SAGA COMMUNICATIONS Business Summary

Saga Communications Inc. (SGA) operates a high-margin media business model centered on "blended advertising," which integrates traditional over-the-air broadcast with a rapidly expanding digital and interactive suite. The company generates the majority of its revenue through local and national advertising sales across its portfolio of 82 FM and 31 AM radio stations, as well as 79 metro signals in 28 mid-sized markets. Its primary business segments include Broadcast, which focuses on community-driven local programming, and Interactive, which encompasses e-commerce, local online news services, and digital search and display initiatives. Saga strategically avoids hyper-competitive top-50 markets to dominate secondary and tertiary territories, positioning itself as a resilient, niche leader against larger national conglomerates such as iHeartMedia, Audacy, and Cumulus Media, while directly rivaling the digital-first localism of Townsquare Media. Founded in 1986 by the late Edward K. Christian, the company is currently led by President and CEO Christopher S. Forgy, a broadcast veteran who rejoined the firm in 2011 and took the helm in 2022 (currently on a temporary medical leave as of February 2026). The executive team includes Executive Vice President and CFO Samuel D. Bush, who has overseen the company’s conservative, debt-free balance sheet since 1997, Chief Operating Officer Wayne Leland, and Chief Technology Officer Tracy Cleeton. The company maintains a sophisticated governance structure with a board chaired by former COO Warren Lada and featuring notable institutional representation from Michael Schechter of TowerView LLC and Roy Coppedge III, a founder of BV Investment Partners. This leadership pedigree emphasizes disciplined capital allocation, evidenced by a consistent history of quarterly dividends and strategic share repurchases.