Saga Reverse Stock Split Attracts NY Investor Tisch

RADIO ONLINE | , , | :am CT

Investor Daniel Tisch has been quietly buying up shares of Saga Communications, reports Crain's Detroit Business. The second of four sons of former CBS owner/co-founder Laurence Tisch has bought 480,000 shares in Saga since January 23, increasing his stake to about 12%. He purchased 1300 shares of class A Saga stock at $5.10 each last week.

Saga's 1-for-4 reverse stock split last January coincided with Tisch's move to increase his stake in the company. But Saga CEO Ed Christian owns more than 600,000 shares, along with all of the class B shares that give him voting control of Saga. "I think he shows confidence in the industry," commented Christian. "He's a long-term investor. I wish we had more like him."

Broadcast industry analyst Marci Ryvicker, who monitors Saga for Wachovia Capital Markets, says that Saga "has outperformed the industry for the past several years due to its small-market focus, and we anticipate that this trend will continue throughout the economic downturn."