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Saga Communications Declares a Special Cash Dividend
RADIO ONLINE | Wednesday, December 20, 2023 |
Saga Communications and its board of directors declared a special cash dividend of $2.00 per share. The dividend will be paid on January 12, 2024, to shareholders of record on December 20. The aggregate amount of the payment to be made will be approximately $12.5 million. The special cash dividend will be funded by cash on the company's balance sheet and is in line with the board's goal of reducing ongoing cash and short-term investment balances to approximately $25 million prior to future cash flows being recognized.
The board will continue to consider issuing a variable dividend following the company's 2023 fourth quarter earnings. Including this dividend, the Saga will have paid over $125.3 million in dividends to shareholders since the first special dividend was paid in 2012.
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