# EDGAR Filing Document

**Accession Number:** 0000886136
**File Stem:** 0001558370-23-002576
**Filing Date:** 2023-3
**Character Count:** 8773
**Document Hash:** bff361a07623a50a9dc650634e98d0b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-23-002576.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001558370-23-002576

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230301

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SAGA COMMUNICATIONS INC
- **CENTRAL INDEX KEY:** 0000886136
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO BROADCASTING STATIONS [4832]
- **IRS NUMBER:** 383042953
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11588
- **FILM NUMBER:** 23693778

**BUSINESS ADDRESS:**
- **STREET 1:** 73 KERCHEVAL AVE
- **CITY:** GROSSE POINTE FARMS
- **STATE:** MI
- **ZIP:** 48236
- **BUSINESS PHONE:** 3138867070

**MAIL ADDRESS:**
- **STREET 1:** 73 KERCHEVAL AVE
- **CITY:** GROSSE POINTE FARMS
- **STATE:** MI
- **ZIP:** 48236

?xml version='1.0' encoding='UTF-8'?

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **March 1, 2023**

**SAGA COMMUNICATIONS, INC.**

(Exact Name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| **Florida**  | **1-11588** | **38-3042953**  |
| (State or other jurisdiction | (Commission File Number) | (IRS Employer |
| of incorporation) |  | Identification No.) |

---

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| | |
|:---|:---|
| **73 Kercheval Avenue** |  |
| **Grosse Pointe Farms, MI** | **48236** |
| (Address of Principal Executive Offices) | (Zip Code) |

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Registrant's telephone number, including area code: **(313) 886-7070**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Class A Common Stock, par value $0.01 per share | SGA | NASDAQ Global Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 8.01.** **Other Events.**

On March 1, 2023, Saga Communications, Inc. (the "Company") issued a press release announcing that the Company's Board of Directors has declared a quarterly cash dividend of $0.25 per share on its Class A Common Stock to be paid on April 7, 2023, to shareholders of record on March 20, 2023, as set forth in the press release included as Exhibit 99.1 hereto.

**Item 9.01.** **Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

[99.1](sga-20230301xex99d1.htm) [Press Release dated March 1, 2023.](sga-20230301xex99d1.htm)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

#### INDEX OF EXHIBITS

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](sga-20230301xex99d1.htm) | [Press Release dated March 1, 2023.](sga-20230301xex99d1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| ugust<br>|  |  |
|  | **SAGA COMMUNICATIONS, INC.** | **SAGA COMMUNICATIONS, INC.** |
| Dated: March 1, 2023 | By:  | /s/ Samuel D. Bush |
|  |  | Samuel D. Bush |
|  |  | Senior Vice President and Chief |
|  |  | Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](sga-20230301xex99d1001.jpg)

Saga Communications, Inc.

Declares a Quarterly Cash Dividend of $0.25 per Share

**Contact:**

Samuel D. Bush

(313) 886-7070

Grosse Pointe Farms, MI – March 1, 2023 – Saga Communications, Inc. (Nasdaq - SGA) (the "Company", "Saga" or "our") today announced that its Board of Directors declared a quarterly cash dividend of $0.25 per share. The dividend will be paid on April 7, 2023, to shareholders of record on March 20, 2023. The aggregate amount of the payment to be made in connection with the quarterly dividend will be approximately $1.5 million. The quarterly dividend will be funded by cash on the Company's balance sheet. Including this dividend, the Company will have paid over $108.3 million in dividends to shareholders since the first special dividend was paid in 2012.

The Company currently intends to declare regular quarterly cash dividends, special dividends, variable dividends, and stock buybacks in the future. The declaration and payment of any future dividend, whether fixed, special, or based on the variable policy, will remain at the full discretion of the Company's Board of Directors and will depend on the Company's financial results, cash requirements, future expectations, and other factors that the Company's Board of Directors finds relevant at the time of any declaration.

As previously reported our Board adopted a variable dividend policy for the allocation of cash flows aligned with the goals of maintaining a strong balance sheet, increasing cash returns to shareholders, and continuing to grow the Company through strategic acquisitions. Under the new policy in addition to any quarterly and special dividends paid, the Company may declare an additional dividend in the Second Quarter of each year of 70% of the preceding year's Free Cash Flow as reported in the Company's fourth quarter earnings release, net of acquisitions, special, quarterly and variable dividends, debt paydowns and debt issuance costs and stock buybacks. It is not currently anticipated that a variable dividend will be paid along with the regular quarterly cash dividend in the Second Quarter of 2023 given that our Board declared $4.86 per share in quarterly and special dividends in 2022. The aggregate amount of quarterly and special dividends declared in 2022 was approximately $29.6 million.

Saga is a broadcasting company whose business is devoted to acquiring, developing, and operating broadcast properties. Saga owns or operates broadcast properties in 27 markets, including 79 FM, 34 AM radio stations and 80 metro signals. For additional information, contact us at (313) 886-7070 or visit our website at www.sagacom.com.

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This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "will," "may," "believes," "expects," "anticipates," "guidance" and similar expressions are intended to identify forward-looking statements. Key risks, including risks associated with Saga's ability to effectively integrate the stations it acquires and the impact of federal regulation on Saga's business, are described in the reports Saga periodically files with the U.S. Securities and Exchange Commission, including Item 1A of our Annual Report on Form 10-K. Readers should note that these statements may be impacted by several factors, including national and local economic changes, changes in the radio broadcast industry in general, as well as Saga's actual performance. Results may vary from those stated herein and Saga undertakes no obligation to update the information contained here.

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