Salem Announces Louisville Transaction with Word Broadcasting Network

CAMARILLO, Calif.–(BUSINESS WIRE)–Salem
Media Group (NASDAQ: SALM), announced today that it has entered into
an agreement with Word Broadcasting Network to transfer the operation of
Salem’s Louisville stations (WFIA-AM; WFIA-FM; WGTK-AM) under a local
marketing agreement. Word Broadcasting Network owns and operates 12
radio stations, AM, FM, short wave, and Channel 21 in Louisville.

Salem CEO Ed Atsinger stated, “Salem rarely leaves a market because we
desire that our unique formats will continue to serve the needs of
audiences in cities like Louisville. This agreement is unique in that
Word Broadcasting is like-minded with us in shared mission, shared
values, and passion for our formats. For some time our two organizations
have discussed how we could consolidate our respective operations in the
interest of greater stewardship of our resources. We believe this
agreement sets the stage to achieve that objective of increased service
to our audiences and stakeholders.”

The agreement is scheduled to become effective January 3, 2017.

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ABOUT SALEM MEDIA GROUP:

Salem Media Group is America’s leading multimedia company specializing
in Christian and conservative content, with media properties comprising
radio, digital media and book, magazine and newsletter publishing. Each
day Salem serves a loyal and dedicated audience of listeners and readers
numbering in the millions nationally. With its unique programming focus,
Salem provides compelling content, fresh commentary and relevant
information from some of the most respected figures across the media
landscape.

The company, through its Salem Radio Group, is the largest commercial
U.S. radio broadcasting company providing Christian and conservative
programming. Salem owns and operates 118 local radio stations, with 73
stations in the top 25 media markets. Salem Radio Network (“SRN”) is a
full-service national radio network, with nationally syndicated programs
comprising Christian teaching and talk, conservative talk, news, and
music. SRN is home to many industry-leading hosts including: Bill
Bennett, Mike Gallagher, Hugh Hewitt, Michael Medved, Dennis Prager and
Eric Metaxas.

Salem New Media is a powerful source of Christian and conservative
themed news, analysis, and commentary. Salem’s Christian sites include:
Christianity.com®, BibleStudyTools.com, GodTube.com, GodVine.com,
WorshipHouseMedia.com and OnePlace.com. Considered by many to be a
consolidation of the conservative news and opinion sector’s most
influential brands, Salem’s conservative sites include RedState.com,
Townhall.com®, HotAir.com, Twitchy.com, BearingArms.com and
HumanEvents.com.

Salem’s Regnery Publishing unit, with a 65-year history, remains the
nation’s leading publisher of conservative books. Having published many
of the seminal works of the early conservative movement, Regnery today
continues as the dominant publisher in the conservative space, with
leading authors including: Ann Coulter, Dinesh D’Souza, Newt Gingrich,
David Limbaugh, Ed Klein and Mark Steyn. Salem’s book publishing
business also includes Xulon Press™, a leading provider of
self-publishing services for Christian and conservative authors.

Salem Publishing™ publishes Christian and conservative magazines
including Homecoming®, YouthWorker Journal™, The Singing News, and
Preaching.

Salem’s Eagle Financial Publications provides general market analysis
and non-individualized investment strategies from financial commentators
Mark Skousen, Nicholas Vardy, Doug Fabian, Bryan Perry, Bob Carlson and
Mike Turner, as well as a stock screening website for dividend investors
(DividendInvestor.com). The business unit’s other financial websites
include StockInvestor.com and DividentYieldHunter.com.

Eagle Wellness provides insightful health advice and is a trusted source
of high quality nutritional supplements from some of the country’s
leading health experts. Leigh Erin Connealy MD, at
NewportNaturalHealth.com, is the medical director of one of the largest
medical practices in the country where she practices integrative
medicine. Ski Chilton PhD, at GeneSmart.com, is a scientist and full
professor at Wake Forest Medical School. He is a leading authority on
the impact of diet and nutrition on health.

Contacts

Salem Media Group
Evan D. Masyr
Executive Vice President &
Chief Financial Officer
(805) 384-4512
evan@SalemMedia.com