Company: SGA
Filing Date: 2025-10-20
Form Type: 8-K
Source: 0001104659-25-100831
Chunk: 1

Company: SAGA COMMUNICATIONS INC
Filing Date: 2025-10-20
Form: 8-K
Item: Item 8.01
Chunk 1
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Item 8.01.

Other Events.

GTC Disposition

On October 17, 2025 (the “ Closing Date”), Saga Communications, Inc., a Florida corporation (the “ Company”) entered into an Asset Purchase Agreement (the “ Purchase Agreement”) by and among the Company, GTC Uno, LLC (“ GTC”) and certain of the Company’s subsidiaries (the “ Subsidiaries”), under which the Subsidiaries agreed to sell 24 telecommunications towers and related real property and other assets located at 22 sites (the “ GTC Assets”) for a total purchase price of approximately $10.7 million (the “ GTC Disposition”). The Purchase Agreement contains customary representations and warranties made by the Company, certain of its Subsidiaries and GTC. On the Closing Date, the parties closed on the sale the 22 tower sites. Sales proceeds, net of brokerage commissions and certain adjustments, of approximately $8.7 million were paid to the Company, with the remaining purchase price of $1.8 million paid into escrow. The Company anticipates that the remaining escrowed funds will be released within the next six months upon receipt of landlord consents to assign the leases on the real property where four of the towers are located. To the extent such consents are not received, the sale for those sites will be unwound and will revert to the applicable Subsidiary. Simultaneously with the closing, each Subsidiary entered into an Antenna Site Lease Agreement (a “ Lease”) with GTC for the Company’s continued use of the towers that were sold, pursuant to which the Subsidiaries have agreed to make annual lease payments of $1.00 per annum. Each Lease has a term of 25 years.

Item 9.01. Financial Statements and Exhibits.

  (d)      Exhibits.  

  10.1      Fourth Amendment to Credit Agreement, dated October 17, 2025, entered into between the Company, Agent, and the Lenders  
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  99.1      Press Release dated October 20, 2025  
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  104      Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)