SAGA COMMUNICATIONS INC

Saga Communications, Inc.

Company overview

Saga Communications, Inc. (Florida corporation, reorganized in 2020; originally organized in Delaware in 1986) is a media company that operates radio, digital, e-commerce, online news and non-traditional revenue initiatives. The company’s strategy is to operate top-billing radio stations in mid-sized markets while offering integrated marketing solutions that combine broadcast reach with digital advertising services. Corporate headquarters: 73 Kercheval, Grosse Pointe Farms, Michigan 48236. Website: www.sagacom.com.

What the company does

• Owns and operates FM and AM radio stations and metro signals across multiple markets.
• Provides advertisers with integrated campaigns that combine broadcast radio with digital advertising services, including paid search, targeted display, streaming, social media, online video, website-based advertising and online news.
• Supports digital advertising through centralized implementation specialists who work with local market teams to set up, optimize and report campaigns.
• Pursues growth through acquisitions of broadcast properties and by expanding digital and non-traditional revenue initiatives alongside traditional local advertising sales.

Footprint and properties (as of February 28, 2026)

• 82 FM radio stations
• 30 AM radio stations
• 79 metro signals
• Serving 28 markets
• Real estate: 26 of 29 operating locations’ studios and offices are owned; the remaining studios/offices are leased with terms ranging from about 2.8 to 5.9 years.
• Transmitter and antenna sites are owned or leased with terms from under 1 year to 65 years.

Revenue sources and mix (2025)

• Local advertising: $102,984,000 (approximately 91% of gross revenue)
• National advertising: $10,423,000 (approximately 9% of gross revenue)
• Digital services: $16,947,000 (approximately 15% of gross revenue)

Digital revenue by segment:

• Local digital: about 12% of gross revenue (2025) and 10% (2024)
• National digital: about 3% of gross revenue (2025) and 2% (2024)

2024 vs 2025 (selected figures)

• 2025 local advertising: $102.984M (91%)
• 2025 national advertising: $10.423M (9%)
• 2025 digital services: $16.947M (15%)
• 2024 local advertising: $106.302M (88%)
• 2024 national advertising: $13.889M (12%)
• 2024 digital services: $14.221M (12%)

Customers

Services national, regional and local advertisers and emphasizes a local sales force and long-standing advertiser relationships.

Employees (as of December 31, 2025)

• Approximately 580 full-time employees
• Approximately 199 part-time employees
• None of these employees are represented by unions

Management and leadership

• Christopher S. Forgy, 65 — President, Chief Executive Officer; Director (since December 2022; previously held other leadership roles within the company)
• Samuel D. Bush, 68 — Executive Vice President, Treasurer and Chief Financial Officer (since September 1997)
• Catherine A. Bobinski, 66 — Senior Vice President/Finance, Chief Accounting Officer and Corporate Controller (since March 2012)
• Wayne Leland, 61 — Chief Operating Officer (promoted September 2024; previously Senior Vice President of Operations)

Financial position (selected)

• Long-term debt: Approximately $5,000,000 outstanding as of December 31, 2025
• Debt structure includes variable-rate indebtedness and a credit facility with covenants; referenced debt maturity date December 19, 2027
• Completed a sale-leaseback transaction involving certain radio tower properties, providing liquidity while creating ongoing lease obligations

Growth strategy and focus

• Continue operating and growing top-billing radio stations in mid-sized markets
• Expand integrated advertising offerings that combine broadcast reach with digital targeting and measurement
• Invest in the digital platform by hiring and training digital campaign managers to support local sales teams
• Maintain a decentralized local management structure focused on day-to-day operations, community engagement and advertiser relationships
• Pursue acquisitions of broadcast properties and related businesses, contingent on financing, regulatory approvals and market conditions
• Monitor regulatory developments, including FCC ownership rules and foreign ownership considerations, that may affect expansion and ownership limits

Regulatory and licensing context

• Operates under FCC license requirements and is subject to local ownership rules, renewal processes and applicable FCC regulations governing broadcasting, advertising and digital operations
• Ownership and licensing activities are subject to regulatory approvals, antitrust considerations and potential waivers or policy changes that may affect acquisitions or station clustering