---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-22-018444"
form_type: "8-K"
ticker: "SGA"
cik: "0000886136"
company_name: "SAGA COMMUNICATIONS INC"
filed_at: "2022-12-07T23:59:59+00:00"
generated_at: "2026-06-21T08:29:47.807883+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001558370-22-018444
- form_type: 8-K
- ticker: SGA
- cik: 0000886136
- company_name: SAGA COMMUNICATIONS INC
- filed_at: 2022-12-07T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/886136/000155837022018444/0001558370-22-018444-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/886136/000155837022018444/sga-20221207x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-22-018444
- JSON: https://secwatch.observer/filing/0001558370-22-018444.json
- Plain text: https://secwatch.observer/filing/0001558370-22-018444.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.