Saga Communications Q4 Revenue Falls 9.3% to $26.5M, Digital Up 25.8%
Saga Communications reported Q4 net revenue of $26.5M, down 9.3%, and a $9.5M operating loss including a $20.4M impairment that eliminated goodwill; digital revenue rose 25.8% to $4.3M. Full-year net revenue declined 5.1% to $107.1M, digital sales grew 19.1% to $16.9M and the sale of 24 towers netted $9.8M.
1. Q4 Financial Results
Saga posted Q4 net revenue of $26.5M, down 9.3%, while station operating expense fell 1.9% to $22.9M. The quarter featured a $20.4M impairment charge that erased all goodwill, producing a $9.5M operating loss and $6.9M net loss.
2. Full-Year 2025 Overview
For the year, net revenue declined 5.1% to $107.1M as station operating income dropped 27.3% to $15.3M. Digital revenue rose 19.1% to $16.9M, but a $20.4M impairment and a $2.2M music licensing settlement drove a $7.9M net loss.
3. Tower Monetization
On October 17, 2025, Saga sold 24 telecommunications towers, realizing an $11.6M gain and $9.8M in net cash proceeds. Remaining $5.3M in non-cash value reflects long-term nominal cost leases from the transaction.
4. Capital Allocation
Saga paid a $0.25 per share dividend in December and declared another for March, bringing total dividends paid since 2012 to over $143M. The company also repurchased 219,326 shares for $2.5M in 2025 and intends to maintain regular quarterly dividends.