Saga declares $0.25 quarterly and $2.00 special dividend; rejects $30-$33/share buyout; elects new chairman

SAGA COMMUNICATIONS INC

Declared quarterly dividend of $0.25/share and special dividend of $2.00/share payable Jan 13, 2023; aggregate ~$13.6M.
Adopted variable dividend policy: additional dividend in Q2 equal to 70% of prior year's Free Cash Flow net of acquisitions, dividends, debt paydowns, buybacks.
Board rejected unsolicited conditional buyout offer of $30-$33/share cash or $12.47 cash plus 83.1% stake in combined entity.
Warren S. Lada elected Chairman of Board; replaces Gary G. Stevens who remains director. CEO Christopher Forgy appointed to Board.
Company will continue to review strategic opportunities including acquisitions and dividend policy.

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