He was a bull on Saga Communications when the stock was trading below $4 (adjusted for the reverse split) and he’s continued to buy with the price well above $6. Daniel Tisch now holds a sizeable chunk of the stock of Saga Communications.
In his most recent filing with the SEC, Tisch’s Towerview LLC reported the purchase of 224 shares of Saga’s Class A stock at $6.50 per share on May 18th. That brought his total stake to 459,424 shares. That’s over 12.7% of Saga’s publicly traded Class A shares, but still less than the over 600,000 shares held by Saga CEO Ed Christian – and Christian’s super-voting Class B shares give him voting control of the company.
RBR/TVBR noted back in January that Daniel Tisch, the son of former CBS owner Larry Tisch, had been an active buyer of Saga’s stock at its depressed trading price prior to a one-for-four reverse stock split. At that time, he had about 375,000 shares following the reverse split. And he’s continued aggressive buying since that time.
Towerview LLC, Tisch’s personal investment company, also holds stakes in Cox Radio, Emmis Communications, Fisher Communications and Hearst-Argyle Television, along with many non-broadcasting companies. RBR/TVBR called his office to see if Tisch would be willing to comment on why he is bullish on our out of favor sector. So far, no response.