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, 2022

Schedule of Repurchases of 2024 Notes

We completed repurchases of our 2024 Notes as follows:


Date	Principal Repurchased		Cash Paid		% of Face Value			Bond Issue Costs		Net Gain (Loss)
	(Dollars in thousands)
December 19, 2022	$	4,650	$	4,557		98.00	%	$	57	$	36
December 14, 2022		1,000		965		96.50	%		5		30
June 13, 2022		5,000		4,947		98.95	%		35		18
June 10, 2022		3,000		2,970		99.00	%		21		9
June 7, 2022		2,464		2,446		99.25	%		17		1
May 17, 2022		2,525		2,500		99.00	%		18		7
January 12, 2022		2,500		2,531		101.26	%		22		(53	)

Schedule of Business Acquisitions

A summary of our business acquisitions and asset purchased during the year ended December 31, 2022, 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 30, 2022	ISI Publishing (asset acquisition)		$425
December 2, 2022	KKOL-AM Seattle, WA (asset acquisition)		508
October 1, 2022	DayTradeSPY (business acquisition)		881
May 2, 2022	Retirement Media (business acquisition)		190
February 15, 2022	WLCC-AM and FM Translator, Tampa, FL (asset acquisition)		609

			$2,613

Disclosure Details Of Purchase Consideration Business Combination

The total purchase price consideration for our business acquisitions and asset purchases during the year ending December 31, 2022, is as

follows:


Description	Total Consideration
	(Dollars in thousands)
Cash payments made upon closing	$	2,172
Escrow deposits paid in prior years		160
Fair value of contingent earn-out consideration		281

Total purchase price consideration	$	2,613

Fair value of the net assets acquired

Differences between the preliminary and final valuation could be substantially different from the initial estimate.


	Net Broadcast Assets Acquired		Net Digital Media Assets Acquired		Net Publishing Assets Acquired		Total Net Assets Acquired
	(Dollars in thousands)
Assets
Inventory	$	—	$	—	$	126	$	126
Property and equipment		603		166		—		769
Broadcast licenses		514		—		—		514
Goodwill		—		226		—		226
Customer lists and contracts		—		565		—		565
Domain and brand names		—		103		—		103
Author relationships		—		—		299		299
Non-Compete agreement		—		11		—		11

	$	1,117	$	1,071	$	425	$	2,613