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: Net revenue was $26.5 million in Q4 2025, down 9.3% year-over-year to $26.5 million (FY 2025: $107.1 million, down 5.1%), with a large portion of the decline driven by reduced political revenue.
Impairment: The company recorded a noncash impairment charge of $20.4 million in Q4 (including $19.2 million of goodwill write-off), turning a would‑be profitable quarter into an operating loss.
Tower sale: Closed sale of telecommunications towers produced total proceeds of $15.1 million, $9.8 million net cash and a recognized gain of $11.6 million.
Digital progress: Interactive/digital revenue grew 25.8% in Q4 and 19.1% for the year; management is investing to accelerate digital growth (adding ~ $1.5 million of market expense in 2026).
Profitability ex-impairment: Management said operating income would have been $10.9 million in Q4 and $9.4 million for the year without the impairment; adjusted net income for Q4 would have been $8.2 million or $1.27 per share.
2026 outlook: First quarter pacing down mid-single digits (Interactive up 26.4%); expect return to revenue growth in H2 2026 with mid-single-digit increases (including political), capex of $3.5–$4.5 million, and corporate G&A ~ $12.3 million.
Capital allocation: Declared/paid quarterly dividend $0.25 per share (recently declared again), repurchased 219,326 shares for $2.5 million in 2025, and affirmed intent to continue dividends, specials and buybacks.
