Saga Communications, Inc. Declares a Special Cash Dividend of $2.00 per Share

GROSSE POINTE FARMS, Mich., Dec. 07, 2023 (GLOBE NEWSWIRE) — Saga Communications, Inc. (Nasdaq – SGA) (the “Company”, “Saga” or “our”) today announced that its Board of Directors (“Board”) declared a special cash dividend of $2.00 per share. The dividend will be paid on January 12, 2024, to shareholders of record on December 20, 2023. The aggregate amount of the payment to be made in connection with the special dividend will be approximately $12.5 million. The special cash dividend will be funded by cash on the Company’s balance sheet and is in line with the Board’s goal of reducing our ongoing cash and short-term investment balances to approximately $25 million prior to future cash flows being recognized. The Board continues to have discussions relative to the right level of cash to maintain on our balance sheet and this may change based on global, national, and local economic conditions, changes in the radio industry, and the potential for strategic acquisitions.

Read more at globenewswire.com