X0306 4 2020-04-02 false 0001050606 SALEM MEDIA GROUP, INC. /DE/ SALM 0001190973 EPPERSON STUART W 3780 WILL SCARLET RD WINSTON SALEM NC 27104 true true true false Chairman of the Board Class A Common Stock 2020-04-02 4 P false 21528.00 0.8588 A 292495.00 D Class A Common Stock 2020-04-03 4 P false 14537.00 0.8113 A 307032.00 D Class A Common Stock 2020-04-06 4 P false 23346.00 0.8689 A 330378.00 D Class A Common Stock 1951754.00 D Class A Common Stock 1145720.00 I By Children's Trusts 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 $0.8013 to $.8898. 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 $0.78 to $0.8647. 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 $0.84 to $0.92. 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. /s/Christopher J. Henderson, Attorney-in-fact for Stuart W. Epperson pursuant to a continuing Power of Attorney 2020-04-06