Salem Media Group, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Recent Transactions (Tables)

Recent Transactions (Tables)

12 Months Ended

Dec. 31, 2019

A summary of our business acquisitions and asset purchases during the year ended December 31, 2019, 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)
September 27, 2019	KPAM-AM, Portland Oregon (asset acquisition)	$	965
September 9, 2019	FM Translator construction permit, Louisville, Kentucky (asset acquisition)		35
July 25, 2019	Journeyboxmedia.com (business acquisition)		500
July 10, 2019	Steelehouse Productions, Inc. (business acquisition)		100
June 6, 2019	InvestmentHouse.com (business acquisition)		553
March 18, 2019	pjmedia.com (asset acquisition)		100
		$	2,253

Summary of Total Acquisition Consideration


Description	Total Consideration
	(Dollars in thousands)
Cash payments made upon closing	$	1,285
Non-cash consideration (asset exchange)		965
Present value of estimated fair value of contingent earn-out consideration		3
Total purchase price consideration	$	2,253

Total Acquisition Consideration Allocated

The fair value of the net assets acquired was allocated as follows:


	Net Broadcast Assets Acquired		Net Digital Assets Acquired			Total Net Assets
	(Dollars in thousands)
Assets
Property and equipment	$	348	$	373		$	721
Broadcast licenses		617		—			652
FM Translators		35					35
Goodwill		—		6			6
Customer lists and contracts		—		322			322
Domain and brand names		—		99			99
Subscriber base and lists		—		471			471
Non-compete agreements		—		10			10
	$	1,000	$	1,281		$	2,281
Liabilities
Contract liabilities, short-term		—		(28	)		(28	)
	$	1,000	$	1,253		$	2,253

Debt Transactions [Member]

Schedule of Business Acquisitions

A summary of our business acquisitions and asset purchases during the year ended December 31, 2018, 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)
September 11, 2018	KTRB-AM, San Francisco, California (asset purchase)	$	5,349
August 9, 2018	Hilary Kramer Financial Newsletter (business acquisition)		439
August 7, 2018	Just1Word (business acquisition)		312
July 25, 2018	KZTS-AM (formerly KDXE-AM), Little Rock, Arkansas (asset purchase)		210
July 24, 2018	Childrens-Ministry-Deals.com (business acquisition)		3,700
June 25, 2018	KDXE-FM (formerly KZTS-FM), Little Rock, Arkansas (business acquisition)		1,100
April 19, 2018	HearItFirst.com (asset purchase)		70

		$	11,180

Summary of Total Acquisition Consideration

The following table summarizes the total acquisition consideration for the year ended December 31, 2018:


Description	Total Consideration
	(Dollars in thousands)
Cash payments made upon closing	$	10,854
Deferred payments		150
Present value of estimated fair value of contingent earn-out consideration		51
Closing costs accrued for asset acquisitions		125

Total purchase price consideration	$	11,180

Total Acquisition Consideration Allocated

The fair value of the net assets acquired was allocated as follows:


	Net Broadcast Assets Acquired		Net Digital Media Assets Acquired			Net Total Assets Acquired
			(Dollars in thousands)
Assets
Property and equipment	$	371	$	715		$	1,086
Broadcast licenses		6,281		—			6,281
Goodwill		7		986			993
Customer lists and contracts		—		1,882			1,882
Domain and brand names		—		1,252			1,252
Subscriber base and lists		—		875			875
Non-compete agreements		—		19			19
Other amortizable intangible assets		—		334			334

	$	6,659	$	6,063		$	12,722

Liabilities
Contract liabilities, long-term	$	—	$	(1,542	)	$	(1,542	)

	$	6,659		4,521			11,180