Saga Communications has announced it has struck a deal to sell 22 of its tower sites for more than $10 million.
In total, GTC Uno will pay Saga Communications $10.7 million for the land that the tower sites currently occupy.
As part of the deal, the company will continue to utilize the existing equipment at those locations on a cash-free lease basis.
In a statement, the company’s CEO, Chris Forgy, said that the deal is part of a great plan to ensure Saga is operating at its peak potential.
“Saga previously announced its plans to optimize our portfolio of assets, and this is a significant step in doing so,” said Forgy. “We are committed to evaluating every asset we own while still efficiently and effectively operating our businesses.”
With the influx of cash, Saga shared that it plans to enact a round of stock buybacks, whether it be public, private, or block purchase. The company’s board of directors has made no firm plans on how it plans to approach the stock buybacks with the $10 million acquired in the deal.
Barrett Media produces daily content on the music, news, and sports media industries. To stay updated, sign up for our newsletters and get the latest information delivered straight to your inbox.
