Progressive Radio’s Civic Media Acquires Political News Publication
The Wisconsin progressive radio company Civic Media announces that it adds the progressive political news digital publication The Recombobulation Area to its holdings. Civic Media notes that this is the first non-radio
acquisition since its founding in 2022. Additionally, The Recombobulation Area founder Dan Shafer is joining Civic Media as political editor. Civic Media says, “The Recombobulation Area has thousands of subscribers, has been read in 50 states and 66 countries and, to date, has reached more than 1.5 million readers. The publication has won 13 Milwaukee Press Club Excellence in Journalism awards in four years for opinion writing, feature stories, multi-story coverage, and public service journalism. Shafer has been active as a radio personality as a regular guest on Civic Media’s ‘Matenaer on Air’ and several other shows.” Civic Media CEO Sage Weil comments, “Dan Shafer and The Recombobulation Area exemplify the type of thoughtful, in-depth, and locally focused reporting that is so important to Wisconsin. We can’t wait to bring his voice to the rest of the Civic Media network, both on and off the air. It is local journalism, with an emphasis on local issues and an understanding of what is important in local communities, that will rebuild trust in our media ecosystem and, ultimately, our democracy.”
compared to net income of $3.8 million for the second quarter last year – a decline of 12.3% – although it should be noted that Saga is the only radio company thus far to report net income – as opposed to a net loss – during the second quarter. Saga Communications stock pays dividends and during Q2 of 2023 it paid a quarterly dividend of $0.25 per share on June 16, 2023. The aggregate amount of the quarterly dividend was approximately $1.5 million. To date Saga has paid over $109 million in dividends to shareholders since the first special dividend was paid in 2012. Saga’s balance sheet reflects $34.4 million in cash and short-term investments as of June 30, 2023. The company carries no long-term debt.