Saga Sells 22 Towers to GTC Uno
Saga Communications agrees to sell 22 of its tower sites to GTC Uno, LLC for approximately $10.7 million. Saga says this transaction will continue to allow the company to use the towers with no cash lease payment. Saga Communications president and CEO Chris Forgy says,
“Saga previously announced its plans to optimize our portfolio of assets, and this is a significant step in doing so. We are committed to evaluating every asset we own while still efficiently and effectively operating our businesses.” The company intends to use a portion of the proceeds from the sale to fund stock buybacks, which may include open market repurchases, public and private block trades or other forms of buybacks. The implementation of any stock buyback program remains at the full discretion of the company’s board of directors.