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<title>Salem Media Group, Inc. Annual report pursuant to Section 13 and 15(d)</title>
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    <h3>Annual report pursuant to Section 13 and 15(d)</h3>
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                        <a class="menu-item " href="/sec-filings/annual-reports/xbrl_doc_only/3656">Financial Statements</a>
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                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3656">CONSOLIDATED BALANCE SHEETS</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3657">CONSOLIDATED BALANCE SHEETS (Parenthetical)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3658">CONSOLIDATED STATEMENTS OF OPERATIONS</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3659">CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3660">CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3661">CONSOLIDATED STATEMENTS OF CASH FLOWS</a></li>
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                        <a class="menu-item " href="/sec-filings/annual-reports/xbrl_doc_only/3662">Notes to Financial Statements</a>
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                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3662">Basis of Presentation</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3663">Summary of Significant Accounting Policies</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3664">Recent Transactions</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3665">Revenue Recognition</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3666">Inventories</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3667">Property and Equipment</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3668">Operating and Finance Lease Right-of-Use Assets</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3669">Broadcast Licenses</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3670">Goodwill</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3671">Amortizable Intangible Assets</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3672">Long-Term Debt</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3673">Fair Value Measurements and Disclosures</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3674">Income Taxes</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3675">Commitments and Contingencies</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3676">Stock Incentive Plan</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3677">Related Party Transactions</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3678">Defined Contribution Plan</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3679">Equity Transactions</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3680">Segment Data</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3681">Subsequent Events</a></li>
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                        <a class="menu-item " href="/sec-filings/annual-reports/xbrl_doc_only/3682">Accounting Policies</a>
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                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3682">Basis of Presentation (Policies)</a></li>
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                        <a class="menu-item " href="/sec-filings/annual-reports/xbrl_doc_only/3683">Notes Tables</a>
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                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3683">Summary of Significant Accounting Policies (Tables)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3684">Recent Transactions (Tables)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3685">Revenue Recognition (Tables)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3686">Property and Equipment (Tables)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3687">Operating and Finance Lease Right-of-Use Assets (Tables)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3688">Broadcast Licenses (Tables)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3689">Goodwill (Tables)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3690">Amortizable Intangible Assets (Tables)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3691">Long-Term Debt (Tables)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3692">Fair Value Measurements and Disclosures (Tables)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3693">Income Taxes (Tables)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3694">Stock Incentive Plan (Tables)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3695">Segment Data (Tables)</a></li>
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                        <a class="menu-item current" href="/sec-filings/annual-reports/xbrl_doc_only/3696">Notes Details</a>
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                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3696">Basis of Presentation - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3697">Summary of Significant Accounting Policies - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3698">Summary of Significant Accounting Policies - Summary of Depreciation Using the Straight-line Method over Estimated Useful Lives (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3699">Summary of Significant Accounting Policies - Summary of Intangibles are Amortized Using the Straight-line Method over Estimated Useful Lives (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3700">Summary of Significant Accounting Policies - Schedule of Partial Self Insurance Reserve (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3701">Summary of Significant Accounting Policies - Schedule of Shares Used to Compute Basic and Diluted Net Earning Per Share (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3702">Recent Transactions - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3703">Recent Transactions - Schedule of Repurchases of 2024 Notes (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3704">Recent Transactions - Acquisitions - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3705">Recent Transactions - Summary of Fair Value of the Net Assets Acquired (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3706">Recent Transactions - Divestitures - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3707">Recent Transactions - Pending Transactions -Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3708">Recent Transactions - Disclosure Details of Business Acquistion (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3709">Recent Transactions  - Summary of Purchase Consideration Business Combination (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3710">Revenue Recognition - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3711">Revenue Recognition - Reconciliation of Revenue from Segments to Consolidated (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3712">Revenue Recognition - Significant Changes in Our Contract Liabilities (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3713">Revenue Recognition - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3714">Revenue Recognition - Trade and Barter Transactions Expenses (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3715">Property and Equipment - Summary of Categories of Property and Equipment (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3716">Property and Equipment - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3717">Operating and Finance Lease Right-of-Use Assets - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3718">Operating and Finance Lease Right-of-Use Assets - Supplemental Balance Sheet Information Related to Leases (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3719">Operating and Finance Lease Right-of-Use Assets - Components of Lease Expense (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3720">Operating and Finance Lease Right-of-Use Assets - Schedule of Impact to Financial Statements of the Adoption of ASU 842 (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3721">Operating and Finance Lease Right-of-Use Assets - Summary of Future Lease Payments (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3722">Broadcast Licenses - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3723">Broadcast Licenses - Schedule of Changes in Broadcasting Licenses (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3724">Broadcast Licenses - Carrying Value and Fair Value of Broadcast Licenses (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3725">Broadcast Licenses - Results of Impairment Testing of Broadcast Licenses Under Income Approach (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3726">Broadcast Licenses - Fair Value Measurement Inputs and Valuation Techniques for Broadcast Licenses (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3727">Goodwill - Fair Value Measurement Inputs and Valuation Techniques For Goodwill (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3728">Goodwill - Schedule of Changes in Goodwill (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3729">Goodwill - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3730">Goodwill - Carrying Value and Fair Value of Goodwill (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3731">Amortizable Intangible Assets - Summary of Significant Classes of Amortizable Intangible Assets (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3732">Amortizable Intangible Assets - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3733">Amortizable Intangible Assets - Amortizable Intangible Assets, Estimate Amortization Expense (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3734">Long-Term Debt - Long-Term Debt (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3735">Long-Term Debt - Long-Term Debt (Parenthetical) (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3736">Long-Term Debt - 7.125% Senior Secured Notes - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3737">Long-Term Debt - 6.75% Senior Secured Notes - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3738">Long - term Debt - Summary of Repurchase of Senior Secured Note (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3739">Long-Term Debt - Asset-Based Revolving Credit Facility - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3740">Long-Term Debt - Summary of Long-term Debt Obligations - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3741">Long-Term Debt - Principle Repayment Requirements Under Long Term Agreements Outstanding (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3742">Fair Value Measurements and Disclosures - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3743">Fair Value Measurements and Disclosures - Summary of Fair Value of Financial Assets and Liabilities (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3744">Income Taxes - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3745">Income Tax - Schedule of Consolidated Provision for Income Taxes (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3746">Income Tax - Schedule of Consolidated Deferred Tax Asset and Liabilities (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3747">Income Tax - Schedule of Reconciliation of Net Deferred Tax Liabilities to Financial Instrument (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3748">Income Tax - Reconciliation of Statutory Federal Income Tax Rate to  Benefit for Income Tax (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3749">Stock Incentive Plan - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3750">Stock Incentive Plan - Schedule of Stock-Based Compensation Expense Recognized (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3751">Stock Incentive Plan - Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options and Restricted Stock Awards using Black-Scholes Option Valuation Model (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3752">Stock Incentive Plan - Schedule of Stock Option Activity (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3753">Stock Incentive Plan - Schedule of Information Regarding Restricted Stock Activity (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3754">Stock Incentive Plan - Stock Options Outstanding Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3755">Related Party Transactions - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3756">Defined Contribution Plan - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3757">Equity Transactions - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3758">Segment Data - Additional Information (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3759">Segment Data - Schedule of Segment Data (Detail)</a></li>
                                                            <li><a href="/sec-filings/annual-reports/xbrl_doc_only/3760">Subsequent Events - Additional Information (Detail)</a></li>
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        <h4>Income Tax - Schedule of Consolidated Provision for Income Taxes (Detail)</h4>
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