<SEC-DOCUMENT>0001999371-24-015742.txt : 20241226
<SEC-HEADER>0001999371-24-015742.hdr.sgml : 20241226
<ACCEPTANCE-DATETIME>20241226074444
ACCESSION NUMBER:		0001999371-24-015742
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20241226
DATE AS OF CHANGE:		20241226

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAGA COMMUNICATIONS INC
		CENTRAL INDEX KEY:			0000886136
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				383042953
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-42921
		FILM NUMBER:		241576251

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hoak Public Equities, LP
		CENTRAL INDEX KEY:			0001360554
		ORGANIZATION NAME:           	
		IRS NUMBER:				201356217
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		3963 MAPLE AVENUE
		STREET 2:		SUITE 450
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219
		BUSINESS PHONE:		214-855-2284

	MAIL ADDRESS:	
		STREET 1:		3963 MAPLE AVENUE
		STREET 2:		SUITE 450
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0001387131-22-012310</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Hoak Public Equities, LP -->
          <cik>0001360554</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>Class A Common Stock, par value $0.01 per share</securitiesClassTitle>
      <dateOfEvent>12/20/2024</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0000886136</issuerCIK>
        <issuerCUSIP>000886136</issuerCUSIP>
        <issuerName>Saga Communications, Inc.</issuerName>
        <address>
          <com:street1>73 KERCHEVAL AVE</com:street1>
          <com:city>GROSSE POINTE FARMS</com:city>
          <com:stateOrCountry>MI</com:stateOrCountry>
          <com:zipCode>48236</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Hoak Public Equities, L.P.</personName>
          <personPhoneNum>214-855-2284</personPhoneNum>
          <personAddress>
            <com:street1>73 KERCHEVAL AVE</com:street1>
            <com:city>GROSSE POINTE FARMS</com:city>
            <com:stateOrCountry>MI</com:stateOrCountry>
            <com:zipCode>48236</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001360554</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Hoak Public Equities, LP</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>TX</citizenshipOrOrganization>
        <soleVotingPower>240109.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>240109.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>240109.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>3.83</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
        <commentContent>This calculation is based on 6,261,481 shares of Class A Common Stock of the Issuer outstanding as of November 4, 2024, as disclosed on the Issuer's Form 10-Q filed with the SEC on November 12, 2024. This filing constitutes an exit filing as the Reporting Persons have ceased to be the beneficial owners of more than 5 percent of the referenced class of securities.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001607736</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Hoak Fund Management, L.P.</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>TX</citizenshipOrOrganization>
        <soleVotingPower>240109.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>240109.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>240109.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>3.83</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
        <commentContent>This calculation is based on 6,261,481 shares of Class A Common Stock of the Issuer outstanding as of November 4, 2024, as disclosed on the Issuer's Form 10-Q filed with the SEC on November 12, 2024. This filing constitutes an exit filing as the Reporting Persons have ceased to be the beneficial owners of more than 5 percent of the referenced class of securities.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001607735</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Hoak &amp; Co.</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>TX</citizenshipOrOrganization>
        <soleVotingPower>240109.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>240109.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>240109.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>3.83</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>This calculation is based on 6,261,481 shares of Class A Common Stock of the Issuer outstanding as of November 4, 2024, as disclosed on the Issuer's Form 10-Q filed with the SEC on November 12, 2024. This filing constitutes an exit filing as the Reporting Persons have ceased to be the beneficial owners of more than 5 percent of the referenced class of securities.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001450326</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>J. Hale Hoak</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>240109.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>240109.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>240109.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>3.83</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>This calculation is based on 6,261,481 shares of Class A Common Stock of the Issuer outstanding as of November 4, 2024, as disclosed on the Issuer's Form 10-Q filed with the SEC on November 12, 2024. This filing constitutes an exit filing as the Reporting Persons have ceased to be the beneficial owners of more than 5 percent of the referenced class of securities.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001607722</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>James M. Hoak</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>240109.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>240109.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>240109.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>3.83</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>This calculation is based on 6,261,481 shares of Class A Common Stock of the Issuer outstanding as of November 4, 2024, as disclosed on the Issuer's Form 10-Q filed with the SEC on November 12, 2024. This filing constitutes an exit filing as the Reporting Persons have ceased to be the beneficial owners of more than 5 percent of the referenced class of securities.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Class A Common Stock, par value $0.01 per share</securityTitle>
        <issuerName>Saga Communications, Inc.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>73 KERCHEVAL AVE</com:street1>
          <com:city>GROSSE POINTE FARMS</com:city>
          <com:stateOrCountry>MI</com:stateOrCountry>
          <com:zipCode>48236</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>This Amendment No. 2 to Schedule 13D (the "Amendment No. 2") amends and supplements the Schedule 13D originally filed with the Securities and Exchange Commission ("SEC") on December 12, 2022 (the "Original 13D") and Amendment No. 1 to the statement on Schedule 13D originally filed with the SEC on November 1, 2024 (the "Amendment No. 1" and together with the Original 13D and this Amendment No. 2, the "Schedule 13D"). Unless otherwise indicated, all capitalized terms used but not defined herein shall have the same meaning ascribed to them in the Original 13D. Except as otherwise stated herein, there are no changes to the Schedule 13D.

As set forth below, as a result of the transactions described herein, the Reporting Persons have ceased to be the beneficial owner of more than five percent of the Common Stock of the Issuer. The filing of this Amendment No. 2 represents the final amendment to the Original 13D and constitutes an exit filing for the Reporting Persons.</commentText>
      </item1>
      <item3>
        <fundsSource>Item 3 is hereby amended and restated in its entirety to read as follows:

"The total amount of funds used for the purchase of Common Stock by HPE was $8,577,329.09. All of the shares of Common Stock beneficially owned by HPE were paid for using working capital of HPE. Hoak Management does not directly hold any Common Stock but may be deemed to beneficially own the Common Stock owned by HPE. The other Reporting Persons do not hold shares of Common Stock directly but may be deemed to beneficially own the Common Stock owned by HPE."</fundsSource>
      </item3>
      <item5>
        <percentageOfClassSecurities>Item 5(a) is hereby amended and restated in its entirety to read as follows:

"As of the date of this Schedule 13D, based upon 6,261,481 shares of Common Stock outstanding (as disclosed on the Issuer's Form 10-Q filed with the SEC on November 12, 2024): (a) HPE directly owns an aggregate of 240,109 shares of Common Stock, representing approximately 3.83% of the outstanding Common Stock; (b) Hoak Management, in its capacity as HPE's general partner, may be deemed to beneficially own an aggregate of 240,109 shares of Common Stock, representing approximately 3.83% of the outstanding Common Stock; and (c) each of Hoak and Co. (in its capacity as the general partner of Hoak Management), James M. Hoak (in his capacity as Hoak &amp; Co.'s controlling shareholder), and J. Hale Hoak (in his capacity as Hoak &amp; Co.'s President) may be deemed to beneficially own an aggregate of 240,109 shares of Common Stock, representing approximately 3.83% of the outstanding Common Stock."</percentageOfClassSecurities>
        <transactionDesc>Item 5(c) is hereby amended and restated in its entirety to read as follows:

"Schedule A hereto sets forth all transactions in the Common Stock by any Reporting Person since the most recent Schedule 13D filed with the SEC on November 1, 2024. Except for the transactions set forth on Schedule A, none of the Reporting Persons effected any transaction since the most recent Schedule 13D filed with the SEC on November 1, 2024."</transactionDesc>
        <date5PercentOwnership>Item 5(e) is hereby amended and restated in its entirety to read as follows:

"As a result of the transactions described herein, on December 20, 2024, the Reporting Persons ceased to be the beneficial owner of more than five percent (5%) of the Common Stock of the Issuer based on the number of shares of Common Stock outstanding as reported by the Issuer on November 12, 2024. The filing of this Amendment represents the final amendment to the Schedule 13D and constitutes an exit filing for the Reporting Persons."</date5PercentOwnership>
      </item5>
      <item7>
        <filedExhibits>99.1 Joint Filing Agreement dated December 23, 2024, by and among Hoak Public Equities, L.P., Hoak Fund Management, L.P., Hoak &amp; Co., James M. Hoak and J. Hale Hoak

Schedule A Transactions - Since Most Recent Schedule 13D Filed November 1, 2024</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Hoak Public Equities, LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ J. Hale Hoak</signature>
          <title>J. Hale Hoak, President</title>
          <date>12/23/2024</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Hoak Fund Management, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ J. Hale Hoak</signature>
          <title>J. Hale Hoak, President</title>
          <date>12/23/2024</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Hoak &amp; Co.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ J. Hale Hoak</signature>
          <title>J. Hale Hoak, President</title>
          <date>12/23/2024</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>J. Hale Hoak</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ J. Hale Hoak</signature>
          <title>J. Hale Hoak</title>
          <date>12/23/2024</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>James M. Hoak</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ James M. Hoak</signature>
          <title>James M. Hoak</title>
          <date>12/23/2024</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>

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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>ex-1.htm
<DESCRIPTION>SCHEDULE A TRANSACTIONS - SINCE MOST RECENT SCHEDULE 13D FILED NOVEMBER 1, 2024
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: center; text-indent: -3.5in"><B><U>Schedule A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: center; text-indent: -3.5in"><B><U>Transactions &ndash;
Since Most Recent Schedule 13D Filed November 1, 2024</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Hoak Public Equities, L.P.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Date</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Transaction</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 30%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Price Per Share</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">11/4/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sell</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7,712)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">$14.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">12/13/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sell</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">(149)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">$12.95</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">12/20/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sell</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">(103,532)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace; layout-grid-mode: line"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;$11.90</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex99-1.htm
<DESCRIPTION>JOINT FILING AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><U>Exhibit 99.1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>JOINT FILING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 45.8pt">In accordance with Rule 13d-1(k)(1)(iii)
under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of
a Statement on Schedule 13D dated December 12, 2022 (including amendments thereto) with respect to the Common Stock of Saga Communications,
Inc. This Joint Filing Agreement shall be filed as an Exhibit to such Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">Dated:</TD><TD>December 23, 2024</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -3.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 0"><P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Hoak
                                            Public Equities, L.P.</B></P>
    <P STYLE="text-indent: 0; font: 10pt Courier; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">By: Hoak Fund Management, L.P., its general partner</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">By: Hoak &amp; Co., its general partner</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">By:</P>
    <P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: -11pt 0.5in 0 0.25in; text-indent: 0">/s/ J. Hale Hoak</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0">J. Hale Hoak</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0">President</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 0"><P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Hoak
                                            Fund Management, L.P. </B></P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">By: Hoak &amp; Co., its general partner</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">By:</P>
    <P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: -11pt 0.5in 0 0.25in; text-indent: 0">/s/ J. Hale Hoak</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0">J. Hale Hoak</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0">President</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Hoak &amp;
                                            Co.</B></P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">By:</P>
    <P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: -11pt 0.5in 0 0.25in; text-indent: 0">/s/ J. Hale Hoak</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0">J. Hale Hoak</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0">President</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>James M.
                                            Hoak</B></P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">By:</P>
    <P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: -11pt 0.5in 0 0.25in; text-indent: 0">/s/ James M. Hoak </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0">James M. Hoak</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0"><P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>J. Hale Hoak</B></P>
                                                      <P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">By:</P>
    <P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: -11pt 0.5in 0 0.25in; text-indent: 0">/s/ J. Hale Hoak</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0">J. Hale Hoak</P>
    <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 0; layout-grid-mode: line">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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