Saga Communications has sold 22 of its broadcast tower sites to GTC Uno, LLC for $10.7 million in a deal that lets Saga continue using the facilities without lease payments. in a move marking another step in the broadcaster’s ongoing asset optimization strategy.
GTC Uno is part of GTC Towers, led by CEO Tony Peduto. Formed in December 2023, the company builds and acquires broadcast and digital towers that support wireless, AI, and cloud services. Peduto, a former executive with American Tower and CTI Towers, co-founded GTC with Clarence Cook and Jason Peduto.
Backed by Norwest Venture Partners, the company owns sites in Florida, Georgia, Illinois, New Jersey, North Carolina, Oklahoma, and South Carolina.
The transaction closed on October 17, and was effective retroactively to October 1.
Saga Communications President and CEO Chris Forgy, who has made recent headlines for the company’s new revenue strategy, said, “Saga previously announced its plans to optimize our portfolio of assets, and this is a significant step in doing so. We are committed to evaluating every asset we own while still efficiently and effectively operating our businesses.”
Broker Michael J. Bergner of Bergner & Co. served as the exclusive representative for the transaction. He has brokered similar tower transactions in recent years involving Beasley Media Group, Seven Mountains Media, SummitMedia, Withers Broadcasting, and Forever Communications, with buyers including Crown Castle, American Tower, and Vertical Bridge.
Bergner added, “Income producing towers remain in very high demand with multiples that far exceed radio station values. All radio companies should monetize their towers. It is business malpractice not to.”
With reporting by Adam R. Jacobson
