thousand) 2018 $ 1,048 $ 12,101 $ 13,149 2019 790 11,249 12,039 2020 806 10,701 11,507 2021 794 9,202 9,996 2022 919 7,498 8,417 Thereafter 5,657 27,420 33,077 $ 10,014 $ 78,171 $ 88,185

STOCK INCENTIVE PLAN

STOCK INCENTIVE PLAN	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK INCENTIVE PLAN	NOTE 15. 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 Year Ended December 31, 2015 2016 2017 (Dollars in thousands) Stock option compensation expense included in unallocated corporate expenses $ 474 $ 378 $ 153 Restricted stock shares compensation expense included in unallocated corporate expenses 34 24 1,100 Stock option compensation expense included in broadcast operating expenses 130 85 33 Restricted stock shares compensation expense included in broadcast operating expenses — — 224 Stock option compensation expense included in digital media operating expenses 92 60 30 Restricted stock shares compensation expense included in digital media operating expenses — — 124 Stock option compensation expense included in publishing operating expenses 41 35 21 Restricted stock shares compensation expense included in publishing operating expenses — — 36 Total stock-based compensation expense, pre-tax $ 771 $ 582 $ 1,721 Tax expense from stock-based compensation expense (308) (233) (688) Total stock-based compensation expense, net of tax $ 463 $ 349 $ 1,033 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 year ended December 31, 2017. Year Ended December 31, 2015 2016 Expected volatility 52.37 % 47.03 % Expected dividends 4.28 % 5.36 % Expected term (in years) 3.0 7.4 Risk-free interest rate 0.85 % 1.64 % Options Shares Weighted Average Weighted Average Weighted Average Aggregate Outstanding at January 1, 2015 1,816,204 $ 4.88 $ 3.39 5.5 years $ 5,718 Granted 10,000 6.08 1.98 — Exercised (163,994) 2.35 1.53 589 Forfeited or expired (81,087) 10.32 6.93 12 Outstanding at December 31, 2015 1,581,123 $ 4.87 $ 3.39 4.3 years $ 1,738 Exercisable at December 31, 2015 947,573 4.92 3.54 3.3 years 1,001 Outstanding at January 1, 2016 1,581,123 $ 4.87 $ 3.39 4.3 years $ 1,738 Granted 549,500 4.85 1.33 — Exercised (336,996) 2.95 2.02 1,418 Forfeited or expired (73,627) 8.06 3.07 3 Outstanding at December 31, 2016 1,720,000 $ 5.12 $ 2.89 4.5 years $ 2,428 Exercisable at December 31, 2016 841,625 5.56 3.94 2.9 years 948 Expected to Vest 601,557 $ 4.80 $ 3.15 5.6 years $ 700 Outstanding at January 1, 2017 1,720,000 $ 5.12 $ 2.89 4.5 years $ 2,428 Granted — Exercised (127,663) 4.02 2.03 401 Forfeited or expired (163,875) 5.75 2.99 136 Outstanding at December 31, 2017 1,428,462 $ 5.20 $ 2.96 3.7 years $ 653 Exercisable at December 31, 2017 934,959 5.66 3.77 2.7 years 414 Expected to Vest 468,581 $ 5.21 $ 2.98 3.7 years $ 239 The aggregate intrinsic value represents the difference between the company’s closing stock price on December 31, 2017 of $ 4.50 0.9 1.1 1.5 As of December 31, 2017, there was $ 0.3 1.5 On August 9, 2017, a restricted stock award of 33,066 The fair value of the restricted stock award was measured based on the grant date market price of our common shares and expensed as of the vesting date. The restricted stock award contained transfer restrictions under which they could not be sold, pledged, transferred or assigned until 90 days from the vesting date. The recipient of this restricted stock award is entitled to all of 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. On February 24, 2017, a restricted stock award of a total of 178,592 restricted stock from the date of grant including the right to vote the shares and to receive dividends. The fair values of shares of restricted stock awards are determined based on the closing price of the company’s common stock on the grant dates. Restricted Stock Awards Shares Weighted Average Grant Date Weighted Average Remaining Aggregate Intrinsic Non-Vested at January 1, 2016 10,000 $ 5.83 0.2 years $ 40 Granted — — — — Lapse of restrictions (10,000) (5.83) — 52 Forfeited or expired — — — — Outstanding at December 31, 2016 — $ — — $ — Restricted Stock Awards Shares Weighted Average Grant Date Weighted Average Remaining Aggregate Intrinsic Non-Vested at January 1, 2017 — $ — — years $ — Granted 211,658 7.01 — 1,484 Lapse of restrictions (211,658) (7.01) — 1,488 Forfeited or expired — — — — Outstanding at December 31, 2017 — $ — — $ — Weighted Average Contractual Life Weighted Weighted Average Range of Remaining Average Exercisable Grant Date Exercise Prices Options (Years) Exercise Price Options Fair Value $2.38 - $3.37 351,370 3.2 $ 2.65 215,370 $ 2.59 $3.38 - $4.42 4,250 2.2 3.99 4,250 3.99 $4.43 - $4.85 428,292 5.7 4.85 83,039 4.85 $4.86 - $6.65 61,000 1.3 5.35 57,250 5.38 $6.66 - $7.54 553,550 2.7 6.92 553,550 6.92 $7.55 - $8.76 30,000 3.8 8.37 21,500 8.38 1,428,462 3.7 $ 5.20 934,959 $ 5.66

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 16. RELATED PARTY TRANSACTIONS Our board of directors has adopted a written policy for review, approval and monitoring of transactions between the company and its related parties. Related parties include our directors, executive officers, nominees to become a director, any person beneficially owning more than 5% of any class of our stock, immediate family members of any of the foregoing, and any entity in which any of the foregoing persons is employed or is a general partner or principal or in which the person has a 10% or greater beneficial ownership interest. The policy covers material transactions in which a related party had, has or will have a direct or indirect interest. On November 22, 2017, we closed on the acquisition of radio station WSPZ-AM (now WWRC-AM) in Bethesda, Maryland for $ 0.6 During the year ended December 31, 2017, we paid approximately $ 21,000 On December 15, 2016, we entered into a related party LMA with East Bay Broadcasting, LLC, a company owned by Edward G. Atsinger III, Chief Executive Officer and Stuart W. Epperson, Chairman of the Board, to operate radio station KTRB-AM in San Francisco, California. During the year ended December 31, 2017, we paid approximately $ 0.5 Leases with Principal Stockholders A trust controlled by the Chief Executive Officer of the company, Edward G. Atsinger III, owns real estate on which assets of one radio station are located. Salem has entered into a lease agreement with this trust. Rental expense related to this lease included in operating expense for 2017, 2016 and 2015 amounted to $ 191,000 185,000 180,000 Land and buildings occupied by various Salem radio stations are leased from entities owned by the company’s CEO and its Chairman of the Board. Rental expense under these leases included in operating expense for 2017, 2016 and 2015 amounted to $ 1.5 1.5 1.3 On September 15, 2017, we entered a lease with AM 570, LLC, a company owned by Edward G. Atsinger III, Chief Executive Officer and Stuart W. Epperson, Chairman of the Board for land, tower and broadcasting facilities, of radio station WSPZ-AM (now WWRC-AM) in Bethesda, Maryland. Our Nominating and Corporate Governance Committee reviewed the lease terms and determined that the terms of the transaction were no less favorable to Salem than those that would be available in a comparable transaction in arm’s length dealings with an unrelated third party. We sold the related land, tower and broadcasting facility to an unrelated third party on December 28, 2017. The unrelated third party assumed the existing income generating leases acquired with the broadcast tower, including the AM 570 LLC lease. Radio Stations Owned by the Epperson’s Nancy A. Epperson, the wife of the Chairman of the Board, Stuart W. Epperson, currently serves as an officer, director and stockholder of six radio stations in Virginia, five radio stations in North Carolina, and five radio stations in Florida. Chesapeake-Portsmouth Broadcasting Corporation (“Chesapeake-Portsmouth”) is a company controlled by Nancy Epperson, wife of Salem’s Chairman of the Board Stuart W. Epperson and sister of CEO Edward G. Atsinger III. Chesapeake-Portsmouth owns and operates radio stations WJGR-AM, Jacksonville, Florida, WZNZ-AM, Jacksonville, Florida and WZAZ-AM, Jacksonville, Florida. The markets where these radio stations are located are not currently served by stations owned and operated by the company. Under his employment agreement, Mr. Epperson is required to offer the company a right of first refusal of opportunities related to the company’s business. Radio Stations Owned by Mr. Hinz Mr. Hinz, a director of the company, through companies or entities controlled by him, operates three radio stations in Southern California. These radio stations are formatted in Christian Teaching and Talk programming in the Spanish language. Truth For Life—Mr. Riddle Truth For Life is a non-profit organization that is a customer of Salem Media Group, Inc. During 2017, 2016 and 2015, the company billed Truth For Life approximately $ 2.1 2.2 2.2 0.2 Know the Truth - Mr. Riddle Know the Truth is a non-profit organization that is a customer of Salem Media Group, Inc. During 2017, 2016 and 2015, the company billed Know the Truth approximately $ 1.2 0.4 0.4 0.7 0.2 The Truth Network – Stuart W. Epperson Jr. The Truth Network provides original and broadcast Christian radio that is a customer of Salem Media Group, Inc. During 2017 and 2016, the company billed The Truth Network approximately $ 11,000 3,000 4,000 Split-Dollar Life Insurance Salem has maintained split-dollar life insurance policies for its Chairman and Chief Executive Officer since 1997. Since 2003, the company has been the owner of the split-dollar life insurance policies and is entitled to recover all of the premiums paid on these policies. The company records an asset based on the lower of the aggregate premiums paid or the insurance cash surrender value. The premiums were $ 386,000 1.4 1.0 0.6 2.8 2.6 2.5 Transportation Services Supplied by Atsinger Aviation From time to time, the company rents aircraft from a company owned by Edward G. Atsinger III, Chief Executive Officer and director of Salem. As approved by the independent members of the company’s board of directors, the company rents these aircraft on an hourly basis at what the company believes are market rates and uses them for general corporate needs. Total rental expense for these aircraft for 2017, 2016 and 2015 amounted to approximately $ 217,000 301,000 133,000

DEFINED CONTRIBUTION PLAN

DEFINED CONTRIBUTION PLAN	12 Months Ended
	Dec. 31, 2017
DEFINED CONTRIBTION PLAN [Abstract]
DEFINED CONTRIBTION PLAN	NOTE 17. DEFINED CONTRIBUTION PLAN We maintain a 401(k) defined contribution plan (the “401(k) Plan”), which covers all eligible employees (as defined in the 401(k) Plan). Participants are allowed to make non-forfeitable contributions up to 60 50 5 1.9

EQUITY TRANSACTIONS

EQUITY TRANSACTIONS	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
EQUITY TRANSACTIONS	NOTE 18. EQUITY TRANSACTIONS We account for stock-based compensation expense in accordance with FASB ASC Topic 718, Compensation-Stock Compensation 1.7 0.6 0.8 While we intend to pay regular quarterly distributions, the actual declaration of such future distributions and the establishment of the per share amount, record dates, and payment dates are subject to final determination by our Board of Directors and dependent upon future earnings, cash flows, financial and legal requirements, and other factors. Any future distributions are likely to be comparable to prior declarations unless there are changes in expected future earnings, cash flows, financial and legal requirements. Announcement Date Payment Date Amount Per Share Cash Distributed December 7, 2017 December 29, 2017 $ 0.0650 $ 1,701 September 12, 2017 September 29, 2017 $ 0.0650 $ 1,701 June 1, 2017 June 30, 2017 $ 0.0650 $ 1,697 March 9, 2017 March 31, 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

QUARTERLY RESULTS OF OPERATIONS

QUARTERLY RESULTS OF OPERATIONS	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY RESULTS OF OPERATIONS	NOTE 19. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED): March 31 June 30 September 30 December 31 2016 2017 2016 2017 2016 2017 2016 2017 (Dollars in thousands, except per share data) Total revenue $ 64,575 $ 64,980 $ 67,779 $ 66,112 $ 71,272 $ 65,433 $ 70,695 $ 67,211 Operating income 6,083 4,819 9,702 8,619 8,835 5,005 3,458 4,531 Net income (loss) $ 353 $ 1,060 $ 3,356 $ 1,272 $ 2,192 $ (46) $ 2,972 $ 22,358 Basic earnings per share Class A and Class B common stock $ 0.01 $ 0.04 $ 0.13 $ 0.05 $ 0.08 $ — $ 0.11 $ 0.85 Diluted earnings per share Class A and B Class common stock $ 0.01 $ 0.04 $ 0.13 $ 0.05 $ 0.08 $ — $ 0.11 $ 0.85 Weighted average Class A and Class B shares outstanding – basic 25,485,234 25,901,801 25,551,445 26,062,403 25,815,242 26,144,796 25,826,230 26,166,769 Weighted average Class A and Class B shares outstanding – diluted 25,802,958 26,290,926 26,052,649 26,593,366 26,183,182 26,144,796 26,101,172 26,378,260

SEGMENT DATA

SEGMENT DATA	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
SEGMENT DATA	NOTE 20. SEGMENT DATA FASB ASC Topic 280, Segment Reporting Our operating segments reflect how our We measure and evaluate our operating segments based on operating income and operating expenses that do not include allocations of costs related to corporate functions, such as accounting and finance, human resources, legal, tax and treasury; nor do they include costs such as amortization, depreciation, taxes or interest expense. Changes to our operating segments did not impact the reporting units used to test non-amortizable assets for impairment. All prior periods presented are updated to reflect the new composition of our operating segments. Segment performance, as defined by Salem, is not necessarily comparable to other similarly titled captions of other companies. composition of our operating s Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) Year Ended December 31, 2017 Net revenue $ 196,197 $ 43,096 $ 24,443 $ — $ 263,736 Operating expenses 145,494 33,675 24,475 16,255 219,899 Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration and (gain) loss on the sale or disposal of assets $ 50,703 $ 9,421 $ (32) $ (16,255) $ 43,837 Depreciation 7,754 3,166 644 805 12,369 Amortization 56 3,414 1,121 2 4,593 Impairment of indefinite-lived long-term assets other than goodwill — — 19 — 19 Change in estimated fair value of contingent earn-out consideration — (23) — — (23) (Gain) loss on the sale or disposal of assets 3,898 — (5) 12 3,905 Operating income (loss) $ 38,995 $ 2,864 $ (1,811) $ (17,074) $ 22,974 Year Ended December 31, 2016 Net revenue $ 202,016 $ 46,777 $ 25,528 $ — $ 274,321 Operating expenses 146,283 36,290 26,209 14,994 223,776 Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration and (gain) loss on the sale or disposal of assets $ 55,733 $ 10,487 $ (681) $ (14,994) $ 50,545 Depreciation 7,592 3,092 675 846 12,205 Amortization 86 4,304 680 1 5,071 Impairment of long-lived assets 700 — — — 700 Impairment of indefinite-lived long-term assets other than goodwill 6,540 — 501 — 7,041 Impairment of goodwill — 32 — — 32 Impairment of amortizable intangible assets — 8 — — 8 Change in estimated fair value of contingent earn-out consideration — (146) (543) — (689) (Gain) loss on the sale or disposal of assets (2,122) 236 (21) 6 (1,901) Operating income (loss) $ 42,937 $ 2,961 $ (1,973) $ (15,847) $ 28,078 Year Ended December 31, 2015 Net revenue $ 197,184 $ 44,761 $ 23,842 $ — $ 265,787 Operating expenses 140,819 35,380 24,774 15,146 216,119 Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration and (gain) loss on the sale or disposal of assets $ 56,365 $ 9,381 $ (932) $ (15,146) $ 49,668 Depreciation 7,726 3,091 637 963 12,417 Amortization 96 4,685 542 1 5,324 Impairment of goodwill 439 — — — 439 Change in estimated fair value of contingent earn-out consideration — (478) (1,237) — (1,715) (Gain) loss on the sale or disposal of assets 219 11 (58) 9 181 Operating income (loss) $ 47,885 $ 2,072 $ (816) $ (16,119) $ 33,022 Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) As of December 31, 2017 Inventories, net $ — $ 313 $ 417 $ — $ 730 Property and equipment, net 83,901 6,173 1,281 8,125 99,480 Broadcast licenses 380,914 — — — 380,914 Goodwill 3,581 20,947 1,888 8 26,424 Other indefinite-lived intangible assets — — 313 — 313 Amortizable intangible assets, net 351 9,801 2,947 5 13,104 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	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 21. SUBSEQUENT EVENTS On January 3, 2018, we entered an agreement to sell radio station WBIX-AM in Boston, Massachusetts for $ 0.7 On February 28, 2018, we announced a quarterly equity distribution in the amount of $ 0.0650 On March 1, 2018, we entered an APA to acquire radio station KZTS-FM in Little Rock, Arkansas for $1.1 million in cash Subsequent events reflect all applicable transactions through the date of the filing.

SUMMARY OF SIGNIFICANT ACCOUN29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Consolidated Financial Statements of Salem Media Group, Inc. (“Salem” “we,” “us,” “our” or the “company”) include the company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated.
Description of Business	Description of Business Salem is a domestic multimedia company specializing in Christian and conservative content. Our media properties include 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 20 – 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 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; BibleStudyTools.com™, Crosswalk.com®, GodVine.com™, iBelieve.com, GodTube.com™, OnePlace.com™, Christianity.com™, GodUpdates.com, CrossCards.com™, ChristianHeadlines.com, LightSource.com™, AllCreated.com, ChristianRadio.com™, CCMmagazine.com™, SingingNews.com™ and SouthernGospel.com™ and our conservative opinion websites; collectively known as Townhall Media, include Townhall.com™, HotAir.com™, Twitchy.com, RedState.com, BearingArms.com, HumanEvents.com, and ConservativeRadio.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 SermonSearch.com, ChurchStaffing.com™, WorshipHouseMedia.com, SermonSpice.com™, WorshipHouseKids.com, Preaching.com, ChristianJobs.com™ and Youthworker.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 includes 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, a self-publishing service for authors through Xulon Press, Mill City Press and Bookprinting.com; and (3) Singing News ®
Cash and Cash Equivalents	Cash and Cash Equivalents We consider all highly liquid debt instruments, purchased with an initial maturity of three-months or less, to be cash equivalents. The carrying value of our cash and cash equivalents approximated fair value at each balance sheet date.
Trade Accounts Receivable	Trade Accounts Receivable Trade accounts receivable represent amounts due to us from our customers from revenue generating activities. Our receivables are recorded at the invoiced amount and represent claims that will be settled in cash. The carrying value of our receivables, net of the allowance for doubtful accounts and estimated sales returns, represents their estimated net realizable value. Trade accounts receivable for our self-publishing services represent contractual amounts due under individual payment plans that are adjusted quarterly to exclude unearned or cancellable contracts.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts We evaluate the balance reserved in our allowance for doubtful accounts on a quarterly basis based on our historical collection experience, the age of the receivables, specific customer information and current economic conditions. Past due balances are generally not written-off until all collection efforts have been exhausted, including use of a collections agency. A considerable amount of judgment is required in assessing the likelihood of ultimate realization of these receivables, including the current creditworthiness of each customer. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. We have not modified our estimate methodology and we have not historically recognized significant losses from changes in our estimates. We believe that our estimates and assumptions are reasonable and that our reserves are accurately reflected.
Inventory	Inventory Inventories consist of finished goods including published books and wellness products. Inventory is recorded at the lower of cost or market as determined on a First-In First-Out (“FIFO”) cost method.
Inventory Reserves	Inventory Reserves We record a provision to expense the balance of unsold inventory that we believe to be unrecoverable. We review historical data associated with book and wellness product inventories held by Regnery Publishing and our e-commerce wellness entities, as well as our own experiences to estimate the fair value of inventory on hand. Our analysis includes a review of actual sales returns, our allowances, royalty reserves, overall economic conditions and product demand. We regularly monitor actual performance to our estimates and make adjustments as necessary. Estimated inventory reserves may be adjusted, either favorably or unfavorably, if factors such as the historical data we used to calculate these estimates do not properly reflect future returns or as a result of changes in economic conditions of the customer and/or the market. We have not modified our estimate methodology and we have not historically recognized significant losses from changes in our estimates. We believe that our estimates and assumptions are reasonable and that our reserves are accurately reflected.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Cost represents the historical cost of acquiring the asset, including the costs necessarily incurred to bring it to the condition and location necessary for its intended use. For assets constructed for our own use, such as towers and buildings that are discrete projects for which costs are separately accumulated and for which construction takes considerable time, we record capitalized interest. The amount capitalized is the cost that could have been avoided had the asset not been constructed and is based on the average accumulated expenditures incurred over the capitalization period at the weighted average rate applicable to our outstanding variable rate debt. We capitalized interest of $ 0.2 Category Estimated Life Buildings 40 years Office furnishings and equipment 5 -10 years Antennae, towers and transmitting equipment 10 - 20 years Studio, production and mobile equipment 5 - 10 years Computer software and website development costs 3 years Record and tape libraries 3 years Automobiles 5 years Leasehold improvements Lesser of the useful life or remaining lease term The carrying value of property and equipment is evaluated periodically in relation to the operating performance and anticipated future cash flows of the underlying radio stations and business units for indicators of impairment. When indicators of impairment are present, and the cash flows estimated to be generated from these assets is less than the carrying value, an adjustment to reduce the carrying value to the fair market value of the assets is recorded. See Note 9 – Property and Equipment.
Internally Developed Software and Website Development Costs	Internally Developed Software and Website Development Costs We capitalize costs incurred during the application development stage related to the development of internal-use software as specified in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350-40 Internal-Use Software 3.7 2.3 2.2 2.8 2.5 2.4
Amortizable Intangible Assets	Category Estimated Life Customer lists and contracts Lesser of 5 years or the life of contract Domain and brand names 5 -7 years Favorable and assigned leases Lease Term Subscriber base and lists 3 - 7 years Author relationships 1 - 7 years Non-compete agreements 1 to 5 years The carrying value of our amortizable intangible assets are evaluated periodically in relation to the operating performance and anticipated future cash flows of the underlying radio stations and businesses for indicators of impairment. In accordance with FASB ASC Topic 360 Property, Plant and Equipment
Broadcast Licenses	Broadcast Licenses In the case of our broadcast radio stations, we would not be able to operate the properties without the related FCC broadcast license for each property. Broadcast licenses are renewed with the FCC every eight years for a nominal fee that is expensed as incurred. We continually monitor our stations’ compliance with the various regulatory requirements that are necessary for FCC renewal and all of our broadcast licenses have been renewed at the end of their respective periods. We expect all of our broadcast licenses to be renewed in the future and therefore, we consider our broadcast licenses to be indefinite-lived intangible assets. The weighted-average period before the next renewal of our broadcasting licenses is 3.5 We account for broadcast licenses in accordance with FASB ASC Topic 350 Intangibles—Goodwill and Other The unit of accounting we use to test broadcast licenses is the cluster level, which we define as a group of radio stations operating in the same geographic market, sharing the same building and equipment and managed by a single general manager. The cluster level is the lowest level for which discrete financial information and cash flows are available and the level reviewed by management to analyze operating results. We perform a qualitative assessment for each of our broadcast market clusters. We review the significant assumptions and key estimates applicable to our prior year estimated fair value calculations to assess if events and circumstances have occurred that could affect these assumptions and key estimates. We also review internal benchmarks and the economic performance for each market cluster to assess if it is more likely than not that impairment exists. The first step of our qualitative assessment is to calculate excess fair value, defined as the amount by which our prior year estimated fair value exceeds the current year carrying value. We believe based on our analysis and review, including the financial performance of each market, that a 25 25 The second step of our qualitative assessment consists of a review of the financial operating results for each market cluster. Radio stations are often sold on the basis of a multiple of projected cash flow, or Station Operating Income (“SOI”) defined as net broadcast revenue less broadcast operating expenses. See Item 6 – Selected Financial Data within this annual report for information on SOI, a non-GAAP measure. Numerous trade organizations and analysts review these radio station sales to track SOI multiples applicable to each transaction. Based on published reports and analysis of market transactions, we believe industry benchmarks to be in the six to seven times cash flow range. We elected an SOI benchmark of four as a conservative indicator of fair value. If the results of our qualitative assessment indicate that the fair value of a reporting unit is less than its carrying value, we perform a quantitative review of the reporting unit. We engage an independent third-party appraisal and valuation firm to assist us with determining the enterprise value as part of this quantitative review.
Goodwill and Other Indefinite-Lived Intangible Assets	Goodwill and Other Indefinite-Lived Intangible Assets We account for goodwill and other indefinite-lived intangible assets in accordance with FASB ASC Topic 350 Intangibles—Goodwill and Other The unit of accounting we use to test goodwill associated with our radio stations is the cluster level, which we define as a group of radio stations operating in the same geographic market, sharing the same building and equipment and managed by a single general manager. Nineteen of our 34 market clusters have goodwill associated with them as of our annual testing period ended December 31, 2017. The unit of accounting we use to test goodwill in our radio networks is the entity level, which includes Salem Radio Network® (“SRN”), SRN News Network (“SNN”), Todays Christian Music (“TCM”) and Singing News Network. The entity level is the level reviewed by management for which discrete financial information is available. One of our five networks has goodwill associated with it as of our annual testing period ended December 31, 2017. The unit of accounting we use to test goodwill in our digital media segment is the entity level, which includes Salem Web Network, Townhall.com, and Eagle Financial Publications. The financial statements for Salem Web Network reflect the operating results and cash flows for our Christian content websites and our church product websites. The financial statements for Townhall.com reflect the operating results for each of our conservative opinion websites. Eagle Financial Publications include our investing websites and related digital publications. The unit of accounting we use to test goodwill in our publishing segment is the entity level, which includes Regnery Publishing and Salem Author Services. Regnery Publishing is a book publisher based in Washington DC, that operates from a stand-alone facility under one general manager, with operating results and cash flows of reported at the entity level. Salem Author Services operates from a stand-alone facility in Orlando, Florida under one general manager who is responsible for the operating results and cash flows. We perform a qualitative assessment to determine if events and circumstances have occurred that indicate it is more likely than not that the fair value of the assets, including goodwill, are less than their carrying values. We review the significant inputs used in our prior year fair value estimates to determine if any changes to those inputs should be made. We estimate the fair value using a market approach and compare the estimated fair value of each entity to its carrying value, including goodwill. Under the market approach, we apply a multiple of four to each entities operating income to estimate the fair value. We believe that a multiple of four is a conservative indicator of fair value as described above. If the results of our qualitative assessment indicate that the fair value of a reporting unit is less than its carrying value, we perform a quantitative review of the reporting unit. We engage an independent third-party appraisal and valuation firm to assist us with determining the enterprise value as part of this quantitative review.
Other Indefinite-Lived Intangible Assets	Other Indefinite-Lived Intangible Assets Mastheads consist of the graphic elements that identify our publications to readers and advertisers. These include customized typeset page headers, section headers, and column graphics as well as other name and identity stylized elements within the body of each publication. We test the value of mastheads as a single combined publishing entity as our print magazines operate from one shared facility under one general manager with operating results and cash flows reported on a combined basis for all publications. This is the lowest level for which discrete financial information and cash flows are available and the level reviewed by management to analyze operating results.
Business Acquisitions	Business Acquisitions We account for business acquisitions in accordance with the acquisition method of accounting as specified in FASB ASC Topic 805 Business Combinations 0.1 1.4 0.8 0.3 0.3 Acquisitions may include contingent earn-out consideration, the fair value of which is estimated as of the acquisition date as the present value of the expected contingent payments as determined using weighted probabilities of the payment amounts. See Note 4 – Acquisitions and Recent Transactions and Note 5 – Contingent Earn-Out Consideration. A majority of our radio station acquisitions have consisted primarily of the FCC licenses to broadcast in a particular market. We often do not acquire the existing format, or we change the format upon acquisition when we find it beneficial. As a result, a substantial portion of the purchase price for the assets of a radio station is allocated to the broadcast license. We may retain a third-party appraiser to estimate the fair value of the acquired net assets as of the acquisition date. As part of the valuation and appraisal process, the third-party appraiser prepares a report assigning estimated fair values to the various asset categories in our financial statements. These fair value estimates are subjective in nature and require careful consideration and judgment. Management reviews the third party reports for reasonableness of the assigned values. We believe that the purchase price allocations represent the appropriate estimated fair value of the assets acquired and we have not had to modify our purchase price allocations. We estimate the economic life of each tangible and intangible asset acquired to determine the period of time in which the asset should be depreciated or amortized. A considerable amount of judgment is required in assessing the economic life of each asset. We consider our own experience with similar assets, industry trends, market conditions and the age of the property at the time of our acquisition to estimate the economic life of each asset. If the financial condition of the assets were to deteriorate, the resulting change in life or impairment of the asset could cause a material impact and volatility in our operating results. To date, we have not experienced changes in the economic life established for each major category of our assets. Property and equipment are recorded at their estimated fair value and depreciated on a straight-line basis over their estimated useful lives. Finite-lived intangible assets are recorded at their estimated fair value and amortized on a straight-line basis over their estimated useful lives. Costs associated with acquisitions, such as consulting and legal fees, are expensed as incurred in unallocated corporate operating expenses.
Contingent Earn-Out Consideration	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. We recorded a net decrease to our estimated contingent earn-out liabilities of $ 23,000 689,000
Discontinued Operations	Discontinued Operations We regularly review underperforming assets to determine if a sale or disposal might be a better way to monetize the assets. When a station, group of stations, or other asset group is considered for sale or disposal, we review the transaction to determine if or when the entity qualifies as a discontinued operation in accordance with the criteria of FASB ASC Topic 205-20 Discontinued Operations.
Revenue Recognition	Revenue Recognition Revenue is recognized as it is earned in accordance with applicable guidelines. We consider amounts to be earned once evidence of an arrangement has been obtained, services are performed, fees are fixed or determinable and collectability is reasonably assured. We account for broadcast revenue from the sale of airtime for programs or spots as the program or advertisement is broadcast. Revenues are reported net of agency commissions, which are calculated as a stated percentage applied to gross billings. Digital revenue is recognized upon delivery of page-views, delivery of impressions as specified in the contract, delivery of the digital newsletter or email, or upon delivery of the advertisement or programming content via streaming. Revenues are reported net of agency commissions, which are calculated as a stated percentage applied to gross billings. Revenue from product sales and book sales are recognized upon shipment net of distribution fees and an allowance for sales returns. Revenues from advertisements in our print magazines are recognized upon delivery of the publication net of agency commissions, which are calculated as a stated percentage applied to gross billings. Subscription revenue from our print magazines and digital newsletters is recognized over the life of the related subscription.
Revenue Recognition for Multiple-Deliverables	Revenue Recognition for Multiple-Deliverables We enter bundled advertising agreements that may include cross-promotions such as advertisements on our radio stations, digital banners, print magazine placements, booth space at local events, or some combination thereof. The multiple deliverables contained in each agreement are accounted for separately over their respective delivery period provided that they are separate units of accounting. The selling price for each deliverable is based on vendor specific objective evidence, if available, or the estimated fair value of each deliverable. Objective evidence of the fair value includes the price charged for each element when sold separately or the price that we would transact if the deliverable is sold regularly on a standalone basis. Arrangement consideration is allocated at the inception of each agreement to all deliverables using the relative selling price method. The relative selling price method allocates any discount in the arrangement proportionally to each deliverable on the basis of each deliverable’s selling price.
Sales Returns	Sales Returns We provide for estimated returns for products sold with the right of return, primarily book sales associated with Regnery Publishing and nutritional products sold through Eagle Wellness and Gene Smart. We record an estimate of these product returns as a reduction of revenue in the period of the sale. Our estimates are based upon historical sales returns, the amount of current period sales, economic trends and any changes in customer demand and acceptance of our products. We regularly monitor actual performance to estimated return rates and make adjustments as necessary. Estimated return rates utilized for establishing estimated returns reserves have approximated actual returns experience. However, actual returns may differ significantly, either favorably or unfavorably, from these estimates if factors such as the historical data we used to calculate these estimates do not properly reflect future returns or as a result of changes in economic conditions of the customer and/or the market. We have not modified our estimate methodology and we have not recognized significant losses from changes in our estimates
Barter Transactions	Barter Transactions We may provide broadcast time or digital advertising placement to customers in exchange for certain products, supplies or services. The terms of these exchanges generally permit for the preemption of such broadcast time or digital placements in favor of customers who purchase these items for cash. We include the value of such exchanges in net revenues and operating expenses. The value recorded for barter revenue and barter expense is based upon management’s estimate of the fair value of the products, supplies or services received. We believe that our estimates and assumptions are reasonable and that our barter revenue and barter expense are accurately reflected. We record barter revenue as it is earned, typically when the broadcast time is used or the digital advertisement is delivered. We record barter expense equal to the estimated fair value of the goods or services received upon receipt or usage of the items as applicable. Barter revenue included in broadcast revenue for the years ended December 31, 2017, 2016 and 2015 was approximately $ 5.8 5.4 6.1 5.6 5.3 5.9 0.1 42,000 0.1 0.1 34,000 0.1
Stock-Based Compensation	Stock-Based Compensation We account for stock-based compensation under the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation—Stock Compensation
Advertising and Promotional Cost	Costs of media advertising and associated production costs are expensed as incurred and amounted to approximately $ 12.0 12.3 11.3
Leases	Leases We lease broadcast towers, transmitter sites and office space throughout the United States. We review each lease agreement upon inception to determine the appropriate classification of the lease as a capital lease or operating lease based on the factors listed in FASB ASC Topic 840 Leases 15.5 15.3 14.8 Deferred rental revenue was $ 4.3
Leasehold Improvements	Leasehold Improvements We may construct or otherwise invest in leasehold improvements to properties. The costs of these leasehold improvements are capitalized and depreciated over the shorter of the estimated useful life of the improvement or the lease term including anticipated renewal periods.
Partial Self-Insurance on Employee Health Plan	Partial Self-Insurance on Employee Health Plan We provide health insurance benefits to eligible employees under a self-insured plan whereby we pay actual medical claims subject to certain stop loss limits. We record self-insurance liabilities based on actual claims filed and an estimate of those claims incurred but not reported. Our estimates are based on historical data and probabilities. Any projection of losses concerning our liability is subject to a high degree of variability. Among the causes of this variability are unpredictable external factors such as future inflation rates, changes in severity, benefit level changes, medical costs and claim settlement patterns. Should the actual amount of claims increase or decrease beyond what was anticipated, we may adjust our future reserves. Our self-insurance liability was $ 0.7 0.8 Year Ended December 31, 2016 2017 (Dollars in thousands) Balance, beginning of period $ 676 $ 783 Self-funded costs 9,526 9,735 Claims paid (9,419) (9,771) Ending period balance $ 783 $ 747
Derivative Instruments	Derivative Instruments We are exposed to market risk from changes in interest rates. primarily for the purpose of reducing the impact of changing interest rates on our variable rate debt and to reduce the impact of changing fair market values on our fixed rate debt 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 December 31, 2016 December 31, 2017 (Dollars in thousands) Fair value of interest rate swap $ 514 $ — On May 19, 2017, we entered into a new senior credit facility, which is an asset-based revolving credit facility (“ABL Facility”). The ABL Facility is a five-year $ 30.0 1.50 2.0 0.50 1.0 0.25 0.375
Fair Value Measurements and Disclosures	Fair Value Measurements and Disclosures As of December 31, 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. The carrying value of the ABL approximates fair value as the related interest rates approximate rates currently available to the company. The carrying amount of the Notes at December 31, 2017 was $ 255.0
Long-term Debt and Debt Covenant Compliance	Long-term Debt and Debt Covenant Compliance Our classification of outstanding borrowings on our Notes as long-term debt on our balance sheet is based on our assessment that, under the Indenture and after considering our projected operating results and cash flows for the coming year, no principal payments are required to be made within the next twelve months. The Notes have a term of seven years, maturing on June 1, 2024 100 June 1, 2020 35 June 1, 2020 106.75 10 June 1, 2020 103 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. Our projections of operating results and cash flows for the coming year are estimates dependent upon a number of factors including but not limited to developments in the markets in which we are operating in and varying economic and political factors. Accordingly, these projections are inherently uncertain and our actual results could differ from these estimates.
Deferred Financing Costs	Deferred Financing Costs We adopted ASU 2015-03, as amended by ASU 2015-15, as of the effective date of January 1, 2016. Debt issue costs are being amortized to non-cash interest expense over the life of the Term Loan B using the effective interest method. We chose to continue presentation of debt issue costs associated with our Revolver as an asset in accordance with ASU 2015-15. We have retrospectively accounted for the implementation of ASU 2015-03 and ASU 2015-15 as a change in accounting principle. Costs of the Revolver are being amortized to non-cash interest expense over the five year life of the Revolver using the effective interest method based on an imputed interest rate of 4.58 On May 19, 2017, we closed on a private offering of $ 255.0 6.75 2024 5.0 7.5 We incurred debt issuance costs of $ 6.3 0.7
Income Tax Valuation Allowances (Deferred Taxes)	We account for income taxes in accordance with FASB ASC Topic 740 Income Taxes We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. We consider all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance. In the event we were to determine that we would not be able to realize all or part of our net deferred tax assets in the future, an adjustment to the deferred tax assets would be charged to earnings in the period in which we make such a determination. Likewise, if we later determine that it is more likely than not that the net deferred tax assets would be realized, we would reverse the applicable portion of the previously provided valuation allowance. For financial reporting purposes, we recorded a valuation allowance of $ 6.2 6.0 0.2 4.5 4.2 0.3 On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35 21 The SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of US GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act. SAB 118 summarizes a three-step process to be applied at each reporting period to account for and qualitatively disclose: (1) the effects of the change in tax law for which accounting is complete; (2) provisional amounts (or adjustments to provisional amounts) for the effects of the tax law where accounting is not complete, but that a reasonable estimate has been determined; and (3) a reasonable estimate cannot yet be made and therefore taxes are reflected in accordance with law prior to the enactment of the Tax Cuts and Jobs Act. Amounts recorded where we consider accounting to be complete for the year ended December 31, 2017 principally relate to the reduction in the U.S. corporate income tax rate to 21%, which resulted in the recording of an income tax benefit of $ 23.0 Other significant provisions that are not yet effective but may impact income taxes in future years include include limitations on the current deductibility of net interest expense, limitation of net operating losses generated after fiscal 2018 to 80
Income Taxes and Uncertain Tax Positions	We are subject to audit and review by various taxing jurisdictions. We may recognize liabilities on our financial statements for positions taken on uncertain tax positions. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others may be subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, we believe it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Such positions are deemed to be unrecognized tax benefits and a corresponding liability is established on the balance sheet. It is inherently difficult and subjective to estimate such amounts, as this requires us to make estimates based on the various possible outcomes. We review and reevaluate uncertain tax positions on a quarterly basis. Changes in assumptions may result in the recognition of a tax benefit or an additional charge to the tax provision. During the year ended December 31, 2017, we did not have any material unrecognized tax benefits recorded. During the year ended December 31, 2016, we recognized a net decrease of $ 0.1 0.1 21,000 6,000
Effective Tax Rate	Effective Tax Rate Our provision for income tax as a percentage of operating income before taxes, or our effective tax rate, may be impacted by: (1) changes in the level of income in any of our taxing jurisdictions; (2) changes in statutes and rules applicable to taxable income in the jurisdictions in which we operate; (3) changes in the expected outcome of income tax audits; (4) changes in the estimate of expenses that are not deductible for tax purposes; (5) income taxes in certain states where the states’ current taxable income is dependent on factors other than consolidated net income; (6) the addition of operations in states that on average have different income tax rates from states in which we currently operate, and (7) the effect of previously reported temporary differences between the and financial reporting bases of assets and liabilities. Our annual effective tax rate may also be materially impacted by tax expense associated with non-amortizable assets such as broadcast licenses and goodwill as well as changes in the deferred tax valuation allowance. An impairment loss for financial statement purposes will result in an income tax benefit during the period incurred as the amortization of broadcasting licenses and goodwill is deductible for income tax purposes.
Reserves for Royalty Advances	Reserves for Royalty Advances Royalties due to book authors are paid in advance and capitalized. Royalties are expensed as the related book revenues are earned or when we determine that future recovery of the royalty is not likely. We reviewed historical data associated with royalty advances, earnings and recoverability based on actual results of Regnery Publishing. Historically, the longer the unearned portion of an advance remains outstanding, the less likely it is that we will recover the advance through the sale of the book. We apply this historical experience to outstanding royalty advances to estimate the likelihood of recovery. A provision was established to expense the balance of any unearned advance which we believe is not recoverable. Our analysis also considers other discrete factors, such as death of an author, any decision to not pursue publication of a title, poor market demand or other relevant factors. We have not modified our estimate methodology and we have not historically recognized significant losses from changes in our estimates. We believe that our estimates and assumptions are reasonable and that our reserves are accurately reflected.
Contingency reserves	Contingency Reserves In the ordinary course of business, we are involved in various legal proceedings, lawsuits, arbitration and other claims which are complex in nature and have outcomes that are difficult to predict. Consequently, we are unable to ascertain the ultimate aggregate amount of monetary liability or the financial impact with respect to these matters. We record contingency reserves to the extent we conclude that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The establishment of the reserve is based on a review of all relevant factors, the advice of legal counsel, and the subjective judgment of management. The reserves we have recorded to date have not been material to our consolidated financial position, results of operations or cash flows. We believe that our estimates and assumptions are reasonable and that our reserves are accurately reflected. While we believe that the final resolution of any known maters, individually and in the aggregate, will not have a material adverse effect upon our consolidated financial position, results of operations or cash flows, it is possible that we could incur additional losses. We maintain insurance that may provide coverage for such matters. Future claims against us, whether meritorious or not, could have a material adverse effect upon our consolidated financial position, results of operations or cash flows, including losses due to costly litigation and losses due to matters that require significant amounts of management time that can result in the diversion of significant operational resources. See Note 14 – Commitments and Contingencies.
(Gain) Loss on the Sale or Disposal of Assets	(Gain) Loss on the Sale or Disposal of Assets We record gains or losses on the sale or disposal of assets equal to the proceeds, if any, as compared to the net book value. Exchange transactions are accounted for in accordance with FASB ASC Topic 845 Non-Monetary Transactions 3.9 4.7 77,000 2,000 0.5 0.4 16,000 During the year ended December 31, 2016, we recorded a $ 1.9 1.9 0.7 0.4 During the year ended December 31, 2015, we recorded a $ 0.2 0.2
Basic and Diluted Net Earnings Per Share	Basic and Diluted Net Earnings Per Share Basic net earnings per share has been computed using the weighted average number of Class A and Class B shares of common stock outstanding during the period. Diluted net earnings per share is computed using the weighted average number of shares of Class A and Class B common stock outstanding during the period plus the dilutive effects of stock options. Options to purchase 1,428,462 1,720,000 1,581,123 814,556 795,378 589,437 Year Ended December 31, 2015 2016 2017 Weighted average shares 25,426,732 25,669,538 26,068,942 Effect of dilutive securities - stock options 461,087 365,452 366,815 Weighted average shares adjusted for dilutive securities 25,887,819 26,034,990 26,435,757
Segments	Segments We have three operating segments: (1) Broadcast, (2) Digital Media, and (3) Publishing, which also qualify as reportable segments. Our operating segments reflect how our chief operating decision makers, which we define as a collective group of senior executives, assesses the performance of each operating segment and determines the appropriate allocations of resources to each segment. We continually review our operating segment classifications to align with operational changes in our business and may make 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, which are reported as unallocated corporate expenses in our consolidated statements of operations included in this annual report on Form 10-K. We also exclude costs such as amortization, depreciation, taxes and interest expense. 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. This reclassification was to consolidate all revenue and expenses generated by on-air hosts, which includes broadcast programs and e-commerce product sales to better assess the financial performance of each network program. This reclassification did not impact the reporting units used to test non-amortizable assets for impairment. All prior periods presented are updated to reflect this new composition of our operating segments. Refer to Note 20 – Segment Data in the notes to our Consolidated Financial Statements.
Variable Interest Entities	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. A VIE is consolidated in the financial statements if 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 December 31, 2017, we did not have implicit or explicit arrangements that required consolidation under the guidance in FASB ASC Topic 810.
Concentrations of Business Risks	Concentrations of Business Risks We derive a substantial part of our total revenues from the sale of advertising. For the years ended December 31, 2017, 2016 and 2015, 36.8 38.3 39.2 15.4 19.3 15.1 20.8 14.7 24.5
Concentrations of Credit Risks	Concentrations of Credit Risks Financial instruments that potentially subject us to concentrations of credit risk consist of cash and cash equivalents; trade accounts receivable and derivative instruments. We place our cash and cash equivalents with high quality financial institutions. Such balances may be in excess of the Federal Deposit Insurance Corporation insured limits. To manage the related credit exposure, we continually monitor the credit worthiness of the financial institutions where we have deposits. Concentrations of credit risk with respect to trade accounts receivable are limited due to the wide variety of customers and markets in which we provide services, as well as the dispersion of our operations across many geographic areas. We perform ongoing credit evaluations of our customers, but generally do not require collateral to support customer receivables. We establish an allowance for doubtful accounts based on various factors including the credit risk of specific customers, age of receivables outstanding, historical trends, economic conditions and other information. Historically, our bad debt expense has been within management’s expectations.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant areas for which management uses estimates include: · asset impairments, including goodwill, broadcasting licenses, 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	Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. These include the reclassification of land held for sale from current assets to long-term assets based on the APA term that exceeds twelve months.
Out-of-Period Adjustment	Out-of-Period Adjustment During the third quarter of 2016, we identified an error in our valuation allowance for certain deferred tax assets. We recorded an adjustment to increase our estimated deferred tax valuation allowance by $ 1.6 In evaluating the adjustment, we referred to the SEC Staff Accounting Bulletin (SAB) No. 99, including SAB Topic 1.M, which provides guidance on the assessment of materiality and states that “the omission or misstatement of an item in a financial report is material if, in the light of surrounding circumstances, the magnitude of the item is such that it is probable that the judgment of a reasonable person relying upon the report would have been changed or influenced by the inclusion or correction of the item.” We also referred to SAB 108 for guidance on considering the effects of prior year misstatements when quantifying misstatements in current year financial statements and the assessment of materiality. Our analysis of the materiality of the adjustment was performed by reviewing quantitative and qualitative factors. We determined based on this analysis that the adjustment was not material to the current period and any prior periods.
Revision of Prior Period Consolidated Financial Statements	We identified an adjustment related to the accounting for deferred taxes associated with non-qualified stock options that were voluntarily surrendered or forfeited. These forfeitures should have been adjusted to the deferred tax assets with a corresponding entry to Additional Paid In Capital (“APIC”) or retained earnings if there was not a sufficient amount of excess tax benefits within APIC (“pool”) to absorb. The impact primarily resulted from a voluntary surrender of 1,741,854 In order to assess materiality with respect to the adjustments, we considered SAB 99, Materiality Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements December 31, 2014 As Reported Adjustment As Revised (in thousands) Additional Paid In Capital $ 240,493 $ (1,079) $ 239,414 Retained Earnings (Accumulated Deficit) (2,770) (1,447) (4,217) Total Stockholders' Equity 203,994 (2,526) 201,468 December 31, 2015 As Reported Adjustment As Revised (in thousands) Additional Paid In Capital 241,780 (1,153) 240,627 Retained Earnings (Accumulated Deficit) 1,768 (1,447) 321 Total Stockholders' Equity 209,821 (2,600) 207,221 December 31, 2016 As Reported Adjustment As Revised (in thousands) Deferred Income Tax Liability $ 60,769 $ 2,654 $ 63,423 Total Liabilities 376,422 2,654 379,076 Additional Paid In Capital 243,607 (1,207) 242,400 Retained Earnings (Accumulated Deficit) 3,963 (1,447) 2,516 Total Stockholders' Equity 213,846 (2,654) 211,192 In considering if we should amend previously filed 2016 Form 10-K and 2017 Form 10-Q’s, our evaluation of SAB 99 considered that the aggregate impact of the adjustment did not impact our net income or loss before income taxes, was not material to our operating results, had no impact on operating cash flows, and had an insignificant impact on the Consolidated Balance Sheets. In aggregate, we do not believe it is probable that the views of a reasonable investor would have changed by this adjustment in each of the consolidated financial statements to warrant an amendment. Accordingly, the adjustment was made to the December 31, 2016 Consolidated Balance Sheet and the December 31, 2014 balances in the Consolidated Statement of Changes in Stockholders’ Equity as described above using the SAB 108 approach. The cumulative adjustment was recorded as a decrease of $2.7 million in deferred tax assets, which is presented as an increase in deferred tax liabilities, with a corresponding decrease in APIC of $ 1.2 1.5
Recent Accounting Pronouncements	Recent Accounting Pronouncements Changes to accounting principles are established by the FASB in the form of Accounting Standards Updates (“ASU”) 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 February 2018, the FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825-10) We do not expect on our In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In January 2018, the FASB issued ASU 2018-01, Leases (Topic 842) Land Easement Practical Expedient for Transition to Topic 842. In December 2017, the Securities and Exchange Commission (“SEC”) issued guidance under Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act In November 2017, the FASB issued ASU 2017-14, Income Statement – Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606) In September 2017, the FASB issued ASU 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases ( In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities We do not expect on our In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718) Scope of Modification Accounting, We do not expect on our In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium on Purchased Callable Debt Securities We do not expect on our In February 2017, the FASB issued ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20) We do not expect on our 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 This ASU requires entities to immediately recognize the tax consequences on intercompany asset transfers (excluding inventory) at the transaction date, rather than deferring the tax consequences under current GAAP. The guidance is effective for fiscal years beginning after December 15, 2018, and interim reports within those fiscal years, with early adoption permitted only as of the first quarter of a fiscal year. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments” In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses, We have not yet on our In February 2016, the FASB issued ASU 2016-02, Leases on our In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities We do not expect on our In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606)

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Property, Plant and Equipment Estimated Useful Lives	Depreciation is computed using the straight-line method over estimated useful lives as follows: Category Estimated Life Buildings 40 years Office furnishings and equipment 5 -10 years Antennae, towers and transmitting equipment 10 - 20 years Studio, production and mobile equipment 5 - 10 years Computer software and website development costs 3 years Record and tape libraries 3 years Automobiles 5 years Leasehold improvements Lesser of the useful life or remaining lease term
Intangibles Asset Estimated Useful Lives	Intangible assets are recorded at cost less accumulated amortization. Typically, intangible assets are acquired in conjunction with the acquisition of broadcast entities, digital media entities and publishing entities. Category Estimated Life Customer lists and contracts Lesser of 5 years or the life of contract Domain and brand names 5 -7 years Favorable and assigned leases Lease Term Subscriber base and lists 3 - 7 years Author relationships 1 - 7 years Non-compete agreements 1 to 5 years
Schedule of Partial Self Insurance Reserves	Year Ended December 31, 2016 2017 (Dollars in thousands) Balance, beginning of period $ 676 $ 783 Self-funded costs 9,526 9,735 Claims paid (9,419) (9,771) Ending period balance $ 783 $ 747
Fair value of interest rate swap	December 31, 2016 December 31, 2017 (Dollars in thousands) Fair value of interest rate swap $ 514 $ —
Shares Used to Compute Basic and Diluted Net Earning Per Share	The following table sets forth the shares used to compute basic and diluted net earnings per share for the periods indicated: Year Ended December 31, 2015 2016 2017 Weighted average shares 25,426,732 25,669,538 26,068,942 Effect of dilutive securities - stock options 461,087 365,452 366,815 Weighted average shares adjusted for dilutive securities 25,887,819 26,034,990 26,435,757
Schedule of Error Corrections and Prior Period Adjustments	The impact of the adjustments on the Consolidated Financial Statements for each of the years presented is as follows: December 31, 2014 As Reported Adjustment As Revised (in thousands) Additional Paid In Capital $ 240,493 $ (1,079) $ 239,414 Retained Earnings (Accumulated Deficit) (2,770) (1,447) (4,217) Total Stockholders' Equity 203,994 (2,526) 201,468 December 31, 2015 As Reported Adjustment As Revised (in thousands) Additional Paid In Capital 241,780 (1,153) 240,627 Retained Earnings (Accumulated Deficit) 1,768 (1,447) 321 Total Stockholders' Equity 209,821 (2,600) 207,221 December 31, 2016 As Reported Adjustment As Revised (in thousands) Deferred Income Tax Liability $ 60,769 $ 2,654 $ 63,423 Total Liabilities 376,422 2,654 379,076 Additional Paid In Capital 243,607 (1,207) 242,400 Retained Earnings (Accumulated Deficit) 3,963 (1,447) 2,516 Total Stockholders' Equity 213,846 (2,654) 211,192

IMPAIRMENT OF GOODWILL AND OT31

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2017
Results of Impairment Testing Under the Income Approach	The table below presents the results of our impairment testing under the income approach for the 2017 annual testing period. Market Cluster Excess Fair Value Atlanta, GA 3.5 % Boston, MA 31.6 % Chicago, IL 63.0 % Cleveland, OH 4.4 % Col Springs, CO 89.9 % Dallas, TX 1.3 % Detroit, MI 5.3 % Greenville, SC 92.0 % Louisville, KY 22.3 % Miami FL 71.3 % Minneapolis, MN 68.2 % Omaha NE 27.3 % Orlando FL 55.5 % Portland, OR 3.3 % Sacramento, CA 15.9 % San Francisco, CA 3.1 % Tampa, FL 22.9 %
Key Estimates and Assumptions	The key estimates and assumptions are as follows: Mastheads December 31, 2015 December 31, 2016 December 31, 2017 Risk-adjusted discount rate 8.0% 9.5% 10.0% Projected revenue growth ranges 2.1% – 2.9% (4.3)% – 1.2% (3.2)% – 0.9% Royalty rate 3.0% 3.0% 3.0%
Broadcast Markets Enterprise Valuations [Member]
Schedule of Assumptions Used	The key estimates and assumptions used for our enterprise valuations are as follows: Broadcast Markets Enterprise Valuations December 31, 2015 December 31, 2016 December 31, 2017 Risk-adjusted discount rate 8.0% 8.5% 9.0% Operating profit margin ranges 49.7% (18.5)% – 43.3% (7.8)% – 36.2% Long-term revenue market growth rate ranges 2.0% 1.9% 1.9%
Digital Media Enterprise Valuations [Member]
Carrying Value And Fair Value Of Financial Instrument Disclosure	The table below presents the percentage within a range by which the estimated fair value exceeded the carrying value of our accounting units, including goodwill. Digital Media Entities as of December 31, 2017 Percentage Range By Which Estimated Fair Value Exceeds Carrying < 10% >10% to 20% >20% to 50% > than 50% Number of accounting units 1 - 1 2 Carrying value including goodwill (in thousands) $ 448 $ - $ 3,585 $ 28,343
Schedule of Assumptions Used	The key estimates and assumptions used in the valuation of our digital media entities for each testing period are as follows: Digital Media Enterprise Valuations December 31, 2015 December 31, 2016 December 31, 2017 Risk adjusted discount rate 8.0% - 9.0% 8.5% - 9.5% 10.0% Operating profit margin ranges (8.9)% - 13.8% (20.3)% - 8.2% 8.0% – 36.0% Long-term revenue market growth rate ranges 2.0 - 3.0% 1.9% - 2.5% 1.9% - 2.0%
Publishing Enterprise Valuations [Member]
Carrying Value And Fair Value Of Financial Instrument Disclosure	The table below presents the percentage within a range by which the estimated fair value exceeded the carrying value of our accounting units, including goodwill. Publishing Entities as of December 31, 2017 Percentage Range By Which Estimated Fair Value Exceeds Carrying < 10% >10% to 20% >20% to 50% > than 50% Number of accounting units - - - 2 Carrying value including goodwill (in thousands) $ - $ - $ - $ 2,993
Schedule of Assumptions Used	The key estimates and assumptions used for our enterprise valuations are as follows: Publishing Enterprise Valuations December 31, 2015 December 31, 2016 December 31, 2017 Risk adjusted discount rate 8.0% 8.5% 10.0% Operating margin ranges 4.2% – 6.2% 3.5% – 5.7% 5.0% – 5.5% Long-term revenue market growth rates 2.0% 1.9% 1.9%
Goodwill-Broadcast [Member]
Schedule of Assumptions Used	The tables below present the percentage within a range by which the estimated fair value exceeded the carrying value of each of our market clusters, including goodwill: Broadcast Market Clusters as of December 31, 2017 Percentage Range By Which Estimated Fair Value Exceeds < 10% >10% to 20% >20% to 50% > than 50% Number of accounting units 3 2 7 7 Carrying value including goodwill (in thousands) 83,729 $ 25,053 $ 120,849 $ 69,981
Broadcast Licenses [Member]
Carrying Value And Fair Value Of Financial Instrument Disclosure	The table below presents the percentage within a range by which our prior year start-up income estimated fair value exceeds the current year carrying value of our broadcasting licenses: Geographic Market Clusters as of December 31, 2017 Percentage Range By Which 2016 Estimated Fair Value Exceeded 2017 Carrying Value ≤ 25% >26%-50% >50% to 75% > than 75% Number of accounting units 8 2 - 15 Broadcast license carrying value (in thousands) $ 174,287 $ 7,692 $ - $ 105,641
Schedule of Assumptions Used	The key estimates and assumptions used in the start-up income valuation for our broadcast licenses were as follows: Broadcast Licenses December 31, 2015 December 31, 2016 December 31, 2017 Risk-adjusted discount rate 8.0% 8.5% 9.0% Operating profit margin ranges (13.9)% - 30.8% (13.9)% - 30.8% (13.9)% - 30.8% Long-term market revenue growth rate ranges 2.0% 1.9% 1.9%
Broadcast Licenses [Member] | Station Operating Income [Member]
Carrying Value And Fair Value Of Financial Instrument Disclosure	The table below shows the percentage within a range by which our estimated fair value exceeded the carrying value of our broadcasting licenses for these nine market clusters: Geographic Market Clusters as of December 31, 2017 Tested due to SOI Multiple and length of time from prior valuation – Percentage Range ≤ 25% >26%-50% >50% to 100% > than 100% Number of accounting units - 4 1 4 Broadcast license carrying value (in thousands) $ - $ 49,765 $ 27,878 $ 27,372

ACQUISITIONS AND RECENT TRANS32

ACQUISITIONS AND RECENT TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2017
Business Combinations [Abstract]
Summary of Business Acquisitions and Asset Purchased	A summary of our business acquisitions and asset purchases during the year ended December 31, 2017, none of which were individually or in the aggregate material to our consolidated financial position as of the respective date of acquisition, is as follows: Acquisition Date Description Total Cost (Dollars in thousands) November 22, 2017 WWRC-AM (formerly WSPZ-AM) in Bethesda, Maryland (business acquisition) $ 620 September 15, 2017 Real property of radio station WSPZ-AM in Bethesda, Maryland (business acquisition) 1,500 August 31, 2017 TeacherTube.com (business acquisition) 1,100 August 31, 2017 Intelligence Reporter newsletter (business acquisition) — July 24, 2017 FM Translator construction permit, Eaglemount, Washington (asset acquisition) 40 July 6, 2017 TradersCrux.com (business acquisition) 298 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 $ 4,043 A summary of our business acquisitions and asset purchases during the year ended December 31, 2016, none of which were individually or in the aggregate material to our consolidated financial position as of the respective date of acquisition, is as follows: Acquisition Date Description Total Consideration (Dollars in thousands) December 31, 2016 FM translator, Aurora, Florida (asset purchase) $ 50 December 31, 2016 FM translator, Port St. Lucie, Florida (asset purchase) 50 December 14, 2016 FM translator, Rhinelander, Wisconsin (asset purchase) 50 December 8, 2016 FM translator, Little Fish Lake Valley, California (asset purchase) 44 December 1, 2016 FM translator, Lake Placid, Florida (asset purchase) 35 December 1, 2016 Christian Concerts Alerts, LLC (asset purchase) 150 November 22, 2016 FM translator construction permit, Kihei, Hawaii (asset purchase) 55 November 22, 2016 FM translator construction permit, Lahaina, Hawaii (asset purchase) 55 November 22, 2016 FM translator, Crested Butte, Colorado (asset purchase) 39 November 21, 2016 FM translator, Dansville, New York (asset purchase) 75 November 21, 2016 FM translator, Carbondale, Pennsylvania (asset purchase) 75 November 11, 2016 FM translator construction permit, Kingsville, Texas (asset purchase) 50 November 7, 2016 FM translator, Sebring, Florida (asset purchase) 77 October 20, 2016 KXFN-AM, St. Louis, Missouri (business acquisition) 190 October 20, 2016 FM translator construction permit, Angola, Indiana (asset purchase) 50 October 20, 2016 FM translator construction permit, Cofax, Indiana (asset purchase) 55 October 20, 2016 FM translator construction permit, Battle Creek, Michigan (asset purchase) 50 October 19, 2016 FM translator construction permit Palm Coast, Florida purchased from a related party (asset purchase) 65 October 17, 2016 Historyonthenet.com and Authentichistory.com (asset purchase) 85 October 12, 2016 FM translator Lake City, Florida purchased from a related party (asset purchase) 65 September 13, 2016 Mike Turner’s investment products and domain names (business acquisition) 416 August 1, 2016 Mill City Press and Bookprinting.com (business acquisition) 3,515 June 20, 2016 FM translator, Columbus, Ohio (asset purchase) 345 June 10, 2016 FM translator, Amherst, New York (asset purchase) 60 June 8, 2016 FM translator construction permit, Charlotte, Michigan (asset purchase) 50 June 3, 2016 FM translator construction permit, Atwood, Kentucky (asset purchase) 88 May 13, 2016 FM translator construction permit, Kerrville, Texas (asset purchase) 50 May 2, 2016 FM translator, Lincoln, Maine (asset purchase) 100 April 29, 2016 FM translator construction permit, Emporia, Kansas (asset purchase) 25 April 1, 2016 Retirement Watch (business acquisition) 100 March 8, 2016 King James Bible mobile applications (business acquisition) 4,000 Various Purchase of other domain names and assets (asset purchases) 6 $ 10,120
Summary of Total Acquisition Consideration	The following table summarizes the total acquisition consideration for the year ended December 31, 2017: Description Total Consideration (Dollars in thousands) Cash payments made upon closing $ 3,972 Escrow deposits paid in prior years 35 Present value of estimated fair value of contingent earn-out consideration 36 Total purchase price consideration $ 4,043 The following table summarizes the total acquisition consideration for the year ended December 31, 2016: Description Total Consideration (Dollars in thousands) Cash payments made upon closing $ 8,414 Deferred payments 1,640 Present value of estimated fair value of contingent earn-out consideration 66 Total acquisition consideration $ 10,120 Gain on bargain purchase 95 Fair value of net assets acquired $ 10,215
Total Acquisition Consideration Allocated	The fair value of the net assets acquired was allocated as follows: Net Broadcast Net Digital Media Total Net Assets Acquired Assets Acquired Assets Acquired (Dollars in thousands) Assets Property and equipment $ 1,915 $ 479 $ 2,394 Broadcast licenses 389 — 389 Goodwill 14 810 824 Customer lists and contracts — 314 314 Domain and brand names — 647 647 Subscriber base and lists — 2,316 2,316 Non-compete agreements — 11 11 $ 2,318 $ 4,577 $ 6,895 Liabilities Deferred revenue $ — (2,852) (2,852) $ 2,318 $ 1,725 $ 4,043 The fair value of the net assets acquired was allocated as follows: Net Broadcast Net Digital Media Net Publishing Net Total Assets Acquired Assets Acquired Assets Acquired Assets Acquired (Dollars in thousands) Assets Trade accounts receivable, net of allowances of $42 $ — $ — $ 166 $ 166 Property and equipment 224 405 271 900 Broadcast licenses 1,719 — — 1,719 Goodwill — 237 845 1,082 Domain and brand names — 1,129 2,121 3,250 Customer lists and contracts — 2,576 — 2,576 Subscriber base and lists — 675 — 675 Author relationships — — 526 526 Non-compete agreements — 289 716 1,005 Liabilities Deferred revenue — (642) (1,042) (1,684) $ 1,943 $ 4,669 $ 3,603 $ 10,215

CONTINGENT EARN-OUT CONSIDERA33

CONTINGENT EARN-OUT CONSIDERATION (Tables)	12 Months Ended
	Dec. 31, 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 for the years ended December 31, 2017 and 2016. Year Ended December 31, 2017 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2017 $ 66 $ — $ 66 Acquisitions 36 — 36 Accretion of acquisition-related contingent earn-out consideration 4 — 4 Change in the estimated fair value of contingent earn-out consideration (23) — (23) Reclassification of payments due in next 12 months to short-term — — — Payments (14) — (14) Ending Balance as of December 31, 2017 $ 69 $ — $ 69 Year Ended December 31, 2016 Short-Term Long-Term Accrued Expenses Other Liabilities Total (Dollars in thousands) Beginning Balance as of January 1, 2016 $ 173 $ 602 $ 775 Acquisitions 66 — 66 Accretion of acquisition-related contingent earn-out consideration 17 8 25 Change in the estimated fair value of contingent earn-out consideration (635) (54) (689) Reclassification of payments due in next 12 months to short-term 556 (556) — Payments (111) — (111) Ending Balance as of December 31, 2016 $ 66 $ — $ 66

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 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 2017 (Dollars in thousands) Regnery Publishing book inventories $ 2,473 $ 2,038 Reserve for obsolescence – Regnery Publishing (2,104) (1,621) Inventory, net - Regnery Publishing 369 417 Wellness products $ 423 $ 349 Reserve for obsolescence – Wellness products (122) (36) Inventory, net - Wellness products 301 313 Consolidated inventories, net $ 670 $ 730

BROADCAST LICENSES (Tables)

BROADCAST LICENSES (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in broadcasting licenses	Year Ended December 31, 2016 2017 (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 74 191 Acquisitions of FM translators and construction permits 1,645 198 Capital projects to improve broadcast signal and strength 307 5 Sale of WQVN-AM (formerly WKAT-AM) - (7,997) Impairments based on the estimated fair value of broadcast licenses (6,540) — Balance, end of period before cumulative loss on impairment $ 494,058 $ 486,455 Accumulated loss on impairment (105,541) (105,541) Balance, end of period after cumulative loss on impairment $ 388,517 $ 380,914

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in goodwill	The following table presents the changes in goodwill including business acquisitions as described in Note 4 – Acquisitions and Recent Transactions. Year Ended December 31, 2016 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 — 14 Acquisitions of digital media entities 237 810 Acquisitions of publishing entities 845 — Sale of income generating broadcast business — (13) Impairments based on the estimated fair value (32) — Balance, end of period before cumulative loss on impairment 27,642 28,453 Accumulated loss on impairment (2,029) (2,029) Ending period balance $ 25,613 $ 26,424

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2016 2017 (Dollars in thousands) Land $ 32,402 $ 32,320 Buildings 29,070 28,962 Office furnishings and equipment 37,386 37,583 Office furnishings and equipment under capital lease obligations 228 244 Antennae, towers and transmitting equipment 84,144 85,632 Antennae, towers and transmitting equipment under capital lease obligations 795 795 Studio, production and mobile equipment 28,668 29,697 Computer software and website development costs 20,042 24,477 Record and tape libraries 27 27 Automobiles 1,373 1,385 Leasehold improvements 14,696 19,003 Construction-in-progress 9,983 4,075 $ 258,814 $ 264,200 Less accumulated depreciation (156,024) (164,720) $ 102,790 $ 99,480

AMORTIZABLE INTANGIBLE ASSETS (

AMORTIZABLE INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2017
Intangible Assets Disclosure [Abstract]
Summary of Significant Classes of Amortizable Intangible Assets	The following tables provide a summary of our significant classes of amortizable intangible assets: As of December 31, 2017 Accumulated Cost Amortization Net (Dollars in thousands) Customer lists and contracts $ 22,865 $ (20,888) $ 1,977 Domain and brand names 20,109 (14,650) 5,459 Favorable and assigned leases 2,379 (2,028) 351 Subscriber base and lists 8,797 (4,701) 4,096 Author relationships 2,771 (2,237) 534 Non-compete agreements 2,029 (1,342) 687 Other amortizable intangible assets 1,333 (1,333) — $ 60,283 $ (47,179) $ 13,104 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 $ 4.6 5.1 5.3 Year ended December 31, Amortization Expense (Dollars in thousands) 2018 $ 4,576 2019 4,006 2020 2,714 2021 1,159 2022 435 Thereafter 214 Total $ 13,104

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2017
Long-Term Debt	Long-term debt consisted of the following: As of December 31, 2016 2017 (Dollars in thousands) 6.75% Senior Secured Notes $ — $ 255,000 Less unamortized debt issuance costs based on imputed interest rate of 7.08% — (5,774) 6.75% Senior Secured Notes net carrying value — 249,226 Asset-Based Revolving Credit Facility principal outstanding — 9,000 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 568 462 Long-term debt and capital lease obligations less unamortized debt issuance costs 261,674 258,688 Less current portion (590) (9,109) Long-term debt and capital lease obligations less unamortized debt issuance costs, net of current portion $ 261,084 $ 249,579
Principle Repayment Requirements Under Long Term Agreements Outstanding	Principal repayment requirements under all long-term debt agreements outstanding at December 31, 2017 for each of the next five years and thereafter are as follows: Amount For the Year Ended December 31, (Dollars in thousands) 2018 $ 9,109 2019 107 2020 110 2021 125 2022 11 Thereafter 255,000 $ 264,462
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

FAIR VALUE MEASUREMENTS AND D40

FAIR VALUE MEASUREMENTS AND DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 2017 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 69 — — 69 Long-term debt and capital lease obligations less unamortized debt issuance costs 258,688 — 258,688 —

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Schedule of Consolidated Provision for Income Taxes	The consolidated provision for (benefit from) income taxes is as follows: Year Ended December 31, 2015 2016 2017 (Dollars in thousands) Current: Federal $ — $ — $ — State 249 229 63 249 229 63 Deferred: Federal 6,234 4,938 (21,167) State 212 (595) 234 6,446 4,343 (20,933) Provision for (benefit from) income taxes $ 6,695 $ 4,572 $ (20,870)
Schedule of Consolidated Deferred Tax Asset and Liability	Consolidated deferred tax assets and liabilities consist of the following: As of December 31, 2016 2017 (Dollars in thousands) Deferred tax assets: Financial statement accruals not currently deductible $ 9,324 $ 6,220 Net operating loss, AMT credit and other carryforwards 71,215 55,720 State taxes 87 103 Other 740 2,191 Total deferred tax assets 81,366 64,234 Valuation allowance for deferred tax assets (4,487) (6,154) Net deferred tax assets $ 76,879 $ 58,080 Deferred tax liabilities: Excess of net book value of property and equipment and software for financial reporting purposes over tax basis $ 2,096 $ 1,218 Excess of net book value of intangible assets for financial reporting purposes over tax basis 128,988 89,898 Interest rate swap (193) — Unrecognized tax benefits — — Other — 45 Total deferred tax liabilities 130,891 91,161 Net deferred tax liabilities $ (54,012) $ (33,081)
Schedule of Reconciliation of Net Deferred Tax Liabilities to Financial Instrument	The following table reconciles the above net deferred tax liabilities to the financial statements: As of December 31, 2016 2017 (Dollars in thousands) Deferred income tax asset per balance sheet $ 9,411 $ 1,070 Deferred income tax liability per balance sheet (63,423) (34,151) $ (54,012) $ (33,081)
Schedule of Reconciliation of Statutory Federal Income Tax Rate to Provision for Income Tax	A reconciliation of the statutory federal income tax rate to the provision for income tax is as follows: Year Ended December 31, 2015 2016 2017 (Dollars in thousands) Statutory federal income tax rate (at 35%) $ 6,246 $ 4,706 $ 1,321 Effect of state taxes, net of federal 458 (486) (1,207) Permanent items 445 266 458 State rate change 23 (1,664) (179) Valuation allowance (181) 1,763 1,667 Tax Cuts and Jobs Act of 2017 — — (23,000) Other, net (296) (13) 70 Provision for income taxes $ 6,695 $ 4,572 $ (20,870)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2017
Business Combination, Contingent Consideration, Liability [Abstract]
Schedule of Future Minimum Rental Payments Required Under Operating Leases that have Initial or Remaining Non-Cancelable Lease Terms in Excess of One Year	Future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2017, are as follows: Related Parties Other Total (Dollars in thousand) 2018 $ 1,048 $ 12,101 $ 13,149 2019 790 11,249 12,039 2020 806 10,701 11,507 2021 794 9,202 9,996 2022 919 7,498 8,417 Thereafter 5,657 27,420 33,077 $ 10,014 $ 78,171 $ 88,185

STOCK INCENTIVE PLAN (Tables)

STOCK INCENTIVE PLAN (Tables)	12 Months Ended
	Dec. 31, 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 Consolidated Statements of Operations for the years ended December 31, 2015, 2016 and 2017: Year Ended December 31, 2015 2016 2017 (Dollars in thousands) Stock option compensation expense included in unallocated corporate expenses $ 474 $ 378 $ 153 Restricted stock shares compensation expense included in unallocated corporate expenses 34 24 1,100 Stock option compensation expense included in broadcast operating expenses 130 85 33 Restricted stock shares compensation expense included in broadcast operating expenses — — 224 Stock option compensation expense included in digital media operating expenses 92 60 30 Restricted stock shares compensation expense included in digital media operating expenses — — 124 Stock option compensation expense included in publishing operating expenses 41 35 21 Restricted stock shares compensation expense included in publishing operating expenses — — 36 Total stock-based compensation expense, pre-tax $ 771 $ 582 $ 1,721 Tax expense from stock-based compensation expense (308) (233) (688) Total stock-based compensation expense, net of tax $ 463 $ 349 $ 1,033
Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Valuation Model	The weighted-average assumptions used to estimate the fair value of the stock options and restricted stock awards using the Black-Scholes valuation model were as follows for the years ended December 31, 2015 and 2016: Year Ended December 31, 2015 2016 Expected volatility 52.37 % 47.03 % Expected dividends 4.28 % 5.36 % Expected term (in years) 3.0 7.4 Risk-free interest rate 0.85 % 1.64 %
Schedule of Stock Option Activity	Activity with respect to the company’s option awards during the three years ended December 31, 2017 is as follows (Dollars in thousands, except weighted average exercise price and weighted average grant date fair value): Options Shares Weighted Average Weighted Average Weighted Average Aggregate Outstanding at January 1, 2015 1,816,204 $ 4.88 $ 3.39 5.5 years $ 5,718 Granted 10,000 6.08 1.98 — Exercised (163,994) 2.35 1.53 589 Forfeited or expired (81,087) 10.32 6.93 12 Outstanding at December 31, 2015 1,581,123 $ 4.87 $ 3.39 4.3 years $ 1,738 Exercisable at December 31, 2015 947,573 4.92 3.54 3.3 years 1,001 Outstanding at January 1, 2016 1,581,123 $ 4.87 $ 3.39 4.3 years $ 1,738 Granted 549,500 4.85 1.33 — Exercised (336,996) 2.95 2.02 1,418 Forfeited or expired (73,627) 8.06 3.07 3 Outstanding at December 31, 2016 1,720,000 $ 5.12 $ 2.89 4.5 years $ 2,428 Exercisable at December 31, 2016 841,625 5.56 3.94 2.9 years 948 Expected to Vest 601,557 $ 4.80 $ 3.15 5.6 years $ 700 Outstanding at January 1, 2017 1,720,000 $ 5.12 $ 2.89 4.5 years $ 2,428 Granted — Exercised (127,663) 4.02 2.03 401 Forfeited or expired (163,875) 5.75 2.99 136 Outstanding at December 31, 2017 1,428,462 $ 5.20 $ 2.96 3.7 years $ 653 Exercisable at December 31, 2017 934,959 5.66 3.77 2.7 years 414 Expected to Vest 468,581 $ 5.21 $ 2.98 3.7 years $ 239
Schedule of Information Regarding Restricted Stock Activity	Activity with respect to the company’s restricted stock awards during the year ended December 31, 2017 and 2016 is as follows: Restricted Stock Awards Shares Weighted Average Grant Date Weighted Average Remaining Aggregate Intrinsic Non-Vested at January 1, 2016 10,000 $ 5.83 0.2 years $ 40 Granted — — — — Lapse of restrictions (10,000) (5.83) — 52 Forfeited or expired — — — — Outstanding at December 31, 2016 — $ — — $ — Restricted Stock Awards Shares Weighted Average Grant Date Weighted Average Remaining Aggregate Intrinsic Non-Vested at January 1, 2017 — $ — — years $ — Granted 211,658 7.01 — 1,484 Lapse of restrictions (211,658) (7.01) — 1,488 Forfeited or expired — — — — Outstanding at December 31, 2017 — $ — — $ —
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable	Additional information regarding options outstanding as of December 31, 2017, is as follows: Weighted Average Contractual Life Weighted Weighted Average Range of Remaining Average Exercisable Grant Date Exercise Prices Options (Years) Exercise Price Options Fair Value $2.38 - $3.37 351,370 3.2 $ 2.65 215,370 $ 2.59 $3.38 - $4.42 4,250 2.2 3.99 4,250 3.99 $4.43 - $4.85 428,292 5.7 4.85 83,039 4.85 $4.86 - $6.65 61,000 1.3 5.35 57,250 5.38 $6.66 - $7.54 553,550 2.7 6.92 553,550 6.92 $7.55 - $8.76 30,000 3.8 8.37 21,500 8.38 1,428,462 3.7 $ 5.20 934,959 $ 5.66

EQUITY TRANSACTIONS (Tables)

EQUITY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 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: Announcement Date Payment Date Amount Per Share Cash Distributed December 7, 2017 December 29, 2017 $ 0.0650 $ 1,701 September 12, 2017 September 29, 2017 $ 0.0650 $ 1,701 June 1, 2017 June 30, 2017 $ 0.0650 $ 1,697 March 9, 2017 March 31, 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

QUARTERLY RESULTS OF OPERATIO45

QUARTERLY RESULTS OF OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following table sets forth selected financial results of the company on a quarterly basis. March 31 June 30 September 30 December 31 2016 2017 2016 2017 2016 2017 2016 2017 (Dollars in thousands, except per share data) Total revenue $ 64,575 $ 64,980 $ 67,779 $ 66,112 $ 71,272 $ 65,433 $ 70,695 $ 67,211 Operating income 6,083 4,819 9,702 8,619 8,835 5,005 3,458 4,531 Net income (loss) $ 353 $ 1,060 $ 3,356 $ 1,272 $ 2,192 $ (46) $ 2,972 $ 22,358 Basic earnings per share Class A and Class B common stock $ 0.01 $ 0.04 $ 0.13 $ 0.05 $ 0.08 $ — $ 0.11 $ 0.85 Diluted earnings per share Class A and B Class common stock $ 0.01 $ 0.04 $ 0.13 $ 0.05 $ 0.08 $ — $ 0.11 $ 0.85 Weighted average Class A and Class B shares outstanding – basic 25,485,234 25,901,801 25,551,445 26,062,403 25,815,242 26,144,796 25,826,230 26,166,769 Weighted average Class A and Class B shares outstanding – diluted 25,802,958 26,290,926 26,052,649 26,593,366 26,183,182 26,144,796 26,101,172 26,378,260

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Schedule of Segment Data	The table below presents financial information for each operating segment as of December 31, 2017, 2016 and 2015 based on the new composition of our operating s Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) Year Ended December 31, 2017 Net revenue $ 196,197 $ 43,096 $ 24,443 $ — $ 263,736 Operating expenses 145,494 33,675 24,475 16,255 219,899 Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration and (gain) loss on the sale or disposal of assets $ 50,703 $ 9,421 $ (32) $ (16,255) $ 43,837 Depreciation 7,754 3,166 644 805 12,369 Amortization 56 3,414 1,121 2 4,593 Impairment of indefinite-lived long-term assets other than goodwill — — 19 — 19 Change in estimated fair value of contingent earn-out consideration — (23) — — (23) (Gain) loss on the sale or disposal of assets 3,898 — (5) 12 3,905 Operating income (loss) $ 38,995 $ 2,864 $ (1,811) $ (17,074) $ 22,974 Year Ended December 31, 2016 Net revenue $ 202,016 $ 46,777 $ 25,528 $ — $ 274,321 Operating expenses 146,283 36,290 26,209 14,994 223,776 Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration and (gain) loss on the sale or disposal of assets $ 55,733 $ 10,487 $ (681) $ (14,994) $ 50,545 Depreciation 7,592 3,092 675 846 12,205 Amortization 86 4,304 680 1 5,071 Impairment of long-lived assets 700 — — — 700 Impairment of indefinite-lived long-term assets other than goodwill 6,540 — 501 — 7,041 Impairment of goodwill — 32 — — 32 Impairment of amortizable intangible assets — 8 — — 8 Change in estimated fair value of contingent earn-out consideration — (146) (543) — (689) (Gain) loss on the sale or disposal of assets (2,122) 236 (21) 6 (1,901) Operating income (loss) $ 42,937 $ 2,961 $ (1,973) $ (15,847) $ 28,078 Year Ended December 31, 2015 Net revenue $ 197,184 $ 44,761 $ 23,842 $ — $ 265,787 Operating expenses 140,819 35,380 24,774 15,146 216,119 Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration and (gain) loss on the sale or disposal of assets $ 56,365 $ 9,381 $ (932) $ (15,146) $ 49,668 Depreciation 7,726 3,091 637 963 12,417 Amortization 96 4,685 542 1 5,324 Impairment of goodwill 439 — — — 439 Change in estimated fair value of contingent earn-out consideration — (478) (1,237) — (1,715) (Gain) loss on the sale or disposal of assets 219 11 (58) 9 181 Operating income (loss) $ 47,885 $ 2,072 $ (816) $ (16,119) $ 33,022 Broadcast Digital Publishing Unallocated Consolidated (Dollars in thousands) As of December 31, 2017 Inventories, net $ — $ 313 $ 417 $ — $ 730 Property and equipment, net 83,901 6,173 1,281 8,125 99,480 Broadcast licenses 380,914 — — — 380,914 Goodwill 3,581 20,947 1,888 8 26,424 Other indefinite-lived intangible assets — — 313 — 313 Amortizable intangible assets, net 351 9,801 2,947 5 13,104 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

SUMMARY OF SIGNIFICANT ACCOUN47

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2017
Leasehold improvements [Member]
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property plant and equipment, estimated useful life, description	Lesser of the useful life or remaining lease term

SUMMARY OF SIGNIFICANT ACCOUN48

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	12 Months Ended
	Dec. 31, 2017
Customer lists and contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life, description	Lesser of 5 years or the life of contract
Domain and brand names [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	5 years
Domain and brand names [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life	7 years
Favorable and assigned leases [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful life, description	Lease Term

SUMMARY OF SIGNIFICANT ACCOUN49

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Balance, beginning of period	$ 783	$ 676
Self-funded costs	9,735	9,526
Claims paid	(9,771)	(9,419)
Ending period balance	$ 747	$ 783

SUMMARY OF SIGNIFICANT ACCOUN50

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair value of interest rate swap	$ 0	$ 514

SUMMARY OF SIGNIFICANT ACCOUN51

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) - shares	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Weighted average shares	26,166,769	26,144,796	26,062,403	25,901,801	25,826,230	25,815,242	25,551,445	25,485,234	26,068,942	25,669,538	25,426,732
Effect of dilutive securities - stock options									366,815	365,452	461,087
Weighted average shares adjusted for dilutive securities	26,378,260	26,144,796	26,593,366	26,290,926	26,101,172	26,183,182	26,052,649	25,802,958	26,435,757	26,034,990	25,887,819

SUMMARY OF SIGNIFICANT ACCOUN52

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Deferred Income Tax Liability	$ 33,081	$ 54,012
Deferred Income Tax Liability	34,151	63,423
Total Liabilities	341,538	379,076
Additional Paid In Capital	244,634	242,400	$ 240,627	$ 239,414
Retained Earnings (Accumulated Deficit)	20,370	2,516	321	(4,217)
Total Stockholders' Equity	$ 231,281	211,192	207,221	201,468
Scenario, Previously Reported [Member]
Deferred Income Tax Liability		60,769
Total Liabilities		376,422
Additional Paid In Capital		243,607	241,780	240,493
Retained Earnings (Accumulated Deficit)		3,963	1,768	(2,770)
Total Stockholders' Equity		213,846	209,821	203,994
Restatement Adjustment [Member]
Deferred Income Tax Liability		2,654
Total Liabilities		2,654
Additional Paid In Capital		(1,207)	(1,153)	(1,079)
Retained Earnings (Accumulated Deficit)		(1,447)	(1,447)	(1,447)
Total Stockholders' Equity		$ (2,654)	$ (2,600)	$ (2,526)

SUMMARY OF SIGNIFICANT ACCOUN53

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Dec. 22, 2017	May 19, 2017	Sep. 30, 2016	Sep. 30, 2008	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Mar. 27, 2013
Schedule Of Significant Accounting Policies [Line Items]
Interest Costs Capitalized						$ 200,000	$ 200,000
Capitalized Computer Software, Additions						3,700,000	2,300,000	$ 2,200,000
Capitalized Computer Software, Amortization						2,800,000	2,500,000	2,400,000
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax						3,900,000		200,000
Deferred Revenue, Leases, Current						4,300,000	4,300,000
Self Insurance Reserve						747,000	783,000	676,000
Unrecognized Tax Benefits, Beginning Balance							100,000	100,000
Unrecognized Tax Benefits, Interest on Income Taxes Accrued								$ 21,000
Deferred Tax Assets, Valuation Allowance						$ 6,154,000	$ 4,487,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance						1,428,462	1,720,000	1,581,123
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount						814,556	795,378	589,437
Percentage Of Total Revenue						36.80%	38.30%	39.20%
Business Combination, Bargain Purchase, Gain Recognized, Amount						$ 0	$ 95,000	$ 1,357,000
Impairment of Intangible Assets, Finite-lived						0	8,000	0
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount			$ 1,600,000			$ 6,200,000	4,500,000
Leasehold Improvement Charges							400,000
Debt Instrument, Interest Rate, Stated Percentage						4.58%
Operating Leases, Rent Expense						$ 15,500,000	15,300,000	14,800,000
Unrecognized Tax Benefits, Income Tax Penalties Accrued								6,000
Decreased in Contingent Earnout Liabilities						23,000	689,000
Debt Instrument, Face Amount						255,000,000
Payments for Derivative Instrument, Investing Activities		$ 800,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local						6,000,000	4,200,000
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Impairment Losses						$ 200,000	300,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent						35.00%
Deferred Income Tax Expense (Benefit)	$ 23,000,000					$ (20,932,000)	4,089,000	6,313,000
Debt Issuance Costs, Gross						700,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				1,741,854
Deferred Tax Liabilities, Net, Total						33,081,000	54,012,000
Additional Paid in Capital, Common Stock						244,634,000	242,400,000	240,627,000	$ 239,414,000
Retained Earnings (Accumulated Deficit), Total						$ 20,370,000	2,516,000	321,000	(4,217,000)
Percentage Of Taxable Income						80.00%
Scenario, Plan [Member]
Schedule Of Significant Accounting Policies [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					21.00%
Restatement Adjustment [Member]
Schedule Of Significant Accounting Policies [Line Items]
Deferred Tax Liabilities, Net, Total							2,654,000
Additional Paid in Capital, Common Stock							(1,207,000)	(1,153,000)	(1,079,000)
Retained Earnings (Accumulated Deficit), Total							(1,447,000)	(1,447,000)	$ (1,447,000)
Standby Letters of Credit [Member]
Schedule Of Significant Accounting Policies [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 5,000,000
Debt Instrument, Redemption, Period One [Member]
Schedule Of Significant Accounting Policies [Line Items]
Debt Instrument, Redemption Period, Start Date						Jun. 1, 2020
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed						100.00%
Debt Instrument, Redemption, Period Two [Member]
Schedule Of Significant Accounting Policies [Line Items]
Debt Instrument, Redemption Period, End Date						Jun. 1, 2020
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		35.00%				106.75%
Debt Instrument, Redemption,Percenatge of Aggregate Principal Amount						35.00%
Debt Instrument, Redemption, Period Three [Member]
Schedule Of Significant Accounting Policies [Line Items]
Debt Instrument, Redemption Period, End Date						Jun. 1, 2020
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		10.00%				103.00%
Debt Instrument, Redemption,Percenatge of Aggregate Principal Amount						10.00%
WSDZ-AM [Member]
Schedule Of Significant Accounting Policies [Line Items]
Business Combination, Bargain Purchase, Gain Recognized, Amount								800,000
KDIZ-AM [Member]
Schedule Of Significant Accounting Policies [Line Items]
Business Combination, Bargain Purchase, Gain Recognized, Amount								300,000
WWMI-AM [Member]
Schedule Of Significant Accounting Policies [Line Items]
Business Combination, Bargain Purchase, Gain Recognized, Amount								$ 300,000
KXFN-AM [Member]
Schedule Of Significant Accounting Policies [Line Items]
Business Combination, Bargain Purchase, Gain Recognized, Amount							100,000
Assetbased Revoloving Credit Facility [Member]
Schedule Of Significant Accounting Policies [Line Items]
Debt Instrument, Face Amount		$ 30,000,000
Debt Instrument, Interest Rate, Increase (Decrease)		2.00%				2.00%
Line of Credit Facility, Maximum Borrowing Capacity		$ 4,500,000				$ 9,000,000
Debt Related Commitment Fees and Debt Issuance Costs						$ 6,300,000
Senior Secured Debt [Member]
Schedule Of Significant Accounting Policies [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		6.75%				7.08%
Debt Instrument, Face Amount		$ 255,000,000				$ 255,000,000
Debt Instrument Expiration Period		2,024
Debt Related Commitment Fees and Debt Issuance Costs						600,000
Revolver [Member]
Schedule Of Significant Accounting Policies [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity						$ 25,000,000
Long-term Line of Credit, Noncurrent		$ 25,000,000
Notes [Member]
Schedule Of Significant Accounting Policies [Line Items]
Debt Instrument, Term						7 years
Debt Instrument, Maturity Date						Jun. 1, 2024
Swingline Loans [Member]
Schedule Of Significant Accounting Policies [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 7,500,000
Miami [Member]
Schedule Of Significant Accounting Policies [Line Items]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax						$ 4,700,000	$ 1,900,000
Los Angeles [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage Of Total Revenue						15.40%	15.10%	14.70%
Dallas TX [Member]
Schedule Of Significant Accounting Policies [Line Items]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax						$ 77,000,000,000
Percentage Of Total Revenue						19.30%	20.80%	24.50%
South Carolina [Member]
Schedule Of Significant Accounting Policies [Line Items]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax							$ 700,000
Tampa FL [Member]
Schedule Of Significant Accounting Policies [Line Items]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax						$ 2,000,000,000
Dallas Texas Market [Member]
Schedule Of Significant Accounting Policies [Line Items]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax						500,000
Broadcasting [Member]
Schedule Of Significant Accounting Policies [Line Items]
Advertising Revenue						5,800,000	5,400,000	$ 6,100,000
Advertising Expense						5,600,000	5,300,000	5,900,000
Digital Media [Member]
Schedule Of Significant Accounting Policies [Line Items]
Advertising Revenue						100,000	42,000	100,000
Advertising Expense						100,000	34,000	100,000
WQVN AM Tower Site [Member]
Schedule Of Significant Accounting Policies [Line Items]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax						400,000
Print Magazine Segment [Member]
Schedule Of Significant Accounting Policies [Line Items]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax						$ 16,000,000,000
Pre Tax Gain (Loss) On Partial sale [Member]
Schedule Of Significant Accounting Policies [Line Items]
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax							1,900,000	200,000
Maximum [Member] | Assetbased Revoloving Credit Facility [Member]
Schedule Of Significant Accounting Policies [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage						0.375%
Maximum [Member] | Assetbased Revoloving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Schedule Of Significant Accounting Policies [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.00%
Maximum [Member] | Assetbased Revoloving Credit Facility [Member] | Base Rate [Member]
Schedule Of Significant Accounting Policies [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.00%
Maximum [Member] | Revolver [Member]
Schedule Of Significant Accounting Policies [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.375%
Minimum [Member] | Assetbased Revoloving Credit Facility [Member]
Schedule Of Significant Accounting Policies [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage						0.25%
Minimum [Member] | Assetbased Revoloving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Schedule Of Significant Accounting Policies [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.50%
Minimum [Member] | Assetbased Revoloving Credit Facility [Member] | Base Rate [Member]
Schedule Of Significant Accounting Policies [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.50%
Minimum [Member] | Revolver [Member]
Schedule Of Significant Accounting Policies [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.25%
Production Costs [Member]
Schedule Of Significant Accounting Policies [Line Items]
Marketing and Advertising Expense, Total						$ 12,000,000	$ 12,300,000	$ 11,300,000
Broadcast Licenses [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage Of Fair Value Over Carrying Value						25.00%
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount						25.00%
Licensing Agreements [Member]
Schedule Of Significant Accounting Policies [Line Items]
Finite-Lived Intangible Asset, Weighted Average Period before Next Renewal or Extension						3 years 6 months
Interest Rate Swap [Member]
Schedule Of Significant Accounting Policies [Line Items]
Derivative, Notional Amount										$ 150,000,000
Derivative, Floor Interest Rate						0.625%
Derivative, Maturity Date						Mar. 28, 2019
Derivative, Fixed Interest Rate						1.645%

IMPAIRMENT OF GOODWILL AND OT54

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details) - Broadcast Licenses [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Less than or equal to 25% [Member]
Fair Value Measurements [Line Items]
Number of accounting units	8
Broadcast license carrying value	$ 174,287
Less than or equal to 25% [Member] | Station Operating Income [Member]
Fair Value Measurements [Line Items]
Number of accounting units	0
Broadcast license carrying value	$ 0
>26% to 50% [Member]
Fair Value Measurements [Line Items]
Number of accounting units	2
Broadcast license carrying value	$ 7,692
>26% to 50% [Member] | Station Operating Income [Member]
Fair Value Measurements [Line Items]
Number of accounting units	4
Broadcast license carrying value	$ 49,765
>50% to 75% [Member]
Fair Value Measurements [Line Items]
Number of accounting units	0
Broadcast license carrying value	$ 0
>75% [Member]
Fair Value Measurements [Line Items]
Number of accounting units	15
Broadcast license carrying value	$ 105,641
>50% to 100% [Member] | Station Operating Income [Member]
Fair Value Measurements [Line Items]
Number of accounting units	1
Broadcast license carrying value	$ 27,878
> than 100% [Member] | Station Operating Income [Member]
Fair Value Measurements [Line Items]
Number of accounting units	4
Broadcast license carrying value	$ 27,372

IMPAIRMENT OF GOODWILL AND OT55

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details 1) - Broadcast Licenses [Member]	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk-adjusted discount rate	9.00%	8.50%	8.00%
Long-term market revenue growth rate ranges	1.90%	1.90%	2.00%
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Operating profit margin ranges	(13.90%)	(13.90%)	(13.90%)
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Operating profit margin ranges	30.80%	30.80%	30.80%

IMPAIRMENT OF GOODWILL AND OT56

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details 2) - Current Year [Member]	12 Months Ended
	Dec. 31, 2017
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	22.90%
Atlanta GA [Member]
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	3.50%
Boston MA [Member]
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	31.60%
Chicago IL [Member]
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	63.00%
Cleveland OH [Member]
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	4.40%
Col Springs CO [Member]
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	89.90%
Dallas TX [Member]
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	1.30%
Detroit, MI [Member]
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	5.30%
Greenville, SC [Member]
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	92.00%
Louisville KY [Member]
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	22.30%
Miami FL [Member]
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	71.30%
Minneapolis, MN [Member]
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	68.20%
Omaha NE [Member]
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	27.30%
Orlando FL [Member]
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	55.50%
Portland OR [Member]
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	3.30%
Sacramento CA [Member]
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	15.90%
San Francisco CA [Member]
Goodwill And Other Intangibles [Line Items]
Excess Fair Value Estimate	3.10%

IMPAIRMENT OF GOODWILL AND OT57

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details 3) - Mastheads [Member]	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk-adjusted discount rate	10.00%	9.50%	8.00%
Royalty rate	3.00%	3.00%	3.00%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Projected revenue growth ranges	0.90%	1.20%	2.90%
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Projected revenue growth ranges	(3.20%)	(4.30%)	2.10%

IMPAIRMENT OF GOODWILL AND OT58

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details 4)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Radio Clusters [Member] | Goodwill-Broadcast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk adjusted discount rate	9.00%	8.50%	8.00%
Operating profit margin ranges			49.70%
Long-term revenue market growth rate ranges	1.90%	1.90%	2.00%
Maximum [Member] | Radio Clusters [Member] | Goodwill-Broadcast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Operating profit margin ranges	36.20%	43.30%
Minimum [Member] | Radio Clusters [Member] | Goodwill-Broadcast [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Operating profit margin ranges	(7.80%)	(18.50%)
Digital Media Enterprise Valuations [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk adjusted discount rate	10.00%
Digital Media Enterprise Valuations [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk adjusted discount rate		9.50%	9.00%
Operating profit margin ranges	36.00%	8.20%	13.80%
Long-term revenue market growth rate ranges	2.00%	2.50%	3.00%
Digital Media Enterprise Valuations [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk adjusted discount rate		8.50%	8.00%
Operating profit margin ranges	8.00%	(20.30%)	(8.90%)
Long-term revenue market growth rate ranges	1.90%	1.90%	2.00%
Publishing Enterprise Valuations [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Risk adjusted discount rate	10.00%	8.50%	8.00%
Long-term revenue market growth rate ranges	1.90%	1.90%	2.00%
Publishing Enterprise Valuations [Member] | Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Operating profit margin ranges	5.50%	5.70%	6.20%
Publishing Enterprise Valuations [Member] | Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Operating profit margin ranges	5.00%	3.50%	4.20%

IMPAIRMENT OF GOODWILL AND OT59

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details 5) - Goodwill [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)integerItemType
Less than 10% [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units | integerItemType	3
Carrying value including goodwill | $	$ 83,729
>10% to 20% [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units | integerItemType	2
Carrying value including goodwill | $	$ 25,053
> 20% to 50% [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units | integerItemType	7
Carrying value including goodwill | $	$ 120,849
> than 50% [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units | integerItemType	7
Carrying value including goodwill | $	$ 69,981

IMPAIRMENT OF GOODWILL AND OT60

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details 6) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)integerItemType
>10% [Member] | Digital Media [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units | integerItemType	1
Carrying value including goodwill | $	$ 448
>10% [Member] | Publishing Enterprise Valuations [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units | integerItemType	0
Carrying value including goodwill | $	$ 0
>10% to 20% [Member] | Digital Media [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units | integerItemType	0
Carrying value including goodwill | $	$ 0
>10% to 20% [Member] | Publishing Enterprise Valuations [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units | integerItemType	0
Carrying value including goodwill | $	$ 0
>20% to 50% [Member] | Digital Media [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units | integerItemType	1
Carrying value including goodwill | $	$ 3,585
>20% to 50% [Member] | Publishing Enterprise Valuations [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units | integerItemType	0
Carrying value including goodwill | $	$ 0
> than 50% [Member] | Digital Media [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units | integerItemType	2
Carrying value including goodwill | $	$ 28,343
> than 50% [Member] | Publishing Enterprise Valuations [Member]
Carrying Amounts And Fair Values Of Financial Instruments [Line Items]
Number of accounting units | integerItemType	2
Carrying value including goodwill | $	$ 2,993

IMPAIRMENT OF GOODWILL AND OT61

IMPAIRMENT OF GOODWILL AND OTHER INDEFINITE-LIVED INTANGIBLE ASSETS (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill And Other Intangible Assets [Line Items]
Impairment of Intangible Assets, Finite-lived	$ 0	$ 8	$ 0
Broadcast Licenses [Member]
Goodwill And Other Intangible Assets [Line Items]
Percentage Of Fair Value Over Carrying Value	25.00%
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	25.00%
Mastheads [Member]
Goodwill And Other Intangible Assets [Line Items]
Impairment of Intangible Assets, Finite-lived	$ 19

ACQUISITIONS AND RECENT TRANS62

ACQUISITIONS AND RECENT TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 4,043	$ 10,120
FM Translator, Aurora, Florida (asset purchase)
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 50
Business Acquisition, Effective Date of Acquisition		Dec. 31, 2016
FM Translator Port St. Lucie Florida Asset Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 50
Business Acquisition, Effective Date of Acquisition		Dec. 31, 2016
FM Translator Rhinelander Wisconsin Asset Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 50
Business Acquisition, Effective Date of Acquisition		Dec. 14, 2016
FM Translator Little Fish Lake Valley California Asset Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 44
Business Acquisition, Effective Date of Acquisition		Dec. 8, 2016
FM Translator Lake Placid Florida Asset Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 35
Business Acquisition, Effective Date of Acquisition		Dec. 1, 2016
Christian Concert Alerts.com [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 150
Business Acquisition, Effective Date of Acquisition		Dec. 1, 2016
FM Translator construction permit, Kihei, Hawaii asset purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 55
Business Acquisition, Effective Date of Acquisition		Nov. 22, 2016
FM Translator construction permit, Lahaina, Hawaii asset purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 55
Business Acquisition, Effective Date of Acquisition		Nov. 22, 2016
FM Translator Crested Butte Colorado Asset Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 39
Business Acquisition, Effective Date of Acquisition		Nov. 22, 2016
FM Translator Dansville New York Asset Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 75
Business Acquisition, Effective Date of Acquisition		Nov. 21, 2016
FM Translator Carbondale Pennsylvania Asset Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 75
Business Acquisition, Effective Date of Acquisition		Nov. 21, 2016
FM Translator Sebring Florida Asset Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 77
Business Acquisition, Effective Date of Acquisition		Nov. 7, 2016
KXFN-AM, St. Louis, Missouri business acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 190
Business Acquisition, Effective Date of Acquisition		Oct. 20, 2016
FM Translator construction permit, Angola, Indiana asset purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 50
Business Acquisition, Effective Date of Acquisition		Oct. 20, 2016
FM Translator construction permit, Cofax, Indiana asset purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 55
Business Acquisition, Effective Date of Acquisition		Oct. 20, 2016
FM Translator construction permit, Battle Creek, Michigan asset purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 50
Business Acquisition, Effective Date of Acquisition		Oct. 20, 2016
FM Translator construction permit Palm Coast, Florida Related Partyasset purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 65
Business Acquisition, Effective Date of Acquisition		Oct. 19, 2016
Historyonthenet.com and Authentichistory.com asset purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 85
Business Acquisition, Effective Date of Acquisition		Oct. 17, 2016
FM Translator Lake City Florida Asset Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 65
Business Acquisition, Effective Date of Acquisition		Oct. 12, 2016
Mill City Press and Bookprinting.com (business acquisition) [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 3,515
Business Acquisition, Effective Date of Acquisition		Aug. 1, 2016
FM Translator, Columbus, Ohio asset purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 345
Business Acquisition, Effective Date of Acquisition		Jun. 20, 2016
Fm Translator Amherst New York Asset Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 60
Business Acquisition, Effective Date of Acquisition		Jun. 10, 2016
Fm Translator Construction Permit Charlotte Michigan Asset Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 50
Business Acquisition, Effective Date of Acquisition		Jun. 8, 2016
Fm Translator Construction Permit Atwood Kentucky Asset Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 88
Business Acquisition, Effective Date of Acquisition		Jun. 3, 2016
Fm Translator Construction Permit Kerrville Texas Asset Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 50
Business Acquisition, Effective Date of Acquisition		May 13, 2016
Fm Translator Lincoln Maine Asset Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 100
Business Acquisition, Effective Date of Acquisition		May 2, 2016
Fm Translator Construction Permit Emporia Kansas Asset Purchase [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 25
Business Acquisition, Effective Date of Acquisition		Apr. 29, 2016
Retirement Watch Business Acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 100
Business Acquisition, Effective Date of Acquisition		Apr. 1, 2016
Purchase of other domain names and assets asset purchases [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 6
King James Bible Mobile Applications [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 4,000
Business Acquisition, Effective Date of Acquisition		Mar. 8, 2016
FM translator construction permit, Kingsville, Texas [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 50
Business Acquisition, Effective Date of Acquisition		Nov. 11, 2016
WWRC-AM formerly WSPZ-AM in Bethesda, Maryland business acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 620
Business Acquisition, Effective Date of Acquisition	Nov. 22, 2017
Real property of radio station WSPZ-AM in Bethesda, Maryland business acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 1,500
Business Acquisition, Effective Date of Acquisition	Sep. 15, 2017
TeacherTube.com business acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 1,100
Business Acquisition, Effective Date of Acquisition	Aug. 31, 2017
Intelligence Reporter newsletter business acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 0
Business Acquisition, Effective Date of Acquisition	Aug. 31, 2017
FM Translator construction permit, Eaglemount, Washington asset acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 40
Business Acquisition, Effective Date of Acquisition	Jul. 24, 2017
TradersCrux.com business acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 298
Business Acquisition, Effective Date of Acquisition	Jul. 6, 2017
FM Translator construction permit, Festus, Missouri asset acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total	$ 40
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
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
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
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
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
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
Business Acquisition, Effective Date of Acquisition	Jan. 1, 2017
Turner Investment Products Business Acquisition [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Total		$ 416
Business Acquisition, Effective Date of Acquisition		Sep. 13, 2016

ACQUISITIONS AND RECENT TRANS63

ACQUISITIONS AND RECENT TRANSACTIONS (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Cash payments made upon closing	$ 3,972	$ 8,414
Deferred payments		1,640
Present value of estimated fair value of contingent earn-out consideration		66
Escrow deposits paid in prior years	35
Present value of estimated fair value of contingent earn-out consideration	36
Total purchase price consideration	4,043
Total acquisition consideration		10,120
Gain on bargain purchase	0	95	$ 1,357
Fair value of net assets acquired	$ 4,043	$ 10,215

ACQUISITIONS AND RECENT TRANS64

ACQUISITIONS AND RECENT TRANSACTIONS (Details 2) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Trade accounts receivable, net of allowances of $42	$ 34,843	$ 37,260
Property and equipment	2,394	900
Broadcast licenses	389	1,719
Goodwill	824	1,082
Domain and brand names	647	3,250
Customer lists and contracts	314	2,576
Subscriber base and lists	2,316	675
Author relationships		526
Non-compete agreements	11	1,005
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets	6,895
Liabilities
Deferred revenue	(2,852)	(1,684)
Total purchase price consideration	4,043	10,215
Broadcast [Member]
Assets
Trade accounts receivable, net of allowances of $42		0
Property and equipment	1,915	224
Broadcast licenses	389	1,719
Goodwill	14	0
Domain and brand names	0	0
Customer lists and contracts	0	0
Subscriber base and lists	0	0
Author relationships		0
Non-compete agreements	0	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets	2,318
Liabilities
Deferred revenue	0	0
Total purchase price consideration	2,318	1,943
Digital Media [Member]
Assets
Trade accounts receivable, net of allowances of $42		0
Property and equipment	479	405
Broadcast licenses	0	0
Goodwill	810	237
Domain and brand names	647	1,129
Customer lists and contracts	314	2,576
Subscriber base and lists	2,316	675
Author relationships		0
Non-compete agreements	11	289
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets	4,577
Liabilities
Deferred revenue	(2,852)	(642)
Total purchase price consideration	$ 1,725	4,669
Publishing Enterprise Valuations [Member]
Assets
Trade accounts receivable, net of allowances of $42		166
Property and equipment		271
Broadcast licenses		0
Goodwill		845
Domain and brand names		2,121
Customer lists and contracts		0
Subscriber base and lists		0
Author relationships		526
Non-compete agreements		716
Liabilities
Deferred revenue		(1,042)
Total purchase price consideration		$ 3,603

ACQUISITIONS AND RECENT TRANS65

ACQUISITIONS AND RECENT TRANSACTIONS (Details 2) (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Allowance for Doubtful Accounts Receivable, Current	$ 11,019	$ 10,420
Allowance for Trade Receivables [Member]
Business Acquisition [Line Items]
Allowance for Doubtful Accounts Receivable, Current		$ 42

ACQUISITIONS AND RECENT TRANS66

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

Aug. 09, 2017

Jul. 06, 2017

Jun. 08, 2017

Aug. 01, 2016

Jun. 10, 2016

Apr. 05, 2016

Mar. 08, 2016

Dec. 29, 2017

Nov. 22, 2017

Sep. 29, 2017

Sep. 15, 2017

Aug. 31, 2017

Jun. 30, 2017

May 30, 2017

May 19, 2017

Mar. 30, 2017

Feb. 28, 2017

Feb. 24, 2017

Jan. 30, 2017

Jan. 03, 2017

Dec. 30, 2016

Nov. 30, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Mar. 17, 2016

Dec. 31, 2017

Dec. 28, 2017

Dec. 31, 2016

Dec. 31, 2015

Dec. 02, 2017

Mar. 15, 2017

Sep. 13, 2016

May 17, 2016

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

Payments for Loans

$ 2,000,000

Debt Instrument, Face Amount

$ 255,000,000

Gains (Losses) on Extinguishment of Debt, Total

$ 600,000

4,500,000

(2,775,000)

$ (87,000)

$ (41,000)

Amortization of Financing Costs

$ 18,000,000

12,000,000

940,000

$ 631,000

628,000

Dividends Payable, Date Declared

Mar. 10, 2016

Dec. 7, 2017

Sep. 12, 2017

Jun. 2, 2016

Common Stock, Dividends, Per Share, Declared

$ 0.0650

$ 0.0650

$ 0.0650

$ 0.0650

$ 0.0650

$ 0.0650

$ 0.0650

$ 0.0650

Payments of Ordinary Dividends, Common Stock

$ 1,700,000

$ 1,700,000

$ 1,700,000

$ 1,700,000

$ 1,700,000

$ 1,700,000

$ 1,600,000

6,790,000

$ 6,678,000

6,612,000

Dividends Payable, Date to be Paid

Apr. 5, 2016

Dec. 29, 2017

Sep. 29, 2017

Sep. 30, 2016

Jun. 30, 2016

Dec. 31, 2016

Dividends Payable, Date of Record

Mar. 22, 2016

Dec. 18, 2017

Sep. 22, 2017

Sep. 19, 2016

Jun. 16, 2016

Dec. 19, 2016

Business Combination, Consideration Transferred, Total

4,043,000

$ 10,120,000

Goodwill

26,424,000

25,613,000

24,563,000

Business Combination, Liabilities Arising from Contingencies, Amount Recognized

$ 1,200,000

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

$ 1,300,000

1,100,000

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

600,000

Payments to Acquire Intangible Assets

$ 3,000

Proceeds from Sale of Land Held-for-use

$ 700,000

Debt Instrument, Interest Rate, Stated Percentage

4.58%

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

211,658

0

Business Combination Recognized Identifiable Assets Increase or Decrease

$ 1,000,000

$ 100,000

$ 500,000

Proceeds from Collection of Lease Receivables

$ 600,000

Proceeds from Sale of Intangible Assets

$ 10,000

Gain (Loss) on Disposition of Intangible Assets

$ 56,000

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

WQVN-AM [Member]

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

Agreement to Sell Assets in Cash

$ 3,500,000

Gain (Loss) on Disposition of Assets for Financial Service Operations

4,700,000

WQVN AM Tower Site [Member]

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

Proceeds from Sale of Property, Plant, and Equipment

$ 1,900,000

Gain (Loss) on Disposition of Assets

$ 400,000

Restricted Stock [Member] | Executive Officer [Member]

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

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

33,066

Restricted Stock [Member] | Management [Member]

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

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period

178,592

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

$ 255,000,000

Debt Instrument Expiration Period

2,024

Debt Instrument, Interest Rate, Stated Percentage

6.75%

7.08%

Assetbased 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

4,500,000

$ 9,000,000

Word Broadcasting Network [Member]

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

Proceeds from Sale of Other Assets

$ 500,000

Nationa lPark Service [Member]

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

Proceeds from Sale of Other Assets

$ 2,500,000

Gain (Loss) on Disposition of Other Assets

$ 1,900,000

King James Bible Mobile Applications [Member]

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

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

4,000,000

Goodwill

200,000

Payments to Acquire Businesses, Gross

2,700,000

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

$ 300,000

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

300,000

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

$ 200,000

Term B Loan [Member]

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

Payments for Loans

258,000,000

3,000,000

$ 5,000,000

$ 1,000,000

2,300,000

$ 1,200,000

$ 800,000

$ 800,000

Debt Instrument, Face Amount

300,000,000

Gains (Losses) on Extinguishment of Debt, Total

1,500,000

$ 6,200,000

$ 4,500

12,000

2,500

3,900

1,300

2,500

Amortization of Financing Costs

$ 33,000,000

$ 6,900,000

14,000,000

3,400,000

$ 6,700,000

Early Repayments Of Debt Principal Payments

$ 1,500,000

$ 400,000

Debt Instrument, Interest Rate, Stated Percentage

4.78%

Line of Credit Facility, Maximum Borrowing Capacity

300,000,000

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

56,000,000,000

Amortization of Financing Costs

26,000

$ 70,000

$ 68,000

Line of Credit Facility, Maximum Borrowing Capacity

25,000,000

Long-term Line of Credit, Noncurrent

$ 25,000,000

Time Brokerage Agreement [Member]

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

License Fee Payable

100,000

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

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

Business Combination, Consideration Transferred, Total

$ 3,000

FM Translator in Columbus, Ohio [Member]

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

Business Acquisition, Effective Date of Acquisition

Jun. 20, 2016

Business Combination, Consideration Transferred, Total

$ 300,000

FM Translator Aurora Florida Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Dec. 31, 2016

Business Combination, Consideration Transferred, Total

$ 50,000

FM Translator Port St. Lucie Florida Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Dec. 31, 2016

Business Combination, Consideration Transferred, Total

$ 50,000

FM Translator Rhinelander Wisconsin Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Dec. 14, 2016

Business Combination, Consideration Transferred, Total

$ 50,000

FM Translator Little Fish Lake Valley California Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Dec. 8, 2016

Business Combination, Consideration Transferred, Total

$ 44,000

FM Translator Lake Placid Florida Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Dec. 1, 2016

Business Combination, Consideration Transferred, Total

$ 35,000

FM Translator construction permit Lahaina Hawaii and Kihei Hawaii Asset Purchase [Member]

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

Business Combination, Consideration Transferred, Total

$ 110,000

FM Translator Crested Butte Colorado Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Nov. 22, 2016

Business Combination, Consideration Transferred, Total

$ 39,000

FM Translator Dansville New York Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Nov. 21, 2016

Business Combination, Consideration Transferred, Total

$ 75,000

FM Translator construction permit Kingsville Texas Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Nov. 11, 2016

Business Combination, Consideration Transferred, Total

$ 50,000

FM Translator Sebring Florida Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Nov. 7, 2016

Business Combination, Consideration Transferred, Total

$ 77,000

FM Translator Carbondale Pennsylvania Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Nov. 21, 2016

Business Combination, Consideration Transferred, Total

$ 75,000

Radio Station KXFN-AM St. Louis Missouri [Member]

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

Business Acquisition, Effective Date of Acquisition

Oct. 20, 2016

Business Combination, Consideration Transferred, Total

$ 190,000

FM Translator construction permit Angola Indiana Cofax Indiana and Battle Creek Michigan Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Oct. 20, 2016

Business Combination, Consideration Transferred, Total

$ 155,000

FM Translator construction permit Palm Coast Florida Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Oct. 19, 2016

Business Combination, Consideration Transferred, Total

$ 65,000

FM Translator Lake City Florida Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Oct. 12, 2016

Business Combination, Consideration Transferred, Total

$ 65,000

Fm Translator Amherst New York Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Jun. 10, 2016

Business Combination, Consideration Transferred, Total

$ 60,000

Fm Translator Construction Permit Charlotte Michigan Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Jun. 8, 2016

Business Combination, Consideration Transferred, Total

$ 50,000

Fm Translator Construction Permit Kerrville Texas Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

May 13, 2016

Business Combination, Consideration Transferred, Total

$ 50,000

Fm Translator Construction Permit Atwood Kentucky Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Jun. 3, 2016

Business Combination, Consideration Transferred, Total

$ 88,000

Fm Translator Lincoln Maine Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

May 2, 2016

Business Combination, Consideration Transferred, Total

$ 100,000

Fm Translator Construction Permit Emporia Kansas Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Apr. 29, 2016

Business Combination, Consideration Transferred, Total

$ 25,000

Christian Concert Alerts.com [Member]

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

Business Acquisition, Effective Date of Acquisition

Dec. 1, 2016

Business Combination, Consideration Transferred, Total

$ 150,000

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

200

Payments to Acquire Businesses, Gross

100

Business Acquisition Installments Payable

$ 50,000

History On The Net.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

100,000

Cycleprophetcom Business Acquisition [Member]

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

Business Combination, Consideration Transferred, Total

400,000

Goodwill

$ 7,200

Business Acquisition Purchase Price Allocation Deferred Revenue

100,000

Business Acquisition Contingent Earn Out Consideration Payable

$ 100,000

Estimated Contingent Earn-out Consideration

$ 66,000

Retirement Watch Business Acquisition [Member]

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

Business Acquisition, Effective Date of Acquisition

Apr. 1, 2016

Business Combination, Consideration Transferred, Total

$ 100,000

Goodwill

8,600

Business Acquisition Purchase Price Allocation Deferred Revenue

$ 600,000

Hillcrest Media Group Inc [Member]

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

Business Combination, Consideration Transferred, Total

$ 3,500,000

Goodwill

800,000

Payments to Acquire Businesses, Gross

3,300,000

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

1,000,000

Business Combination, Consideration Transferred, Liabilities Incurred

$ 200,000

FM translator construction permit in Eaglemount, Washington Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Jul. 24, 2017

Business Combination, Consideration Transferred, Total

$ 40,000

FM translator construction permit in Festus, Missouri Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Jun. 28, 2017

Business Combination, Consideration Transferred, Total

$ 40,000

FM translator construction permit in Quartz Site, Arizona Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Mar. 14, 2017

Business Combination, Consideration Transferred, Total

$ 20,000

FM translator construction permit in Roseburg, Oregon Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Mar. 1, 2017

Business Combination, Consideration Transferred, Total

$ 45,000

FM translator in Astoria, Oregon Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Jan. 16, 2017

Business Combination, Consideration Transferred, Total

$ 33,000

FM translator construction permit in Mohave Valley, Arizona Asset Purchase [Member]

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

Business Acquisition, Effective Date of Acquisition

Jan. 6, 2017

Business Combination, Consideration Transferred, Total

$ 20,000

Radio Station WSPZ-AM [Member]

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

Business Combination, Consideration Transferred, Total

$ 600,000

$ 1,500,000

Goodwill

$ 13,000

TeacherTube.com Website [Member]

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

Business Combination, Consideration Transferred, Total

1,100,000

Intelligence Report Newsletter [Member]

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

Business Combination, Consideration Transferred, Total

2,500,000

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

$ 2,900,000

TradersCrux.com Website [Member]

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

Business Combination, Consideration Transferred, Total

$ 300,000

Estimated Contingent Earn-out Consideration

$ 100,000

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

Estimated Contingent Earn-out Consideration

$ 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

CONTINGENT EARN-OUT CONSIDERA67

CONTINGENT EARN-OUT CONSIDERATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	$ 66	$ 775
Acquisitions	36	66
Accretion of acquisition-related contingent earn-out consideration	4	25
Change in the estimated fair value of contingent earn-out consideration	(23)	(689)	$ (1,715)
Reclassification of payments due in next 12 months to short-term	0	0
Payments	(14)	(111)
Ending Balance	69	66	775
Short-Term Accrued Expenses [Member]
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	66	173
Acquisitions	36	66
Accretion of acquisition-related contingent earn-out consideration	4	17
Change in the estimated fair value of contingent earn-out consideration	(23)	(635)
Reclassification of payments due in next 12 months to short-term	0	556
Payments	(14)	(111)
Ending Balance	69	66	173
Long-Term Other Liabilities [Member]
Business Acquisition, Contingent Consideration [Line Items]
Beginning Balance	0	602
Acquisitions	0	0
Accretion of acquisition-related contingent earn-out consideration	0	8
Change in the estimated fair value of contingent earn-out consideration	0	(54)
Reclassification of payments due in next 12 months to short-term	0	(556)
Payments	0	0
Ending Balance	$ 0	$ 0	$ 602

CONTINGENT EARN-OUT CONSIDERA68

CONTINGENT EARN-OUT CONSIDERATION (Details Textual) - USD ($)

Sep. 13, 2017

Jul. 06, 2017

Jun. 08, 2017

May 06, 2017

May 06, 2015

Feb. 06, 2015

Jan. 10, 2014

Sep. 13, 2016

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Feb. 06, 2017

Business Acquisition, Contingent Consideration [Line Items]

Business Combination, Contingent Consideration Arrangements Payment

$ (14,000)

$ (111,000)

Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability

(23,000)

$ (689,000)

$ (1,715,000)

Business Combination, Liabilities Arising from Contingencies, Amount Recognized

1,200,000

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, 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

Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability

$ 53,000

Business Combination, Liabilities Arising from Contingencies, Amount Recognized

66,000

Business Acquisition Contingent Earn Out Consideration Payable

$ 100,000

Eagle Publishing [Member]

Business Acquisition, Contingent Consideration [Line Items]

Business Acquisition Contingent Earn Out Consideration Payable

$ 1,400,000

Portuguese Bible Mobile Application [Member]

Business Acquisition, Contingent Consideration [Line Items]

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 65,000

Business Combination, Contingent Consideration Arrangements Payment

20,000

Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability

1,700

Business Combination, Liabilities Arising from Contingencies, Amount Recognized

16,500

Business Acquisition Contingent Earn Out Consideration Payable

$ 20,000

TradersCrux com [Member]

Business Acquisition, Contingent Consideration [Line Items]

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 300,000

Business Combination, Contingent Consideration Arrangements Payment

100,000

Business Combination, Liabilities Arising from Contingencies, Amount Recognized

18,750

$ 31,000

Business Acquisition Contingent Earn Out Consideration Payable

100,000

Payments to Acquire Businesses, Gross

$ 300,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Inventory [Line Items]
Reserve for obsolescence	$ (1,657)	$ (2,226)
Inventories, net	730	670
Regnery Publishing [Member]
Inventory [Line Items]
Inventories, gross	2,038	2,473
Reserve for obsolescence	(1,621)	(2,104)
Inventories, net	417	369
Wellness Products [Member]
Inventory [Line Items]
Inventories, gross	349	423
Reserve for obsolescence	(36)	(122)
Inventories, net	$ 313	$ 301

BROADCAST LICENSES (Details)

BROADCAST LICENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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, Beginning Balance	(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	5	307
Impairments based on estimated fair value of broadcast licenses	0	(6,540)
Balance, end of period before cumulative loss on impairment	486,455	494,058
Accumulated loss on impairment, Ending Balance	(105,541)	(105,541)
Balance, end of period after cumulative loss on impairment	380,914	388,517
Radio Stations [Member]
Indefinite-lived Intangible Assets [Line Items]
Acquisitions	191	74
FM Translators [Member]
Indefinite-lived Intangible Assets [Line Items]
Acquisitions	198	1,645
WQVN AM Tower Site [Member]
Indefinite-lived Intangible Assets [Line Items]
Sale of WSPZ-AM (formerly WKAT-AM)	$ (7,997)	$ 0

GOODWILL (Details)

GOODWILL (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Line Items]
Balance, beginning of period before cumulative loss on impairment,	$ 27,642	$ 26,560
Beginning Balance, Accumulated loss on impairment	(2,029)	(1,997)
Balance, beginning of period after cumulative loss on impairment	25,613	24,563
Impairments based on the estimated fair value	0	(32)	$ (439)
Balance, end of period before cumulative loss on impairment	28,453	27,642	26,560
Ending Balance, Accumulated loss on impairment	(2,029)	(2,029)	(1,997)
Ending period balance	26,424	25,613	$ 24,563
Radio Stations [Member]
Goodwill [Line Items]
Acquisitions	14	0
Digital Media Entities [Member]
Goodwill [Line Items]
Acquisitions	810	237
Publishing Entities [Member]
Goodwill [Line Items]
Acquisitions	0	845
Broadcast business [Member]
Goodwill [Line Items]
Goodwill, Written off Related to Sale of Business Unit	$ (13)	$ 0

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment, Gross, Total	$ 264,200	$ 258,814
Less accumulated depreciation	(164,720)	(156,024)
Property, Plant and Equipment, Net, Total	99,480	102,790
Land [Member]
Property, Plant and Equipment, Gross, Total	32,320	32,402
Building [Member]
Property, Plant and Equipment, Gross, Total	28,962	29,070
Office furnishings and equipment [Member]
Property, Plant and Equipment, Gross, Total	37,583	37,386
Office Furnishings And Equipment Under Capital Lease Obligations [Member]
Property, Plant and Equipment, Gross, Total	244	228
Antennae, towers and transmitting equipment
Property, Plant and Equipment, Gross, Total	85,632	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
Property, Plant and Equipment, Gross, Total	29,697	28,668
Computer Software [Member]
Property, Plant and Equipment, Gross, Total	24,477	20,042
Record and tape libraries [Member]
Property, Plant and Equipment, Gross, Total	27	27
Automobiles [Member]
Property, Plant and Equipment, Gross, Total	1,385	1,373
Leasehold Improvements [Member]
Property, Plant and Equipment, Gross, Total	19,003	14,696
Construction in Progress [Member]
Property, Plant and Equipment, Gross, Total	$ 4,075	$ 9,983

PROPERTY AND EQUIPMENT (Detai73

PROPERTY AND EQUIPMENT (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Depreciation, Total	$ 12,400,000	$ 12,200,000	$ 12,400,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	164,720,000	156,024,000
Capital Lease [Member]
Depreciation, Total	93,000,000,000	96,000,000,000	108,000,000,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 755,000	$ 662,000	$ 566,000

AMORTIZABLE INTANGIBLE ASSETS74

AMORTIZABLE INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Cost	$ 60,283	$ 58,896
Accumulated Amortization	(47,179)	(44,488)
Net	13,104	14,408
Customer lists and contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	22,865	22,599
Accumulated Amortization	(20,888)	(20,070)
Net	1,977	2,529
Domain and brand names [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	20,109	19,821
Accumulated Amortization	(14,650)	(12,970)
Net	5,459	6,851
Favorable and assigned leases [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	2,379	2,379
Accumulated Amortization	(2,028)	(1,972)
Net	351	407
Subscriber base and lists [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	8,797	7,972
Accumulated Amortization	(4,701)	(5,304)
Net	4,096	2,668
Author Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	2,771	2,771
Accumulated Amortization	(2,237)	(1,824)
Net	534	947
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	2,029	2,018
Accumulated Amortization	(1,342)	(1,012)
Net	687	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 ASSETS75

AMORTIZABLE INTANGIBLE ASSETS (Details 1) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
2,018	$ 4,576
2,019	4,006
2,020	2,714
2,021	1,159
2,022	435
Thereafter	214
Net	$ 13,104	$ 14,408

AMORTIZABLE INTANGIBLE ASSETS76

AMORTIZABLE INTANGIBLE ASSETS (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible Assets	$ 4.6	$ 5.1	$ 5.3

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
Principal Paid			$ 2,000
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	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term Debt	$ 9,000	$ 0
Long Term Debt And Capital Lease Obligations Current And Noncurrent	264,462
Long-term debt and capital lease obligations less unamortized debt issuance costs	258,688	261,674
Less current portion	(9,109)	(590)
Long-term debt and capital lease obligations less unamortized debt issuance costs, net of current portion	249,579	261,084
Senior Secured Debt [Member]
Debt Instrument [Line Items]
Less unamortized discount and debt issuance costs based on an imputed interest rate	(5,774)	0
Long-term Debt	249,226	0
Long Term Debt And Capital Lease Obligations Current And Noncurrent	255,000	0
Term B Loan [Member]
Debt Instrument [Line Items]
Less unamortized discount and debt issuance costs based on an imputed interest rate	0	(2,371)
Long-term Debt	0	260,629
Long Term Debt And Capital Lease Obligations Current And Noncurrent	0	263,000
Revolver [Member]
Debt Instrument [Line Items]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	0	477
Capital Lease Obligations And Other [Member]
Debt Instrument [Line Items]
Long Term Debt And Capital Lease Obligations Current And Noncurrent	$ 462	$ 568

LONG-TERM DEBT (Details 1) (Par

LONG-TERM DEBT (Details 1) (Parenthetical)	Dec. 31, 2017	May 19, 2017
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.58%
Senior Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	7.08%	6.75%

LONG-TERM DEBT (Details 2)

LONG-TERM DEBT (Details 2) $ in Thousands	Dec. 31, 2017USD ($)
2,018	$ 9,109
2,019	107
2,020	110
2,021	125
2,022	11
Thereafter	255,000
Long-term debt	$ 264,462

LONG-TERM DEBT (Details Textual

LONG-TERM DEBT (Details Textual) - USD ($)	1 Months Ended								12 Months Ended
	May 19, 2017	Feb. 28, 2017	Jan. 30, 2017	Dec. 30, 2016	Nov. 30, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 17, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest Expense, Debt									$ 203,000	$ 562,000	$ 558,000
Amortization of Financing Costs		$ 18,000,000	$ 12,000,000						940,000	631,000	628,000
Gains (Losses) on Extinguishment of Debt, Total	$ 600,000		4,500,000						(2,775,000)	(87,000)	(41,000)
Debt Instrument, Face Amount									255,000,000
Interest Payable, Current									$ 1,445,000	77,000
Debt Instrument, Interest Rate, Stated Percentage									4.58%
Debt Instrument, Redemption, Period Two [Member]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed	35.00%								106.75%
Debt Instrument, Redemption Price, Percentage	106.75%
Debt Instrument, Redemption, Period Three [Member]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed	10.00%								103.00%
Debt Instrument, Redemption Price, Percentage	103.00%
Debt Instrument, Redemption, Period One [Member]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed									100.00%
Debt Instrument, Redemption Price, Percentage	100.00%
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
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument Interest Additional Interest Above Prime Rate									2.00%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument Interest Additional Interest Above Prime Rate									1.50%
Senior Secured Debt [Member]
Interest Expense, Debt	17,200,000
Debt Instrument, Face Amount	$ 255,000,000								$ 255,000,000
Interest Payable, Current									$ 1,400,000
Debt Instrument, Interest Rate, Stated Percentage	6.75%								7.08%
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%
Debt Related Commitment Fees and Debt Issuance Costs									$ 600,000
Unamortized Debt Issuance Expense									5,774,000	0
Assetbased Revoloving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 4,500,000								$ 9,000,000
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 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.
Debt Instrument, Interest Rate, Increase (Decrease)	2.00%								2.00%
Debt Related Commitment Fees and Debt Issuance Costs									$ 6,300,000
Debt Instrument Blended Interest Rate									3.64%
Assetbased Revoloving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage									0.375%
Assetbased Revoloving Credit Facility [Member] | Maximum [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Assetbased Revoloving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Assetbased Revoloving Credit Facility [Member] | Minimum [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage									0.25%
Assetbased Revoloving Credit Facility [Member] | Minimum [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Assetbased Revoloving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Term B Loan [Member]
Line of Credit Facility, Maximum Borrowing Capacity									$ 300,000,000
Senior Notes, Noncurrent									298,500,000
Interest Expense, Debt									74,000	$ 206,000	188,000
Amortization of Financing Costs				$ 33,000,000	$ 6,900,000	$ 14,000,000	$ 3,400,000	$ 6,700,000
Gains (Losses) on Extinguishment of Debt, Total	$ 1,500,000	6,200,000	$ 4,500	$ 12,000	$ 2,500	$ 3,900	$ 1,300	$ 2,500
Debt Instrument, Face Amount		$ 300,000,000
Debt Instrument, Unamortized Discount	700,000
Debt Instrument, Interest Rate, Stated Percentage										4.78%
Debt Related Commitment Fees and Debt Issuance Costs									200,000
Long-term Debt, Gross	258,000,000
Unamortized Debt Issuance Expense									$ 0	$ 2,371,000
Term B Loan [Member] | Maximum [Member]
Debt Instrument Interest Additional Interest Above Prime Rate									1.00%
Term B Loan [Member] | Minimum [Member]
Debt Instrument Interest Additional Interest Above Prime Rate									0.50%
Revolver [Member]
Line of Credit Facility, Maximum Borrowing Capacity									$ 25,000,000
Amortization of Financing Costs									$ 26,000	$ 70,000	$ 68,000
Gains (Losses) on Extinguishment of Debt, Total	56,000,000,000
Long-term Line of Credit, Noncurrent	$ 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%
Term Loan B And Revolver [Member]
Gains (Losses) on Extinguishment of Debt, Total	$ 2,100,000
Unamortized Debt Issuance Expense	$ 1,500,000

FAIR VALUE MEASUREMENTS AND D82

FAIR VALUE MEASUREMENTS AND DISCLOSURES (Details) $ in Thousands	Dec. 31, 2017USD ($)
Liabilities:
Estimated fair value of contingent earn-out consideration included in accrued expenses	$ 69
Long-term debt and capital lease obligations less unamortized debt issuance costs	258,688
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 debt issuance costs	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 debt issuance costs	258,688
Fair Value, Inputs, Level 3 [Member]
Liabilities:
Estimated fair value of contingent earn-out consideration included in accrued expenses	69
Long-term debt and capital lease obligations less unamortized 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

FAIR VALUE MEASUREMENTS AND D83

FAIR VALUE MEASUREMENTS AND DISCLOSURES (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	$ 19	$ 7,041	$ 0
Debt Instrument, Face Amount	255,000
Broadcast Market Clusters and Mastheads [Member]
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	$ 7,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
Federal	$ 0	$ 0	$ 0
State	63	229	249
Current Income Tax Expense (Benefit), Total	63	229	249
Deferred:
Federal	(21,167)	4,938	6,234
State	234	(595)	212
Deferred Income Taxes and Tax Credits, Total	(20,933)	4,343	6,446
Provision for income taxes	$ (20,870)	$ 4,572	$ 6,695

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Financial statement accruals not currently deductible	$ 6,220	$ 9,324
Net operating loss, AMT credit and other carryforwards	55,720	71,215
State taxes	103	87
Other	2,191	740
Total deferred tax assets	64,234	81,366
Valuation allowance for deferred tax assets	(6,154)	(4,487)
Net deferred tax assets	58,080	76,879
Deferred tax liabilities:
Excess of net book value of property and equipment and software for financial reporting purposes over tax basis	1,218	2,096
Excess of net book value of intangible assets for financial reporting purposes over tax basis	89,898	128,988
Interest rate swap	0	(193)
Unrecognized tax benefits	0	0
Other	45	0
Total deferred tax liabilities	91,161	130,891
Net deferred tax liabilities	$ (33,081)	$ (54,012)

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Components of Deferred Tax Assets and Liabilities [Abstract]
Deferred income tax asset per balance sheet	$ 0	$ 9,411
Deferred income tax liability per balance sheet	(34,151)	(63,423)
Net deferred tax liabilities	$ (33,081)	$ (54,012)

INCOME TAXES (Details 3)

INCOME TAXES (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal income tax rate (at 35%)	$ 1,321	$ 4,706	$ 6,246
Effect of state taxes, net of federal	(1,207)	(486)	458
Permanent items	458	266	445
State rate change	(179)	(1,664)	23
Valuation allowance	1,667	1,763	(181)
Tax Cuts and Jobs Act of 2017	(23,000)	0	0
Other, net	70	(13)	(296)
Provision for income taxes	$ (20,870)	$ 4,572	$ 6,695

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Contingency [Line Items]
Deferred Tax Assets, Valuation Allowance			$ 6,154	$ 4,487
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			35.00%
Deferred Tax Assets, Operating Loss Carryforwards, State and Local			$ 6,000	4,200
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Impairment Losses			200	300
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 1,600		6,200	$ 4,500
Scenario, Plan [Member]
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%
Domestic Tax Authority [Member]
Income Tax Contingency [Line Items]
Operating Loss Carryforwards			$ 153,100
Ending Year of Expiry for Net Operating Loss Carryforwards			2,020
State and Local Jurisdiction [Member]
Income Tax Contingency [Line Items]
Operating Loss Carryforwards			$ 790,400
Beginning Year of Expiry for Net Operating Loss Carry forwards			2,018
Ending Year of Expiry for Net Operating Loss Carryforwards			2,037

COMMITMENTS AND CONTINGENCIES89

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Dec. 31, 2017USD ($)
Leases Future Minimum Payments [Line Items]
2,018	$ 13,149
2,019	12,039
2,020	11,507
2,021	9,996
2,022	8,417
Thereafter	33,077
Operating Leases, Future Minimum Payments Due, Total	88,185
Related Party [Member]
Leases Future Minimum Payments [Line Items]
2,018	1,048
2,019	790
2,020	806
2,021	794
2,022	919
Thereafter	5,657
Operating Leases, Future Minimum Payments Due, Total	10,014
Other [Member]
Leases Future Minimum Payments [Line Items]
2,018	12,101
2,019	11,249
2,020	10,701
2,021	9,202
2,022	7,498
Thereafter	27,420
Operating Leases, Future Minimum Payments Due, Total	$ 78,171

COMMITMENTS AND CONTINGENCIES90

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

STOCK INCENTIVE PLAN (Details)

STOCK INCENTIVE PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense, pre-tax	$ 1,721	$ 582	$ 771
Tax benefit (expense) from stock-based compensation expense	(688)	(233)	(308)
Total stock-based compensation expense, net of tax	1,033	349	463
Corporate [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	153	378	474
Restricted stock shares compensation expenses	1,100	24	34
Broadcast [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	33	85	130
Restricted stock shares compensation expenses	224	0	0
Digital Media Enterprise Valuations [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	30	60	92
Restricted stock shares compensation expenses	124	0	0
Publishing Enterprise Valuations [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option compensation expense	21	35	41
Restricted stock shares compensation expenses	$ 36	$ 0	$ 0

STOCK INCENTIVE PLAN (Details 1

STOCK INCENTIVE PLAN (Details 1)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected volatility	47.03%	52.37%
Expected dividends	5.36%	4.28%
Expected term (in years)	7 years 4 months 24 days	3 years
Risk-free interest rate	1.64%	0.85%

STOCK INCENTIVE PLAN (Details 2

STOCK INCENTIVE PLAN (Details 2) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2008	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Shares
Beginning Balance		1,720,000	1,581,123
Exercised	(1,741,854)
Ending Balance		1,428,462	1,720,000	1,581,123
Exercisable at end of period		934,959
Weighted Average Exercise Price
Ending Balance		$ 5.20
Weighted Average Remaining Contractual Term
Outstanding		3 years 8 months 12 days
Employee Stock Option [Member]
Shares
Beginning Balance		1,720,000	1,581,123	1,816,204
Granted		0	549,500	10,000
Exercised		(127,663)	(336,996)	(163,994)
Forfeited or expired		(163,875)	(73,627)	(81,087)
Ending Balance		1,428,462	1,720,000	1,581,123	1,816,204
Exercisable at end of period		934,959	841,625	947,573
Expected to Vest		468,581	601,557
Weighted Average Exercise Price
Beginning Balance		$ 5.12	$ 4.87	$ 4.88
Granted			4.85	6.08
Exercised		4.02	2.95	2.35
Forfeited or expired		5.75	8.06	10.32
Ending Balance		5.2	5.12	4.87	$ 4.88
Exercisable at end of period		5.66	5.56	4.92
Expected to Vest		5.21	4.8
Weighted Average Grant Date Fair value
Beginning Balance		2.89	3.39	3.39
Granted			1.33	1.98
Exercised		2.03	2.02	1.53
Forfeited or expired		2.99	3.07	6.93
Ending Balance		2.96	2.89	3.39	$ 3.39
Exercisable at end of period		3.77	3.94	$ 3.54
Expected to Vest		$ 2.98	$ 3.15
Weighted Average Remaining Contractual Term
Outstanding		3 years 8 months 12 days	4 years 6 months	4 years 3 months 18 days	5 years 6 months
Exercisable at end of period		2 years 8 months 12 days	2 years 10 months 24 days	3 years 3 months 18 days
Expected to Vest		3 years 8 months 12 days	5 years 7 months 6 days
Aggregate Intrinsic Value
Beginning Balance		$ 2,428	$ 1,738	$ 5,718
Granted			0	0
Exercised		401	1,418	589
Forfeited or expired		136	3	12
Ending Balance		653	2,428	1,738	$ 5,718
Exercisable at end of period		414	948	$ 1,001
Expected to Vest		$ 239	$ 700

STOCK INCENTIVE PLAN (Details 3

STOCK INCENTIVE PLAN (Details 3) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Shares
Beginning balance	0	10,000
Granted	211,658	0
Lapse of restrictions	(211,658)	(10,000)
Forfeited	0	0
Ending balance	0	0
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 0	$ 5.83
Granted (in dollars per share)	7.01	0
Lapse of restrictions (in dollars per share)	(7.01)	(5.83)
Forfeited (in dollars per share)	0	0
Ending balance (in dollars per share)	$ 0	$ 0
Weighted Average Remaining Contractual Term
Outstanding, contractual term (in years)		2 months 12 days
Aggregate Intrinsic Value
Beginning Balance	$ 0	$ 40
Granted	1,484	0
Lapse of restrictions	1,488	52
Forfeited or expired	0	0
Ending Balance	$ 0	$ 0

STOCK INCENTIVE PLAN (Details 4

STOCK INCENTIVE PLAN (Details 4) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options	1,428,462	1,720,000	1,581,123
Weighted Average Contractual Life Remaining (Years)	3 years 8 months 12 days
Weighted Average Exercise Price	$ 5.20
Exercisable Options	934,959
Exercisable at end of period	$ 5.66
Range of Exercise Prices From $2.38 to $3.37 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, Lower Limit	2.38
Range of Exercise Prices, Upper Limit	$ 3.37
Options	351,370
Weighted Average Contractual Life Remaining (Years)	3 years 2 months 12 days
Weighted Average Exercise Price	$ 2.65
Exercisable Options	215,370
Exercisable at end of period	$ 2.59
Range of Exercise Prices From $3.38 to $4.42 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, Lower Limit	3.38
Range of Exercise Prices, Upper Limit	$ 4.42
Options	4,250
Weighted Average Contractual Life Remaining (Years)	2 years 2 months 12 days
Weighted Average Exercise Price	$ 3.99
Exercisable Options	4,250
Exercisable at end of period	$ 3.99
Range of Exercise Prices From $4.43 to $4.85 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, Lower Limit	4.43
Range of Exercise Prices, Upper Limit	$ 4.85
Options	428,292
Weighted Average Contractual Life Remaining (Years)	5 years 8 months 12 days
Weighted Average Exercise Price	$ 4.85
Exercisable Options	83,039
Exercisable at end of period	$ 4.85
Range of Exercise Prices From $4.86 to $6.65 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, Lower Limit	4.86
Range of Exercise Prices, Upper Limit	$ 6.65
Options	61,000
Weighted Average Contractual Life Remaining (Years)	1 year 3 months 18 days
Weighted Average Exercise Price	$ 5.35
Exercisable Options	57,250
Exercisable at end of period	$ 5.38
Range of Exercise Prices From $6.66 to $7.54 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, Lower Limit	6.66
Range of Exercise Prices, Upper Limit	$ 7.54
Options	553,550
Weighted Average Contractual Life Remaining (Years)	2 years 8 months 12 days
Weighted Average Exercise Price	$ 6.92
Exercisable Options	553,550
Exercisable at end of period	$ 6.92
Range of Exercise Prices From $7.55 to $8.76 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of Exercise Prices, Lower Limit	7.55
Range of Exercise Prices, Upper Limit	$ 8.76
Options	30,000
Weighted Average Contractual Life Remaining (Years)	3 years 9 months 18 days
Weighted Average Exercise Price	$ 8.37
Exercisable Options	21,500
Exercisable at end of period	$ 8.38

STOCK INCENTIVE PLAN (Details T

STOCK INCENTIVE PLAN (Details Textual) - USD ($) $ / shares in Units, $ in Millions	Aug. 09, 2017	Feb. 24, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options			$ 0.3
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			211,658	0
Restricted stock [Member] | Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	33,066
Restricted stock [Member] | Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		178,592
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			5,000,000
Share Price			$ 4.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value			$ 0.9	$ 1.1	$ 1.5

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 20, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Operating Leases, Rent Expense		$ 15,500,000	$ 15,300,000	$ 14,800,000
Related Party Annual Payments For Insurance Premiums			386,000
Net Assets		2,800,000	2,600,000	2,500,000
Business Combination, Consideration Transferred		4,043,000	10,120,000
Related Party Transaction, Amounts of Transaction		500,000
Split-Dollar Life Insurance [Member]
Related Party Transaction [Line Items]
Business Combination, Consideration Transferred		1,400,000	1,000,000	600,000
Trust [Member] | Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Operating Leases, Rent Expense		191,000	185,000	180,000
Know the Truth [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Other Revenues from Transactions with Related Party		1,200,000	400,000	400,000
Accounts Receivable, Related Parties		700,000	200,000
Chairman And Chief Executive Officer [Member] | Land and Building [Member]
Related Party Transaction [Line Items]
Operating Leases, Rent Expense		1,500,000	1,500,000	1,300,000
Truth For Life [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Other Revenues from Transactions with Related Party		2,100,000	2,200,000	2,200,000
Accounts Receivable, Related Parties		200,000	200,000
Edward G. Atsinger III, Chief Executive Officer and Director [Member]
Related Party Transaction [Line Items]
Operating Leases, Rent Expense		217,000	301,000	$ 133,000
The Truth Network [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction			11,000
Accounts Receivable, Related Parties		3,000	$ 4,000
AM 570, LLC [Member]
Related Party Transaction [Line Items]
Business Combination, Consideration Transferred	$ 600,000
Delmarva Educational Association Corporation [Member]
Related Party Transaction [Line Items]
Business Combination, Consideration Transferred		$ 21,000

DEFINED CONTRIBUTION PLAN (Deta

DEFINED CONTRIBUTION PLAN (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Contribution Benefit Plans [Line Items]
Defined Contribution Plan Maximum Employee Contribution As Percentage Of Base Salary	60.00%
Defined Benefit Plan, Contributions by Employer	$ 1.9	$ 1.9	$ 1.9
First Five Percent Of Each Participants Contributions [Member]
Defined Contribution Benefit Plans [Line Items]
Defined Contribution Plan Employer Matching Contribution To Employee Contribution	50.00%
Defined Contribution Plan Employee Contributions Percentage Of Eligible Compensation	5.00%

EQUITY TRANSACTIONS (Details)

EQUITY TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 05, 2016	Dec. 29, 2017	Sep. 29, 2017	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2017	Dec. 31, 2016
Dividends Payable [Line Items]
Announcement Date	Mar. 10, 2016	Dec. 7, 2017	Sep. 12, 2017		Jun. 2, 2016
Payment Date	Apr. 5, 2016	Dec. 29, 2017	Sep. 29, 2017	Sep. 30, 2016	Jun. 30, 2016		Dec. 31, 2016
Dividend Payment One [Member]
Dividends Payable [Line Items]
Announcement Date						Dec. 7, 2017
Payment Date						Dec. 29, 2017
Amount Per Share						$ 0.0650
Cash Distributed						$ 1,701
Dividend Payment Two [Member]
Dividends Payable [Line Items]
Announcement Date						Sep. 12, 2017
Payment Date						Sep. 29, 2017
Amount Per Share						$ 0.0650
Cash Distributed						$ 1,701
Dividend Payment Three [Member]
Dividends Payable [Line Items]
Announcement Date						Jun. 1, 2017
Payment Date						Jun. 30, 2017
Amount Per Share						$ 0.0650
Cash Distributed						$ 1,697
Dividend Payment Four [Member]
Dividends Payable [Line Items]
Announcement Date						Mar. 9, 2017
Payment Date						Mar. 31, 2017
Amount Per Share						$ 0.0650
Cash Distributed						$ 1,691
Dividend Payment Five [Member]
Dividends Payable [Line Items]
Announcement Date						Dec. 7, 2016
Payment Date						Dec. 31, 2016
Amount Per Share						$ 0.0650
Cash Distributed						$ 1,678
Dividend Payment Six [Member]
Dividends Payable [Line Items]
Announcement Date						Sep. 9, 2016
Payment Date						Sep. 30, 2016
Amount Per Share						$ 0.0650
Cash Distributed						$ 1,679
Dividend Payment Seven [Member]
Dividends Payable [Line Items]
Announcement Date						Jun. 2, 2016
Payment Date						Jun. 30, 2016
Amount Per Share						$ 0.0650
Cash Distributed						$ 1,664
Dividend Payment Eight [Member]
Dividends Payable [Line Items]
Announcement Date						Mar. 10, 2016
Payment Date						Apr. 5, 2016
Amount Per Share						$ 0.0650
Cash Distributed						$ 1,657

EQUITY TRANSACTIONS (Details Te

EQUITY TRANSACTIONS (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2018
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	$ 1,721	$ 582	$ 771
Scenario, Forecast [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Expected Dividend Payments				$ 6,800

QUARTERLY RESULTS OF OPERATI101

QUARTERLY RESULTS OF OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Total revenue	$ 67,211	$ 65,433	$ 66,112	$ 64,980	$ 70,695	$ 71,272	$ 67,779	$ 64,575
Operating income	4,531	5,005	8,619	4,819	3,458	8,835	9,702	6,083	$ 22,974	$ 28,078	$ 33,022
Net income	$ 22,358	$ (46)	$ 1,272	$ 1,060	$ 2,972	$ 2,192	$ 3,356	$ 353	$ 24,644	$ 8,873	$ 11,150
Basic earnings per share Class A and Class B common stock	$ 0.85	$ 0	$ 0.05	$ 0.04	$ 0.11	$ 0.08	$ 0.13	$ 0.01	$ 0.94	$ 0.34	$ 0.43
Diluted earnings per share Class A and Class common stock	$ 0.85	$ 0	$ 0.05	$ 0.04	$ 0.11	$ 0.08	$ 0.13	$ 0.01	$ 0.94	$ 0.34	$ 0.43
Weighted average Class A and Class B shares outstanding - basic	26,166,769	26,144,796	26,062,403	25,901,801	25,826,230	25,815,242	25,551,445	25,485,234	26,068,942	25,669,538	25,426,732
Weighted average Class A and Class B shares outstanding - diluted	26,378,260	26,144,796	26,593,366	26,290,926	26,101,172	26,183,182	26,052,649	25,802,958	26,435,757	26,034,990	25,887,819

SEGMENT DATA (Details)

SEGMENT DATA (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue									$ 263,736	$ 274,321	$ 265,787
Depreciation									12,369	12,205	12,417
Amortization									4,593	5,071	5,324
Impairment of indefinite-lived long-term assets other than goodwill									19	7,041	0
Impairment of goodwill									0	32	439
Impairment of amortizable intangible assets									0	8	0
Change in estimated fair value of contingent earn-out consideration									(23)	(689)	(1,715)
(Gain) loss on the sale or disposal of assets									(3,905)	1,901	(181)
Operating income (loss)	$ 4,531	$ 5,005	$ 8,619	$ 4,819	$ 3,458	$ 8,835	$ 9,702	$ 6,083	22,974	28,078	33,022
Inventories, net	730				670				730	670
Property and equipment, net	99,480				102,790				99,480	102,790
Broadcast licenses	380,914				388,517				380,914	388,517	393,031
Goodwill	26,424				25,613				26,424	25,613	24,563
Other indefinite-lived intangible assets	313				332				313	332
Amortizable intangible assets, net	13,104				14,408				13,104	14,408
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue									263,736	274,321	265,787
Operating expenses									219,899	223,776	216,119
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration (gain) loss on the sale or disposal of assets									43,837	50,545	49,668
Depreciation									12,369	12,205	12,417
Amortization									4,593	5,071	5,324
Impairment of long-lived assets										700
Impairment of indefinite-lived long-term assets other than goodwill									19	7,041
Impairment of goodwill										32	439
Impairment of amortizable intangible assets										8
Change in estimated fair value of contingent earn-out consideration									(23)	(689)	(1,715)
(Gain) loss on the sale or disposal of assets									3,905	(1,901)	181
Operating income (loss)									22,974	28,078	33,022
Operating Segments [Member] | Broadcast [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue									196,197	202,016	197,184
Operating expenses									145,494	146,283	140,819
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration (gain) loss on the sale or disposal of assets									50,703	55,733	56,365
Depreciation									7,754	7,592	7,726
Amortization									56	86	96
Impairment of long-lived assets										700
Impairment of indefinite-lived long-term assets other than goodwill									0	6,540
Impairment of goodwill										0	439
Impairment of amortizable intangible assets										0
Change in estimated fair value of contingent earn-out consideration									0	0	0
(Gain) loss on the sale or disposal of assets									3,898	(2,122)	219
Operating income (loss)									38,995	42,937	47,885
Inventories, net	0				0				0	0
Property and equipment, net	83,901				86,976				83,901	86,976
Broadcast licenses	380,914				388,517				380,914	388,517
Goodwill	3,581				3,581				3,581	3,581
Other indefinite-lived intangible assets	0				0				0	0
Amortizable intangible assets, net	351				407				351	407
Operating Segments [Member] | Digital Media [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue									43,096	46,777	44,761
Operating expenses									33,675	36,290	35,380
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration (gain) loss on the sale or disposal of assets									9,421	10,487	9,381
Depreciation									3,166	3,092	3,091
Amortization									3,414	4,304	4,685
Impairment of long-lived assets										0
Impairment of indefinite-lived long-term assets other than goodwill									0	0
Impairment of goodwill										32	0
Impairment of amortizable intangible assets										8
Change in estimated fair value of contingent earn-out consideration									(23)	(146)	(478)
(Gain) loss on the sale or disposal of assets									0	236	11
Operating income (loss)									2,864	2,961	2,072
Inventories, net	313				300				313	300
Property and equipment, net	6,173				6,634				6,173	6,634
Broadcast licenses	0				0				0	0
Goodwill	20,947				20,136				20,947	20,136
Other indefinite-lived intangible assets	0				0				0	0
Amortizable intangible assets, net	9,801				9,927				9,801	9,927
Operating Segments [Member] | Publishing Enterprise Valuations [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net revenue									24,443	25,528	23,842
Operating expenses									24,475	26,209	24,774
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration (gain) loss on the sale or disposal of assets									(32)	(681)	(932)
Depreciation									644	675	637
Amortization									1,121	680	542
Impairment of long-lived assets										0
Impairment of indefinite-lived long-term assets other than goodwill									19	501
Impairment of goodwill										0	0
Impairment of amortizable intangible assets										0
Change in estimated fair value of contingent earn-out consideration									0	(543)	(1,237)
(Gain) loss on the sale or disposal of assets									(5)	(21)	(58)
Operating income (loss)									(1,811)	(1,973)	(816)
Inventories, net	417				370				417	370
Property and equipment, net	1,281				1,779				1,281	1,779
Broadcast licenses	0				0				0	0
Goodwill	1,888				1,888				1,888	1,888
Other indefinite-lived intangible assets	313				332				313	332
Amortizable intangible assets, net	2,947				4,069				2,947	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
Operating expenses									16,255	14,994	15,146
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration (gain) loss on the sale or disposal of assets									(16,255)	(14,994)	(15,146)
Depreciation									805	846	963
Amortization									2	1	1
Impairment of long-lived assets										0
Impairment of indefinite-lived long-term assets other than goodwill									0	0
Impairment of goodwill										0	0
Impairment of amortizable intangible assets										0
Change in estimated fair value of contingent earn-out consideration									0	0	0
(Gain) loss on the sale or disposal of assets									12	6	9
Operating income (loss)									(17,074)	(15,847)	$ (16,119)
Inventories, net	0				0				0	0
Property and equipment, net	8,125				7,401				8,125	7,401
Broadcast licenses	0				0				0	0
Goodwill	8				8				8	8
Other indefinite-lived intangible assets	0				0				0	0
Amortizable intangible assets, net	$ 5				$ 5				$ 5	$ 5

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($) $ / shares in Units, $ in Thousands

Mar. 01, 2018

Feb. 08, 2018

Apr. 05, 2016

Dec. 29, 2017

Sep. 29, 2017

Jun. 30, 2017

Mar. 30, 2017

Sep. 30, 2016

Jun. 30, 2016

Dec. 31, 2017

Dec. 31, 2016

Jan. 03, 2018

Subsequent Event [Line Items]

Common Stock, Dividends, Per Share, Declared

$ 0.0650

$ 0.0650

$ 0.0650

$ 0.0650

$ 0.0650

$ 0.0650

$ 0.0650

$ 0.0650

Business Combination, Consideration Transferred

$ 4,043

$ 10,120

Subsequent Event [Member]

Subsequent Event [Line Items]

Common Stock, Dividends, Per Share, Declared

$ 0.0650

Subsequent Event [Member] | Boston Massachusetts [Member]

Subsequent Event [Line Items]

Business Acquisition Cost Of Acquired Entity Cash Paid Net

$ 700

Subsequent Event [Member] | Radio Station KZTS-FM [Member]

Subsequent Event [Line Items]

Business Combination, Consideration Transferred

$ 1,100