Saga Communications has completed the sale of 22 tower sites to GTC Uno LLC for approximately $10.7 million.
Saga will be allowed to continue to use the towers with no cash lease payment. It intends to utilize 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 Board and will be determined and announced as plans are developed.
President/CEO Chris Forgy said, “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.”
GTC Uno is a subsidiary of GTC Towers, formerly known as Grande Towers.
The post Saga Sells 22 Tower Sites For $10.7 Million appeared first on RadioInsight.
This story first appeared on radioinsight.com