Saga Communications, Inc. reported a net operating revenue of $107.1 million for the fiscal year ending December 31, 2025, a decrease of 5.1% from $112.9 million in 2024. The decline in revenue was attributed primarily to a drop in local advertising revenue, which fell by $5.2 million, and a significant reduction in political advertising revenue, which decreased from $3.3 million in 2024 to $650,000 in 2025 due to fewer elections. Despite a rise in digital advertising revenue, which increased to $16.9 million from $14.2 million, the overall financial performance was negatively impacted by a non-cash impairment charge of $20.4 million related to broadcast licenses and goodwill.
In terms of operational metrics, Saga Communications maintained a strong local advertising focus, with approximately 91% of its gross revenue derived from local advertisers, compared to 88% in the previous year. The company operates 82 FM and 30 AM radio stations across 28 markets, with its five largest markets—Charleston, Columbus, Milwaukee, Norfolk, and Portland—accounting for 34% of its net operating revenue. The company’s employee count stood at approximately 580 full-time and 199 part-time employees as of December 31, 2025.
Strategically, Saga Communications has been expanding its digital advertising services, which include paid search, targeted display advertising, and streaming services. This integrated approach aims to enhance the effectiveness of advertising campaigns by combining traditional radio with digital platforms. The company has also engaged in a sale-leaseback transaction involving 24 telecommunications towers, generating approximately $10.7 million in cash, which has been used to bolster liquidity.
Looking ahead, the company anticipates a rebound in political advertising revenue in 2026 due to an increase in local, state, and national elections. However, the overall economic environment remains a concern, with potential impacts from inflation and economic uncertainty affecting advertising budgets. The company’s management expressed confidence in its ability to navigate these challenges, emphasizing its commitment to maintaining a strong balance sheet while continuing to explore acquisition opportunities to enhance its market position.
About SAGA COMMUNICATIONS INC
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