Gate City Withdraws Board Nominees, But Blasts Saga’s Strategy

Gate City Withdraws Board Nominees, But Blasts Saga’s Strategy

Gate City Capital Management may have officially withdrawn its board nominees ahead of Saga Communications’ annual shareholder meeting per the broadcaster's wishes, but it has not held back a sharply worded critique of the company's ongoing digital expansion.

Gate City Yanks Its Saga Board Nominees | Radio & Television Business Report

The second-largest institutional investor in radio broadcasting company Saga Communications has formally withdrawn its nominees for election as directors to the company’s board. “The continued pursuit of our nominees would not be in the best interest of Gate City or the company’s shareholders at this time,” Gate City Capital Management shared on Thursday. Please Login to view this premium content. (Not a member? Join Today!)

Gate City Capital Management Withdraws Saga Board Nominations; Continues To Seek Company Reforms

Activist investor Gate City Capital Management has withdrawn its proposal to have four people added to Saga Communications’ Board of Directors as it continues to push back against Saga’s “digital transformation” and its impact on profitability, cash flow, and share price Earlier this year, Gate City Founder/Portfolio Manager Michael Melby informed Saga of their intent to nominate Melby, partner Nicholas Bodnar along with Emmis EVP/CFO/Treasurer …