| 2023 | 2024 | ||||||
| Price: | 24.25 | EPS | 0 | 0 | |||
| Shares Out. (in M): | 6 | P/E | 0 | 0 | |||
| Market Cap (in $M): | 147 | P/FCF | 0 | 0 | |||
| Net Debt (in $M): | 0 | EBIT | 0 | 0 | |||
| TEV (in $M): | 116 | TEV/EBIT | 0 | 0 | |||
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The Opportunity
Saga has been written up a few times before....both posters touted the company's balance sheet strength, resilient business model (focused on secondary and tertiary, stable markets), and prodigious free cash flow generation. There has unfortunately been a meaningful change since the most recent post and that is that Ed Christian, the company's founder, passed away in August of 2022. We had very warm feelings towards Ed who was admittedly a complicated figure. I thought this was a wonderful tribute to him https://radioink.com/2022/08/23/my-boss-quit-today/?vgo_ee=tg0wDSBX0EX8vl7jG4G3fuL1unxA0hj7N4lZ0JN1HqE%3D
Ed loved radio-his enthusiasm was infectious when you'd meet with him. He also loved his B shares as he said with a smile when we suggested he collapse the share structure. Now that he passed away the estate's B shares converted to regular class A stock and there is no longer an impediment to someone making an offer to acquire the company https://www.insideradio.com/free/saga-rejects-unsolicited-takeover-bid-from-jeff-warshaw-led-group/article_d236658c-76db-11ed-b21b-57fb4b17f6d7.html
Ed was resistant to suggestions about capital allocation and, perhaps borne of his experience with leverage headed into 2008, husbanded cash on the balance sheet in anticipation of acquisitions that never really came to pass in a meaningful way. Since his passing there have been two press releases worth noting:
To summarize, the company has paid $4/share in special dividends and is now paying $1/share on an annual basis for a 4.1% base yield. In addition based on our assumption that the company can comfortably generate 16-18mm in FCF there would be 11-12.5mm in cash or $1.80-2.10/share available for a special dividend. In combination with the base dividend that would be $2.80-$3.10/share for a 11.4-12.5% current yield. The company is run quite conservatively and we expect that level of FCF to be attainable in most economic environments.
Company Description (from most recent 10k)
We are a broadcast company primarily engaged in acquiring, developing and operating broadcast properties. As of February 28, 2022, we owned seventy-nine FM, thirty-four AM radio stations and seventy-nine metro signals serving twenty-seven markets.
List of Markets and Stations
|
Station |
|
Market (1) |
|
Format |
|
Class (2) |
|
FCC Authorization |
|
|
|
|
|
|
|
|
|
|
|
|
|
FM: |
|
|
|
|
|
|
|
|
|
|
WOXL |
|
Asheville, NC |
|
Hot Adult Contemporary |
|
C2 |
|
December 1, 2027 |
|
|
WTMT |
|
Asheville, NC |
|
Classic Rock |
|
C2 |
|
December 1, 2027 |
|
|
KISM |
|
Bellingham, WA |
|
Classic Rock |
|
C |
|
February 1, 2030 |
|
|
KAFE |
|
Bellingham, WA |
|
Adult Contemporary |
|
C |
|
February 1, 2030 |
|
|
WRSY |
|
Brattleboro, VT |
|
Adult Album Alternative |
|
A |
|
April 1, 2022 |
(3) |
|
WKVT |
|
Brattleboro, VT |
|
Classic Hits |
|
A |
|
April 1, 2022 |
(3) |
|
WQEL |
|
Bucyrus, OH |
|
Classic Hits |
|
A |
|
October 1, 2028 |
|
|
WLRW |
|
Champaign, IL |
|
Hot Adult Contemporary |
|
B |
|
December 1, 2028 |
|
|
WIXY |
|
Champaign, IL |
|
Country |
|
B1 |
|
December 1, 2028 |
|
|
WREE |
|
Champaign, IL |
|
Classic Hits |
|
B1 |
|
December 1, 2028 |
|
|
WYXY |
|
Champaign, IL |
|
Classic Country |
|
B |
|
December 1, 2028 |
|
|
WAVF |
|
Charleston, SC |
|
Adult Variety Hits |
|
C |
|
December 1, 2027 |
|
|
WCKN |
|
Charleston, SC |
|
Contemporary Country |
|
C1 |
|
December 1, 2027 |
|
|
WMXZ |
|
Charleston, SC |
|
Hot Adult Contemporary |
|
C2 |
|
December 1, 2027 |
|
|
WXST |
|
Charleston, SC |
|
Urban Adult Contemporary |
|
C1 |
|
December 1, 2027 |
|
|
WWWV |
|
Charlottesville, VA |
|
Classic Rock |
|
B |
|
October 1, 2027 |
|
|
WQMZ |
|
Charlottesville, VA |
|
Adult Contemporary |
|
A |
|
October 1, 2027 |
|
|
WCNR |
|
Charlottesville, VA |
|
Adult Album Alternative |
|
A |
|
October 1, 2027 |
|
|
WCVL |
|
Charlottesville, VA |
|
Contemporary Country |
|
A |
|
October 1, 2027 |
|
|
WCVQ |
|
Clarksville, TN/Hopkinsville, KY |
|
Hot Adult Contemporary |
|
C1 |
|
August 1, 2028 |
|
|
WZZP |
|
Clarksville, TN/Hopkinsville, KY |
|
Rock |
|
A |
|
August 1, 2028 |
|
|
WVVR |
|
Clarksville, TN/Hopkinsville, KY |
|
Contemporary Country |
|
C0 |
|
August 1, 2028 |
|
|
WRND |
|
Clarksville, TN/Hopkinsville, KY |
|
Classic Hits |
|
A |
|
August 1, 2028 |
|
|
WSNY |
|
Columbus, OH |
|
Adult Contemporary |
|
B |
|
October 1, 2028 |
|
|
WNNP |
|
Columbus, OH |
|
Classic Hits |
|
A |
|
October 1, 2028 |
|
|
WNND |
|
Columbus, OH |
|
Classic Hits |
|
A |
|
October 1, 2028 |
|
|
WVMX |
|
Columbus, OH |
|
Hot Adult Contemporary |
|
A |
|
October 1, 2028 |
|
|
WLVQ |
|
Columbus, OH |
|
Classic Rock |
|
B |
|
October 1, 2028 |
|
|
KSTZ |
|
Des Moines, IA |
|
Hot Adult Contemporary |
|
C |
|
February 1, 2029 |
|
|
KIOA |
|
Des Moines, IA |
|
Classic Hits |
|
C1 |
|
February 1, 2029 |
|
|
KAZR |
|
Des Moines, IA |
|
Rock |
|
C1 |
|
February 1, 2029 |
|
|
KOEZ |
|
Des Moines, IA |
|
Soft Adult Contemporary |
|
C1 |
|
February 1, 2029 |
|
|
WHAI |
|
Greenfield, MA |
|
Adult Contemporary |
|
A |
|
April 1, 2022 |
(3) |
|
WPVQ |
|
Greenfield, MA |
|
Contemporary Country |
|
A |
|
April 1, 2022 |
(3) |
|
WMQR |
|
Harrisonburg, VA |
|
Adult Contemporary |
|
B1 |
|
October 1, 2027 |
|
|
WQPO |
|
Harrisonburg, VA |
|
Contemporary Hits |
|
B |
|
October 1, 2027 |
|
|
WSIG |
|
Harrisonburg, VA |
|
Classic Country |
|
B1 |
|
October 1, 2027 |
|
|
WWRE |
|
Harrisonburg, VA |
|
Classic Hits |
|
A |
|
October 1, 2027 |
|
|
WOEZ |
|
Hilton Head Island, SC |
|
Classic Hits |
|
C3 |
|
December 1, 2027 |
|
|
WLHH |
|
Hilton Head Island, SC |
|
Soft Adult Contemporary |
|
C3 |
|
December 1, 2027 |
|
|
WVSC |
|
Hilton Head Island, SC |
|
Adult Contemporary |
|
C3 |
|
December 1, 2027 |
|
|
WYXL |
|
Ithaca, NY |
|
Adult Contemporary |
|
B |
|
June 1, 2022 |
(3) |
|
WQNY |
|
Ithaca, NY |
|
Contemporary Country |
|
B |
|
June 1, 2022 |
(3) |
|
WIII |
|
Ithaca, NY |
|
Classic Rock |
|
B |
|
June 1, 2022 |
(3) |
|
WFIZ |
|
Ithaca, NY |
|
Contemporary Hits |
|
A |
|
June 1, 2022 |
(3) |
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Station |
|
FCC Station |
|
Expiration Date of |
|
|
Station |
|
Market (1) |
|
Format |
|
Class (2) |
|
FCC Authorization |
|
|
KEGI |
|
Jonesboro, AR |
|
Classic Rock |
|
C2 |
|
June 1, 2028 |
|
|
KDXY |
|
Jonesboro, AR |
|
Contemporary Country |
|
C3 |
|
June 1, 2028 |
|
|
KJBX |
|
Jonesboro, AR |
|
Adult Contemporary |
|
C3 |
|
June 1, 2028 |
|
|
WKNE |
|
Keene, NH |
|
Hot Adult Contemporary |
|
B |
|
April 1, 2022 |
(3) |
|
WSNI |
|
Keene, NH |
|
Adult Contemporary |
|
A |
|
April 1, 2022 |
(3) |
|
WINQ |
|
Keene, NH |
|
Contemporary Country |
|
A |
|
April 1, 2022 |
(3) |
|
WZID |
|
Manchester, NH |
|
Adult Contemporary |
|
B |
|
April 1, 2022 |
(3) |
|
WMLL |
|
Manchester, NH |
|
Classic Rock |
|
A |
|
April 1, 2022 |
(3) |
|
WKLH |
|
Milwaukee, WI |
|
Classic Rock |
|
B |
|
December 1, 2028 |
|
|
WHQG |
|
Milwaukee, WI |
|
Rock |
|
B |
|
December 1, 2028 |
|
|
WRXS |
|
Milwaukee, WI |
|
Pure Oldies |
|
A |
|
December 1, 2028 |
|
|
WJMR |
|
Milwaukee, WI |
|
Urban Adult Contemporary |
|
A |
|
December 1, 2028 |
|
|
KMIT |
|
Mitchell, SD |
|
Contemporary Country |
|
C1 |
|
April 1, 2029 |
|
|
KUQL |
|
Mitchell, SD |
|
Classic Hits |
|
C1 |
|
April 1, 2029 |
|
|
WNOR |
|
Norfolk, VA |
|
Rock |
|
B |
|
October 1, 2027 |
|
|
WAFX |
|
Norfolk, VA |
|
Classic Rock |
|
C |
|
October 1, 2027 |
|
|
WOGK |
|
Ocala, FL |
|
Contemporary Country |
|
C0 |
|
February 1, 2028 |
|
|
WYND |
|
Ocala, FL |
|
Classic Rock |
|
A |
|
February 1, 2028 |
|
|
WNDD |
|
Ocala, FL |
|
Classic Rock |
|
A |
|
February 1, 2028 |
|
|
WNDN |
|
Ocala, FL |
|
Classic Rock |
|
A |
|
February 1, 2028 |
|
|
WRSI |
|
Northampton, MA |
|
Adult Album Alternative |
|
A |
|
April 1, 2022 |
(3) |
|
WPOR |
|
Portland, ME |
|
Contemporary Country |
|
B |
|
April 1, 2022 |
(3) |
|
WCLZ |
|
Portland, ME |
|
Adult Album Alternative |
|
B |
|
April 1, 2022 |
(3) |
|
WMGX |
|
Portland, ME |
|
Hot Adult Contemporary |
|
B |
|
April 1, 2022 |
(3) |
|
WYNZ |
|
Portland, ME |
|
Classic Hits |
|
B1 |
|
April 1, 2022 |
(3) |
|
KICD |
|
Spencer, IA |
|
Contemporary Country |
|
C1 |
|
February 1, 2029 |
|
|
KMRR |
|
Spencer, IA |
|
Adult Contemporary |
|
C3 |
|
February 1, 2029 |
|
|
WLZX |
|
Springfield, MA |
|
Classic Rock |
|
A |
|
April 1, 2022 |
(3) |
|
WAQY |
|
Springfield, MA |
|
Alternative Rock |
|
B |
|
April 1, 2022 |
(3) |
|
WYMG |
|
Springfield, IL |
|
Classic Rock |
|
B |
|
December 1, 2028 |
|
|
WLFZ |
|
Springfield, IL |
|
Contemporary Country |
|
B |
|
December 1, 2028 |
|
|
WDBR |
|
Springfield, IL |
|
Contemporary Hits |
|
B |
|
December 1, 2028 |
|
|
WTAX |
|
Springfield, IL |
|
News/Talk |
|
B1 |
|
December 1, 2028 |
|
|
WNAX |
|
Yankton, SD |
|
Contemporary Country |
|
C1 |
|
April 1, 2029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
AM: |
|
|
|
|
|
|
|
|
|
|
WISE |
|
Asheville, NC |
|
Sports/Talk |
|
B |
|
December 1, 2027 |
|
|
WYSE |
|
Asheville, NC |
|
Sports/Talk |
|
D |
|
December 1, 2027 |
|
|
KGMI |
|
Bellingham, WA |
|
News/Talk |
|
B |
|
February 1, 2030 |
|
|
KPUG |
|
Bellingham, WA |
|
Sports/Talk |
|
B |
|
February 1, 2030 |
|
|
KBAI |
|
Bellingham, WA |
|
Classic Hits |
|
B |
|
February 1, 2030 |
|
|
WINQ |
|
Brattleboro, VT |
|
News/Talk |
|
C |
|
April 1, 2022 |
(3) |
|
WBCO |
|
Bucyrus, OH |
|
Classic Country |
|
D |
|
October 1, 2028 |
|
|
WSPO |
|
Charleston, SC |
|
Gospel |
|
B |
|
December 1, 2027 |
|
|
WINA |
|
Charlottesville, VA |
|
News/Talk |
|
B |
|
October 1, 2027 |
|
|
WVAX |
|
Charlottesville, VA |
|
Sports/Talk |
|
C |
|
October 1, 2027 |
|
|
WQEZ |
|
Clarksville, TN/Hopkinsville, KY |
|
Soft Adult Contemporary |
|
D |
|
August 1, 2028 |
|
|
WKFN |
|
Clarksville, TN |
|
Sports/Talk ESPN |
|
D |
|
August 1, 2028 |
|
|
WNZE |
|
Clarksville, TN |
|
News/Talk |
|
C |
|
August 1, 2028 |
|
|
KRNT |
|
Des Moines, IA |
|
Sports |
|
B |
|
February 1, 2029 |
|
|
KPSZ |
|
Des Moines, IA |
|
Christian |
|
B |
|
February 1, 2029 |
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Station |
|
FCC Station |
|
Expiration Date of |
|
|
Station |
|
Market (1) |
|
Format |
|
Class (2) |
|
FCC Authorization |
|
|
WHMQ |
|
Greenfield, MA |
|
News/Talk |
|
C |
|
April 1, 2022 |
(3) |
|
WPVQ |
|
Greenfield, MA |
|
Country Legends |
|
D |
|
April 1, 2022 |
(3) |
|
WSVA |
|
Harrisonburg, VA |
|
News/Talk |
|
B |
|
October 1, 2027 |
|
|
WHBG |
|
Harrisonburg, VA |
|
Sports ESPN |
|
D |
|
October 1, 2027 |
|
|
WHCU |
|
Ithaca, NY |
|
News/Talk |
|
B |
|
June 1, 2022 |
(3) |
|
WNYY |
|
Ithaca, NY |
|
Oldies |
|
B |
|
June 1, 2022 |
(3) |
|
WKBK |
|
Keene, NH |
|
News/Talk |
|
B |
|
April 1, 2022 |
(3) |
|
WZBK |
|
Keene, NH |
|
Classic Hits |
|
D |
|
April 1, 2022 |
(3) |
|
WFEA |
|
Manchester, NH |
|
News/Talk |
|
B |
|
April 1, 2022 |
(3) |
|
WJOI |
|
Milwaukee, WI |
|
Christian |
|
C |
|
December 1, 2028 |
|
|
WHMP |
|
Northampton, MA |
|
News/Talk |
|
C |
|
April 1, 2022 |
(3) |
|
WGAN |
|
Portland, ME |
|
News/Talk |
|
B |
|
April 1, 2022 |
(3) |
|
WZAN |
|
Portland, ME |
|
Country Legends |
|
B |
|
April 1, 2022 |
(3) |
|
WBAE |
|
Portland, ME |
|
Soft Adult Contemporary |
|
C |
|
April 1, 2022 |
(3) |
|
WVAE |
|
Portland, ME |
|
Soft Adult Contemporary |
|
C |
|
April 1, 2022 |
(3) |
|
KICD |
|
Spencer, IA |
|
News/Talk |
|
C |
|
February 1, 2029 |
|
|
WLZX |
|
Springfield, MA |
|
Alternative Rock |
|
D |
|
April 1, 2022 |
(3) |
|
WTAX |
|
Springfield, IL |
|
News/Talk |
|
C |
|
December 1, 2028 |
|
|
WNAX |
|
Yankton, SD |
|
News/Talk |
|
B |
|
April 1, 2029 |
|
Recent Financials
Management
The long-time CFO, Sam Bush, is a reliable, steady hand who had spent decades as Ed's right hand man. The new CEO, Chris Forgy, is another long-time Saga employee. We met him when we visited the company's headquarters and think his DNA is similar to Ed's. We'd expect things to be business as usual despite the loss of Ed. The return of capital is reassuring and I believe management won't make any bold moves on the m&a front as Ed was really the driver of that initiative.
Conclusion
Saga is a sleepy company with a fairly predictable cashflow profile. The recent bid for the company that was rejected by the board was at a 14-26% premium to the current price (adjusted for the special dividend that was paid in the interim). In the meantime, the stock offers a double digit dividend yield which, in an uncertain environment, is fairly attractive.
The Opportunity
Saga has been written up a few times before....both posters touted the company's balance sheet strength, resilient business model (focused on secondary and tertiary, stable markets), and prodigious free cash flow generation. There has unfortunately been a meaningful change since the most recent post and that is that Ed Christian, the company's founder, passed away in August of 2022. We had very warm feelings towards Ed who was admittedly a complicated figure. I thought this was a wonderful tribute to him https://radioink.com/2022/08/23/my-boss-quit-today/?vgo_ee=tg0wDSBX0EX8vl7jG4G3fuL1unxA0hj7N4lZ0JN1HqE%3D
Ed loved radio-his enthusiasm was infectious when you'd meet with him. He also loved his B shares as he said with a smile when we suggested he collapse the share structure. Now that he passed away the estate's B shares converted to regular class A stock and there is no longer an impediment to someone making an offer to acquire the company https://www.insideradio.com/free/saga-rejects-unsolicited-takeover-bid-from-jeff-warshaw-led-group/article_d236658c-76db-11ed-b21b-57fb4b17f6d7.html
Ed was resistant to suggestions about capital allocation and, perhaps borne of his experience with leverage headed into 2008, husbanded cash on the balance sheet in anticipation of acquisitions that never really came to pass in a meaningful way. Since his passing there have been two press releases worth noting:
To summarize, the company has paid $4/share in special dividends and is now paying $1/share on an annual basis for a 4.1% base yield. In addition based on our assumption that the company can comfortably generate 16-18mm in FCF there would be 11-12.5mm in cash or $1.80-2.10/share available for a special dividend. In combination with the base dividend that would be $2.80-$3.10/share for a 11.4-12.5% current yield. The company is run quite conservatively and we expect that level of FCF to be attainable in most economic environments.
Company Description (from most recent 10k)
We are a broadcast company primarily engaged in acquiring, developing and operating broadcast properties. As of February 28, 2022, we owned seventy-nine FM, thirty-four AM radio stations and seventy-nine metro signals serving twenty-seven markets.
List of Markets and Stations
|
Station |
|
Market (1) |
|
Format |
|
Class (2) |
|
FCC Authorization |
|
|
|
|
|
|
|
|
|
|
|
|
|
FM: |
|
|
|
|
|
|
|
|
|
|
WOXL |
|
Asheville, NC |
|
Hot Adult Contemporary |
|
C2 |
|
December 1, 2027 |
|
|
WTMT |
|
Asheville, NC |
|
Classic Rock |
|
C2 |
|
December 1, 2027 |
|
|
KISM |
|
Bellingham, WA |
|
Classic Rock |
|
C |
|
February 1, 2030 |
|
|
KAFE |
|
Bellingham, WA |
|
Adult Contemporary |
|
C |
|
February 1, 2030 |
|
|
WRSY |
|
Brattleboro, VT |
|
Adult Album Alternative |
|
A |
|
April 1, 2022 |
(3) |
|
WKVT |
|
Brattleboro, VT |
|
Classic Hits |
|
A |
|
April 1, 2022 |
(3) |
|
WQEL |
|
Bucyrus, OH |
|
Classic Hits |
|
A |
|
October 1, 2028 |
|
|
WLRW |
|
Champaign, IL |
|
Hot Adult Contemporary |
|
B |
|
December 1, 2028 |
|
|
WIXY |
|
Champaign, IL |
|
Country |
|
B1 |
|
December 1, 2028 |
|
|
WREE |
|
Champaign, IL |
|
Classic Hits |
|
B1 |
|
December 1, 2028 |
|
|
WYXY |
|
Champaign, IL |
|
Classic Country |
|
B |
|
December 1, 2028 |
|
|
WAVF |
|
Charleston, SC |
|
Adult Variety Hits |
|
C |
|
December 1, 2027 |
|
|
WCKN |
|
Charleston, SC |
|
Contemporary Country |
|
C1 |
|
December 1, 2027 |
|
|
WMXZ |
|
Charleston, SC |
|
Hot Adult Contemporary |
|
C2 |
|
December 1, 2027 |
|
|
WXST |
|
Charleston, SC |
|
Urban Adult Contemporary |
|
C1 |
|
December 1, 2027 |
|
|
WWWV |
|
Charlottesville, VA |
|
Classic Rock |
|
B |
|
October 1, 2027 |
|
|
WQMZ |
|
Charlottesville, VA |
|
Adult Contemporary |
|
A |
|
October 1, 2027 |
|
|
WCNR |
|
Charlottesville, VA |
|
Adult Album Alternative |
|
A |
|
October 1, 2027 |
|
|
WCVL |
|
Charlottesville, VA |
|
Contemporary Country |
|
A |
|
October 1, 2027 |
|
|
WCVQ |
|
Clarksville, TN/Hopkinsville, KY |
|
Hot Adult Contemporary |
|
C1 |
|
August 1, 2028 |
|
|
WZZP |
|
Clarksville, TN/Hopkinsville, KY |
|
Rock |
|
A |
|
August 1, 2028 |
|
|
WVVR |
|
Clarksville, TN/Hopkinsville, KY |
|
Contemporary Country |
|
C0 |
|
August 1, 2028 |
|
|
WRND |
|
Clarksville, TN/Hopkinsville, KY |
|
Classic Hits |
|
A |
|
August 1, 2028 |
|
|
WSNY |
|
Columbus, OH |
|
Adult Contemporary |
|
B |
|
October 1, 2028 |
|
|
WNNP |
|
Columbus, OH |
|
Classic Hits |
|
A |
|
October 1, 2028 |
|
|
WNND |
|
Columbus, OH |
|
Classic Hits |
|
A |
|
October 1, 2028 |
|
|
WVMX |
|
Columbus, OH |
|
Hot Adult Contemporary |
|
A |
|
October 1, 2028 |
|
|
WLVQ |
|
Columbus, OH |
|
Classic Rock |
|
B |
|
October 1, 2028 |
|
|
KSTZ |
|
Des Moines, IA |
|
Hot Adult Contemporary |
|
C |
|
February 1, 2029 |
|
|
KIOA |
|
Des Moines, IA |
|
Classic Hits |
|
C1 |
|
February 1, 2029 |
|
|
KAZR |
|
Des Moines, IA |
|
Rock |
|
C1 |
|
February 1, 2029 |
|
|
KOEZ |
|
Des Moines, IA |
|
Soft Adult Contemporary |
|
C1 |
|
February 1, 2029 |
|
|
WHAI |
|
Greenfield, MA |
|
Adult Contemporary |
|
A |
|
April 1, 2022 |
(3) |
|
WPVQ |
|
Greenfield, MA |
|
Contemporary Country |
|
A |
|
April 1, 2022 |
(3) |
|
WMQR |
|
Harrisonburg, VA |
|
Adult Contemporary |
|
B1 |
|
October 1, 2027 |
|
|
WQPO |
|
Harrisonburg, VA |
|
Contemporary Hits |
|
B |
|
October 1, 2027 |
|
|
WSIG |
|
Harrisonburg, VA |
|
Classic Country |
|
B1 |
|
October 1, 2027 |
|
|
WWRE |
|
Harrisonburg, VA |
|
Classic Hits |
|
A |
|
October 1, 2027 |
|
|
WOEZ |
|
Hilton Head Island, SC |
|
Classic Hits |
|
C3 |
|
December 1, 2027 |
|
|
WLHH |
|
Hilton Head Island, SC |
|
Soft Adult Contemporary |
|
C3 |
|
December 1, 2027 |
|
|
WVSC |
|
Hilton Head Island, SC |
|
Adult Contemporary |
|
C3 |
|
December 1, 2027 |
|
|
WYXL |
|
Ithaca, NY |
|
Adult Contemporary |
|
B |
|
June 1, 2022 |
(3) |
|
WQNY |
|
Ithaca, NY |
|
Contemporary Country |
|
B |
|
June 1, 2022 |
(3) |
|
WIII |
|
Ithaca, NY |
|
Classic Rock |
|
B |
|
June 1, 2022 |
(3) |
|
WFIZ |
|
Ithaca, NY |
|
Contemporary Hits |
|
A |
|
June 1, 2022 |
(3) |
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Station |
|
FCC Station |
|
Expiration Date of |
|
|
Station |
|
Market (1) |
|
Format |
|
Class (2) |
|
FCC Authorization |
|
|
KEGI |
|
Jonesboro, AR |
|
Classic Rock |
|
C2 |
|
June 1, 2028 |
|
|
KDXY |
|
Jonesboro, AR |
|
Contemporary Country |
|
C3 |
|
June 1, 2028 |
|
|
KJBX |
|
Jonesboro, AR |
|
Adult Contemporary |
|
C3 |
|
June 1, 2028 |
|
|
WKNE |
|
Keene, NH |
|
Hot Adult Contemporary |
|
B |
|
April 1, 2022 |
(3) |
|
WSNI |
|
Keene, NH |
|
Adult Contemporary |
|
A |
|
April 1, 2022 |
(3) |
|
WINQ |
|
Keene, NH |
|
Contemporary Country |
|
A |
|
April 1, 2022 |
(3) |
|
WZID |
|
Manchester, NH |
|
Adult Contemporary |
|
B |
|
April 1, 2022 |
(3) |
|
WMLL |
|
Manchester, NH |
|
Classic Rock |
|
A |
|
April 1, 2022 |
(3) |
|
WKLH |
|
Milwaukee, WI |
|
Classic Rock |
|
B |
|
December 1, 2028 |
|
|
WHQG |
|
Milwaukee, WI |
|
Rock |
|
B |
|
December 1, 2028 |
|
|
WRXS |
|
Milwaukee, WI |
|
Pure Oldies |
|
A |
|
December 1, 2028 |
|
|
WJMR |
|
Milwaukee, WI |
|
Urban Adult Contemporary |
|
A |
|
December 1, 2028 |
|
|
KMIT |
|
Mitchell, SD |
|
Contemporary Country |
|
C1 |
|
April 1, 2029 |
|
|
KUQL |
|
Mitchell, SD |
|
Classic Hits |
|
C1 |
|
April 1, 2029 |
|
|
WNOR |
|
Norfolk, VA |
|
Rock |
|
B |
|
October 1, 2027 |
|
|
WAFX |
|
Norfolk, VA |
|
Classic Rock |
|
C |
|
October 1, 2027 |
|
|
WOGK |
|
Ocala, FL |
|
Contemporary Country |
|
C0 |
|
February 1, 2028 |
|
|
WYND |
|
Ocala, FL |
|
Classic Rock |
|
A |
|
February 1, 2028 |
|
|
WNDD |
|
Ocala, FL |
|
Classic Rock |
|
A |
|
February 1, 2028 |
|
|
WNDN |
|
Ocala, FL |
|
Classic Rock |
|
A |
|
February 1, 2028 |
|
|
WRSI |
|
Northampton, MA |
|
Adult Album Alternative |
|
A |
|
April 1, 2022 |
(3) |
|
WPOR |
|
Portland, ME |
|
Contemporary Country |
|
B |
|
April 1, 2022 |
(3) |
|
WCLZ |
|
Portland, ME |
|
Adult Album Alternative |
|
B |
|
April 1, 2022 |
(3) |
|
WMGX |
|
Portland, ME |
|
Hot Adult Contemporary |
|
B |
|
April 1, 2022 |
(3) |
|
WYNZ |
|
Portland, ME |
|
Classic Hits |
|
B1 |
|
April 1, 2022 |
(3) |
|
KICD |
|
Spencer, IA |
|
Contemporary Country |
|
C1 |
|
February 1, 2029 |
|
|
KMRR |
|
Spencer, IA |
|
Adult Contemporary |
|
C3 |
|
February 1, 2029 |
|
|
WLZX |
|
Springfield, MA |
|
Classic Rock |
|
A |
|
April 1, 2022 |
(3) |
|
WAQY |
|
Springfield, MA |
|
Alternative Rock |
|
B |
|
April 1, 2022 |
(3) |
|
WYMG |
|
Springfield, IL |
|
Classic Rock |
|
B |
|
December 1, 2028 |
|
|
WLFZ |
|
Springfield, IL |
|
Contemporary Country |
|
B |
|
December 1, 2028 |
|
|
WDBR |
|
Springfield, IL |
|
Contemporary Hits |
|
B |
|
December 1, 2028 |
|
|
WTAX |
|
Springfield, IL |
|
News/Talk |
|
B1 |
|
December 1, 2028 |
|
|
WNAX |
|
Yankton, SD |
|
Contemporary Country |
|
C1 |
|
April 1, 2029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
AM: |
|
|
|
|
|
|
|
|
|
|
WISE |
|
Asheville, NC |
|
Sports/Talk |
|
B |
|
December 1, 2027 |
|
|
WYSE |
|
Asheville, NC |
|
Sports/Talk |
|
D |
|
December 1, 2027 |
|
|
KGMI |
|
Bellingham, WA |
|
News/Talk |
|
B |
|
February 1, 2030 |
|
|
KPUG |
|
Bellingham, WA |
|
Sports/Talk |
|
B |
|
February 1, 2030 |
|
|
KBAI |
|
Bellingham, WA |
|
Classic Hits |
|
B |
|
February 1, 2030 |
|
|
WINQ |
|
Brattleboro, VT |
|
News/Talk |
|
C |
|
April 1, 2022 |
(3) |
|
WBCO |
|
Bucyrus, OH |
|
Classic Country |
|
D |
|
October 1, 2028 |
|
|
WSPO |
|
Charleston, SC |
|
Gospel |
|
B |
|
December 1, 2027 |
|
|
WINA |
|
Charlottesville, VA |
|
News/Talk |
|
B |
|
October 1, 2027 |
|
|
WVAX |
|
Charlottesville, VA |
|
Sports/Talk |
|
C |
|
October 1, 2027 |
|
|
WQEZ |
|
Clarksville, TN/Hopkinsville, KY |
|
Soft Adult Contemporary |
|
D |
|
August 1, 2028 |
|
|
WKFN |
|
Clarksville, TN |
|
Sports/Talk ESPN |
|
D |
|
August 1, 2028 |
|
|
WNZE |
|
Clarksville, TN |
|
News/Talk |
|
C |
|
August 1, 2028 |
|
|
KRNT |
|
Des Moines, IA |
|
Sports |
|
B |
|
February 1, 2029 |
|
|
KPSZ |
|
Des Moines, IA |
|
Christian |
|
B |
|
February 1, 2029 |
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Station |
|
FCC Station |
|
Expiration Date of |
|
|
Station |
|
Market (1) |
|
Format |
|
Class (2) |
|
FCC Authorization |
|
|
WHMQ |
|
Greenfield, MA |
|
News/Talk |
|
C |
|
April 1, 2022 |
(3) |
|
WPVQ |
|
Greenfield, MA |
|
Country Legends |
|
D |
|
April 1, 2022 |
(3) |
|
WSVA |
|
Harrisonburg, VA |
|
News/Talk |
|
B |
|
October 1, 2027 |
|
|
WHBG |
|
Harrisonburg, VA |
|
Sports ESPN |
|
D |
|
October 1, 2027 |
|
|
WHCU |
|
Ithaca, NY |
|
News/Talk |
|
B |
|
June 1, 2022 |
(3) |
|
WNYY |
|
Ithaca, NY |
|
Oldies |
|
B |
|
June 1, 2022 |
(3) |
|
WKBK |
|
Keene, NH |
|
News/Talk |
|
B |
|
April 1, 2022 |
(3) |
|
WZBK |
|
Keene, NH |
|
Classic Hits |
|
D |
|
April 1, 2022 |
(3) |
|
WFEA |
|
Manchester, NH |
|
News/Talk |
|
B |
|
April 1, 2022 |
(3) |
|
WJOI |
|
Milwaukee, WI |
|
Christian |
|
C |
|
December 1, 2028 |
|
|
WHMP |
|
Northampton, MA |
|
News/Talk |
|
C |
|
April 1, 2022 |
(3) |
|
WGAN |
|
Portland, ME |
|
News/Talk |
|
B |
|
April 1, 2022 |
(3) |
|
WZAN |
|
Portland, ME |
|
Country Legends |
|
B |
|
April 1, 2022 |
(3) |
|
WBAE |
|
Portland, ME |
|
Soft Adult Contemporary |
|
C |
|
April 1, 2022 |
(3) |
|
WVAE |
|
Portland, ME |
|
Soft Adult Contemporary |
|
C |
|
April 1, 2022 |
(3) |
|
KICD |
|
Spencer, IA |
|
News/Talk |
|
C |
|
February 1, 2029 |
|
|
WLZX |
|
Springfield, MA |
|
Alternative Rock |
|
D |
|
April 1, 2022 |
(3) |
|
WTAX |
|
Springfield, IL |
|
News/Talk |
|
C |
|
December 1, 2028 |
|
|
WNAX |
|
Yankton, SD |
|
News/Talk |
|
B |
|
April 1, 2029 |
|
Management
The long-time CFO, Sam Bush, is a reliable, steady hand who had spent decades as Ed's right hand man. The new CEO, Chris Forgy, is another long-time Saga employee. We met him when we visited the company's headquarters and think his DNA is similar to Ed's. We'd expect things to be business as usual despite the loss of Ed. The return of capital is reassuring and I believe management won't make any bold moves on the m&a front as Ed was really the driver of that initiative.
Conclusion
Saga is a sleepy company with a fairly predictable cashflow profile. The recent bid for the company that was rejected by the board was at a 14-26% premium to the current price (adjusted for the special dividend that was paid in the interim). In the meantime, the stock offers a double digit dividend yield which, in an uncertain environment, is fairly attractive.
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