As many local businesses and industry observers have noticed, Saga Communications prefers to operate in its local markets under specific names that best describe the locally focused efforts of those radio properties.
For example, the “Columbus Radio Group,” with its own logo, is how Saga brands its five-signal cluster in Ohio’s state capital.
Saga also has a dozen subsidiary licensees, and an FCC move involving Form 316 filings has opened a window to a reincorporation plan that, pending shareholder approval May 11, will officially move the company led by Ed Christian from Delaware to Florida.
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A series of filings posted April 29 by the FCC reflect what are officially transfer of control forms tied to the following Saga subsidiary licensees:
- Saga Communications of South Dakota — KMIT in Mitchell, S.D.
- Saga Communications of North Carolina — WISE in Asheville, N.C.
- Saga Broadcasting — KGMI in Bellingham, Wash.
- Saga Communications of New England — WGAN in Portland, Me.
- Franklin Communications Inc. — WSNY in Columbus, Ohio
- Saga Communications of Illinois — WIXY in Champaign, Ill.
- Saga South Communications — WAVF in Hanahan, S.C.
- Tidewater Communications — WNOR in Norfolk, Va.
- Saga Communications of Tuckessee — WCVQ-FM “Q108” in Fort Campbell, Ky.
- Saga Communications of Iowa — KIOA-FM in Des Moines
- Saga Communications of Arkansas — KEGI in Trumann, Ark.
- Lakefront Communications — WKLH-FM in Milwaukee
Each of these licensees are transferring their respective assets to “Saga Communications Reincorporation, Inc.,” which retains its Grosse Pointe Farms, Mich., address due north of Detroit.
But, the licensees’ parent, Saga Communications Inc., is to be merged into a new corporation — one organized under Florida law. As such, Saga will no longer be incorporated in the state of Delaware.
The Sunshine State shuffle isn’t a done deal, per se. The move must be put to a shareholder vote, and this will take place on Monday, May 11, at 10am, when a virtual-only Saga annual shareholders’ meeting will commence.
Stockholders of record of our Class A Common Stock and Class B Common Stock at the close of business on March 16 are entitled to participate in the annual meeting.
Commission action on the Form 316 applications is a prerequisite to the Florida move.
A 45-page merger plan was submitted with the filings to the FCC.
Why Florida? There are two key reasons. One, franchise taxes will be reduced for Saga, compared to what is paid in Delaware. Second, Christian spends the winter months in Sarasota, approximately an hour to the south of Tampa and St. Petersburg.