Company: SGA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001558370-25-004153
Chunk: 14

Company: SAGA COMMUNICATIONS INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 14
---
Item 1.     Business

We are a media company primarily engaged in acquiring, developing and operating broadcast properties including opportunities complimentary to our core radio business including digital, e-commerce and non-traditional revenue initiatives. As of February 28, 2025, we owned eighty-two FM, thirty-one AM radio stations and seventy-nine metro signals serving twenty-eight markets.  Our principal executive offices are located at 73 Kercheval, Grosse Pointe Farms, Michigan 48236.  We are a Florida corporation, reorganized in 2020.  We were originally organized as a Delaware corporation in 1986.  

During 2022, our founder and former Chief Executive Officer (“CEO”), Edward K. Christian passed away.  As of the date of his passing, Mr. Christian held approximately 65% of the combined voting power of the Company’s Common Stock.  His passing resulted in the conversion of his Class B Shares into Class A Shares that were transferred to an estate planning trust that now owns approximately 14.6% of the common stock outstanding.  We were also required to make certain payments to his estate as outlined in his employment agreement.

Strategy

Our strategy is to operate top billing radio stations, including harnessing opportunities complimentary to our core radio business including digital, e-commerce, online local news sites and other non-traditional revenue initiatives, in mid-sized markets, which we define as markets ranked from 20 to 200 out of the markets summarized by Investing in Radio Market Report.

Local programming and marketing are key components in our strategy to achieve top ratings in our radio operations. In many of our markets, the three or four most highly rated radio stations receive a disproportionately high share of the market’s advertising revenues. As a result, a station’s revenue is dependent upon its ability to maximize its number of listeners within an advertiser’s given demographic parameters. In certain cases we use attributes other than specific market listener data for sales activities. We also use our strong local presence and community involvement to develop strong relationships with our listeners, advertising clients and community organizations.

The radio stations that we own and/or operate employ a variety of programming formats, including Classic Hits, Country, Classic Country, Hot/Soft/Urban Adult Contemporary, Oldies, Classic Rock, Rock and News/Talk. We regularly perform extensive market research, including music evaluations, focus groups and strategic vulnerability studies. Our stations also employ audience promotions to further develop and secure a loyal following.

We concentrate on the development of strong decentralized local management, which is responsible