Saga Communications Inc (NASDAQ: SGA) is a broadcast radio company that owns and operates radio stations in small to midsize markets across the United States. Revenue comes primarily from selling advertising time to local and national businesses, with an increasing share derived from integrated digital marketing services sold alongside broadcast campaigns. The company targets markets that often include one or more major universities, a strategy disclosed in its 10-K filed April 14, 2026. Advertising sales are transactional, priced by audience size and format, with the number of commercial slots per hour set by station management. Political advertising is a secondary revenue source, contributing $650,000 in FY2025 versus $3,263,000 in FY2024, reflecting the lighter election cycle. The Board declared four quarterly cash dividends in 2025, totaling $1.00 per share and approximately $6.4 million in aggregate. Christopher S. Forgy serves as President and Chief Executive Officer, with Samuel D. Bush as CFO and Wayne Leland as Chief Operating Officer.

Revenue model

Advertising sales, primarily transactional spot advertising on broadcast radio stations sold to local and national businesses. Digital marketing services bundled with broadcast campaigns represent a growing secondary stream. Political advertising generates episodic revenue tied to election cycles: $650,000 in FY2025 versus $3,263,000 in FY2024.

Products and services

Broadcast radio station programming across multiple formats. Integrated advertising packages combining on-air radio spots with complementary digital marketing services. Political advertising sold during election cycles.

Customers and end markets

Local and national businesses seeking to reach consumers in the company's markets. Advertisers span multiple industries placing spot buys on radio and digital platforms. Political campaigns and committees during election years. End demand is driven by listener audience size, demographic composition, and local market economic conditions.

Value-chain role

Radio broadcaster and advertising sales intermediary. Acquires FCC licenses, programs stations, attracts audiences, and sells that audience access to advertisers. Owns substantially all equipment used in broadcasting operations, per the 10-K filed April 14, 2026.

Geographic exposure

Small to midsize U.S. markets, with a stated focus on markets containing one or more major universities. The filing does not specify individual states or a station count with an explicit as-of date.

Source: SEC 10-K, filed 2026-04-14

Industry: Radio Broadcasting Stations Peers: AMC Global Media Inc AUDACY, INC. iHeartMedia Inc Cumulus Media Inc EMMIS CORP Entravision Communications Corp Fox Corp HEMISPHERE MEDIA GROUP, INC. Townsquare Media Inc