Saga Communications Reports Lower Q4 Revenue, Cites Decline in Political Ads

Company also takes $20.4 million non-cash impairment charge, settles music licensing dispute

Mar. 15, 2026 at 10:06am

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Saga Communications (NASDAQ:SGA) reported lower revenue in the fourth quarter and full year of 2025, citing a sharp decline in political advertising, while management emphasized continued growth in the company's 'interactive' and broader digital revenue initiatives. Results were also heavily affected by a large non-cash impairment charge and higher expenses tied to an industry-wide music licensing rate settlement, executives said on the company's fourth quarter and year-end conference call.

Why it matters

Saga Communications is a major independent radio broadcasting company, so its financial performance and strategic shifts provide insights into the broader challenges facing the traditional radio industry, including the ongoing transition to digital platforms and services.

The details

Saga reported a 9.3% decline in Q4 2025 net revenue to $26.5 million, largely due to a drop in political advertising revenue from $2 million in Q4 2024 to just $254,000 in Q4 2025. The company also recorded a $20.4 million non-cash impairment charge, including $19.2 million in goodwill writedowns and $1.2 million in FCC license value reductions. Additionally, a music licensing rate settlement increased 2025 station operating expenses by $2.2 million.

  • Saga closed on the sale of telecommunications towers and related property on October 17, 2025.
  • Saga paid a quarterly dividend of $0.25 per share on December 12, 2025.
  • Saga declared another $0.25 per share quarterly dividend on February 12, 2026, with a record date of February 26, 2026 and a payable date of March 20, 2026.

The players

Saga Communications

An independent radio broadcasting company that owns and operates a portfolio of local radio stations across the United States.

Sam Bush

Saga's Executive Vice President and CFO.

Christopher Forgy

Saga's President and CEO.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.