Saga Communications, Inc. announced today that on�September 1, 2017�it closed on the previously announced sale of its television stations to the Evening Telegram Company d/b/a Morgan Murphy Media for an aggregate purchase price of approximately�$66.6 million.�
Edward K. Christian, President and Chief Executive Officer of the Company said, “It’s a bittersweet time as we complete the sale of our�Joplin, MO�and�Victoria, TX�television stations.� We’ve enjoyed owning the stations and they have been great contributors to our overall performance over the years.� With all the changes taking place in the television industry it became time to turn them over to a fine company that plans to continue to grow in the television segment. It has been a great experience for us to serve both communities with terrific television stations that focused heavily on the local markets.� Ultimately, we made a very difficult decision that it was time for us to return to our roots in radio.”
The Company also announced that effective�September 1, 2017, it completed the previously reported purchase of the assets of WCKN(FM), WMXZ(FM), WXST(FM), WAVF(FM), WSPO(AM), W261DG and W257BQ, serving the�Charleston, SC�radio market, and WVSC(FM), WLHH(FM), WOEZ(FM), W256CB and W293BZ, serving the Hilton Head,�Bluffton�and�Beaufort, SC�radio market, from Apex Media Corporation for approximately�$23.0 million.�
Edward K. Christian, President and Chief Executive Officer of the Company, said, “We are pleased to be acquiring radio stations in the�Charleston�market and the Hilton Head,�Bluffton�and�Beaufort�market.� Both of these markets have recently been recognized as two of the South’s best communities by Southern Living Magazine.� There are both heritage and developmental radio stations included in this acquisition.� We look forward to working with the existing staff to continue to serve these growing communities with great radio stations.� Saga intends to continue building its business in radio by continuing to identify and acquire radio stations in communities that we believe in.”
The attached Selected Supplemental Financial Data tables disclose “actual” and “proforma” information. The “actual” amounts reflect our historical financial results and include the results of operations for stations that we owned. The “proforma” amounts assume all acquisitions and dispositions in 2016 and 2017 occurred as of�January 1, 2016.
