Saga Communications has released its 2023 financial results, and while the fourth quarter was a difficult one, the company reported just slight revenue declines for the 2023 fiscal year.
The company reported a 3.3% decline in revenue for the final quarter, dropping from $30.1 million in 2022 to $29.1 million in 2023.
The biggest drop in the quarter came from the political advertising market, as the company only brought in $407,000 from the sector, compared to $1.9 million in 2022. In total, the group saw $3.6 million in political ad spending in 2022 compared to $944,000 in 2023.
In total, revenue at Saga Communications dropped 1.8% in 2023. In 2023, the company brought in $112.8 million compared to $114.9 million in the same period the prior year.
The news of the group’s earnings for 2023 comes after Saga announced it had entered into an agreement to purchase stations in the Lafayette, Indiana market as Neuhoff Media exits the radio business. The company will pay $5.3 million for the five-station group, and expects to close that acquisition in the second quarter of 2024.
