<SEC-DOCUMENT>0000950123-11-059193.txt : 20110615
<SEC-HEADER>0000950123-11-059193.hdr.sgml : 20110615
<ACCEPTANCE-DATETIME>20110615154510
ACCESSION NUMBER:		0000950123-11-059193
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20110613
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110615
DATE AS OF CHANGE:		20110615

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAGA COMMUNICATIONS INC
		CENTRAL INDEX KEY:			0000886136
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		IRS NUMBER:				383042953
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11588
		FILM NUMBER:		11912989

	BUSINESS ADDRESS:	
		STREET 1:		73 KERCHEVAL AVE
		CITY:			GROSSE POINTE FARMS
		STATE:			MI
		ZIP:			48236
		BUSINESS PHONE:		3138867070

	MAIL ADDRESS:	
		STREET 1:		73 KERCHEVAL AVE
		CITY:			GROSSE POINTE FARMS
		STATE:			MI
		ZIP:			48236
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>b86964e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<TITLE>e8vk</TITLE>
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>June&nbsp;13, 2011<BR>
(Date of report)</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B><font style="border-bottom: 1px solid #000000">SAGA
COMMUNICATIONS, INC.</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
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<TR valign="bottom">
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1-11588
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">38-3042953</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other
jurisdiction <BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission file number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. employer<BR>
identification no.)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><font style="border-bottom: 1px solid #000000">73 Kercheval Avenue, Grosse Pointe Farms, Michigan 48236</FONT><BR>
(Address of principal executive offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(313)&nbsp;886-7070<BR>
<font style="border-top: 1px solid #000000">(Registrant&#146;s telephone number, including area code)</font></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Not Applicable<BR>
<font style="border-top: 1px solid #000000">(Former name or former address, if changed since last report)</font></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 140.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-family: Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>















<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


















<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Entry into a Material Definitive Agreement</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Information set forth under Item&nbsp;2.03 of this Current Report is incorporated by reference.
</DIV>



<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.02.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Termination of a Material Definitive Agreement</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Information set forth under Item&nbsp;2.03 of this Current Report is incorporated by reference.
</DIV>



<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;2.03.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Creation of a Direct Financial Obligation or an obligation under an Off-Balance Sheet
Arrangement of a Registrant.</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;13, 2011, Saga Communications, Inc. (&#147;Saga&#148;) refinanced its obligations under its then
existing credit facilities (between Saga, the Lenders party thereto, Bank of America, N.A., as
Documentation Agent, and the Bank of New York Mellon, as Administrative Agent, paying off the loan
in full) and entered into a new Credit Agreement by and among Saga, Bank of America, N.A., as
Administrative Agent, Swing Line Lender and L/C Issuer, Merrill Lynch, Pierce, Fenner &#038; Smith,
Incorporated and J.P. Morgan Securities LLC as Joint Lead Arrangers and Joint Book Managers,
JPMorgan Chase Bank, N.A. as Syndication Agent, Huntington National Bank as Documentation Agent,
and certain other financial institutions party thereto (the &#147;Credit Agreement&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The material terms of the new Credit Agreement are as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(i)&nbsp;the financing made available to Saga under the Credit Agreement consists of (a)&nbsp;a $60,000,000
term loan (the &#147;Term Loan&#148;) and (b)&nbsp;a $60,000,000 revolving credit facility, which revolving credit
facility includes a swing line sub-facility and a letter of credit sub-facility (the &#147;Revolving
Credit Facility&#148; and together with the Term Loan, the &#147;Credit Facilities&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(ii)&nbsp;an additional $40,000,000 financing may, in the future, be made available to Saga subject to
compliance with the terms and conditions of the Credit Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iii)&nbsp;in addition to refinancing its existing credit facility, the proceeds of the Revolving Credit
Facility are available for ongoing working capital and general corporate purposes;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iv)&nbsp;the Credit Facilities mature on June&nbsp;13, 2016, but may be prepaid in full or in part at any
time at the option of Saga without any premium or penalty (aside from certain costs and expenses);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(v)&nbsp;the Credit Facilities (other than advances under the Letter of Credit and Swing Line
sub-facilities) may bear interest at either the Eurodollar Rate or the Base Rate (in each case as
defined in the Credit Agreement), plus a margin as set forth below:
</DIV>




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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Applicable</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Applicable Margin</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Margin for</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Consolidated</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">for Eurodollar Rate</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Base Rate</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Level</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Leverage Ratio</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Loans</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Loans</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" STYLE="background: #cceeff">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#060; 1.75 : 1.00
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Eurodollar Rate &#043;
1.50%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Base &#043; 0.50%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#8805; 1.75 but &#060; 2.00 : 1.00
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Eurodollar Rate &#043;
1.75%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Base &#043; 0.75%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#8805; 2.00 : 1.00 but &#060;
2.50 : 1.00
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Eurodollar Rate &#043;
2.25%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Base &#043; 1.25%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">IV
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#8805; 2.50 : 1.00 but &#060;
3.00 : 1.00
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Eurodollar Rate &#043;
2.50%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Base &#043; 1.50%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">

    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">V
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#8805; 3.00 : 1.00
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Eurodollar Rate &#043;
2.75%
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Base &#043; 1.75%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(vi)&nbsp;the Term Loan principal amortizes in equal installments of 5% of the Term Loan during each
year, <U>provided</U>, <U>however</U>, upon satisfaction of certain conditions including, but not
limited to, the condition that the Maximum Consolidated Leverage Ratio is equal to or less than
2.00 to 1.00, no amortization payment is required;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(vii)&nbsp;certain mandatory prepayments on the Term Loan and Revolving Credit Facility are required,
including but not limited to: prepayments from the proceeds of certain sales of assets, certain
insurance proceeds, certain debt issuances and certain sales of equity, in each case as set forth
in further detail in the Credit Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(viii)&nbsp;the
Credit Agreement permits up to $25,000,000, annually, in aggregate amount of additional business
acquisitions, subject to certain terms and conditions as set forth in the Credit Agreement in
further detail and also permits Saga to make up to $20,000,000, annually, in aggregate amount of dividends,
distributions and stock redemptions;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(xi)&nbsp;together with certain other affirmative and negative covenants as set forth in the Credit
Agreement in further detail, Saga has agreed to maintain a Consolidated Leverage Ratio of not more
than 3.50 to 1.00 and a Consolidated Fixed Charge Coverage Ratio of not less than 1.15 to 1.00.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(x)&nbsp;Saga has pledged substantially all of its assets (excluding, however, its FCC Licenses and certain other assets) in support of the Credit Facilities;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(xi)&nbsp;each of the subsidiaries of Saga have guaranteed the Credit Facilities and have pledged
substantially all of their assets (excluding, however their FCC Licenses and certain other assets) in support of the Credit Facilities.
</DIV>





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<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing summary does not purport to be complete and is qualified in its entirety by reference
to the text of the new Credit Agreement, a copy of which Saga intends to file with its Quarterly
Report on Form 10-Q for the quarter ending June&nbsp;30, 2011.
</DIV>



<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;8.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Other Events</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The information set forth in the press release issued by Saga dated June&nbsp;15, 2011 and attached
hereto as Exhibit&nbsp;99.1 is incorporated herein by reference.
</DIV>



<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Exhibits</I></B>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Press Release Issued by Saga Communications, Inc. dated June&nbsp;15, 2011</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>SAGA COMMUNICATIONS, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: June 15, 2011&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Samuel D. Bush
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Samuel D. Bush&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice President, <br>
Chief Financial Officer and Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release Issued by Saga Communications, Inc. dated June&nbsp;15, 2011</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;99.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="b86964b8696400.gif" alt="(SAGA LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Saga Communications, Inc.<BR>
Announces Closing of $120 Million<BR>
Credit Agreement
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Contact:</B><BR>
Samuel D. Bush<BR>
313/886-7070
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Grosse Pointe Farms, MI &#151; June&nbsp;15, 2011 &#151; Saga Communications, Inc. (NYSE Amex-SGA) today
reported that it closed on its new $120&nbsp;million Credit Agreement. The transaction is with Bank of
America, N.A. as Administrative Agent who along with JPMorgan Chase Bank, N.A. as Syndication Agent
served as the facility&#146;s Joint Lead Arrangers and Joint Book Managers. Huntington National Bank,
as Documentation Agent, Charter One Bank (a part of RBS Citizens, N. A.) and Peoples United Bank
completed the bank group providing the credit facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Edward K. Christian, President and Chief Executive Officer of Saga Communications said, &#147;I believe
that that closing on this facility is great for our stockholders as it provides us a solid
commercial banking facility upon which to build Saga&#146;s future.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The facility includes a $60&nbsp;million term loan and a $60&nbsp;million revolving loan. The loan facility
was initially funded in the amount of $92.1&nbsp;million. The Company intends to reduce the balance
outstanding by $4.1&nbsp;million on June&nbsp;16, 2011 leaving a balance of $88&nbsp;million drawn on the combined
term and revolving facilities at that time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The applicable margin for LIBOR Loans is based on a grid that ranges from LIBOR &#043; 275 basis points
to LIBOR &#043; 150 basis points depending on the Company&#146;s leverage ratio. Upon converting to a LIBOR
based loan on June&nbsp;16, 2011 the initial applicable margin will be LIBOR &#043; 250 basis points which is
a 50 basis point reduction to the rate that was being paid on the previous facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Saga Communications, Inc. is a broadcasting company whose business is devoted to acquiring,
developing and operating broadcast properties. The Company owns or operates broadcast properties
in 26 markets, including 61 FM and 30 AM radio stations, 3 state radio networks, 2 farm radio
networks, 5 television stations and 4 low-power television stations. For additional information,
contact us at (313)&nbsp;886-7070 or visit our website at <U>www.sagacommunications.com</U>.
</DIV>


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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This press release contains certain forward-looking statements that are based upon current
expectations and involve certain risks and uncertainties within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Words such as &#147;intends,&#148; &#147;believes,&#148; &#147;expects,&#148;
&#147;anticipates,&#148; &#147;guidance&#148; and similar expressions are intended to identify forward-looking
statements. Key risks, including risks associated with Saga&#146;s ability to effectively integrate the
stations it acquires and the impact of federal regulation on Saga&#146;s business, are described in the
reports Saga Communications, Inc. periodically files with the U.S. Securities and Exchange
Commission, including Item&nbsp;1A of our Annual Report on Form 10-K. Readers should note that these
statements may be impacted by several factors, including national and local economic changes and
changes in the radio and television broadcast industry in general, as well as Saga&#146;s actual
performance. Results may vary from those stated herein and Saga undertakes no obligation to update
the information contained here.
</DIV>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
