Market Overview

Hickory Radio Agrees to Purchase KCRO and KOTK from Salem Media Group

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Salem
Media Group
(NASDAQ:SALM) announced today it has signed an
agreement to sell KCRO-AM (660), KOTK-AM (1420), and affiliated
translators to Hickory Radio. Hickory is an affiliate of Walnut Radio,
who will manage the radio stations on behalf of Hickory. For listeners,
programmers and advertisers, the transition from Salem to Walnut/Hickory
will be somewhat imperceptible. Both radio stations will remain in their
present formats and retain their current program line-ups. Salem is
licensing the use of the brand names "The Word" and "The Answer" in
Omaha, Nebraska to Hickory/Walnut so that the stations will maintain
their program integrity and brand equity.

Walnut Radio President Steve Seline said: "We are glad to be adding
these popular and historic stations to the Walnut family. We believe in
the Greater Omaha area and have continued to put our money into local
stations with the intent to both serve the area with our programming and
to give our employees greater opportunities in their home towns."

"We are thrilled to put these radio stations in the capable hands of
Walnut Radio; a broadcaster with deep roots in the area and with a
commitment to maintain the quality of broadcast our ministry partners,
advertisers and listeners have come to expect," said Dave Santrella,
Salem's President of Broadcast Media.

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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 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 118 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: 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:
BibleStudyTools.com, Crosswalk.com, GodVine.com, ibelieve.com,
GodTube.com, OnePlace.com™, Christianity.com™, churchstaffing.com, and
WorshipHouseMedia.com. Salem's conservative sites include Townhall.com®,
HotAir.com, Twitchy.com, RedState.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, Newt Gingrich, David
Limbaugh, Ed Klein, Mark Steyn and Dinesh D'Souza. Salem's book
publishing business also includes Salem Author Services, a
self-publishing service for authors through Xulon Press™, Mill City
Press and Bookprinting.com.

Salem's Eagle Financial Publications provides general market analysis
and non-individualized investment strategies from financial commentators
Mark Skousen, Bob Carlson, Jim Woods and Bryan Perry, as well as a stock
screening website for dividend investors (DividendInvestor.com). The
business unit's other investing websites include StockInvestor.com and
RetirementWatch.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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