SAGA COMMUNICATIONS, INC. (NYSEMKT:SGA) Files An 8-K Regulation FD DisclosureItem 7.01
On November 28, 2018, Saga Communications, Inc.’s Board of Directors extended, until September 1, 2019, its authorization for the repurchase of its Class A Common Stock under its trading plan adopted to Securities and Exchange Commission Rule 10b5-1. The Rule 10b5-1 repurchase plan allows the Company to repurchase its shares during periods when it would normally not be active in the market due to its internal trading blackout periods. Under the plan, the Company may repurchase its Class A Common Stock in any combination of open market, block transactions and privately negotiated transactions subject to market conditions, legal requirements including applicable SEC regulations (which include certain price, market, volume and timing constraints), specific repurchase instructions and other corporate considerations. Purchases under the plan will be funded by cash on the Company’s balance sheet. The plan does not obligate Saga to acquire any particular amount of Class A Common Stock. The Board’s authorization may be suspended, extended or amended at any time at the Company’s discretion.
The Company’s stock buy-back program, which has been in place since 1998, currently has remaining authorization of approximately $20.5 million for repurchases of the Company’s Class A Common Stock. The Company has repurchased approximately $55.3 million in shares during the term of the program.
About SAGA COMMUNICATIONS, INC. (NYSEMKT:SGA)
Saga Communications, Inc. is a broadcast company primarily engaged in acquiring, developing and operating broadcast properties. The Company owns and/or operates over four television stations and over five low-power television stations serving approximately two markets, and over 67 frequency modulation (FM) and 32 amplitude modulation (AM) radio stations serving approximately 20 markets, including Bellingham, Washington; Columbus, Ohio; Norfolk, Virginia; Milwaukee, Wisconsin; Manchester, New Hampshire; Des Moines, Iowa, and Joplin, Missouri. The Company operates in two segments: Radio and Television. The Radio segment includes over 23 markets, which includes approximately 100 of its radio stations. The Television segment includes over two markets and consists of approximately four television stations and over five low power television (LPTV) stations. The radio stations that the Company owns and/or operates employ various programming formats, including Classic Hits and Country.
