Michigan-based broadcasting company Saga Communications (NASDAQ: SGA) reported its 4Q24 earnings on Tuesday. The company announced, although it is in a strong financial position to improve profitability, it is evaluating “noncore asset sales with an intent to maximize value from these assets.”
“As an example,” said Samuel Bush Executive VP, CFO & Treasurer, “we’ve had multiple interactions with companies that have been interested in one or more of the towers we own. We expect to receive shortly an offer to purchase some of our tower sites, which we will be evaluating. I expect that we will know more about this potential asset sale when we report our first quarter 2025 earnings in early May.”
Bush said the Board is committed to using a not insignificant portion of the proceeds from such a sale for stock buybacks. This may include open market, block trades or other forms of buybacks as a part of its overall capital allocation plans this year.
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