Saga sells 22 tower sites for ~$10.7M; cuts credit line to $40M

SAGA COMMUNICATIONS INC

Sale of 22 tower sites to GTC Uno LLC closed Oct 17, 2025, for ~$10.7M; net cash proceeds ~$8.7M, $1.8M escrowed pending landlord consents.
Company retains tower use through 25-year lease at $1/year, with no cash lease payment.
Revolving credit facility reduced from $50M to $40M; security interest in tower assets released but not proceeds.
Proceeds intended for stock buybacks at Board's discretion; no program announced yet.
CEO cites portfolio optimization as strategic rationale for the sale.

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