Salem Media settles Texas lawsuit for $5.325M, up from $1.5M accrued

SALEM MEDIA GROUP, INC. /DE/

Settlement with Cort Thomas (Receiver/Assignee) resolves 2020 lawsuit alleging Texas Securities Act violations.
Company will pay $5.325 million, compared to $1.5 million accrued as of June 30, 2022.
Company denies allegations but settled to avoid costly litigation; court approval required.
Court denied company's summary judgment motions on September 12, 2022, preceding settlement.

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