Saga Communications, Inc. recently completed the sale of 22 broadcast tower sites to GTC Uno, LLC for approximately $10.7 million.
The transactions align with Saga's broader strategy to optimize its asset portfolio by divesting non-core real estate assets, allowing the company to focus on its core broadcasting operations while generating capital for shareholder returns. The deal was first hinted at in Saga's Q2 2025 earnings call, where CFO Sam Bush mentioned an impending tower sale valued between $8 million and $11 million, with proceeds earmarked for share repurchases.
Key Details
- Buyer: GTC Uno, LLC, a tower management firm (specific details on the buyer are limited in public announcements, but it appears to specialize in acquiring and leasing broadcast infrastructure).
- Transaction Timeline: The deal was effective as of October 1, 2025, and officially closed on October 17, 2025.
- Post-Sale Arrangement: Saga will continue to utilize the towers under a lease agreement that requires no cash lease payments, ensuring uninterrupted operations for its radio stations without additional costs.
- Proceeds Allocation: A portion of the $10.7 million will fund potential stock buybacks, including open-market repurchases or block trades. However, any buyback program is at the discretion of Saga's Board of Directors.
- Financial Context: Saga reported Q2 2025 net revenue of $28.2 million (down 5% year-over-year) and earnings per share of $0.18, missing analyst expectations. Despite this, the company maintains a strong balance sheet with more cash than debt and a current ratio of 2.76. It also recently declared a quarterly dividend of $0.25 per share (totaling ~$1.6 million).
These sales are part of Saga's ongoing efforts to streamline operations amid a shifting media landscape, where digital revenue streams are increasingly prioritized over physical assets. As Chris Forgy, Saga's President and CEO, noted in the announcement, the move supports the company's goal of enhancing shareholder value through efficient capital deployment.
Saga owns and operates radio stations in 24 markets across the U.S., from Milwaukee to Portland, Maine, and this divestiture reduces maintenance burdens without disrupting service.For investors, the news contributed to a modest uptick in SGA stock on October 20, reflecting optimism around the cash influx.
Saga has a history of similar transactions, such as a 2018 tower sale to SBA Communications for $1.35 million, underscoring its pattern of monetizing tower assets.