Market Overview

Salem Media Group Announces Quarterly Cash Distribution

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Salem Media Group, Inc. (NASDAQ:SALM) announced today that its Board of
Directors has declared a cash distribution for the fourth quarter of
2017 in the amount of $0.0650 per share. The cash distribution will be
paid on December 29, 2017 to all Class A and Class B common stockholders
of record as of December 18, 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 Christian
and conservative media landscape.

The company is the largest commercial U.S. radio broadcasting company
providing Christian and conservative programming. Salem owns and/or
operates 119 radio stations, with 74 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: Hugh Hewitt, Mike Gallagher,
Dennis Prager, Michael Medved, Larry Elder, Joe Walsh and Eric Metaxas.

Salem's digital media is a leading source of Christian and conservative
themed news, analysis, and commentary. Salem's Christian sites include:
Christianity.com®, BibleStudyTools.com, GodTube.com, GodVine.com,
Crosswalk.com, ibelieve.com, churchstaffing.com, WorshipHouseMedia.com
and OnePlace.com. Salem's conservative sites include Townhall.com®,
RedState.com, HotAir.com, Twitchy.com and BearingArms.com.

Salem's Regnery Publishing unit, with a history dating back to 1948, is
the nation's leading independent publisher of conservative books. Having
published many of the seminal works of the early conservative movement,
Regnery today continues as a major 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 authors and Mill City Press, a
general market self-publisher.

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 DividendYieldHunter.com.

Eagle Wellness, through its website newportnaturalhealth.com, provides
insightful health advice and is a trusted source of high quality
nutritional supplements from leading health expert, Leigh Erin Connealy
MD. Dr. Connealy is the medical director of one of the largest medical
practices in the country where she practices integrative medicine.

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