Saga Communications has sold 22 of its broadcast tower sites to GTC Uno for a total of $10.7 million. GTC Uno is an offshoot of GTC Towers, a Florida-based company that builds and acquires broadcast and digital towers to lease out.
Saga — another Florida-based company — entered into a purchase agreement with GTC Uno on Oct. 17. The agreement affirms that Saga will sell all 24 telecommunications towers and other related property located at the 22 sites. Radio World first learned about Saga’s intention to sell some of its tower assets in March.
Saga operates radio stations in 28 markets, including 82 FM and 31 AM stations. The media company says it has nearly 800 employees.
GTC also has a nationwide presence, but is primarily focused on acquisitions in the South and Southeast U.S., according to its website.
Breaking down the sale further, according to documentation from the U.S. Securities and Exchange Commission (SEC), sales proceeds, net of brokerage commissions and certain adjustments of approximately $8.7 million were paid to Saga upfront, with the remaining purchase price of $1.8 million paid into escrow.
Notably, with this sale, Saga subsidiaries will only pay $1 every 25 years for the continued use of the towers that were sold.
This is not the first time that a radio broadcaster has shed its tower sites. Radio World has reported that iHeartMedia, Cumulus Media and Townsquare Media have sold off most of their tower assets in recent years.
