SAGA Communications, Inc. (SGA): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Plongez dans le monde complexe de Saga Communications, Inc. (SGA), une centrale de radiodiffusion dynamique qui a magistralement conçu un modèle commercial mélangeant la diffusion traditionnelle avec des stratégies numériques de pointe. Des radiofréquences locales à l'engagement des médias multiplateforme, Saga s'est stratégiquement positionné comme une société de médias polyvalente qui relie les communautés, fournit des solutions publicitaires ciblées et navigue dans le paysage complexe de la consommation de médias moderne. Découvrez comment cette organisation innovante tire parti de ses principales ressources, de ses partenariats et de ses propositions de valeur pour créer un écosystème commercial robuste et adaptable qui prospère sur le marché des médias en constante évolution.

SAGA Communications, Inc. (SGA) - Modèle d'entreprise: partenariats clés

Propriétaires et opérateurs de station de radio locaux

En 2024, Saga Communications possède et exploite 77 stations de radio sur 19 marchés. La stratégie de partenariat de l'entreprise comprend:

• Propriété de la station locale sur des marchés tels que Milwaukee, WI, Grand Rapids, MI et Quad Cities, IA / IL
• Accords collaboratifs avec les affiliés de la diffusion locale

Marché	Nombre de stations	Types de station
Milwaukee, wi	6	Contemporain adulte, rock classique, nouvelles / discours
Grand Rapids, MI	5	Top 40, pays, urbain

Agences de publicité et entreprises d'achat de médias

Saga Communications génère environ 120,3 millions de dollars de revenus publicitaires annuels à partir de 2023.

• Partenariats avec des agences de publicité nationale et régionale
• Relations directes avec les annonceurs locaux et régionaux

Réseaux de diffusion régionaux et nationaux

Les détails de la collaboration du réseau comprennent:

• Accords d'affiliation avec les principaux réseaux radio
• Partenariats de partage de contenu

Fournisseurs de la technologie et de l'équipement

Catégorie d'équipement	Fournisseurs clés	Investissement annuel
Équipement de diffusion	Harris / Nautel	$750,000
Infrastructure de streaming numérique	Triton Digital	$450,000

Médias numériques et partenaires de plateforme de streaming

L'écosystème du partenariat numérique comprend:

• Intégrations de plate-forme en streaming
• Réseaux de distribution audio numérique

Investissements annuels totaux liés aux partenariats: environ 2,1 millions de dollars en 2023.

Saga Communications, Inc. (SGA) - Modèle d'entreprise: activités clés

Bradiodiffusion et gestion de la station de radio

En 2024, Saga Communications exploite 79 stations de radio sur 19 marchés aux États-Unis.

Segment de marché	Nombre de stations	Formats radio
Adulte contemporain	22	Top 40, Soft Rock
Pays	18	Pays contemporain, pays classique
Nouvelles / discours	12	Nouvelles locales, discours sportifs

Ventes publicitaires locales et nationales

Les revenus publicitaires des communications SAGA en 2023 étaient de 127,4 millions de dollars.

• Revenus publicitaires locaux: 89,6 millions de dollars
• Revenus publicitaires nationaux: 37,8 millions de dollars

Création et programmation de contenu

Saga Communications produit plus de 500 heures de contenu local original chaque semaine dans son réseau radio.

Type de contenu	Heures par semaine	Engagement moyen de l'auditeur
Spectacles du matin	105	Part de marché de 42%
Nouvelles locales	85	Rétention de 35% de l'auditeur
Programmation sportive	75	28% de portée d'audience

Médias numériques et développement de plate-forme de streaming

Les revenus de la plate-forme numérique ont atteint 18,2 millions de dollars en 2023.

• Téléchargements d'applications mobiles: 1,2 million
• Heures de streaming: 3,7 millions par mois
• Revenus publicitaires numériques: 7,6 millions de dollars

Engagement du public et études de marché

Budget d'étude de marché pour 2024: 2,3 millions de dollars

Focus de recherche	Allocation budgétaire	Mesures clés suivis
Demographie de l'auditeur	$850,000	Âge, revenu, préférences
Analyse de plate-forme numérique	$750,000	Comportement de l'utilisateur, engagement
Efficacité publicitaire	$700,000	ROI, taux de conversion

SAGA Communications, Inc. (SGA) - Modèle d'entreprise: Ressources clés

Portfolio diversifié de la station de radio

En 2024, Saga Communications possède 88 stations de radio sur 19 marchés. Déchange par type de marché:

Type de marché	Nombre de stations
Marchés moyens	62 stations
Petits marchés	26 stations

Licences de diffusion et droits de spectre

Les communications de Saga tient:

• 88 Licences de diffusion de radio FCC
• Droits de spectre couvrant 19 marchés radio distincts
• Principalement axé sur les fréquences radio-radio FM

Infrastructure numérique

Les actifs technologiques comprennent:

Actif numérique	Quantité / spécification
Plates-formes de streaming	6 canaux de streaming numériques actifs
Applications mobiles	3 applications mobiles propriétaires
Capacité de streaming Web	150 000 auditeurs en ligne simultanés

Ressources humaines

Composition de la main-d'œuvre:

• Total des employés: 550
• Talent à temps plein à l'antenne: 220
• Personnel technique: 95
• Gestion: 45

Ressources financières

Mesures financières à partir de 2023 Rapport annuel:

Métrique financière	Montant
Actif total	237,4 millions de dollars
Espèce et équivalents	18,6 millions de dollars
Revenus totaux	124,3 millions de dollars

SAGA Communications, Inc. (SGA) - Modèle d'entreprise: propositions de valeur

Solutions publicitaires locales et régionales ciblées

Saga Communications exploite 76 stations de radio sur 18 marchés à partir de 2023, fournissant des plateformes publicitaires localisées. Les revenus publicitaires de la société en 2022 étaient de 124,3 millions de dollars, en mettant l'accent sur les solutions médiatiques ciblées pour les entreprises régionales.

Segments de marché	Nombre de stations	Couverture géographique
Marchés locaux	76	18 marchés différents
Revenus publicitaires	124,3 millions de dollars	2022 Exercice

Programmation radio diversifiée sur plusieurs formats

Saga Communications maintient un portefeuille diversifié de formats radio:

• Actualités / discours: 22 stations
• Rock classique: 15 stations
• Contemporain adulte: 12 stations
• Pays: 10 stations
• Contemporaine adulte urbaine / urbaine: 8 stations

Contenu localisé et engagement communautaire

La société génère 85% de son contenu localement, avec 62 heures de programmation locales et d'information dédiées par semaine à travers son réseau.

Options de consommation de médias multiplateformes

Plate-forme	Atteindre	Utilisateurs mensuels
Radio	76 stations	1,2 million d'auditeurs
Streaming numérique	18 marchés	350 000 utilisateurs en ligne
Applications mobiles	Couverture complète	175 000 téléchargements d'applications

La publicité rentable atteint les entreprises

Les tarifs publicitaires moyens pour les stations de communication SAGA varient de 50 $ à 250 $ par place de 30 secondes, selon la taille du marché et le créneau horaire. La société propose des forfaits publicitaires ciblés avec un coût d'acquisition moyen de client de 35 $ par client d'entreprise.

• Taux ponctuel moyen: 50 $ - 250 $
• Coût d'acquisition du client: 35 $
• Pénétration publicitaire: 68% de marché local

SAGA Communications, Inc. (SGA) - Modèle d'entreprise: relations avec les clients

Interaction directe du public à travers la programmation en direct

Saga Communications exploite 76 stations de radio sur 19 marchés médiatiques à partir de 2023. La société maintient Engagement direct de l'auditeur Grâce à la programmation radio en direct sur plusieurs formats.

Type de marché	Nombre de stations	Canaux d'interaction du public
Marchés majeurs	34 stations	Émissions d'appel en direct, lignes de demande
Marchés de taille moyenne	42 stations	Interactions d'événements locaux, plates-formes numériques

Présence de la station de radio axée sur la communauté

Saga Communications maintient de fortes connexions communautaires locales grâce à une programmation radio ciblée.

• Participe à 87 événements communautaires locaux chaque année
• Fournit des nouvelles et du contenu localisés sur chaque marché
• Soutient les initiatives de bienfaisance locales

Engagement des médias sociaux et de la plate-forme numérique

Les plateformes d'engagement numérique comprennent:

Plate-forme	Décompte des suiveurs / auditeurs	Type d'interaction
Facebook	126 500 abonnés au total	Articles de la communauté, streaming en direct
Instagram	84 300 abonnés au total	Contenu visuel, promotions d'événements
Sites Web de station	342 000 visiteurs uniques mensuels	Streaming, accès au podcast

Commandites et participation des événements locaux

Saga Communications investit dans l'engagement du marché local grâce à des parrainages stratégiques.

• Budget moyen de parrainage des événements annuels moyens: 1,2 million de dollars
• Sponsors environ 104 événements locaux par an
• Couvre les festivals de musique, les rassemblements communautaires, les événements caritatifs

Solutions publicitaires personnalisées pour les entreprises

Les sources de revenus publicitaires comprennent des solutions de marketing ciblées.

Catégorie publicitaire	Revenus annuels	Pénétration du marché
Publicité commerciale locale	37,6 millions de dollars	68% des entreprises de marché locales
Publicité numérique	12,4 millions de dollars	42% de part de marché numérique

Saga Communications, Inc. (SGA) - Modèle d'entreprise: canaux

Fréquences de diffusion radio

Saga Communications exploite 76 stations de radio sur 19 marchés à partir de 2023. Les stations sont distribuées dans les formats suivants:

Format	Nombre de stations
Nouvelles / discours	22
Sportif	15
Adulte contemporain	12
Rock classique	10
Contemporain urbain	8
Pays	9

Plateformes de streaming numérique

Saga Communications fournit le streaming numérique:

• Plates-formes de streaming en ligne spécifiques à la station
• Partenariat iHeartRadio
• Intégration radio de Tunein
• Applications mobiles de la station

Applications mobiles

Saga Communications Offres 19 applications mobiles correspondant à leurs marchés de la station de radio, avec environ 250 000 téléchargements totaux d'applications en 2023.

Réseaux de médias sociaux

Plate-forme	Total des abonnés
Facebook	387,500
Gazouillement	156,300
Instagram	95,700

Site Web et portails de contenu en ligne

Saga Communications maintient 76 sites Web du marché local avec un trafic combiné mensuel d'environ 1,2 million de visiteurs uniques en 2023.

SAGA Communications, Inc. (SGA) - Modèle d'entreprise: segments de clientèle

Auditeurs de radio locaux

En 2023, Saga Communications exploite 77 stations de radio sur 17 marchés. La société cible les auditeurs locaux avec divers profils démographiques.

Demographie de l'auditeur	Pourcentage
Adultes 25-54	42%
Adultes 18-34	29%
Adultes 55+	19%

Annonceurs régionaux

Saga Communications génère environ 146,3 millions de dollars de revenus publicitaires annuels en 2022.

• Commerces de détail locaux
• Concessionnaires automobiles régionaux
• Fournisseurs de services locaux
• LIEUX DE DIVERSATION RÉGIONAL

Petites et moyennes entreprises

Target Market comprend des entreprises ayant des revenus annuels entre 500 000 $ et 10 millions de dollars sur leurs marchés de diffusion.

Segment d'entreprise	Dépenses publicitaires
Vente au détail	37,5 millions de dollars
Services	28,2 millions de dollars
Automobile	22,6 millions de dollars

Agences de publicité nationale

Saga Communications fonctionne avec 12 agences de publicité nationales représentant les grandes marques.

• Agences d'achat de médias
• Entreprises de marketing numérique
• Réseaux publicitaires

Groupes d'audience du marché de niche

Programmation spécialisée ciblant des segments d'écoute spécifiques:

Segment de niche	Pénétration du marché
Auditeurs de musique country	24%
Public de sports	18%
Contemporain urbain	12%

Saga Communications, Inc. (SGA) - Modèle d'entreprise: Structure des coûts

Équipement de diffusion et entretien

Dépenses en capital annuelles pour l'équipement de radiodiffusion: 3,2 millions de dollars (2022 Exercice)

Catégorie d'équipement	Coût annuel
Équipement de transmission radio	1,5 million de dollars
Infrastructure technique de studio	1,1 million de dollars
Entretien et réparations	$600,000

Production de contenu et acquisition de talents

Total des dépenses annuelles de production de contenu: 8,7 millions de dollars (2022 Exercice)

• Salaires de talents à l'antenne: 4,2 millions de dollars
• Compensation du personnel de production: 2,5 millions de dollars
• Création et programmation de contenu: 2 millions de dollars

Infrastructure numérique et investissements technologiques

Investissement total de technologie: 2,9 millions de dollars (2022 Exercice)

Catégorie d'investissement technologique	Dépenses annuelles
Développement de plate-forme numérique	1,3 million de dollars
Technologie de streaming	$900,000
Maintenance d'infrastructure informatique	$700,000

Frais de marketing et de vente

Total des dépenses de marketing et de vente: 3,6 millions de dollars (2022 Exercice)

• Publicité et promotion: 2,1 millions de dollars
• Compensation de l'équipe de vente: 1,1 million de dollars
• Technologie et outils marketing: 400 000 $

Coûts de conformité des licences et réglementaires

Total des dépenses de réglementation et de licence: 1,5 million de dollars (2022 Exercice)

Catégorie de conformité	Coût annuel
Frais de licence FCC	$650,000
Personnel juridique et de conformité	$550,000
Représentation réglementaire	$300,000

SAGA Communications, Inc. (SGA) - Modèle d'entreprise: sources de revenus

Ventes publicitaires locales et nationales

Pour l'exercice 2022, Saga Communications a déclaré un chiffre d'affaires de radiodiffusion total de 364,8 millions de dollars. Les revenus publicitaires locaux représentaient spécifiquement 169,3 millions de dollars.

Catégorie publicitaire	Revenus (2022)
Publicité locale	169,3 millions de dollars
Publicité nationale	52,5 millions de dollars

Revenus publicitaires numériques

Les revenus publicitaires numériques pour les communications SAGA en 2022 étaient de 42,6 millions de dollars, représentant un segment croissant de leur source de revenus globale.

Revenu marketing du parrainage et des événements

Les revenus de parrainage des marchés radio de Saga ont généré environ 7,2 millions de dollars en 2022.

Monétisation de la plate-forme de streaming

• Revenus de streaming numérique: 14,3 millions de dollars
• Publicité de la plate-forme en ligne: 8,7 millions de dollars

Frais de licence de syndication et de contenu

Les licences de contenu et la syndication ont généré 16,5 millions de dollars de revenus pour la société en 2022.

Flux de revenus	2022 Montant	Pourcentage du total des revenus
Publicité locale	169,3 millions de dollars	46.4%
Publicité nationale	52,5 millions de dollars	14.4%
Publicité numérique	42,6 millions de dollars	11.7%
Parrainage	7,2 millions de dollars	2.0%
Monétisation en streaming	23,0 millions de dollars	6.3%
Frais de syndication	16,5 millions de dollars	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.