Saga Communications, Inc. (SGA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado World of Saga Communications, Inc. (SGA), uma potência dinâmica de transmissão de rádio que criou magistralmente um modelo de negócios que mistura a transmissão tradicional com estratégias digitais de ponta. Das frequências de rádio local ao engajamento da mídia de várias plataformas, a SAGA se posicionou estrategicamente como uma empresa de mídia versátil que conecta comunidades, fornece soluções de publicidade direcionadas e navegam no cenário complexo do consumo moderno de mídia. Descubra como essa organização inovadora aproveita seus principais recursos, parcerias e proposições de valor para criar um ecossistema de negócios robusto e adaptável que prospera no mercado de mídia em constante evolução.

Saga Communications, Inc. (SGA) - Modelo de negócios: Parcerias -chave

Proprietários e operadores locais de estação de rádio

A partir de 2024, a Saga Communications possui e opera 77 estações de rádio em 19 mercados. A estratégia de parceria da empresa inclui:

• Propriedade da estação local em mercados como Milwaukee, WI, Grand Rapids, MI e Quad Cities, IA/IL
• Acordos colaborativos com afiliadas de transmissão local

Mercado	Número de estações	Tipos de estação
Milwaukee, Wi	6	Contemporâneo adulto, rock clássico, notícias/conversa
Grand Rapids, MI	5	Top 40, país, urbano

Agências de publicidade e empresas de compra de mídia

A Saga Communications gera aproximadamente US $ 120,3 milhões em receita anual de publicidade a partir de 2023.

• Parcerias com agências de publicidade nacional e regional
• Relacionamentos diretos com anunciantes locais e regionais

Redes de transmissão regional e nacional

Os detalhes de colaboração de rede incluem:

• Acordos de afiliação com principais redes de rádio
• Parcerias de compartilhamento de conteúdo

Fornecedores de tecnologia e equipamentos

Categoria de equipamento	Principais fornecedores	Investimento anual
Equipamento de transmissão	Harris/Nautel	$750,000
Infraestrutura de streaming digital	Triton Digital	$450,000

Parceiros de plataforma de mídia digital e streaming

O ecossistema de parceria digital inclui:

• Integrações da plataforma de streaming
• Redes de distribuição de áudio digital

Investimentos anuais relacionados à parceria anual: aproximadamente US $ 2,1 milhões em 2023.

Saga Communications, Inc. (SGA) - Modelo de Negócios: Atividades -chave

Radiografia de transmissão e gerenciamento

A partir de 2024, a SAGA Communications opera 79 estações de rádio em 19 mercados nos Estados Unidos.

Segmento de mercado	Número de estações	Formatos de rádio
Contemporâneo adulto	22	Top 40, Rock Soft
País	18	País contemporâneo, país clássico
Notícias/palestras	12	Notícias locais, conversa de esportes

Vendas de publicidade local e nacional

A receita publicitária da Saga Communications em 2023 foi de US $ 127,4 milhões.

• Receita de publicidade local: US $ 89,6 milhões
• Receita nacional de publicidade: US $ 37,8 milhões

Criação de conteúdo e programação

A Saga Communications produz mais de 500 horas de conteúdo local original semanalmente em sua rede de rádio.

Tipo de conteúdo	Horas por semana	Engajamento médio do ouvinte
Morning Shows	105	42% de participação de mercado
Notícias locais	85	35% de retenção do ouvinte
Programação esportiva	75	28% de alcance do público

Desenvolvimento de plataforma de mídia digital e streaming

A receita da plataforma digital atingiu US $ 18,2 milhões em 2023.

• Downloads de aplicativos móveis: 1,2 milhão
• Horário de transmissão: 3,7 milhões por mês
• Receita de publicidade digital: US $ 7,6 milhões

Engajamento do público e pesquisa de mercado

Orçamento de pesquisa de mercado para 2024: US $ 2,3 milhões

Foco na pesquisa	Alocação de orçamento	Métricas -chave rastreadas
Demografia de ouvinte	$850,000	Idade, renda, preferências
Análise de plataforma digital	$750,000	Comportamento do usuário, engajamento
Eficácia da publicidade	$700,000	ROI, taxas de conversão

Saga Communications, Inc. (SGA) - Modelo de negócios: Recursos -chave

Portfólio de estação de rádio diversificada

A partir de 2024, a Saga Communications possui 88 estações de rádio em 19 mercados. Avaria por tipo de mercado:

Tipo de mercado	Número de estações
Mercados médios	62 estações
Pequenos mercados	26 estações

Licenças de transmissão e direitos de espectro

A Saga Communications possui:

• 88 licenças de transmissão de rádio da FCC
• Direitos de espectro que cobrem 19 mercados de rádio distintos
• Focado principalmente em frequências de rádio FM

Infraestrutura digital

Os ativos tecnológicos incluem:

Ativo digital	Quantidade/especificação
Plataformas de streaming	6 canais de streaming digital ativos
Aplicativos móveis	3 aplicativos móveis proprietários
Capacidade de streaming da Web	150.000 ouvintes online simultâneos

Recursos Humanos

Composição da força de trabalho:

• Total de funcionários: 550
• Talento no ar em tempo integral: 220
• Equipe técnica: 95
• Gerenciamento: 45

Recursos financeiros

Métricas financeiras em 2023 Relatório Anual:

Métrica financeira	Quantia
Total de ativos	US $ 237,4 milhões
Dinheiro e equivalentes	US $ 18,6 milhões
Receita total	US $ 124,3 milhões

Saga Communications, Inc. (SGA) - Modelo de Negócios: Proposições de Valor

Soluções de publicidade local e regional direcionadas

A Saga Communications opera 76 estações de rádio em 18 mercados a partir de 2023, fornecendo plataformas de publicidade localizadas. A receita de publicidade da empresa em 2022 foi de US $ 124,3 milhões, com foco em soluções de mídia direcionadas para empresas regionais.

Segmentos de mercado	Número de estações	Cobertura geográfica
Mercados locais	76	18 mercados diferentes
Receita de publicidade	US $ 124,3 milhões	2022 ano fiscal

Programação de rádio diversificada em vários formatos

A Saga Communications mantém um portfólio diversificado de formatos de rádio:

• Notícias/palestras: 22 estações
• Rock Classic: 15 estações
• Contemporâneo adulto: 12 estações
• País: 10 estações
• Urban/Urban Adult Contemporary: 8 estações

Conteúdo localizado e envolvimento da comunidade

A empresa gera 85% de seu conteúdo localmente, com 62 notícias locais dedicadas e programas de informações por semana em sua rede.

Opções de consumo de mídia de várias plataformas

Plataforma	Alcançar	Usuários mensais
Transmissão de rádio	76 estações	1,2 milhão de ouvintes
Streaming digital	18 mercados	350.000 usuários online
Aplicativos móveis	Cobertura abrangente	175.000 downloads de aplicativos

A publicidade econômica alcance para as empresas

As taxas médias de publicidade para as estações de comunicação da SAGA variam de US $ 50 a US $ 250 por 30 segundos, dependendo do tamanho do mercado e do horário. A empresa oferece pacotes de publicidade direcionados com um custo médio de aquisição de clientes de US $ 35 por cliente comercial.

• Taxa spot média: US $ 50 - $ 250
• Custo de aquisição de clientes: US $ 35
• Penetração de publicidade: 68% de alcance do mercado local

Saga Communications, Inc. (SGA) - Modelo de Negócios: Relacionamentos do Cliente

Interação direta do público através da programação ao vivo

A Saga Communications opera 76 estações de rádio em 19 mercados de mídia a partir de 2023. A empresa mantém Engajamento direto do ouvinte Através da programação de rádio ao vivo em vários formatos.

Tipo de mercado	Número de estações	Canais de interação do público
Principais mercados	34 estações	Shows de chamada ao vivo, linhas de solicitação
Mercados de tamanho médio	42 estações	Interações de eventos locais, plataformas digitais

Presença de estação de rádio focada na comunidade

A Saga Communications mantém fortes conexões da comunidade local por meio de programação de rádio direcionada.

• Participa de 87 eventos da comunidade local anualmente
• Fornece notícias e conteúdo localizados em cada mercado
• Apoia iniciativas de caridade locais

Mídia social e engajamento da plataforma digital

As plataformas de engajamento digital incluem:

Plataforma	Contagem de seguidores/ouvintes	Tipo de interação
Facebook	126.500 seguidores totais	Postagens comunitárias, transmissão ao vivo
Instagram	84.300 seguidores totais	Conteúdo visual, promoções de eventos
Sites da estação	342.000 visitantes únicos mensais	Streaming, acesso ao podcast

Patrocínios de eventos locais e participação

A Saga Communications investe no envolvimento do mercado local por meio de patrocínios estratégicos.

• Orçamento médio de patrocínio de eventos anuais: US $ 1,2 milhão
• Patrocina aproximadamente 104 eventos locais por ano
• Covers festivais de música, reuniões comunitárias, eventos de caridade

Soluções de publicidade personalizadas para empresas

Os fluxos de receita de publicidade incluem soluções de marketing direcionadas.

Categoria de publicidade	Receita anual	Penetração de mercado
Publicidade comercial local	US $ 37,6 milhões	68% das empresas do mercado local
Publicidade digital	US $ 12,4 milhões	42% de participação no mercado digital

Saga Communications, Inc. (SGA) - Modelo de Negócios: Canais

Frequências de transmissão de rádio

A Saga Communications opera 76 estações de rádio em 19 mercados a partir de 2023. As estações são distribuídas nos seguintes formatos:

Formatar	Número de estações
Notícias/palestras	22
Esportes	15
Contemporâneo adulto	12
Rock clássico	10
Contemporâneo urbano	8
País	9

Plataformas de streaming digital

A Saga Communications fornece streaming digital através de:

• Plataformas de streaming online específicas da estação
• Parceria iheartRadio
• Integração de rádio Tunein
• Aplicativos móveis da estação

Aplicativos móveis

Saga Communications oferece 19 aplicativos móveis correspondendo aos seus mercados de estação de rádio, com cerca de 250.000 downloads totais de aplicativos em 2023.

Redes de mídia social

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

Site e portais de conteúdo on -line

A Saga Communications mantém 76 sites de mercado local com tráfego combinado mensal de aproximadamente 1,2 milhão de visitantes únicos a partir de 2023.

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

Ouvintes de rádio locais

A partir de 2023, a SAGA Communications opera 77 estações de rádio em 17 mercados. A empresa tem como alvo ouvintes locais com diversos perfis demográficos.

Demografia de ouvinte	Percentagem
Adultos 25-54	42%
Adultos 18-34	29%
Adultos 55+	19%

Anunciantes regionais

A Saga Communications gera aproximadamente US $ 146,3 milhões em receita anual de publicidade a partir de 2022.

• Negócios de varejo locais
• Concessionárias automotivas regionais
• Provedores de serviços locais
• Locais regionais de entretenimento

Pequenas e médias empresas

O mercado -alvo inclui empresas com receita anual entre US $ 500.000 e US $ 10 milhões em seus mercados de transmissão.

Segmento de negócios	Gastos com publicidade
Varejo	US $ 37,5 milhões
Serviços	US $ 28,2 milhões
Automotivo	US $ 22,6 milhões

Agências de publicidade nacionais

Saga Communications funciona com 12 agências de publicidade nacionais representando grandes marcas.

• Agências de compra de mídia
• Empresas de marketing digital
• Redes de publicidade

Grupos de público -alvo de nicho de mercado

Programação especializada direcionando segmentos de ouvintes específicos:

Segmento de nicho	Penetração de mercado
Ouvintes de música country	24%
Audiência de conversas esportivas	18%
Contemporâneo urbano	12%

Saga Communications, Inc. (SGA) - Modelo de negócios: estrutura de custos

Equipamento e manutenção de transmissão

Despesas de capital anual para equipamentos de transmissão: US $ 3,2 milhões (2022 ano fiscal)

Categoria de equipamento	Custo anual
Equipamento de transmissão de rádio	US $ 1,5 milhão
Infraestrutura técnica de estúdio	US $ 1,1 milhão
Manutenção e reparos	$600,000

Produção de conteúdo e aquisição de talentos

Despesas anuais de produção de conteúdo anual: US $ 8,7 milhões (2022 ano fiscal)

• Salários de talentos no ar: US $ 4,2 milhões
• Compensação da equipe de produção: US $ 2,5 milhões
• Criação e programação de conteúdo: US $ 2 milhões

Infraestrutura digital e investimentos em tecnologia

Investimento em tecnologia total: US $ 2,9 milhões (2022 ano fiscal)

Categoria de investimento em tecnologia	Despesas anuais
Desenvolvimento da plataforma digital	US $ 1,3 milhão
Tecnologia de streaming	$900,000
Manutenção de infraestrutura de TI	$700,000

Despesas de marketing e vendas

Despesas totais de marketing e vendas: US $ 3,6 milhões (2022 ano fiscal)

• Publicidade e promoção: US $ 2,1 milhões
• Compensação da equipe de vendas: US $ 1,1 milhão
• Tecnologia e ferramentas de marketing: US $ 400.000

Custos de licenciamento e conformidade regulatória

Despesas totais de regulamentação e licenciamento: US $ 1,5 milhão (2022 ano fiscal)

Categoria de conformidade	Custo anual
Taxas de licença da FCC	$650,000
Equipe legal e de conformidade	$550,000
Relatórios regulatórios	$300,000

Saga Communications, Inc. (SGA) - Modelo de negócios: fluxos de receita

Vendas de publicidade local e nacional

Para o ano fiscal de 2022, a Saga Communications registrou receita total de transmissão de US $ 364,8 milhões. A receita de publicidade local representou especificamente US $ 169,3 milhões.

Categoria de publicidade	Receita (2022)
Publicidade local	US $ 169,3 milhões
Publicidade nacional	US $ 52,5 milhões

Receita de publicidade digital

A receita de publicidade digital para comunicações da SAGA em 2022 foi de US $ 42,6 milhões, representando um segmento em crescimento do seu fluxo geral de receita.

Receita de patrocínio e marketing de eventos

As receitas de patrocínio para os mercados de rádio da SAGA geraram aproximadamente US $ 7,2 milhões em 2022.

Monetização da plataforma de streaming

• Receita de streaming digital: US $ 14,3 milhões
• Publicidade da plataforma on -line: US $ 8,7 milhões

Taxas de licenciamento de distribuição e conteúdo

O licenciamento de conteúdo e a sindicação geraram US $ 16,5 milhões em receita para a empresa em 2022.

Fluxo de receita	2022 quantidade	Porcentagem da receita total
Publicidade local	US $ 169,3 milhões	46.4%
Publicidade nacional	US $ 52,5 milhões	14.4%
Publicidade digital	US $ 42,6 milhões	11.7%
Patrocínio	US $ 7,2 milhões	2.0%
Monetização de streaming	US $ 23,0 milhões	6.3%
Taxas de sindicação	US $ 16,5 milhões	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.