Saga Communications is a radio broadcasting company focused on small and mid-sized U.S. markets, owning 82 FM and 30 AM stations across 28 markets. Saga deliberately targets markets outside the top 100, typically anchored by state capitals, universities, military bases, or agricultural economies. Radio advertising — sold primarily to local businesses through a direct local sales force — is the core business, with local advertising accounting for roughly 91% of gross revenue. Saga runs multiple stations per market across a variety of formats (Country, Classic Rock, News/Talk, Adult Contemporary, and others) to attract distinct audience demographics. Owning several top-rated stations in a given market concentrates advertiser spending, since a disproportionate share of local ad dollars flows to the highest-rated stations. Saga is pursuing a digital transformation it calls "the blend," packaging traditional radio campaigns with digital services including paid search, targeted display, social media, and streaming advertising. Digital revenue grew to roughly 15% of gross revenue in FY25, up from 12% in FY24. Saga's cost structure is largely fixed, so revenue growth flows disproportionately to operating income. Saga carries no debt and holds $31.5M in cash, and returns capital to shareholders through a regular quarterly dividend and periodic buybacks.