[Form 4] Saga Communications, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Saga Communications, Inc. (SGA) insider sale disclosed on Form 4. The Edward K. Christian Trust, identified as a director-related reporting person, sold 1,054 shares of Class A common stock on 08/25/2025 at a weighted-average price of $13.3382 per share. After the sale the reporting person beneficially owned 894,378 shares, reported as disposed of (direct ownership). The Form 4 was signed by Judith Christian, Trustee, on 08/27/2025 and includes a footnote that the reported price is a weighted average from multiple sale prices ranging $13.25 to $13.50.

Positive

• Timely and complete disclosure of an insider sale with trustee signature and explanatory footnote regarding weighted-average pricing

Negative

• None.

Insights

Financial Analyst

TL;DR: A small insider sale was disclosed; ownership remains substantial at 894,378 shares.

The Form 4 documents a sale of 1,054 Class A shares by the Edward K. Christian Trust on 08/25/2025 at a weighted-average price of $13.3382, with post-transaction beneficial ownership of 894,378 shares. This filing is a routine Section 16 disclosure of an insider disposition and provides a footnoted price range ($13.25–$13.50) for the multiple trades. The transaction size is small relative to the reported holdings and the disclosure is complete with trustee signature, supporting transparency but offering no new operating or financial information about SGA.

Corporate Governance Expert

TL;DR: The filing indicates proper insider reporting and trustee-signed authorization for the sale.

The document identifies the reporting person as the Edward K. Christian Trust and indicates a director relationship. The Form 4 was signed by Judith Christian, Trustee, and includes the requisite explanatory footnote about weighted-average pricing across multiple trades. From a governance and compliance perspective, the filing appears timely and properly executed under Section 16 disclosure rules. The sale itself is a routine insider disposition and does not, by itself, signal a governance event or change in control.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Edward K. Christian Trust

(Last) (First) (Middle)

500 WOODWARD AVENUE

SUITE 4000

(Street)

DETROIT MI 48226

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SAGA COMMUNICATIONS INC [ SGA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/25/2025		S		1,054	D	$13.3382(1)	894,378	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $13.25 to $13.50, inclusive. The reporting person undertakes to provide Saga Communications, Inc., any security holder of Saga Communications, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to this Form 4.

	/s/ Judith Christian, Trustee	08/27/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Edward K. Christian Trust report in the Form 4 for SGA?

The trust reported a sale of 1,054 Class A shares on 08/25/2025 at a weighted-average price of $13.3382, leaving 894,378 shares beneficially owned.

Who signed the Form 4 for the SGA insider filing?

The Form 4 was signed by Judith Christian, Trustee on 08/27/2025.

What price range was disclosed for the SGA insider sale?

The filing footnote states sales occurred at prices ranging from $13.25 to $13.50, and the reported price is a weighted average of those transactions.

Does the Form 4 indicate a change in control or new ownership stake for SGA?

No. The filing shows a disposition of 1,054 shares and a remaining beneficial ownership of 894,378 shares; it does not indicate a change in control or new ownership structure.

What relationship does the reporting person have to Saga Communications (SGA)?

The reporting person is identified as a Director and the filing was submitted by the Edward K. Christian Trust (reported by one reporting person).