Tuesday, October 14, 2025
Saga Communications, Inc. is a broadcast company whose business is primarily devoted to acquiring, developing and operating radio stations. Saga currently owns or operates broadcast properties in 27 markets, including 79 FM and 33 AM radio stations. Saga’s strategy is to operate top billing radio stations in mid sized markets, defined as markets ranked (by market revenues) from 20 to 200. Saga’s radio stations employ a myriad of programming formats, including Active Rock, Adult Album Alternative, Adult Contemporary, Country, Classic Country, Classic Hits, Classic Rock, Contemporary Hits Radio, News/Talk, Oldies and Urban Contemporary. In operating its stations, Saga concentrates on the development of strong decentralized local management, which is responsible for the day-to-day operations of the stations in their market area and is compensated based on their financial performance as well as other performance factors that are deemed to effect the long-term ability of the stations to achieve financial objectives. Saga began operations in 1986 and became a publicly traded company in December 1992. The stock trades on NASDAQ under the ticker symbol “SGA”.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A blended growth opportunity. This report highlights a fireside chat with Christopher Forgy, CEO & President, and Samuel Bush, CFO, at Noble’s Virtual Emerging Growth Conference on October 8th & 9th. Management highlighted its attractive growth opportunities from its “blended” advertising strategy. The full presentation may be viewed here.
Blended advertising strategy. Saga’s approach integrates radio (“wanted”), search (“found”), and display (“chosen”) to capture the full consumer journey. Management targets disrupting 5% of local digital ad spend to double annual gross revenue, focusing on 27 small-to-medium-sized markets where the company has trusted community relationships.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.