Saga Communications, Inc. (SGA) will suspend its quarterly dividend because of the COVID-19 pandemic. Earlier this year the broadcasting company raised its quarterly dividend by 6.7 percent to $0.32 per share in 2020.

In a press release dated June 18, 2020 the company's Board of Directors announces that Saga is temporarily suspending the quarterly cash dividend in response to the continued economic uncertainty of the impact of COVID-19.  Additional actions being taken to conserve the Company's cash position include reducing planned capital spending and seeking discounts from vendors.

By preserving the Company's cash position, the Company believes market conditions may present attractive acquisition opportunities. The Company will consider the resumption of quarterly cash dividends in the near future as economic conditions permit.

Saga Communications, Inc. is a broadcasting company whose business is devoted to acquiring, developing and operating broadcast properties. Saga owns or operates broadcast properties in 27 markets, including 79 FM, 34 AM radio stations and 77 metro signals. The company's segments are Radio, Television, and Corporate and Other. Saga Communications became a public company in 1992 and had been paying a dividend every year since 2014.