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Here are 1-3 brief analogies for Saga Communications (SGA):

• Gannett for local radio stations. (SGA, like Gannett with newspapers, owns and operates a large portfolio of local traditional media outlets, primarily focused on advertising revenue in smaller to mid-sized markets.)

• Sinclair Broadcast Group for radio. (Similar to Sinclair's strategy with local TV stations, Saga Communications aggregates and operates numerous local radio stations across different markets, relying on local advertising.)

• A more localized, small-market version of iHeartMedia. (Both companies are in the radio broadcasting business, but Saga focuses more intensely on local presence in smaller markets compared to iHeartMedia's broader national footprint.)

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• Radio Broadcasting: Saga Communications operates numerous radio stations, delivering local programming, news, music, and entertainment to various communities.
• Advertising Services: The company provides advertising opportunities across its owned and operated radio stations, allowing businesses to reach targeted local audiences.
• Digital Media Solutions: Saga Communications offers integrated digital advertising, including online streaming ads, website placements, and social media campaigns, often bundled with radio advertising.

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Saga Communications (symbol: SGA) sells primarily to other companies.

Based on their annual reports, Saga Communications does not have any single major customer that accounts for 10% or more of its consolidated net operating revenue. Consequently, there are no specific major customer companies that can be individually identified and listed by name with their symbols.

Saga's customer base is highly diversified, consisting of numerous local, regional, and national businesses that purchase advertising time on their radio and television stations across various markets. These advertisers typically represent a broad range of industries including:

• Local and regional retail businesses (e.g., automotive dealerships, furniture stores, supermarkets)
• Service industries (e.g., financial institutions, healthcare providers, legal services, real estate)
• Entertainment and leisure (e.g., concert promoters, local attractions, restaurants)

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• American Society of Composers, Authors and Publishers (ASCAP)
• Broadcast Music, Inc. (BMI)
• SESAC
• Global Music Rights (GMR)

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Christopher R. Forgy was appointed President and CEO of Saga Communications in December 2022, becoming only the second person to hold this position in the company's history, following the passing of founder Edward K. Christian. Mr. Forgy began his broadcasting career in 1980, serving in sales and management roles before joining Saga in 1996 as Director of Sales for its Columbus Radio Group. He left Saga in 2006 to serve as President and General Manager for Urban One's stations in Cleveland, OH, returning to Saga in 2011 as President and General Manager of the Columbus Radio Group. In 2018, he joined Saga's corporate management team as Senior Vice President/Operations, overseeing the operations of all of Saga’s stations. His leadership style emphasizes collaboration and empowerment, and he is passionate about the evolving media landscape.

Samuel D. Bush currently serves as the Executive Vice President, Chief Financial Officer, and Treasurer of Saga Communications. He joined Saga in 1997 as Vice President, Chief Financial Officer, and Treasurer, and was subsequently promoted to Senior Vice President in 2002 before being named Executive Vice President in September 2024. Mr. Bush owns shares in Saga Communications Inc.

Catherine A. Bobinski is the Senior Vice President, Chief Accounting Officer, and Corporate Controller for Saga Communications.

Wayne Leland was promoted to Chief Operating Officer of Saga Communications in September 2024. He joined Saga in 2011 as General Manager of the company's radio stations in Norfolk, VA, and was later promoted to President of Tidewater Communications before joining Saga's executive team in January 2023 as Senior Vice President/Operations.

Marcia K. Lobaito has served as a Senior Vice President of Saga Communications, Inc. since 2005.

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The key risks to Saga Communications' business are:

1. Declining Traditional Advertising Revenue and Digital Transition Challenges: Saga Communications faces significant headwinds from fluctuating and declining traditional radio advertising sales, including weak national advertising and reduced political ad spending. The company is actively pursuing a digital strategy to offset these declines and target growth, but there is inherent uncertainty and challenge in scaling digital revenue quickly enough to fully compensate for the ongoing reduction in traditional revenue streams.
2. Ongoing Music Licensing Fees: Recent and recurring music licensing settlements, particularly with organizations like ASCAP and BMI, have significantly increased Saga Communications' operating expenses and have led to reported operating losses in recent quarters. These fees represent a consistent and material cost that impacts the company's profitability.
3. Adverse Economic Conditions: Saga Communications' revenue is heavily dependent on advertising expenditures, which are sensitive to global, national, and local economic conditions. Factors such as inflation, economic downturns, and overall business uncertainty can lead to reduced advertising budgets from clients, thereby negatively impacting Saga's financial performance.

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The continued and accelerating migration of audio consumption from traditional linear broadcast radio to digital audio platforms poses a clear emerging threat. Listeners, particularly younger demographics, are increasingly opting for personalized, on-demand, and often ad-free experiences offered by streaming music services (e.g., Spotify, Apple Music, Pandora), podcasts, and other online audio content providers. This trend is further intensified by the seamless integration of these digital services into modern vehicles, directly eroding traditional radio's historical dominance in in-car listening.

A second emerging threat is the persistent and accelerating diversion of local advertising budgets towards digital platforms. Local businesses, which constitute a significant portion of Saga Communications' advertising revenue base, are increasingly allocating their marketing spend to highly targeted and measurable digital advertising channels (e.g., Google, Meta, local search engine marketing). These platforms offer advanced audience targeting capabilities, detailed analytics, and often more cost-effective campaign management, providing a continuously evolving and intensifying competitive alternative to traditional broadcast advertising.

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Saga Communications (SGA) primarily operates in the U.S. radio broadcasting and digital advertising markets, generating revenue through the sale of advertising time on its radio stations and digital platforms.

The addressable markets for Saga Communications' main products and services are as follows:

• U.S. Radio Broadcasting Market: The radio broadcasting market in the U.S. was estimated at US$47.6 billion in 2024. Separately, the radio station market, which includes advertising revenue and sponsorships, is projected to reach $100.73 billion in 2025.
• U.S. Digital Advertising Market (Local): Local digital advertising in the U.S. surpassed $100 billion in 2024, accounting for approximately 70% of all local ad spending. The broader U.S. digital advertising market generated a revenue of USD 101.65 billion in 2024 and is projected to reach USD 221.12 billion by 2030.

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Expected Revenue Growth Drivers for Saga Communications (SGA) Over the Next 2-3 Years

1. Aggressive Digital Advertising Expansion: Saga Communications is undergoing a "cultural shift" to prioritize and expand its digital offerings, with a stated objective to double gross digital revenue within 18 to 24 months. The company's digital strategy, described as "Click, Visit, Call and Search," focuses on providing higher-margin, customer-focused solutions to advertisers, differentiating itself from product-oriented digital offerings. CEO Chris Forgy has outlined a long-term plan for digital revenue to constitute two-thirds of total revenue by 2030, with a short-term goal of reaching 20-25% from the digital sector. This includes a strong focus on increasing business in local search and display markets. In Q3 2025, interactive revenue increased by 32.6%, offsetting nearly the entire decrease in broadcast revenue when adjusted for political advertising.
2. Strategic Acquisitions in Local Markets: Saga Communications has historically relied on strategic acquisitions of radio stations in small to mid-sized markets to expand its geographic footprint and diversify revenue streams. The company completed an acquisition of radio stations in the Greater Lafayette, Indiana market in 2024 for $5.3 million. This ongoing strategy of acquiring broadcast properties, along with complementary opportunities in digital, e-commerce, and local online news services, is expected to contribute to future growth.
3. Growth in Political Advertising Revenue: As a broadcast media company, Saga Communications benefits from increased political advertising during election cycles. While Q3 2025 saw a decrease in political revenue compared to the previous year, this revenue source is cyclical. Upcoming election periods within the next 2-3 years are expected to bring a significant influx of political advertising, which historically provides a boost to revenue.
4. Non-Traditional Revenue (NTR) Initiatives and Events: Saga Communications continues to focus on "non-traditional revenue initiatives" and events. In Q3 2024, NTR events were up 11% for the quarter and 1.5% for the nine-month period, contributing to revenue growth. The company's "market's best of programs" also booked $1.3 million in gross revenue year-to-date through September 30, 2024, a 21% increase over the same period in 2023.

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Share Repurchases

• Saga Communications had a Buy-Back Program authorized in March 2013 to purchase up to $75.8 million of its Class A Common Stock, having repurchased 2.2 million shares for $58.1 million from 1998 through September 30, 2025.
• The company halted buybacks under its plan in 2020.
• As part of its capital allocation plan for 2025, Saga intends to use a portion of proceeds from the sale of non-core assets to fund future stock buybacks, which may include open market purchases, block trades, or other forms of buybacks.

Outbound Investments

• On February 13, 2024, Saga Communications entered into an agreement to acquire the assets of five radio stations and one low-power FM translator in Lafayette, Indiana, from Neuhoff Communications, Inc.
• The acquisition of the Lafayette, Indiana, radio stations closed on May 31, 2024, for a purchase price of $5.3 million.
• The total cost of this transaction, including the purchase price, acquired accounts receivable, and transactional costs, was $5,832,000, offset by $88,000 in closing adjustments, and was financed through operations and credit agreement borrowings.

Capital Expenditures

• Capital expenditures for the year ended December 31, 2024, were $3.8 million, compared to $4.4 million in 2023.
• For the nine months ended September 30, 2025, capital expenditures were $2.6 million, compared to $3.2 million for the same period in 2024.
• Expected capital expenditures for 2025 are approximately $3.0 million to $3.5 million, anticipated to be financed through funds generated from operations. The primary focus includes strategic investments in operations at both market and corporate levels to grow specific revenue types like local, national, interactive, e-commerce, and online news products.