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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1050606	Salem Media Group Inc.	SALM	Radio Broadcasting Stations (4832)	770121400

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1486468	P David Santrella	4880 Santa Rosa Road Camarillo CA 93012	President - Broadcast Media	No	Yes	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Class A Common Stock	Acquisiton	2016-07-08	29,108	$2.74	35,828	No	4	M	Direct
Class A Common Stock	Disposition	2016-07-08	29,108	$8.01	6,720	No	4	S	Direct
Class A Common Stock	Acquisiton	2016-07-11	10,065	$2.74	16,785	No	4	M	Direct
Class A Common Stock	Disposition	2016-07-11	10,065	$8.00	6,720	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	M	Direct
No	4	S	Direct
No	4	M	Direct
No	4	S	Direct

Reported Derivative Transactions

Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Class A Common Stock	Stock Option (right to buy)	Disposition	2016-07-08	14,802	$0.00	14,802	$2.74
Class A Common Stock	Stock Option (right to buy)	Disposition	2016-07-08	14,306	$0.00	14,306	$2.74
Class A Common Stock	Stock Option (right to buy)	Disposition	2016-07-11	4,498	$0.00	4,498	$2.74
Class A Common Stock	Stock Option (right to buy)	Disposition	2016-07-11	5,567	$0.00	5,567	$2.74

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
5,198	2013-03-07	2020-03-07	No	4	M	Direct
5,694	2014-03-07	2021-03-07	No	4	M	Direct
700	2013-03-07	2020-03-07	No	4	M	Direct
127	2014-03-07	2021-03-07	No	4	M	Direct

Footnotes

This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 31, 2016.
The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $8.00 to $8.09, inclusive. The reporting person undertakes to provide to Salem Media Group, Inc., any security holder of Salem Media Group, Inc., or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.