SGA on Nasdaq

SAGA COMMUNICATIONS INC

In its 2026 annual report the company says: “We are a media company whose business provides radio, digital, e-commerce, on-line news and non-traditional revenue initiatives. We provide services to national, regional and local advertisers to help them meet their growing advertising needs. We are a Florida corporation, reorganized in 2020.”4 It is headquartered in Grosse Pointe Farms, Michigan.1 Its shares trade on Nasdaq under the symbol SGA.1

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Last updated Oct 20, 2026.

Overview

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  • TickerSGA on Nasdaq1
  • IndustryRadio Broadcasting Stations1
  • HeadquartersGrosse Pointe Farms, Michigan1
  • Incorporated inFL2
  • Business address73 Kercheval Ave, Grosse Pointe Farms, Mi 482362
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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We are a media company whose business provides radio, digital, e-commerce, on-line news and non-traditional revenue initiatives. We provide services to national, regional and local advertisers to help them meet their growing advertising needs. As of February 28, 2026, we owned eighty-two FM, thirty AM radio stations and seventy-nine metro signals serving twenty-eight markets. Our principal executive offices are located at 73 Kercheval, Grosse Pointe Farms, Michigan 48236. We are a Florida corporation, reorganized in 2020. We were originally organized as a Delaware corporation in 1986.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-10.3%Operating margin5
-7.4%Net margin5
-5.1%Revenue growth, 20255
-5.2%Return on equity5
0.03×Debt to equity5
$2.4MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Broadcast Advertising Revenue, net brought in 76% of the revenue SAGA COMMUNICATIONS INC broke down this way in fiscal 2025.

  1. Broadcast Advertising Revenue, net$81.6M576%down 9% from 2024
  2. Digital Advertising Revenue$16.9M516%up 19% from 2024
  3. Other Revenue$8.6M58%down 4% from 2024
Products and services by year
Products and services20242025
Broadcast Advertising Revenue, net$89.7M$81.6M
Digital Advertising Revenue$14.2M$16.9M
Other Revenue$9.0M$8.6M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs97¢$104.1M
  • Interest0¢$434.0K
  • Income tax2¢$2.6M

Out of $107.1M in revenue.5 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending32¢$3.0M
  • Dividends paid68¢$6.4M

Out of $5.5M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue67895$107.1M in 2025−13% since 2019
0$50.0M$100.0M$150.0M2019: $123.1M$123.1M20192020: $95.8M$95.8M2020−22%2021: $108.3M$108.3M2021+13%2022: $114.9M$114.9M2022+6%2023: $115.5M$115.5M2023+1%2024: $112.9M$112.9M2024−2%2025: $107.1M$107.1M2025−5%
Operating income67895-$11.0M in 2025
-$20.0M-$10.0M0$10.0M$20.0M2019: $18.8M$18.8M20192020: -$1.2M-$1.2M20202021: $15.1M$15.1M20212022: $13.1M$13.1M2022−13%2023: $11.5M$11.5M2023−12%2024: $2.4M$2.4M2024−80%2025: -$11.0M-$11.0M2025
Net income67895-$7.9M in 2025
-$10.0M0$10.0M$20.0M2019: $13.3M$13.3M20192020: -$1.9M-$1.9M20202021: $11.2M$11.2M20212022: $9.2M$9.2M2022−18%2023: $9.5M$9.5M2023+3%2024: $3.5M$3.5M2024−64%2025: -$7.9M-$7.9M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Net operating revenue$107.1M$112.9M
Station operating expense$91.8M$91.8M
Corporate general and administrative$12.3M$12.4M
Depreciation and amortization$5.2M$5.3M
Other operating (income) expense, net-$11.5M$1.0M
Impairment of goodwill$19.2M
Impairment of intangible assets$1.2M
Operating Expenses$118.2M$110.6M
Operating (loss) income-$11.0M$2.4M
Interest expense$434.0K$348.0K
Interest income-$904.0K-$1.0M
Other income-$105.0K-$1.5M
(Loss) income before income tax expense-$10.5M$4.6M
Current$1.5M$1.2M
Deferred-$4.1M-$115.0K
Total income tax provision-$2.6M$1.1M
Net (loss) income-$7.9M$3.5M
Basic (in dollars per share)-$1.22$0.55
Diluted (in dollars per share)-$1.22$0.55
Weighted average common shares6.2M shares6.1M shares
Weighted average common and common equivalent shares6.2M shares6.1M shares
Dividends declared per share (in dollars per share)$1.00$1.60

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Corporate structure

SAGA COMMUNICATIONS INC sits at the top of its group. 15 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of SAGA COMMUNICATIONS INC

  • Edward K. Christian Trust Filed SCHEDULE 13G/A on SAGA COMMUNICATIONS INC, latest May 15, 2026 (8 filings since Aug 29, 2022)
  • Stanley Kesselman Filed SCHEDULE 13G/A on SAGA COMMUNICATIONS INC, latest Jan 7, 2026 (2 filings since Oct 16, 2024)
  • GATE CITY CAPITAL MANAGEMENT, LLC Filed SCHEDULE 13D/A on SAGA COMMUNICATIONS INC, latest Mar 27, 2025 (7 filings since Feb 14, 2022)
  • Hoak Public Equities, LP Filed SCHEDULE 13D/A on SAGA COMMUNICATIONS INC, latest Dec 26, 2024 (3 filings since Dec 12, 2022)
  • T. Rowe Price Investment Management, Inc. Filed SC 13G/A on SAGA COMMUNICATIONS INC, latest Feb 14, 2024 (4 filings since Aug 10, 2022)
  • DIMENSIONAL FUND ADVISORS LP Filed SC 13G/A on SAGA COMMUNICATIONS INC, latest Feb 9, 2024 (3 filings since Feb 8, 2022)
  • FMR LLC Filed SC 13G/A on SAGA COMMUNICATIONS INC, latest Dec 11, 2023 (3 filings since Feb 9, 2022)
  • TOWERVIEW LLC Filed SC 13D/A on SAGA COMMUNICATIONS INC, latest Apr 7, 2023 (2 filings since Aug 26, 2022)
  • KENNEDY CAPITAL MANAGEMENT LLC Filed SC 13G/A on SAGA COMMUNICATIONS INC, latest Feb 14, 2022
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SC 13G/A on SAGA COMMUNICATIONS INC, latest Feb 14, 2022
  • Edward K. Christian Filed SC 13G/A on SAGA COMMUNICATIONS INC, latest Feb 11, 2022
  • SAGA COMMUNICATIONS INC Grosse Pointe Farms, Michigan
    • Franklin Communications, Inc. Subsidiary · Delaware, United States
    • Lakefront Communications, LLC Subsidiary · Delaware, United States
    • Saga Broadcasting, LLC Subsidiary · Delaware, United States
    • Saga Communications of Arkansas, LLC Subsidiary · Delaware, United States
    • Saga Communications of Illinois, LLC Subsidiary · Delaware, United States
    • Saga Communications of Indiana, LLC Subsidiary · Delaware, United States
    • Saga Communications of Iowa, LLC Subsidiary · Delaware, United States
    • Saga Communications of New England, LLC Subsidiary · Delaware, United States
    • Saga Communications of North Carolina, LLC Subsidiary · Delaware, United States
    • Saga Communications of South Dakota, LLC Subsidiary · Delaware, United States
    • Saga Communications of Tuckessee, LLC Subsidiary · Delaware, United States
    • Saga South Communications, LLC Subsidiary · Delaware, United States
    • Tidewater Communications, LLC Subsidiary · Delaware, United States
    • Water Dragon, LLC Subsidiary · Florida, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What SAGA COMMUNICATIONS INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$144.3M5 Dec 31, 2025$151.6M5 Dec 31, 2024−4.8%
Accumulated depreciation$97.9M5 Dec 31, 2025$99.6M5 Dec 31, 2024−1.8%
Property and equipment, net$46.4M5 Dec 31, 2025$51.9M5 Dec 31, 2024−10.6%
Operating-lease assets (leased space)$10.3M5 Dec 31, 2025$6.9M5 Dec 31, 2024+47.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$22.5M5 Dec 31, 2025$18.9M5 Dec 31, 2024+19.3%
Marketable securities, current$9.3M5 Dec 31, 2025$8.9M5 Dec 31, 2024+4.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$05 Dec 31, 2025$19.2M5 Dec 31, 2024−100.0%
Finite-lived intangibles, gross$17.4M5 Dec 31, 2025$17.4M5 Dec 31, 2024+0.1%
Accumulated amortization$16.6M5 Dec 31, 2025$16.3M5 Dec 31, 2024+2.4%
Finite-lived intangibles, net$754.0K5 Dec 31, 2025$1.1M5 Dec 31, 2024−33.3%

Properties, in its own words

Our corporate headquarters is located in Grosse Pointe Farms, Michigan. The types of properties required to support each of our stations include offices, studios, and transmitter and antenna sites. A station’s studios are generally housed with its offices in business districts. The transmitter sites and antenna sites are generally located so as to provide maximum market coverage for our stations’ broadcast signals.

As of December 31, 2025, the studios and offices of 26 of our 29 operating locations, including our corporate headquarters in Michigan, are located in facilities we own. The remaining studios and offices are located in leased facilities with lease terms that expire in 2.8 years to 5.9 years. We own or lease our transmitter and antenna sites, with lease terms that expire in less than 1 year to 65 years. We do not anticipate any difficulties in renewing those leases that expire within the next five years or in leasing other space, if required.

The rest of Item 2

No one property is material to our overall operations. We believe that our properties are in good condition and suitable for our operations.

We own substantially all of the equipment used in our broadcasting business.

Item 2 of the 10-K filed Apr 14, 2026.4

Leadership

Who has led SAGA COMMUNICATIONS INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Edward K. Christian2006–2021
  2. Christopher Forgy2022–now

Chair

  1. Edward K. Christian2006–2020

President

  1. Edward K. Christian2006–2021
  2. Christopher Forgy2022–now

Chief financial officer

  1. Samuel D. Bush2006–now

Chief operating officer

  1. Warren S. Lada2016–2018
  2. Wayne Leland2024–now
2010201520202025
Board members and other officers (23)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Franklin Communications, Inc. Delaware3
  • Lakefront Communications, LLC Delaware3
  • Saga Broadcasting, LLC Delaware3
  • Saga Communications of Arkansas, LLC Delaware3
  • Saga Communications of Illinois, LLC Delaware3
  • Saga Communications of Indiana, LLC Delaware3
  • Saga Communications of Iowa, LLC Delaware3
  • Saga Communications of New England, LLC Delaware3
  • Saga Communications of North Carolina, LLC Delaware3
  • Saga Communications of South Dakota, LLC Delaware3
  • Saga Communications of Tuckessee, LLC Delaware3
  • Saga South Communications, LLC Delaware3
  • Tidewater Communications, LLC Delaware3
  • Water Dragon, LLC Florida3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • SAGA COMMUNICATIONS INC /DE/Feb 14, 1994 to Feb 14, 19962

Timeline

  1. Sep 10, 20268-K Other events41
  2. Aug 13, 20268-K Results of operations42
  3. Jun 2, 20268-K Shareholder vote43
  4. May 7, 20268-K Results of operations44
  5. May 7, 20268-K Other events45
  6. Apr 15, 20268-K Executive or director change46
  7. Mar 12, 20268-K Results of operations47
  8. Feb 13, 20268-K Executive or director change48
  9. Feb 12, 20268-K Other events49
  10. Dec 15, 20258-K Other events50
  11. Nov 13, 20258-K Other events51
  12. Nov 6, 20258-K Results of operations52
  13. Dec 19, 2022New chief executive Christopher Forgy becomes CEO13
  14. Mar 23, 2006New chief executive Edward K. Christian becomes CEO14

Calendar

Coming up

  1. Nov 12, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported ($0.08) a share, on Nov 6, 2025.53

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results42
  2. May 7, 2026Reported quarterly or annual results44
  3. Mar 12, 2026Reported quarterly or annual results47
  4. Nov 6, 2025Reported quarterly or annual results52
  5. Aug 7, 2025Reported quarterly or annual results54
  6. May 8, 2025Reported quarterly or annual results55
  7. Mar 11, 2025Reported quarterly or annual results56
  8. Nov 7, 2024Reported quarterly or annual results57

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

313 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 60 major events, 124 insider forms, 35 large holders, 74 other. The latest 20:

  1. Sep 10, 20268-K EDGAR
  2. Aug 14, 202610-Q EDGAR
  3. Aug 13, 20268-K EDGAR
  4. Jun 29, 202611-K EDGAR
  5. Jun 2, 20268-K EDGAR
  6. May 15, 2026SCHEDULE 13G/A EDGAR
  7. May 8, 202610-Q EDGAR
  8. May 7, 20268-K EDGAR
  9. May 7, 20268-K EDGAR
  10. Apr 20, 2026ARS DEFA14A EDGAR
  11. Apr 20, 2026DEFA14A EDGAR
  12. Apr 20, 2026DEF 14A EDGAR
  13. Apr 15, 20268-K EDGAR
  14. Apr 14, 202610-K EDGAR
  15. Apr 1, 2026NT 10-K EDGAR
  16. Mar 12, 20268-K EDGAR
  17. Feb 27, 20264 EDGAR
  18. Feb 25, 2026144 EDGAR
  19. Feb 17, 2026SCHEDULE 13G/A EDGAR
  20. Feb 13, 20268-K EDGAR

The 313 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

50 open-market trades by officers, directors and large owners since October 2021: 1 buys and 49 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Feb 25, 2026Edward K. Christian Trust10% ownerSale5,665$12.07$68.4KForm 4
Oct 21, 2025Edward K. Christian Trust10% ownerSale1,669$12.50$20.9KForm 4
Oct 16, 2025Edward K. Christian Trust10% ownerSale761$12.51$9.5KForm 4
Oct 15, 2025Edward K. Christian Trust10% ownerSale682$12.56$8.6KForm 4
Oct 14, 2025Edward K. Christian Trust10% ownerSale748$12.51$9.4KForm 4
Oct 8, 2025Edward K. Christian Trust10% ownerSale1$13.03$13Form 4
Oct 7, 2025Edward K. Christian Trust10% ownerSale10$13.00$130Form 4
Oct 6, 2025Edward K. Christian Trust10% ownerSale629$13.04$8.2KForm 4
Oct 2, 2025Edward K. Christian Trust10% ownerSale1,678$12.50$21.0KForm 4
Oct 1, 2025Edward K. Christian Trust10% ownerSale546$12.61$6.9KForm 4
Sep 30, 2025Edward K. Christian Trust10% ownerSale48$12.57$603Form 4
Sep 26, 2025Edward K. Christian Trust10% ownerSale316$12.51$4.0KForm 4
Sep 19, 2025Edward K. Christian Trust10% ownerSale581$12.63$7.3KForm 4
Aug 25, 2025Edward K. Christian Trust10% ownerSale1,054$13.34$14.1KForm 4
Aug 22, 2025Edward K. Christian Trust10% ownerSale1,727$13.29$23.0KForm 4
Aug 7, 2025Edward K. Christian Trust10% ownerSale1,027$12.59$12.9KForm 4
Jul 31, 2025Edward K. Christian Trust10% ownerSale400$13.06$5.2KForm 4
Jul 30, 2025Edward K. Christian Trust10% ownerSale689$13.10$9.0KForm 4
Jul 25, 2025Edward K. Christian Trust10% ownerSale1,799$13.40$24.1KForm 4
Jul 23, 2025Edward K. Christian Trust10% ownerSale608$13.02$7.9KForm 4

All 50 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Christopher S. ForgyPresident and Chief Executive Officer$726.6K$1.4M69
2025Samuel D. BushExecutive Vice President, Chief Financial Officer and Treasurer$410.0K$618.9K69
2025Wayne LelandChief Operating Officer$320.0K$460.8K69
2024Christopher S. ForgyPresident and Chief Executive Officer$698.6K$1.7M69
2024Samuel D. BushExecutive Vice President, Chief Financial Officer and Treasurer$410.0K$733.2K69
2024Wayne LelandChief Operating Officer$320.0K$522.4K69

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 29. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Towerview LLC1,161,144$10.5M6.9%No change
Gate City Capital Management, LLC863,845$7.8M2.0%No change
Dimensional Fund Advisors LP330,263$3.0M0.0%−20,392
Peapod Lane Capital LLC209,865$1.9M1.3%+3,313
Vanguard Capital Management LLC188,722$1.7M0.0%+2,515
BlackRock, Inc.133,018$1.2M0.0%+3,680
Renaissance Technologies LLC105,918$960.7K0.0%−526
Bridgeway Capital Management, LLC71,961$652.7K0.0%+400
Geode Capital Management, LLC64,563$586.1K0.0%−7,539
Mork Capital Management, LLC50,000$453.5K0.3%No change
Nuveen, LLC42,393$384.5K0.0%No change
Empowered Funds, LLC35,972$326.3K0.0%No change
Vanguard Fiduciary Trust Co34,768$315.3K0.0%+211
LPL Financial LLC30,150$273.5K0.0%+7,025
Marquette Asset Management, LLC28,352$257.2K0.0%New
State Street Corp22,098$200.4K0.0%No change
Northern Trust Corp10,775$97.7K0.0%−2,696
Morgan Stanley9,925$90.0K0.0%+284
Vanguard Global Advisers, LLC1,764$16.0K0.0%No change
Barclays PLC1,151$10.4K0.0%+22
Tower Research Capital LLC (TRC)873$7.9K0.0%+858
Royal Bank Of Canada800$7.0K0.0%New
Osaic Holdings, Inc.100$9070.0%−110
IFS Advisors, LLC100$9070.0%No change
UBS Group AG42$3810.0%+30

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How SAGA COMMUNICATIONS INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSAGA COMMUNICATIONS INC1
  • CIK0000886136
  • Employer ID (EIN)38-30429534
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inFlorida4
  • Fiscal year endsDecember 311
  • Industry code (SIC)4832 Radio Broadcasting Stations1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business address73 Kercheval Ave, Grosse Pointe Farms, MI 482361
  • Phone31388670701
  • Shares outstanding6,357,988 as of Aug 10, 202611
  • Public float$52.9M as of Jun 30, 20254
  • AuditorCrowe LLP, Fort Lauderdale, Florida PCAOB ID 173; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceFeb 14, 19941
  • Filings1,492 in all: 4 (674), 8-K (231), SC 13G/A (133), 10-Q (92), 144 (50), 11-K (39), SC 13D/A (39), DEF 14A (31)1
    All 35 form types

    10-K (30), 4/A (30), SC 13G (30), ARS (18), 3 (15), UPLOAD (12), S-8 (9), CORRESP (8), 8-K/A (6), SCHEDULE 13G/A (6), S-8 POS (5), SC 13D (4), SCHEDULE 13D/A (4), 8-A12B (3), DEFA14A (3), NT 10-K (3), PX14A6G (3), 10-K/A (2), 25 (2), 5 (2), CERTNYS (2), CERT (1), DEF 14C (1), DEFS14A (1), PRE 14C (1), PRES14A (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Apr 14, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Apr 20, 2026
    Latest 8-K (8-K) Sep 10, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common Stock, $.01 par valueSGANASDAQ Global Market

From the cover page of the 10-K filed Apr 14, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks SAGA COMMUNICATIONS INC names in Item 1A of its 10-K filed Apr 14, 2026: 24 risks under these headings, as written.4

  • General Risks Related to the Economy
  • Continued Uncertain Financial and Economic Conditions may have an Adverse Impact on our Business, Results of Operations or Financial Condition
  • We May be Adversely Affected by the Effects of Inflation
  • Our Business and Operations Could be Adversely Affected by Health Epidemics, Pandemics or Similar Outbreaks, Natural Disasters and Other Catastrophes, Impacting the Markets and Communities in which we and our Partners, Advertisers, and Users Operate
  • The Success of Our Business is Dependent Upon Advertising Revenues, which are Seasonal and Cyclical, and also Fluctuate as a Result of a Number of Factors, Some of Which are Beyond Our Control
  • We Depend on Key Stations
  • Local, National and Global Economic Conditions May Affect our Advertising Revenue
  • Risks Related to Our Financing
  • We May Have Substantial Indebtedness and Debt Service Requirements
  • Variable-Rate Indebtedness Exposes us to Interest Rate Risk, which could Cause Our Debt Service Obligations to Increase Significantly.
  • Our Debt Covenants Restrict our Financial and Operational Flexibility
  • Our Recent Sale-Leaseback Transaction Removed Certain Real Estate Assets from our Balance Sheet and Subjects us to Ongoing Lease Obligations.
The other 15 risks
  • Risks Related to the Radio Broadcasting Industry
  • Our Stations Must Compete for Advertising Revenues in Their Respective Markets
  • We Depend on Key Personnel
  • Our Success Depends on our Ability to Use our Historical Relationships with Radio Advertisers to Transition to our Company to Also Offer a Range of Digital Advertising Services that Help our National, Regional and Local Advertisers Meet Their Growing Advertising Needs in Addition to Identifying and Integrating Acquired Radio Stations or Related Businesses
  • The Royalties We Pay to Copyright Owners Could Increase Significantly, and Proposed Legislation Could Require Radio Broadcasters to Pay Royalties to Record Labels and Recording Artists
  • Risks Related to Regulation of Our Business
  • Future Impairment of our FCC Broadcasting Licenses Could Affect our Operating Results
  • New Federal Regulations or Fees Could Affect our Broadcasting Operations
  • The FCC’s Vigorous Enforcement of Indecency Rules Could Affect our Broadcasting Operations
  • We are Subject to a Series of Risks Regarding Scrutiny of Environmental, Social and Governance Matters
  • Risks Related to Technology and Cybersecurity
  • New Technologies May Affect our Broadcasting Operations
  • Information Technology and Cybersecurity Failures or Data Security Breaches Could Harm Our Business
  • Use of Artificial Intelligence in Marketing Design
  • Risks Related to the Ownership of Our Stock
  • Concentration of Ownership and Influence of Major Shareholders
  • Capital Allocation Decisions, Including Dividends and Stock Repurchases
  • We May Experience Volatility in the Market Price of our Common Stock
  • Our Business Could be Negatively Affected as a Result of Shareholder Activism.
  • We are a Smaller Reporting Company and Intend to Avail Ourselves of Certain Reduced Disclosure Requirements Applicable to Smaller Reporting Companies, which could make our Common Stock Less Attractive to Investors

Legal proceedings

The Company is subject to various outstanding claims which arise in the ordinary course of business, and to other legal proceedings. Management anticipates that any potential liability of the Company, which may arise out of or with respect to these matters, will not materially affect the Company’s financial statements.

The opening of Item 3, Legal Proceedings.4

Sources

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