DETROIT — Saga Communications, the radio broadcasting “pure play” led by CEO Chris Forgy and headquartered in suburban Grosse Pointe, Mich., will be giving its shareholders — namely Daniel Tisch — a bit of a bonus for acquiring stock in the publicly traded company.
The company’s board of directors on Thursday declared a quarterly cash dividend of $0.25 per share.
The dividend will be paid on October 16 to shareholders of record on Septembe4 23.
The aggregate amount of the payment to be made in connection with the quarterly dividend will be approximately $1.6 million.
Saga says the quarterly dividend will be funded by cash on the company’s balance sheet.
Including this dividend, Saga, which sees Sam Bush serve as Chief Financial Officer, will have paid over $146 million in dividends to shareholders since the first special dividend was paid in 2012.
Tisch-led Towerview LLC serves as Saga’s lead institutional investor and as of June 30 held 18.26% interest in the company. Close behind is Gate City Capital Management, with some 13.6% ownership of Saga’s Nasdaq-traded shares.
