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Saga Communications, Inc. filed its annual report describing a radio and digital media business focused on mid-sized U.S. markets. As of February 28, 2026, it owned eighty-two FM stations, thirty AM stations and seventy-nine metro signals across twenty-eight markets.
Advertising remains the main revenue driver. For the year ended December 31, 2025, local advertising generated about $102,984,000, or 91% of gross revenue, while national advertising contributed about $10,423,000. Digital services, including search, display, streaming and social campaigns, produced about $16,947,000, or 15% of gross revenue, with both local and national digital shares increasing versus 2024.
The company highlights risks from economic cycles, inflation, supply-chain disruptions, geopolitical conflicts and health or natural disasters that can reduce advertisers’ budgets. It also details extensive FCC regulation, ownership limits and evolving rules around foreign ownership, political advertising, emergency alerts and new technologies such as HD radio, FM translators and geo-targeted boosters. As of December 31, 2025, Saga reported approximately $5,000,000 in long-term debt and employed about 580 full-time and 199 part-time staff.
Saga Communications, Inc. notified the SEC it cannot timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 by the prescribed due date of March 31, 2026. The company needs additional time to analyze technical tax matters and accounting impacts related to a sale-leaseback transaction disclosed on October 20, 2025, and expects to file within the fifteen calendar day extension under Rule 12b-25. The filing was signed on April 1, 2026 by Samuel D. Bush, CFO.
Saga Communications reported weaker results for the quarter and year ended December 31, 2025, driven by an impairment charge and softer advertising. Q4 net revenue fell 9.3% to $26.5 million, while digital revenue grew 25.8% to $4.3 million. The quarter swung to an operating loss of $9.5 million and a net loss of $6.9 million, versus prior-year profits.
For 2025, net revenue declined 5.1% to $107.1 million and net loss was $7.9 million versus net income of $3.5 million in 2024, largely due to a $20.4 million impairment of goodwill and FCC licenses and a $2.2 million retroactive music licensing settlement. The company monetized 24 towers, recording an $11.6 million gain on total proceeds of $15.1 million, repurchased 219,326 shares for $2.5 million, paid quarterly dividends of $0.25 per share and ended 2025 with $31.8 million in cash and short-term investments.
Saga Communications Inc. insider Edward K. Christian Trust, identified as a more than 10% owner, reported an open-market sale of 5,665 shares of Class A Common Stock on February 25, 2026. The shares were sold at a weighted average price of $12.0654 per share, with individual trades executed between $12.00 and $12.27. After this transaction, the trust still directly holds 881,044 shares of Saga Communications Inc. common stock.
SGA reported a Form 144 notice for the sale of 5665 shares of Class A Common by Edward K Christian.
The filing, dated 02/25/2026, notes the shares were a Distribution from a Trust or an Estate on 08/19/2022. The notice lists the holder and proposed amount to be sold; timing and sale method details are per the Form 144 filing.
Saga Communications, Inc. received an amended Schedule 13G showing that several related holders report significant passive stakes in its Class A Common Stock. The Edward K. Christian Trust beneficially owns 886,709 shares, representing 13.8% of the class based on 6,439,921 shares outstanding as of November 3, 2025.
Michael L. Dallaire, as co-trustee, is reported to share voting and dispositive power over the same 886,709 shares and is also listed with a 13.8% beneficial stake. Judith A. Christian is reported with 890,250 shares in total, or 13.8%, including 3,541 shares held in an IRA. The filers certify the shares are not held to change or influence control of Saga Communications.
Saga Communications, Inc. reported that Chief Executive Officer Christopher S. Forgy has begun a temporary medical leave of absence starting on February 13, 2026, with an indefinite recovery period. The company expects Mr. Forgy to remain available for consultation on significant matters while he recovers. The Board has designated Chief Operating Officer Wayne Leland and Chief Financial Officer Samuel D. Bush to assist with the CEO’s responsibilities until he returns from medical leave, providing interim leadership coverage across operations and finance.
Saga Communications, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.25 per share on its Class A common stock. The dividend, totaling approximately $1.6 million, will be paid on March 20, 2026 to shareholders of record on February 26, 2026 and will be funded from existing cash on the balance sheet.
The company notes that, including this payment, it will have distributed over $143 million in dividends since 2012. Saga currently intends to continue declaring regular quarterly cash dividends and, as part of its 2026 capital allocation plan, may also consider stock buybacks and special dividends, though any such actions remain at the Board’s discretion based on financial performance and cash needs.
Saga Communications, Inc. shareholder Stanley Kesselman filed an updated beneficial ownership report stating he owns 391,355 shares of the company’s Class A Common Stock, representing 6.2% of the class as of the reporting date. He reports sole power to vote and dispose of all these shares, with no shared voting or dispositive power. The filing is made on a passive basis, with Kesselman certifying that the securities were not acquired and are not held for the purpose of changing or influencing control of Saga Communications.
Saga Communications insider reports tax-related share withholding. Senior Vice President and Chief Accounting Officer Catherine A. Bobinski filed a Form 4 reporting a transaction in Saga Communications Class A Common Stock on 12/15/2025. The filing shows that 2,088 shares were disposed of at a price of $11.44 per share, coded as an "F" transaction, which indicates shares withheld to cover tax obligations tied to vesting of restricted stock. After this event, she beneficially owns 37,135 Class A shares directly and 1,389 Class A shares indirectly through a 401(k) plan. This reflects a routine administrative adjustment related to equity compensation rather than an open-market sale.