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

Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS AND RECENT TRANSACTIONS (Tables)

ACQUISITIONS AND RECENT TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2017

Summary of Business Acquisitions and Asset Purchased

A summary of our business acquisitions and asset purchases during the three month period ended March 31, 2017, none of which were individually or in the aggregate material to our Condensed Consolidated financial position as of the respective date of acquisition, is as follows:

Acquisition Date	Description	Total Cost
		(Dollars in thousands)
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
		$	363

Summary of Total Acquisition Consideration

The following table summarizes the total acquisition consideration for the three month period ended March 31, 2017:

Description	Total Consideration
	(Dollars in thousands)
Cash payments made upon closing	$	343
Escrow deposits paid in prior years		20
Total purchase price consideration	$	363

Total Acquisition Consideration Allocated

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

			Net Digital Media Assets
	Net Broadcast Assets Acquired		Acquired		Net Total Assets Acquired
	(Dollars in thousands)
Assets
Property and equipment	$		$	148	$	148
Broadcast licenses		118				118
Goodwill				15		15
Domain and brand names				56		56
Customer lists and contracts				26		26
	$	118	$	245	$	363

Business Combination, Separately Recognized Transactions

FM translators or FM translator construction permits purchase agreements pending as of period ending March 31, 2017 include the following:

Date APA Entered

Permit or ID

Authorized Site - Current

Purchase Price

Escrow Deposits

Date Closed

Market

(Dollars in thousands)

7/25/2016

K283CA

Festus, Missouri *

St. Louis, Missouri

7/26/2016

K276FZ

Eaglemount, Washington *

Portland, Oregon

* Indicates that the purchase is for an FM translator construction permit.

Divestitures

On January 3, 2017, Word Broadcasting began operating our Louisville radio stations (WFIA-AM; WFIA-FM; WGTK-AM) under a twenty-four month TBA.

Due to operating results during the three months ending March 31, 2017 that did not meet management’s expectations, we decided to cease publishing Preaching Magazine , YouthWorker Journal , FaithTalk Magazine and Homecoming® The Magazine upon delivery of the May 2017 print publications.