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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
1190973	W Stuart Epperson	3780 Will Scarlet Rd Winston Salem NC 27104	Chairman Of The Board	No	No	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	2020-03-30	21,528	$0.94	227,911	No	4	P	Direct
Class A Common Stock	Acquisiton	2020-03-31	21,528	$1.01	249,439	No	4	P	Direct
Class A Common Stock	Acquisiton	2020-04-01	21,528	$1.02	270,967	No	4	P	Direct

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

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Class A Common Stock	1,951,754	Direct
Class A Common Stock	1,145,720	Indirect	By Children's Trusts

Footnotes

This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 16, 2020.
This transaction was executed in multiple trades at prices ranging from $0.90 to $1.02. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
This transaction was executed in multiple trades at prices ranging from $.9681 to $1.04. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
This transaction was executed in multiple trades at prices ranging from $0.92 to $1.05. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
Stuart W. Epperson and Nancy A. Epperson, as Joint Tenants.
Stuart W. Epperson as Trustee of each of the four (4) Epperson Children's Trusts for all purposes other than voting matters.