Saga Communications Inc
NASDAQ:SGA
Saga Communications Inc
Saga Communications, Inc. operates as a broadcasting company, which engages in the acquisition, development, and operation of broadcast properties. The company is headquartered in Grosse Pointe Farms, Michigan and currently employs 570 full-time employees. The firm owns approximately 79 frequency modulation (FM), over 35 amplitude modulation (AM) radio stations and approximately 79 metro signals serving over 27 markets, including Bellingham, Washington; Charleston, South Carolina; Columbus, Ohio; Des Moines, Iowa; Manchester, New Hampshire; Milwaukee, Wisconsin and Norfolk, Virginia. The radio stations that it owns and/or operates employ a variety of programming formats, including classic hits, adult hits, Top 40, Country, Country legends, mainstream/hot/soft adult contemporary, pure oldies, classic rock and news/talk.
Saga Communications, Inc. operates as a broadcasting company, which engages in the acquisition, development, and operation of broadcast properties. The company is headquartered in Grosse Pointe Farms, Michigan and currently employs 570 full-time employees. The firm owns approximately 79 frequency modulation (FM), over 35 amplitude modulation (AM) radio stations and approximately 79 metro signals serving over 27 markets, including Bellingham, Washington; Charleston, South Carolina; Columbus, Ohio; Des Moines, Iowa; Manchester, New Hampshire; Milwaukee, Wisconsin and Norfolk, Virginia. The radio stations that it owns and/or operates employ a variety of programming formats, including classic hits, adult hits, Top 40, Country, Country legends, mainstream/hot/soft adult contemporary, pure oldies, classic rock and news/talk.
Revenue Decline: Net revenue for Q3 2025 fell 1.8% to $28.2 million, mainly due to a decrease in nontraditional revenue and lower political advertising.
Music Licensing Impact: A large industry-wide music licensing settlement significantly increased station operating expenses, resulting in an operating loss; without this settlement, Saga would have reported an operating profit.
Digital Momentum: Interactive (digital) revenue surged 32.6% in Q3 and offset nearly all broadcast revenue declines after adjusting for political revenue.
Weak Spot & National Ad Markets: Local pacing remains steady but national advertising is weak and arriving later than usual; overall Q4 revenue pacing is down 11% including political and down 4.7% excluding political.
Tower Sale & Buybacks: Saga completed a major tower sale for $10.7 million and plans to use proceeds for stock buybacks, but final timing and amounts await resolution of remaining real estate issues.
Dividend Commitment: The company paid a $0.25 per share quarterly dividend and intends to continue regular cash dividends.
Expense Guidance: Station operating expense is expected to be flat in 2025 versus 2024, but would decrease 2–3% excluding the music licensing settlement.
