Salem Media Group, Inc. Quarterly report pursuant to Section 13 or 15(d)

Broadcast Licenses (Tables)

3 Months Ended

Mar. 31, 2019

The following table presents the changes in broadcasting licenses that include acquisitions and divestitures of radio stations and FM translators.


Broadcast Licenses	Twelve Months Ended December 31, 2018			Three Months Ended March 31, 2019
	(Dollars in thousands)
Balance, beginning of period before cumulative loss on impairment	$	486,455		$	484,691
Accumulated loss on impairment		(105,541	)		(108,375	)

Balance, beginning of period after cumulative loss on impairment		380,914			376,316

Acquisitions of radio stations		6,270			—
Acquisitions of FM translators and construction permits		19			—
Abandoned capital projects		(40	)		—
Dispositions of radio stations		(8,013	)		(4,291	)
Impairments based on the estimated fair value of broadcast licenses		(2,834	)		—

Balance, end of period before cumulative loss on impairment		484,691			480,400

Accumulated loss on impairment		(108,375	)		(108,375	)

Balance, end of period after cumulative loss on impairment	$	376,316		$	372,025