secwatch.observer — SEC 8-K summary
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Issuer:     SAGA COMMUNICATIONS INC (SGA)
CIK:        0000886136
Form:       8-K
Filed at:   2022-12-07T23:59:59+00:00
Accession:  0001558370-22-018444
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/886136/000155837022018444/0001558370-22-018444-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/886136/000155837022018444/sga-20221207x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-22-018444

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