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Table of Contents ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON , D.C. 20549 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31 , 2020 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER 000-26497 DELAWARE ( STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION ) SALEM MEDIA GROUP , INC . ( EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER ) SALEMO MEDIA GROUP . 6400 NORTH BELT LINE ROAD IRVING , TEXAS ( ADDRESS OF PRINCIPAL EXECUTIVE OFFICES ) Large accelerated filer Non - accelerated filer Title of each class Class A Common Stock , $ 0.01 par value per share FORM 10 - K □ Trading Symbol SALM Securities registered pursuant to Section 12 ( g ) of the Act : None Indicate by check mark if the registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . Yes No X Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 ( d ) of the Exchange Act . Yes Indicate by check mark whether the registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days . Yes No No > REGISTRANT'S TELEPHONE NUMBER , INCLUDING AREA CODE : ( 805 ) 987-0400 Securities registered pursuant to Section 12 ( b ) of the Act : 77-0121400 ( I.R.S. EMPLOYER IDENTIFICATION NUMBER ) Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T ( § 232.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the registrant was required to submit such files . ) Yes No 75063 ( ZIP CODE ) Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , smaller reporting company or an emerging growth company . See the definitions of " large accelerated filer , " " accelerated filer , " " smaller reporting company " and " emerging growth company " in Rule 12b - 2 of the Exchange Act . Class B Common Stock , $ 0.01 par value per share Name of the Exchange on which registered The NASDAQ Global Market DOCUMENTS INCORPORATED BY REFERENCE Document Proxy Statement for the Annual Meeting of Stockholders If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . Accelerated filer Smaller Reporting Company Emerging Growth Company Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404 ( b ) of the Sarbanes - Oxley Act ( 15 U.S.C. 7262 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . Indicate by check mark whether the registrant is a shell company ( as defined in Rule 12b - 2 of the Exchange Act ) . Yes No - As of June 30 , 2020 , the last business day of the registrant's most recently completed second fiscal quarter , the aggregate market value of the registrant's common stock held by non - affiliates of the registrant was $ 14,940,846 based on the closing sale price as reported on the NASDAQ Global Market . Indicate the number of shares outstanding of each of the issuer's classes of common stock , as of the latest practicable date . Class A Common Stock , $ 0.01 par value per share Outstanding at February 24 , 2021 21,130,667 shares Outstanding at February 24 , 2021 5,553,696 shares □ | □ Parts Into Which Incorporated Part III , Items 10 , 11 , 12 , 13 and 14