TowerView has been buying SGA shares "for a while now" Saga CFO Sam Bush tells R&R. "We have a very good relationship with them and they told us shares were at a very good value and that they would be buying a more than 10% share of the company."
Bush said there are no concerns about a corporate takeover. "We are lucky to have a good number of very committed shareholders."
Saga, which focuses on small and medium radio market properties and has a number of television stations as well, has, like the rest of corporate America, seen its shares plummet in recent months. SGA shares sold at $6 at summer's end but have recently been trading just over a dollar. "This is not a Saga issue," says Bush, "it’s an industry issue."