Saga Communications Reports Q4 Loss on Impairment, Maps Digital Push for H2 2026 Growth

Overview

• Net revenue fell 9.3% to $26.5 million in Q4 2025, producing a net loss of $6.9 million versus a profit a year earlier.
• A $20.4 million noncash impairment eliminated all remaining goodwill and turned the quarter’s operating results into a $9.5 million loss.
• Interactive revenue rose 25.8% to $4.3 million in the quarter and increased 19.1% to $16.9 million for the full year.
• Lower political advertising weighed on results, with Q4 political revenue at $254,000 versus $2.0 million a year earlier, and a retroactive ASCAP/BMI settlement added roughly $2.2 million to 2025 expenses.
• The company highlights stronger liquidity from an October tower sale that generated a $11.6 million gain and $9.8 million in cash, continues dividends and $2.5 million of 2025 buybacks, and plans about $1.5 million in added market expense plus $3.5–$4.5 million in 2026 capex as it hires for digital roles and guides to mid-single-digit growth in the second half of 2026.