Big investor nearing 20% of Saga


Investor Daniel Tisch has been accumulating the stock of Saga Communications for years. He’s now approaching 20% of the publicly traded Class A stock and shows no signs of stopping.

In his latest SEC filing, Tisch, whose father once owned CBS, reported 20 stock purchases ranging from 100 to 49,900 shares from July 29th through August 16th. The prices he paid ranged from $20.26 to $23.35 per share.

In all, Tisch, via his personal investment company TowerView LLC, owns 722,700 of the publicly traded Class A shares, which is 19.7%. The filing notes that he is required to make a filing on SEC Form 13D stating his intentions upon reaching 20%, but he’s gone ahead and filed it now.

TowerView stated that it may acquire additional shares, depending on market conditions and its own financial objectives. But the filing said it is not seeking to change or influence the control of the company, nor is it acting in concert with anyone else who wants to take control of Saga.

It is possible, TowerView said, that in the future it “could engage in conversations with the management or other shareholders of TowerView [apparently an error – it clearly meant Saga] concerning the Company’s financial condition and operations and possible transactions that the Company might pursue.”

TowerView went on to state that it has no plans or proposals to push for any major changes at Saga, such as a sale, merger or change of management or directors, nor any change in its capitalization or dividend policy.

In the SEC filing, TowerView stated that it has spent a total of $15,399,385 (and 24 cents) to acquire its 722,700 shares. As of Thursday’s market close the stake was worth $14,815,350.

While Tisch is Saga’s largest shareholder, CEO Ed Christian has voting control by virtue of his super-voting Class B stock.

RBR-TVBR observation: This is the first time that Tisch has made any public statement about his reasons for acquiring his Saga stake. He didn’t reveal much, so it appears he’s a pretty happy shareholder.