Friday, November 13, 2026
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q3 Operating Results. Saga reported Q3 revenue of $26.7 million, down 5.4% year-over-year and modestly below our $27.6 million estimate, as traditional advertising declines outweighed increased political spending. Adj. EBITDA fell to approximately $0.3 million from $1.1 million, as lower revenue more than offset the 1.7% reduction in station operating expenses.
Underlying Business Trends. While Local, national, and non-traditional advertising decreased year over year, digital revenue increased to $4.9 million from $4.6 million, with blended digital growth of 24.9%. Non-blended digital declined 7%, primarily reflecting streaming weakness. Management highlighted larger customer relationships, longer contracts, and increased spending among blended advertising clients as encouraging signs of improving sales execution.
Get the Full Report
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
