Daniel Tisch Has Quietly Built Up Large Ownership In Saga
July 7, 2009 at 4:35 AM (PT)
"Although the radio market remains depressed, investor DANIEL TISCH has been buying up shares of SAGA COMMUNICATIONS INC. at a dizzying pace, reports CRAIN'S DETROIT BUSINESS. "The TISCH name is significant in media circles: He's the second of four sons of former CBS INC. owner and LOEWS CORP. co-founder LAURENCE TISCH, a billionaire who died in 2003.
"TOWERVIEW L.L.C., DANIEL TISCH's NEW YORK CITY-based personal investment company, has bought 480,000 shares in SAGA over 51 separate purchases since JANUARY 23rd, according to federal Securities & Exchange Commission filings. He bought 1,300 shares of Class A SAGA stock at $5.10 each last week.
"That gives him about 12% ownership in SAGA, about the same as BALTIMORE-based institutional investor T. ROWE PRICE.
"SAGA CEO ED CHRISTIAN maintains more than 600,000 shares and all of the Class B shares, which gives him voting control of the company, insider reports say, meaning there's no threat of a takeover.
"I think he shows confidence in the industry," CHRISTIAN said. "He's a long-term investor. I wish we had more like him."
SAGA's JANUARY 1-for-4 reverse stock split coincided with TISCH's move to increase his stake in the company."