Saga Communications, Inc. (SGA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Saga Communications, Inc. (SGA), una potencia dinámica de transmisión de radio que ha creado magistralmente un modelo de negocio que combina la transmisión tradicional con estrategias digitales de vanguardia. Desde las frecuencias de radio locales hasta la participación multiplataforma de los medios, SAGA se ha posicionado estratégicamente como una compañía de medios versátil que conecta a las comunidades, ofrece soluciones publicitarias específicas y navega por el complejo panorama del consumo moderno de los medios. Descubra cómo esta organización innovadora aprovecha sus recursos clave, asociaciones y propuestas de valor para crear un ecosistema comercial robusto y adaptable que prospera en el mercado de medios en constante evolución.

Saga Communications, Inc. (SGA) - Modelo de negocios: asociaciones clave

Propietarios y operadores de estaciones de radio locales

A partir de 2024, Saga Communications posee y opera 77 estaciones de radio en 19 mercados. La estrategia de asociación de la compañía incluye:

• Propiedad de la estación local en mercados como Milwaukee, WI, Grand Rapids, MI y Quad Cities, IA/IL
• Acuerdos de colaboración con afiliados de transmisión local

Mercado	Número de estaciones	Tipos de estación
Milwaukee, WI	6	Contemporáneo para adultos, rock clásico, noticias/charlas
Grand Rapids, Mi	5	Top 40, país, urbano

Agencias de publicidad y empresas de compra de medios

Saga Communications genera aproximadamente $ 120.3 millones en ingresos publicitarios anuales a partir de 2023.

• Asociaciones con agencias de publicidad nacionales y regionales
• Relaciones directas con anunciantes locales y regionales

Redes de transmisión regionales y nacionales

Los detalles de la colaboración de la red incluyen:

• Acuerdos de afiliación con las principales redes de radio
• Asociaciones para compartir contenido

Proveedores de tecnología y equipos

Categoría de equipo	Proveedores clave	Inversión anual
Equipo de transmisión	Harris/Nautel	$750,000
Infraestructura de transmisión digital	Triton digital	$450,000

Medios digitales y socios de la plataforma de transmisión

El ecosistema de asociación digital incluye:

• Integraciones de plataforma de transmisión
• Redes de distribución de audio digital

Inversiones totales relacionadas con la asociación anual total: aproximadamente $ 2.1 millones en 2023.

Saga Communications, Inc. (SGA) - Modelo de negocio: actividades clave

Radiodifusión y gestión de la estación de radio

A partir de 2024, Saga Communications opera 79 estaciones de radio en 19 mercados en los Estados Unidos.

Segmento de mercado	Número de estaciones	Formatos de radio
Adulto contemporáneo	22	Top 40, roca suave
País	18	País contemporáneo, país clásico
Noticias/charla	12	Noticias locales, charla deportiva

Ventas publicitarias locales y nacionales

Los ingresos por publicidad para Saga Communications en 2023 fueron de $ 127.4 millones.

• Ingresos publicitarios locales: $ 89.6 millones
• Ingresos publicitarios nacionales: $ 37.8 millones

Creación y programación de contenido

Saga Communications produce más de 500 horas de contenido local original semanalmente en su red de radio.

Tipo de contenido	Horas por semana	Compromiso promedio del oyente
Espectáculos matutinos	105	42% de participación de mercado
Noticias locales	85	35% de retención del oyente
Programación deportiva	75	28% de alcance de la audiencia

Desarrollo de la plataforma de transmisión y medios digitales

Los ingresos de la plataforma digital alcanzaron los $ 18.2 millones en 2023.

• Descargas de aplicaciones móviles: 1.2 millones
• Horas de transmisión: 3.7 millones por mes
• Ingresos de publicidad digital: $ 7.6 millones

Compromiso de la audiencia e investigación de mercado

Presupuesto de investigación de mercado para 2024: $ 2.3 millones

Enfoque de investigación	Asignación de presupuesto	Métricas clave rastreadas
Demografía del oyente	$850,000	Edad, ingresos, preferencias
Análisis de plataforma digital	$750,000	Comportamiento del usuario, compromiso
Efectividad publicitaria	$700,000	ROI, tasas de conversión

Saga Communications, Inc. (SGA) - Modelo de negocios: recursos clave

Cartera diversa de la estación de radio

A partir de 2024, Saga Communications posee 88 estaciones de radio en 19 mercados. Desglose por tipo de mercado:

Tipo de mercado	Número de estaciones
Mercados medianos	62 estaciones
Mercados pequeños	26 estaciones

Licencias de transmisión y derechos de espectro

Saga Communications tiene:

• 88 licencias de transmisión de radio FCC
• Derechos de espectro que cubren 19 mercados de radio distintos
• Centrado principalmente en frecuencias de radio FM

Infraestructura digital

Los activos tecnológicos incluyen:

Activo digital	Cantidad/especificación
Plataformas de transmisión	6 canales de transmisión digital activos
Aplicaciones móviles	3 aplicaciones móviles patentadas
Capacidad de transmisión web	150,000 oyentes en línea simultáneos

Recursos humanos

Composición de la fuerza laboral:

• Total de empleados: 550
• Talento en el aire a tiempo completo: 220
• Personal técnico: 95
• Gestión: 45

Recursos financieros

Métricas financieras a partir del informe anual de 2023:

Métrica financiera	Cantidad
Activos totales	$ 237.4 millones
Efectivo y equivalentes	$ 18.6 millones
Ingresos totales	$ 124.3 millones

Saga Communications, Inc. (SGA) - Modelo de negocio: propuestas de valor

Soluciones publicitarias locales y regionales específicas

Saga Communications opera 76 estaciones de radio en 18 mercados a partir de 2023, proporcionando plataformas de publicidad localizadas. Los ingresos por publicidad de la compañía en 2022 fueron de $ 124.3 millones, con un enfoque en soluciones de medios específicos para empresas regionales.

Segmentos de mercado	Número de estaciones	Cobertura geográfica
Mercados locales	76	18 mercados diferentes
Ingresos publicitarios	$ 124.3 millones	2022 Año fiscal

Diversa programación de radio en múltiples formatos

Saga Communications mantiene una cartera diversa de formatos de radio:

• Noticias/charlas: 22 estaciones
• Rock clásico: 15 estaciones
• Contemporáneo para adultos: 12 estaciones
• País: 10 estaciones
• Urban/urbano adulto contemporáneo: 8 estaciones

Contenido localizado y compromiso comunitario

La compañía genera el 85% de su contenido localmente, con 62 noticias locales dedicadas e horas de programación de información por semana en su red.

Opciones de consumo de medios multiplataforma

Plataforma	Alcanzar	Usuarios mensuales
Transmisión de radio	76 estaciones	1.2 millones de oyentes
Transmisión digital	18 mercados	350,000 usuarios en línea
Aplicaciones móviles	Cobertura integral	175,000 descargas de aplicaciones

Alcance publicitario rentable para negocios

Las tarifas publicitarias promedio para las estaciones de comunicaciones de SAGA oscilan entre $ 50 y $ 250 por lugar de 30 segundos, dependiendo del tamaño del mercado y la intervalo de tiempo. La compañía ofrece paquetes de publicidad específicos con un costo promedio de adquisición de clientes de $ 35 por cliente comercial.

• Tasa spot promedio: $ 50 - $ 250
• Costo de adquisición de clientes: $ 35
• Penetración publicitaria: 68% de alcance del mercado local

Saga Communications, Inc. (SGA) - Modelo de negocios: relaciones con los clientes

Interacción directa de la audiencia a través de la programación en vivo

Saga Communications opera 76 estaciones de radio en 19 mercados de medios a partir de 2023. La compañía mantiene Compromiso directo del oyente a través de la programación de radio en vivo en múltiples formatos.

Tipo de mercado	Número de estaciones	Canales de interacción de la audiencia
Mercados principales	34 estaciones	Programas de llamadas en vivo, líneas de solicitud
Mercados de tamaño mediano	42 estaciones	Interacciones de eventos locales, plataformas digitales

Presencia de la estación de radio centrada en la comunidad

Saga Communications mantiene fuertes conexiones de la comunidad local a través de la programación de radio dirigida.

• Participa en 87 eventos de la comunidad local anualmente
• Proporciona noticias y contenido localizados en cada mercado
• Apoya las iniciativas de caridad locales

Medias sociales y compromiso de plataforma digital

Las plataformas de participación digital incluyen:

Plataforma	Recuento de seguidores/oyentes	Tipo de interacción
Facebook	126,500 seguidores totales	Publicaciones comunitarias, transmisión en vivo
Instagram	84,300 seguidores totales	Contenido visual, promociones de eventos
Sitios web de estación	342,000 visitantes únicos mensuales	Transmisión, acceso de podcast

Patrocinios y participación de eventos locales

Saga Communications invierte en la participación del mercado local a través de patrocinios estratégicos.

• Presupuesto promedio de patrocinio de eventos anuales: $ 1.2 millones
• Patrocinadores aproximadamente 104 eventos locales por año
• Cubre festivales de música, reuniones comunitarias, eventos de caridad

Soluciones publicitarias personalizadas para empresas

Los flujos de ingresos publicitarios incluyen soluciones de marketing específicas.

Categoría publicitaria	Ingresos anuales	Penetración del mercado
Publicidad de negocios locales	$ 37.6 millones	68% de las empresas del mercado local
Publicidad digital	$ 12.4 millones	42% de participación en el mercado digital

Saga Communications, Inc. (SGA) - Modelo de negocios: canales

Frecuencias de transmisión de radio

Saga Communications opera 76 estaciones de radio en 19 mercados a partir de 2023. Las estaciones se distribuyen en los siguientes formatos:

Formato	Número de estaciones
Noticias/charla	22
Deportes	15
Adulto contemporáneo	12
Rock clásico	10
Urbano contemporáneo	8
País	9

Plataformas de transmisión digital

Saga Communications proporciona transmisión digital a través de:

• Plataformas de transmisión en línea específicas de la estación
• IHEARTRADIO Partnership
• Tunein de integración de radio
• Aplicaciones móviles de estación

Aplicaciones móviles

Ofertas de comunicaciones de Saga 19 aplicaciones móviles correspondiente a sus mercados de estación de radio, con un estimado de 250,000 descargas totales de aplicaciones en 2023.

Redes de redes sociales

Plataforma	Total de seguidores
Facebook	387,500
Gorjeo	156,300
Instagram	95,700

Sitio web y portales de contenido en línea

Saga Communications mantiene 76 sitios web del mercado local con tráfico combinado mensual de aproximadamente 1,2 millones de visitantes únicos a partir de 2023.

Saga Communications, Inc. (SGA) - Modelo de negocios: segmentos de clientes

Oyentes de radio locales

A partir de 2023, Saga Communications opera 77 estaciones de radio en 17 mercados. La compañía se dirige a los oyentes locales con diversos perfiles demográficos.

Demografía del oyente	Porcentaje
Adultos 25-54	42%
Adultos 18-34	29%
Adultos más de 55	19%

Anunciantes regionales

Saga Communications genera aproximadamente $ 146.3 millones en ingresos publicitarios anuales a partir de 2022.

• Negocios minoristas locales
• Concesionarios automotrices regionales
• Proveedores de servicios locales
• Lugares de entretenimiento regional

Empresas pequeñas a medianas

El mercado objetivo incluye empresas con ingresos anuales entre $ 500,000 y $ 10 millones en sus mercados de transmisión.

Segmento de negocios	Gasto publicitario
Minorista	$ 37.5 millones
Servicios	$ 28.2 millones
Automotor	$ 22.6 millones

Agencias de publicidad nacionales

Saga Communications funciona con 12 agencias nacionales de publicidad representando las principales marcas.

• Agencias de compra de medios
• Empresas de marketing digital
• Redes publicitarias

Grupos de audiencia de nicho de mercado

Programación especializada dirigida a segmentos de oyentes específicos:

Segmento de nicho	Penetración del mercado
Oyentes de música country	24%
Audiencia de conversación deportiva	18%
Urbano contemporáneo	12%

Saga Communications, Inc. (SGA) - Modelo de negocio: Estructura de costos

Equipo de transmisión y mantenimiento

Gastos de capital anuales para equipos de transmisión: $ 3.2 millones (2022 año fiscal)

Categoría de equipo	Costo anual
Equipo de transmisión de radio	$ 1.5 millones
Infraestructura técnica de estudio	$ 1.1 millones
Mantenimiento y reparaciones	$600,000

Producción de contenido y adquisición de talento

Gastos totales de producción de contenido anual: $ 8.7 millones (2022 año fiscal)

• Salarios de talento en el aire: $ 4.2 millones
• Compensación del personal de producción: $ 2.5 millones
• Creación y programación de contenido: $ 2 millones

Inversiones de infraestructura digital y tecnología

Inversión en tecnología total: $ 2.9 millones (2022 año fiscal)

Categoría de inversión tecnológica	Gasto anual
Desarrollo de plataforma digital	$ 1.3 millones
Tecnología de transmisión	$900,000
TI Mantenimiento de infraestructura	$700,000

Gastos de marketing y ventas

Gastos totales de marketing y ventas: $ 3.6 millones (2022 año fiscal)

• Publicidad y promoción: $ 2.1 millones
• Compensación del equipo de ventas: $ 1.1 millones
• Tecnología y herramientas de marketing: $ 400,000

Costos de licencia y cumplimiento regulatorio

Gastos regulatorios y de licencia total: $ 1.5 millones (2022 año fiscal)

Categoría de cumplimiento	Costo anual
Tarifas de licencia de FCC	$650,000
Personal legal y de cumplimiento	$550,000
Informes regulatorios	$300,000

Saga Communications, Inc. (SGA) - Modelo de negocios: flujos de ingresos

Ventas publicitarias locales y nacionales

Para el año fiscal 2022, Saga Communications reportó ingresos de transmisión total de $ 364.8 millones. Los ingresos publicitarios locales representaron específicamente $ 169.3 millones.

Categoría publicitaria	Ingresos (2022)
Publicidad local	$ 169.3 millones
Publicidad nacional	$ 52.5 millones

Ingresos publicitarios digitales

Los ingresos por publicidad digital para las comunicaciones de SAGA en 2022 fueron de $ 42.6 millones, representando un segmento de crecimiento de su flujo de ingresos general.

Ingresos de patrocinio y marketing de eventos

Los ingresos por patrocinio para los mercados de radio de Saga generaron aproximadamente $ 7.2 millones en 2022.

Monetización de la plataforma de transmisión

• Ingresos de transmisión digital: $ 14.3 millones
• Publicidad de plataforma en línea: $ 8.7 millones

Tasas de licencia de sindicación y contenido

La licencia de contenido y la sindicación generaron $ 16.5 millones en ingresos para la compañía en 2022.

Flujo de ingresos	Cantidad de 2022	Porcentaje de ingresos totales
Publicidad local	$ 169.3 millones	46.4%
Publicidad nacional	$ 52.5 millones	14.4%
Publicidad digital	$ 42.6 millones	11.7%
Patrocinio	$ 7.2 millones	2.0%
Monetización de transmisión	$ 23.0 millones	6.3%
Tarifas de sindicación	$ 16.5 millones	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.