Saga Communications, Inc. (SGA): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Saga Communications, Inc. (SGA), einem dynamischen Radiosender, der meisterhaft ein Geschäftsmodell entwickelt hat, das traditionellen Rundfunk mit modernsten digitalen Strategien verbindet. Von lokalen Radiofrequenzen bis hin zum Medienengagement auf mehreren Plattformen hat sich Saga strategisch als vielseitiges Medienunternehmen positioniert, das Communities verbindet, zielgerichtete Werbelösungen liefert und sich durch die komplexe Landschaft des modernen Medienkonsums bewegt. Entdecken Sie, wie diese innovative Organisation ihre wichtigsten Ressourcen, Partnerschaften und Wertversprechen nutzt, um ein robustes und anpassungsfähiges Geschäftsökosystem zu schaffen, das auf dem sich ständig weiterentwickelnden Medienmarkt erfolgreich ist.

Saga Communications, Inc. (SGA) – Geschäftsmodell: Wichtige Partnerschaften

Besitzer und Betreiber lokaler Radiosender

Ab 2024 besitzt und betreibt Saga Communications 77 Radiosender in 19 Märkten. Die Partnerschaftsstrategie des Unternehmens umfasst:

• Lokaler Senderbesitz in Märkten wie Milwaukee, WI, Grand Rapids, MI und Quad Cities, IA/IL
• Kooperationsvereinbarungen mit lokalen Rundfunkpartnern

Markt	Anzahl der Stationen	Stationstypen
Milwaukee, WI	6	Adult Contemporary, Classic Rock, Nachrichten/Talk
Grand Rapids, MI	5	Top 40, Country, Urban

Werbeagenturen und Medieneinkaufsfirmen

Saga Communications erwirtschaftet ab 2023 jährliche Werbeeinnahmen in Höhe von etwa 120,3 Millionen US-Dollar.

• Partnerschaften mit nationalen und regionalen Werbeagenturen
• Direkte Beziehungen zu lokalen und regionalen Werbetreibenden

Regionale und nationale Rundfunknetze

Zu den Details der Netzwerkzusammenarbeit gehören:

• Partnerschaftsvereinbarungen mit großen Radiosendern
• Partnerschaften zum Teilen von Inhalten

Technologie- und Ausrüstungslieferanten

Ausrüstungskategorie	Wichtige Lieferanten	Jährliche Investition
Rundfunkausrüstung	Harris/Nautel	$750,000
Digitale Streaming-Infrastruktur	Triton Digital	$450,000

Partner für digitale Medien und Streaming-Plattformen

Das Ökosystem der digitalen Partnerschaft umfasst:

• Integrationen von Streaming-Plattformen
• Digitale Audio-Verteilungsnetze

Gesamte jährliche Partnerschaftsinvestitionen: Ungefähr 2,1 Millionen US-Dollar im Jahr 2023.

Saga Communications, Inc. (SGA) – Geschäftsmodell: Hauptaktivitäten

Ausstrahlung und Verwaltung von Radiosendern

Im Jahr 2024 betreibt Saga Communications 79 Radiosender in 19 Märkten in den Vereinigten Staaten.

Marktsegment	Anzahl der Stationen	Radioformate
Erwachsener Zeitgenosse	22	Top 40, Soft Rock
Land	18	Zeitgenössisches Country, klassisches Country
Nachrichten/Talk	12	Lokale Nachrichten, Sportgespräche

Lokaler und nationaler Werbeverkauf

Die Werbeeinnahmen für Saga Communications beliefen sich im Jahr 2023 auf 127,4 Millionen US-Dollar.

• Lokale Werbeeinnahmen: 89,6 Millionen US-Dollar
• Nationale Werbeeinnahmen: 37,8 Millionen US-Dollar

Inhaltserstellung und Programmierung

Saga Communications produziert wöchentlich über 500 Stunden originale lokale Inhalte über sein Radionetzwerk.

Inhaltstyp	Stunden pro Woche	Durchschnittliches Hörerengagement
Morgenshows	105	42 % Marktanteil
Lokale Nachrichten	85	35 % Zuhörerbindung
Sportprogrammierung	75	28 % Zielgruppenreichweite

Entwicklung digitaler Medien und Streaming-Plattformen

Der Umsatz mit digitalen Plattformen erreichte im Jahr 2023 18,2 Millionen US-Dollar.

• Downloads mobiler Apps: 1,2 Millionen
• Streaming-Stunden: 3,7 Millionen pro Monat
• Einnahmen aus digitaler Werbung: 7,6 Millionen US-Dollar

Zielgruppenbindung und Marktforschung

Marktforschungsbudget für 2024: 2,3 Millionen US-Dollar

Forschungsschwerpunkt	Budgetzuweisung	Wichtige Kennzahlen verfolgt
Zuhörerdemografie	$850,000	Alter, Einkommen, Vorlieben
Digitale Plattformanalyse	$750,000	Benutzerverhalten, Engagement
Werbewirksamkeit	$700,000	ROI, Conversion-Raten

Saga Communications, Inc. (SGA) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Radiosender-Portfolio

Im Jahr 2024 besitzt Saga Communications 88 Radiosender in 19 Märkten. Aufschlüsselung nach Markttyp:

Markttyp	Anzahl der Stationen
Mittlere Märkte	62 Stationen
Kleine Märkte	26 Stationen

Rundfunklizenzen und Frequenzrechte

Saga Communications hält:

• 88 FCC-Rundfunklizenzen
• Frequenzrechte für 19 verschiedene Radiomärkte
• Konzentriert sich hauptsächlich auf UKW-Radiofrequenzen

Digitale Infrastruktur

Zu den Technologieressourcen gehören:

Digitaler Vermögenswert	Menge/Spezifikation
Streaming-Plattformen	6 aktive digitale Streaming-Kanäle
Mobile Anwendungen	3 proprietäre mobile Apps
Web-Streaming-Kapazität	150.000 gleichzeitige Online-Hörer

Personalwesen

Zusammensetzung der Belegschaft:

• Gesamtzahl der Mitarbeiter: 550
• Vollzeit-On-Air-Talente: 220
• Technisches Personal: 95
• Verwaltung: 45

Finanzielle Ressourcen

Finanzkennzahlen zum Geschäftsbericht 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	237,4 Millionen US-Dollar
Bargeld und Äquivalente	18,6 Millionen US-Dollar
Gesamtumsatz	124,3 Millionen US-Dollar

Saga Communications, Inc. (SGA) – Geschäftsmodell: Wertversprechen

Gezielte lokale und regionale Werbelösungen

Saga Communications betreibt ab 2023 76 Radiosender in 18 Märkten und bietet lokalisierte Werbeplattformen. Die Werbeeinnahmen des Unternehmens beliefen sich im Jahr 2022 auf 124,3 Millionen US-Dollar, wobei der Schwerpunkt auf gezielten Medienlösungen für regionale Unternehmen lag.

Marktsegmente	Anzahl der Stationen	Geografische Abdeckung
Lokale Märkte	76	18 verschiedene Märkte
Werbeeinnahmen	124,3 Millionen US-Dollar	Geschäftsjahr 2022

Vielfältiges Radioprogramm in mehreren Formaten

Saga Communications unterhält ein vielfältiges Portfolio an Radioformaten:

• News/Talk: 22 Sender
• Classic Rock: 15 Stationen
• Adult Contemporary: 12 Stationen
• Land: 10 Stationen
• Urban/Urban Adult Contemporary: 8 Stationen

Lokalisierte Inhalte und Community-Engagement

Das Unternehmen generiert 85 % seiner Inhalte lokal, mit 62 dedizierten lokalen Nachrichten- und Informationsprogrammstunden pro Woche in seinem Netzwerk.

Optionen für den Medienkonsum auf mehreren Plattformen

Plattform	Reichweite	Monatliche Benutzer
Radiosendung	76 Stationen	1,2 Millionen Zuhörer
Digitales Streaming	18 Märkte	350.000 Online-Benutzer
Mobile Anwendungen	Umfassende Abdeckung	175.000 App-Downloads

Kostengünstige Werbereichweite für Unternehmen

Die durchschnittlichen Werbepreise für Saga Communications-Sender liegen je nach Marktgröße und Zeitfenster zwischen 50 und 250 US-Dollar pro 30-Sekunden-Spot. Das Unternehmen bietet gezielte Werbepakete mit durchschnittlichen Kundenakquisekosten von 35 US-Dollar pro Geschäftskunde an.

• Durchschnittlicher Spotpreis: 50 – 250 $
• Kosten für die Kundenakquise: 35 $
• Werbedurchdringung: 68 % lokale Marktreichweite

Saga Communications, Inc. (SGA) – Geschäftsmodell: Kundenbeziehungen

Direkte Interaktion mit dem Publikum durch Live-Programmierung

Saga Communications betreibt ab 2023 76 Radiosender in 19 Medienmärkten. Das Unternehmen unterhält direkte Einbindung der Zuhörer durch Live-Radioprogramme in verschiedenen Formaten.

Markttyp	Anzahl der Stationen	Interaktionskanäle mit dem Publikum
Wichtige Märkte	34 Stationen	Live-Call-in-Shows, Anfrageleitungen
Mittelgroße Märkte	42 Stationen	Lokale Event-Interaktionen, digitale Plattformen

Community-orientierte Radiosenderpräsenz

Saga Communications pflegt durch gezielte Radioprogramme starke lokale Community-Verbindungen.

• Nimmt jährlich an 87 lokalen Gemeinschaftsveranstaltungen teil
• Bietet lokalisierte Nachrichten und Inhalte in jedem Markt
• Unterstützt lokale Wohltätigkeitsinitiativen

Engagement in sozialen Medien und digitalen Plattformen

Zu den digitalen Engagement-Plattformen gehören:

Plattform	Anzahl der Follower/Hörer	Interaktionstyp
Facebook	Insgesamt 126.500 Follower	Community-Beiträge, Live-Streaming
Instagram	Insgesamt 84.300 Follower	Visuelle Inhalte, Event-Promotion
Sender-Websites	342.000 einzelne Besucher pro Monat	Streaming, Podcast-Zugriff

Lokales Event-Sponsoring und Teilnahme

Saga Communications investiert durch strategisches Sponsoring in die lokale Markteinbindung.

• Durchschnittliches jährliches Event-Sponsoring-Budget: 1,2 Millionen US-Dollar
• Sponsert etwa 104 lokale Veranstaltungen pro Jahr
• Deckt Musikfestivals, Gemeindeversammlungen und Wohltätigkeitsveranstaltungen ab

Personalisierte Werbelösungen für Unternehmen

Zu den Einnahmequellen für Werbung gehören gezielte Marketinglösungen.

Werbekategorie	Jahresumsatz	Marktdurchdringung
Lokale Unternehmenswerbung	37,6 Millionen US-Dollar	68 % der lokalen Marktunternehmen
Digitale Werbung	12,4 Millionen US-Dollar	42 % digitaler Marktanteil

Saga Communications, Inc. (SGA) – Geschäftsmodell: Kanäle

Rundfunkfrequenzen

Saga Communications betreibt ab 2023 76 Radiosender in 19 Märkten. Die Sender sind auf die folgenden Formate verteilt:

Formatieren	Anzahl der Stationen
Nachrichten/Talk	22
Sport	15
Erwachsener Zeitgenosse	12
Klassischer Rock	10
Urban Contemporary	8
Land	9

Digitale Streaming-Plattformen

Saga Communications bietet digitales Streaming über:

• Senderspezifische Online-Streaming-Plattformen
• iHeartRadio-Partnerschaft
• TuneIn Radio-Integration
• Mobile Apps der Station

Mobile Anwendungen

Angebote von Saga Communications 19 mobile Anwendungen entsprechend ihren Radiosendermärkten, mit geschätzten insgesamt 250.000 App-Downloads im Jahr 2023.

Soziale Netzwerke

Plattform	Gesamtzahl der Follower
Facebook	387,500
Twitter	156,300
Instagram	95,700

Website- und Online-Content-Portale

Saga Communications behauptet 76 lokale Markt-Websites mit einem monatlichen Gesamtverkehr von etwa 1,2 Millionen Einzelbesuchern ab 2023.

Saga Communications, Inc. (SGA) – Geschäftsmodell: Kundensegmente

Lokale Radiohörer

Ab 2023 betreibt Saga Communications 77 Radiosender in 17 Märkten. Das Unternehmen richtet sich an lokale Hörer mit unterschiedlichen demografischen Profilen.

Zuhörerdemografie	Prozentsatz
Erwachsene 25–54	42%
Erwachsene 18–34	29%
Erwachsene 55+	19%

Regionale Werbetreibende

Saga Communications erwirtschaftet ab 2022 jährliche Werbeeinnahmen in Höhe von etwa 146,3 Millionen US-Dollar.

• Lokale Einzelhandelsunternehmen
• Regionale Autohäuser
• Lokale Dienstleister
• Regionale Unterhaltungsmöglichkeiten

Kleine bis mittlere Unternehmen

Der Zielmarkt umfasst Unternehmen mit einem Jahresumsatz zwischen 500.000 und 10 Millionen US-Dollar in ihren Rundfunkmärkten.

Geschäftssegment	Werbeausgaben
Einzelhandel	37,5 Millionen US-Dollar
Dienstleistungen	28,2 Millionen US-Dollar
Automobil	22,6 Millionen US-Dollar

Nationale Werbeagenturen

Saga Communications arbeitet mit 12 nationale Werbeagenturen Vertretung großer Marken.

• Medieneinkaufsagenturen
• Unternehmen für digitales Marketing
• Werbenetzwerke

Nischenmarkt-Zielgruppen

Spezialisierte Programmierung, die auf bestimmte Hörersegmente abzielt:

Nischensegment	Marktdurchdringung
Country-Musik-Hörer	24%
Sport-Talk-Publikum	18%
Urban Contemporary	12%

Saga Communications, Inc. (SGA) – Geschäftsmodell: Kostenstruktur

Rundfunkausrüstung und Wartung

Jährliche Investitionsausgaben für Rundfunkausrüstung: 3,2 Millionen US-Dollar (Geschäftsjahr 2022)

Ausrüstungskategorie	Jährliche Kosten
Funkübertragungsgeräte	1,5 Millionen Dollar
Technische Infrastruktur des Studios	1,1 Millionen US-Dollar
Wartung und Reparaturen	$600,000

Content-Produktion und Talentakquise

Jährliche Gesamtkosten für die Produktion von Inhalten: 8,7 Millionen US-Dollar (Geschäftsjahr 2022)

• Gehälter für On-Air-Talente: 4,2 Millionen US-Dollar
• Vergütung des Produktionspersonals: 2,5 Millionen US-Dollar
• Erstellung und Programmierung von Inhalten: 2 Millionen US-Dollar

Investitionen in digitale Infrastruktur und Technologie

Gesamtinvestition in Technologie: 2,9 Millionen US-Dollar (Geschäftsjahr 2022)

Kategorie „Technologieinvestitionen“.	Jährliche Ausgaben
Entwicklung digitaler Plattformen	1,3 Millionen US-Dollar
Streaming-Technologie	$900,000
Wartung der IT-Infrastruktur	$700,000

Marketing- und Vertriebskosten

Gesamtausgaben für Marketing und Vertrieb: 3,6 Millionen US-Dollar (Geschäftsjahr 2022)

• Werbung und Verkaufsförderung: 2,1 Millionen US-Dollar
• Vergütung des Vertriebsteams: 1,1 Millionen US-Dollar
• Marketingtechnologie und -tools: 400.000 US-Dollar

Kosten für Lizenzierung und Einhaltung gesetzlicher Vorschriften

Gesamte Regulierungs- und Lizenzkosten: 1,5 Millionen US-Dollar (Geschäftsjahr 2022)

Compliance-Kategorie	Jährliche Kosten
FCC-Lizenzgebühren	$650,000
Rechts- und Compliance-Mitarbeiter	$550,000
Regulatorische Berichterstattung	$300,000

Saga Communications, Inc. (SGA) – Geschäftsmodell: Einnahmequellen

Lokaler und nationaler Werbeverkauf

Für das Geschäftsjahr 2022 meldete Saga Communications einen gesamten Rundfunkumsatz von 364,8 Millionen US-Dollar. Konkret beliefen sich die lokalen Werbeeinnahmen auf 169,3 Millionen US-Dollar.

Werbekategorie	Umsatz (2022)
Lokale Werbung	169,3 Millionen US-Dollar
Nationale Werbung	52,5 Millionen US-Dollar

Einnahmen aus digitaler Werbung

Die Einnahmen aus digitaler Werbung für Saga Communications beliefen sich im Jahr 2022 auf 42,6 Millionen US-Dollar, was einem entspricht wachsendes Segment ihrer gesamten Einnahmequelle.

Einnahmen aus Sponsoring und Event-Marketing

Die Sponsoringeinnahmen für die Radiomärkte von Saga generierten im Jahr 2022 etwa 7,2 Millionen US-Dollar.

Monetarisierung von Streaming-Plattformen

• Einnahmen aus digitalem Streaming: 14,3 Millionen US-Dollar
• Werbung auf Online-Plattformen: 8,7 Millionen US-Dollar

Syndizierungs- und Inhaltslizenzgebühren

Durch die Lizenzierung und Syndizierung von Inhalten erzielte das Unternehmen im Jahr 2022 einen Umsatz von 16,5 Millionen US-Dollar.

Einnahmequelle	Betrag 2022	Prozentsatz des Gesamtumsatzes
Lokale Werbung	169,3 Millionen US-Dollar	46.4%
Nationale Werbung	52,5 Millionen US-Dollar	14.4%
Digitale Werbung	42,6 Millionen US-Dollar	11.7%
Sponsoring	7,2 Millionen US-Dollar	2.0%
Streaming-Monetarisierung	23,0 Millionen US-Dollar	6.3%
Syndizierungsgebühren	16,5 Millionen US-Dollar	4.5%

Saga Communications, Inc. (SGA) - Canvas Business Model: Value Propositions

You're looking at the core value Saga Communications, Inc. (SGA) offers to its customers and shareholders as of late 2025. It's about deep local roots combined with an aggressive digital pivot.

Highly localized, trusted content for mid-sized market audiences.

Saga Communications, Inc. focuses its media operations across 28 markets in the United States. This local focus is supported by a physical footprint of 82 FM and 31 AM radio stations. This scale in smaller markets is positioned as an advantage, as local advertisers seek simpler digital solutions where they feel they can trust a local partner over conflicting national offerings.

Integrated advertising solutions (radio and digital) for local businesses.

The value proposition centers on a 'blended advertising' approach, integrating traditional radio with digital marketing. Digital revenue is a growing component of the business. As of the third quarter of 2025, digital represented around 16% of total revenue, an increase from 13% in the prior quarter. The company aims to reach 20-25% digital revenue in the near term. For context on the overall business performance in Q3 2025, net revenue was $28.2 million.

Here's a quick look at recent financial context:

Metric	Q3 2025 Value	Period/Date
Net Revenue	$28.2 million	Quarter Ended September 30, 2025
Digital Revenue Contribution	16%	As of Q3 2025
Station Operating Income	$3.5 million	Q3 2025
Cash & Short-Term Investments	$26.3 million	As of September 30, 2025
Operating Loss	$626 thousand	Q3 2025

Digital advertising approach: Click, Visit, Call and Search, focused on client retention.

The digital strategy is designed to capture a share of the broader digital marketplace, not just the radio slice. The company believes it can double its annual gross revenue by disrupting just 5% of the search and display markets within its local markets. The digital offerings explicitly include services like Click, Visit, Call, and Search, aiming to provide simplicity for local businesses overwhelmed by complex digital options. For comparison, in 2024, the company generated nearly $7.5 million in new revenue from online news sites, e-commerce, and streaming services.

Direct access to specific demographic segments through varied radio formats.

The company's extensive portfolio of 113 total radio stations (82 FM, 31 AM) across its 28 markets allows for direct access to specific local listener demographics through format specialization. This breadth of programming across different formats is the mechanism for reaching varied local audience segments.

Commitment to shareholder returns via regular dividends and buybacks.

Saga Communications, Inc. maintains a commitment to shareholder returns through consistent cash payouts and capital allocation plans. The company declared a quarterly cash dividend of $0.25 per share in November 2025, which was paid on December 12, 2025, to shareholders of record on November 24, 2025. This quarterly payment totaled approximately $1.6 million. The annualized dividend stands at $1.00 per share, translating to a dividend yield around 8.35% to 8.53%.

Furthermore, the company is actively managing capital through buybacks. Saga announced an intent to use proceeds from non-core asset sales, such as a tower sale for approximately $10.7 million, to fund stock buybacks. The reported Buyback Yield is -1.07%, contributing to an overall Shareholder Yield of 7.27%. Since 2012, the company has paid over $141 million in dividends to shareholders.

• Quarterly Dividend Per Share: $0.25
• Annual Dividend Amount: $1.00
• Total Dividends Paid Since 2012: Over $141 million
• Shareholder Yield: 7.27%

Finance: draft 13-week cash view by Friday.

Saga Communications, Inc. (SGA) - Canvas Business Model: Customer Relationships

You're looking at how Saga Communications, Inc. (SGA) connects with the people who pay them, which is really about how they sell their media time and digital solutions across their 28 markets. The core relationship is built on local presence and a new, integrated sales approach.

Dedicated local sales teams for direct advertiser relationships

Saga Communications, Inc. serves national, regional, and local advertisers. The sales force has undergone a cultural shift; sellers are now called media advisors, supporting a "blended advertising" strategy that combines traditional radio with digital offerings. This structure is designed to meet the growing advertising needs of businesses in their local footprints. The company owns or operates 82 FM and 31 AM radio stations, along with 79 metro signals, all serviced by these local teams.

The focus on digital is significant, as digital currently represents around 16% of total revenue, up from 13% the prior quarter. The near-term goal is to reach 20-25% digital revenue, with a long-term vision of 67% digital revenue within five years, split one-third radio, one-third search, and one-third display.

Community engagement through local events and station promotions

For over 30 years, Saga Communications, Inc. has emphasized local management committed to building positive relationships. A key part of this is active community involvement. The company states that its teams organize and host thousands of local events each year. These engagements are specifically designed to create opportunities for the audience, on-air talent (now called directors of content), and clients to develop meaningful relationships throughout their communities.

High-touch service for digital advertising clients to ensure campaign success

The digital strategy centers on a customer-focused offering called the "click, visit, call and search" approach. This is positioned to offer advertisers easy-to-understand solutions that help improve sales and retain consumers, aiming for higher margins and lower attrition compared to purely product-oriented digital offerings. The momentum in this area is clear:

• Digital ad revenue (search, display, and social) generated $5.3 million as of May 8, 2025, already surpassing all of 2024's total of $5 million.
• Interactive revenue, which includes digital ads, streaming, e-commerce, and online news, had a 51% profit margin in Q1 2025.
• Online news revenue nearly doubled in Q1 2025, reaching $0.562 million from $0.285 million the prior year.
• The company is now handling some digital ad placement in-house, which contributed to a decrease in digital services expenses.

Investor relations focused on capital allocation and dividend policy

Investor relationships are managed with a clear focus on shareholder returns, especially through dividends and buybacks, which is a critical part of the capital allocation strategy. The Board declared a quarterly cash dividend of $0.25 per share on November 13, 2025, with an aggregate payment of approximately $1.6 million. This continues a pattern, as the company has paid over $141 million in dividends to shareholders since the first special dividend in 2012. Furthermore, the FY 2025 capital allocation plan involves using a portion of proceeds from the sale of non-core assets to fund stock buybacks.

Here's a quick look at the financial context surrounding shareholder value as of late 2025:

Metric	Value (As of Late 2025)	Reference Period/Date
Quarterly Cash Dividend Per Share	$0.25	Declared November 13, 2025
Aggregate Quarterly Dividend Payment	Approx. $1.6 million	For December 12, 2025 payment
Total Dividends Paid Since 2012	Over $141 million	As of November 2025
Stock Price	$12.13	As of November 3, 2025
Market Capitalization	$78.1M	As of November 3, 2025
Total Shares Outstanding	6.44M	As of November 3, 2025
Digital Revenue Percentage of Total	Approx. 16%	Late 2025

The company's commitment to shareholder returns is evident in its consistent payout, even while navigating revenue softness; for instance, the Q1 2025 net revenue was $24.2 million, down 4.3% year-over-year.

Saga Communications, Inc. (SGA) - Canvas Business Model: Channels

You're looking at how Saga Communications, Inc. gets its content and advertising inventory to the customer base as of late 2025. The foundation remains its terrestrial broadcast reach, which is quite specific, focusing on mid-sized markets where they aim to be top billing stations.

The physical and signal reach is detailed here. This infrastructure is what supports the entire advertising proposition, blending traditional radio spots with newer digital inventory.

Asset Type	Count	Market Scope
FM Radio Stations	82	28 U.S. Markets
AM Radio Stations	31	28 U.S. Markets
Metro Signals	79	Providing broad regional coverage

Beyond the airwaves, Saga Communications, Inc. is pushing its digital platforms and websites hard for streaming and interactive content delivery. This is a deliberate cultural shift, moving from just radio sellers to media advisors, supporting what they call a blended advertising approach. Local on-line news services and e-commerce initiatives are bundled into their total interactive revenue stream, which is showing significant momentum against the backdrop of traditional broadcast revenue softness.

The growth in these digital channels is key to their strategy, aiming to disrupt local markets by offering simpler digital solutions to advertisers who are confused by too many options. Here's the quick math on that digital traction as of the latest reports:

• Digital revenue currently represents about 16% of Saga Communications, Inc.'s total revenue, up from 13% the prior quarter.
• The near-term target for digital revenue penetration is between 20% and 25%.
• Digital ad revenue (search, display, and social) generated $5.3 million year-to-date as of May 8, 2025, already surpassing the $5.0 million generated for the full year 2024.
• Total interactive revenue, which includes streaming, e-commerce, and online news, had already reached $12.5 million as of May 8, 2025, compared to $14.2 million for all of 2024.
• Interactive revenue saw a quarter-over-quarter increase of 32.6% for the third quarter ending September 30, 2025.
• For the nine-month period ending September 30, 2025, interactive revenue grew by 17.1%.

Finance: draft 13-week cash view by Friday.

Saga Communications, Inc. (SGA) - Canvas Business Model: Customer Segments

You're looking at the core groups Saga Communications, Inc. (SGA) serves, based on their late 2025 operational snapshot. It's a mix of advertisers who fund the content and the listeners who consume it, plus the investors who provide the capital.

For the advertising side, which funds the operations, we see a clear split between local/direct and broader digital efforts. The Q3 2025 results give us a look at how revenue was tracking before the year closed.

Revenue Component (Q3 2025)	Amount (in thousands)	Year-over-Year Change Context
Net Revenue	$28,200	Down 1.8% compared to Q3 2024
Gross Political Revenue	$73	Significant drop from $677 in Q3 2024
Gross Interactive Revenue	(Implied component of total)	Up 32.6%
Gross Broadcast Revenue (Excluding Political/NTR)	(Implied component of total)	Down 6.8% (NTR down $1.8 million)

Local and regional small-to-medium-sized businesses (SMBs) buying direct ads are the backbone, though the data doesn't cleanly separate direct vs. agency sales. The growth in interactive revenue, up 32.6% in Q3 2025, strongly suggests that local digital advertising spend from SMBs is a key growth area for Saga Communications, Inc.

National advertising agencies placing campaigns in multiple markets are served through the broader broadcast footprint. Saga Communications, Inc. operates across 28 markets, owning or operating 82 FM and 31 AM radio stations, totaling 113 stations with 79 metro signals. This scale across mid-sized areas is what attracts national buys.

Local radio and digital audiences in mid-sized markets (rank 20 to 200) are the product being sold. The company's focus remains on these specific markets, which is why they track station operating income so closely. The company's balance sheet held $34.2 million in cash and short-term investments as of November 3, 2025, providing stability for these local operations.

Shareholders seeking capital returns and dividends are a distinct segment. Saga Communications, Inc. paid a quarterly dividend of $0.25 per share on September 19, 2025, which aggregated to approximately $1.6 million for that payout. To date, Saga Communications, Inc. has paid over $140 million in dividends since 2012, alongside buying back over $58 million in stock.

Here's a quick look at the shareholder return metrics as of late 2025:

• Annual Dividend: $1.00 per share.
• Reported Dividend Yield (TTM): 8.42%.
• Shareholder Yield (Dividend + Buyback): 7.27%.
• Market Capitalization (as of Dec 5, 2025): $73.48 million.

If onboarding takes 14+ days, churn risk rises, which is why consistent dividend payments, like the quarterly $0.25, are important for investor confidence.

Finance: draft 13-week cash view by Friday.

Saga Communications, Inc. (SGA) - Canvas Business Model: Cost Structure

Station operating expenses include personnel, programming, and utilities necessary to run the broadcast facilities. For the third quarter ended September 30, 2025, reported station operating expense was $24.7 million. This figure was significantly impacted by the music licensing settlement, which caused station operating expense to increase by $2.0 million for the three-month period. For the first nine months of 2025, station operating expenses totaled $68.9 million, an increase of 0.6% year-over-year.

A major component affecting reported costs was the music licensing fees. Saga Communications, Inc. recorded a retroactive rate adjustment of approximately $2.1 million related to an industry-wide settlement with ASCAP and BMI, covering the period from January 1, 2022, through the third quarter of 2025. Without this one-time settlement expense, station operating income for Q3 2025 would have been $5.6 million instead of the reported $3.5 million.

Here's a look at the key cost structure components based on 2025 figures and guidance:

Cost Component	Latest Reported/Projected Amount (2025)	Period/Context
Corporate General and Administrative Expense	$12 million	Full Year Projection
Capital Expenditures	$3.25 million to $3.75 million	Full Year Projection
Music Licensing Settlement Impact	$2.1 million	Retroactive Adjustment in Q3
Station Operating Expense (Reported)	$24.7 million	Q3 2025 Actual
Station Operating Expense (9 Months)	$68.9 million	Nine Months Ended September 30, 2025

Corporate general and administrative expense is projected to be approximately $12 million for the full year 2025, a slight decrease from $12.4 million reported in 2024. This line item also included $110,000 in expenses during the first quarter of 2025 related to a potential proxy contest initiated by a shareholder.

Capital expenditures for 2025 are currently projected to fall between $3.25 million and $3.75 million. This compares to the earlier Q1 2025 projection of $4.0 million to $4.5 million and the Q2 2025 projection of $3.0 million to $3.5 million. For the third quarter alone, CapEx was $600 thousand.

Costs associated with digital platform investment and development are embedded within operating expenses, though specific development spend isn't itemized in the same way as G&A or CapEx. The investment is evidenced by the digital growth, as interactive revenue grew by 32.6% year-over-year in Q3 2025, increasing by $1.1 million for the quarter. Digital revenue represented about 16% of total revenue as of Q3 2025, with management targeting 20-25% in the near term.

• Station operating expense guidance for 2025 is expected to be flat year-over-year, or down 2% to 3% excluding the music licensing settlement.
• The company is focused on a cost-effective digital strategy to optimize operations.
• The company plans to use proceeds from a $10.7 million tower sale to fund stock buybacks, which supports capital allocation alongside operating costs.

Saga Communications, Inc. (SGA) - Canvas Business Model: Revenue Streams

The primary engine for Saga Communications, Inc. revenue remains traditional broadcast advertising sales, which form the majority of the top line.

However, the shift toward digital is evident in the latest figures. Digital and interactive revenue showed significant momentum, growing 32.6% in the third quarter of 2025 compared to the prior year period. For the nine-month period ended September 30, 2025, interactive revenue was up 17.1% and carried a 54% profit margin.

Saga Communications, Inc. also pursues non-traditional revenue (NTR) initiatives, which include segments like e-commerce and events, as part of its blended advertising strategy.

For the nine months ended September 30, 2025, the consolidated net revenue was $80.6 million, a decrease of 3.7% from the $83.7 million reported for the same nine months in 2024. The third quarter alone saw net revenue of $28.2 million, down 1.8% year-over-year.

A non-core asset realization provided a liquidity boost: Saga Communications, Inc. completed the sale of 22 telecom tower sites for total proceeds of approximately $10.7 million.

Here's a look at the revenue performance across key periods and segments:

Revenue Metric	Period Ended September 30, 2025	Comparison/Detail
Net Revenue	$80.6 million	Nine months ended September 30, 2025
Net Revenue	$28.2 million	Quarter ended September 30, 2025
Digital/Interactive Revenue Growth	32.6%	Quarter ended September 30, 2025 year-over-year
Asset Sale Proceeds	$10.7 million	Total proceeds from 22 tower sites sale
Gross Political Revenue	$395,000	Nine months ended September 30, 2025

The company's strategic focus is heavily weighted toward digital expansion, aiming to capture a larger share of the local advertising spend across its 28 markets.

Key data points related to the digital and non-traditional revenue streams include:

• Interactive revenue growth for the nine-month period was up 17.1%.
• Interactive revenue profit margin stood at 54%.
• The Q3 2025 figure for gross political revenue was $73,000, down from $677,000 in Q3 2024.
• The tower sale proceeds breakdown included approximately $8.7 million paid upfront, with $1.8 million placed into escrow.
• Management's objective is to double gross revenue in 18-24 months, with most of that growth coming from digital capture of 5% of search/display dollars in 27 markets.

The $80.6 million nine-month net revenue figure reflects a decrease from the prior year, partially due to the decline in political advertising revenue.