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- Goodwill Impairment (new) — $19.2M goodwill write-down to zero in Q4 2025 driven by lower-than-expected radio ad revenue growth.
- Asset Impairment (new) — $1.2M broadcast license impairment for Ithaca, NY market reflects deteriorating local conditions.
- Material Weakness (improved) — Broadcast and digital revenue reconciliation control deficiencies disclosed in 2024 have been remediated.
Saga swings to $7.9M loss on $20M impairment; digital grows but radio revenue falls 5%
Filed April 14, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 31, 2025 · ~1 min read
Key Changes
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high
$19.2M goodwill impairment and $1.2M broadcast license write-down in Q4 2025 drove company to first annual loss, reflecting lower-than-expected radio ad revenue growth industry-wide.
MD&A: Impairment Charges verify on EDGAR → -
high
Digital revenue grew 5.1% to $16.9M (15% of total), but couldn't offset $5.2M local radio decline and $2.6M political revenue drop (election-year to off-year shift).
Business & MD&A: Revenue Mix verify on EDGAR → -
high
Material weakness in broadcast and digital revenue reconciliation controls remediated; internal controls now effective as of Dec 31, 2025 after year-long fix.
Controls & Risk Factors verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jun 3, 2026 · How we verify