Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ     No o.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a non-accelerated filer.smaller reporting company. See definitionthe definitions of “large accelerated filer,” “accelerated filerfiler” and large accelerated filer”“smaller reporting company” in RuleRule 12b-2 of the Exchange Act. (Check one):

Indicate by check mark whether the registrant is a shell company (as defined inRule 12b-2 of the Exchange Act).  Yes o     No þ.

The number of shares of the registrant’s Class A Common Stock, $.01 par value, and Class B Common Stock, $.01 par value, outstanding as of August 1, 2007May 2, 2008 was 17,884,19417,570,177 and 2,393,246,2,390,338, respectively.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions toForm 10-Q and Article 10 ofRegulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for annual financial statements.

In our opinion, the accompanying financial statements include all adjustments of a normal, recurring nature considered necessary for a fair presentation of our financial position as of June 30, 2007March 31, 2008 and the results of operations for the three and six months ended June 30, 2007March 31, 2008 and 2006.2007. Results of operations for the sixthree months ended June 30, 2007March 31, 2008 are not necessarily indicative of the results that may be expected for the year ending December 31, 2007.2008.

For further information, refer to the consolidated financial statements and notesfootnotes thereto included in the Saga Communications, Inc. Annual Report onForm 10-K for the year ended December 31, 2006.2007.

Our effective tax rate is higher than the federal statutory rate as a result of certain non-deductible depreciation and amortization expenses and the inclusion of state taxes in the income tax amount.

Revenue from the sale of commercial broadcast time to advertisers is recognized when commercials are broadcast. Revenue is reported net of advertising agency commissions. Agency commissions, when applicable, are based on a stated percentage applied to gross billing. All revenue is recognized in accordance with the Securities and Exchange Commission’s (“SEC”) Staff Accounting Bulletin (“SAB”) No. 104, Topic 13,“Revenue Recognition Revised and Updated.”

We have entered into Time Brokerage Agreements (“TBAs”) or Local Marketing Agreements (“LMA’s”) in certain markets. In a typical TBA,TBA/LMA, the Federal Communications Commission (“FCC”) licensee of a station makes available, for a fee, blocks of air time on its station to another party that supplies programming to be broadcast during that air time and sells their own commercial advertising announcements during the time periods specified. We account for TBA’sTBA’s/LMA’s under SFASStatement of Financial Accounting Standards (“SFAS”) No. 13, “Accounting“Accounting for Leases” and related interpretations. Revenue and expenses related to TBAsTBA’s/LMA’s are included in the accompanying unaudited Condensed Consolidated Statements of Income.

On July 13,In 2006, the FASB issued Interpretation No. 48FCC granted to Sprint Nextel Corporation (“FIN 48”Nextel”), “Accounting the right to reclaim from broadcasters in each market across the country the 1.9 GHz spectrum to use for Uncertainty in Income Taxes and Related Implementation Issues”an emergency communications system. In order to reclaim this signal, Nextel must replace all analog equipment currently using this spectrum with digital equipment. All broadcasters have agreed to use the digital substitute that provides guidance on the financial statement recognition, measurement, and presentation and disclosureNextel will provide. The exchange of certain tax positions that a company has taken or expects to takeequipment will be completed on a tax return. Under FIN 48, financial statements should reflect expected future tax consequencesmarket by market basis. As the equipment is exchanged and put into service in each of such positions presumingour markets we expect to record gains to the taxing authorities have full knowledgeextent that the fair market value of the position and allequipment we receive exceeds the book value of the analog equipment we exchange. No markets were transitioned during the first quarter of 2008 or 2007. All markets must be transitioned to digital by February 2009.

In September 2006, the FASB issued SFAS No. 157,“Fair Value Measurements”(“SFAS 157”) which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Companies were required to adoptapply the recognition and disclosure provision of SFAS 157 for financial assets and financial liabilities effective January 1, 2008. In February 2008, the FASB issued FSPFAS 157-2 that delayed by one year, the effective date of SFAS 157 for the majority of nonfinancial assets and nonfinancial liabilities. We adopted the provisions of FIN 48SFAS 157 effective January 1, 2007. The adoption of FIN 482008 for certain assets which were not included in FSPFAS 157-2, which did not have a material impact or effect on our consolidated financial position, results of operations orand cash flows. We do not expect the adoption of the deferred portion of SFAS 157 to have a material impact on our consolidated financial position, results of operations and cash flows.

Under SFAS No. 142 “Accounting“Accounting for Goodwill and Other Intangible Assets,” (“SFAS 142”) goodwill and intangible assets deemed to have indefinite lives are not amortized and are subject to annual,impairment tests which are conducted annually, or more frequent if impairment indicators arise, impairment tests.arise.

We consider FCC broadcast licenses to have indefinite lives. Factors that we considered in evaluating that the radio and television FCC licenses are indefinite-lived intangible assets under SFAS 142 include the following:

Based on the above, we believe cash flows from our radio and television licenses are expected to continue indefinitely.

SeparableSeparate intangible assets that have finite lives are amortized over their useful lives using the straight-line method. Favorable lease agreements are amortized over the lives of the leases. Other intangibles are amortized over fiveone to fortyeleven years.

The following summarizes information relating to the number of shares of our common stock issued in connection with stock transactions through June 30, 2007:March 31, 2008:

We actively seek and explore opportunities for expansion through the acquisition of additional broadcast properties. The condensed consolidated statements of income include the operating results of the acquired stations from their respective dates of acquisition. All acquisitions were accounted for as purchases and, accordingly, the total costs were allocated to the acquired assets and assumed liabilities based on their estimated fair values as of the acquisition dates. The excess of the consideration paid over the estimated fair value of net assets acquired hashave been recorded as goodwill, which is deductible for tax purposes.

On January 21, 2004, we entered into agreements to acquire an FM radio station(WOXL-FM) serving the Asheville, North Carolina market, for approximately $8,000,000. We are currentlymarket. On November 1, 2002 we began providing programming under aSub-Time Brokerage Agreement toWOXL-FM, under a Sub-Time Brokerage Agreement. This transaction is subject to the approval of the FCC and has been contested. We expect to closeon January 31, 2008 we closed on the acquisition when all required approvals are obtained.for approximately $9,463,000 of which approximately $9,354,000 was paid in 2008 and $109,000 was paid in prior years.

On October 5,January 31, 2008, in connection with the 2006 acquisition of one FM radio station(WTMT-FM) serving the Tazewell, Tennessee market for approximately $4,186,000, we entered intopaid the seller $1,350,000, which had been recorded as a note payable at December 31, 2007. We relocated the tower to Weaverville, North Carolina (serving the Asheville, North Carolina market) and started broadcasting in Asheville on June 8, 2007.

On November 1, 2007, we acquired an agreement to acquireFM radio station(WCLZ-FM) serving the Portland, Maine market for approximately $3,555,000.

On August 31, 2007, we acquired two radio stations(WKRT-AM andWIII-FM licensed to Cortland, New York, and an FM translator station that rebroadcasts WIII) serving the Ithaca, New York market for approximately $3,500,000. The$3,843,000. Due to FCC granted consentownership rules we were not permitted to assignmentownWKRT-AM and as part of the licenses of the radio stations on December 27, 2006, but the consent is not yet a “final” FCC order duetransaction we donatedWKRT-AM to a pending petition for reconsideration. The Office of the Attorney General of the State of New York previously issued a subpoena to the Company requesting certain documents and information it needed to determine whether the proposed acquisition violated federal anti-trust laws. The Company complied with the subpoena and has been informed that the investigation is no longer active. The Company expects to close the acquisition on or about September 4, 2007.

On January 2, 2007 we acquired one FM radio station(WCNR-FM) serving the Charlottesville, Virginia market for $3,330,000. On September 1, 2006 we began providing programming under an LMA toWCNR-FM. We funded this acquisition on December 31, 2006.

On January 16, 2007, we agreed to pay $50,000 to cancel a clause in our 2003 purchase agreement ofWSNI-FM in the Winchendon, Massachusetts market that would requirehave required us to pay the seller an additional $500,000 if within five years of closing we obtained approval from the FCC for a city of license change.

On January 2, 2007, in connection with the 2003 acquisition of one FM radio station(WJZA-FM) serving the Columbus, Ohio market, we paid an additional $850,000 to the seller upon obtaining approval from the FCC for a city of license change.

The following unaudited pro forma results of our operations for the three and six months ended June 30,March 31, 2008 and 2007 and 2006 assume the 20072008 and 20062007 acquisitions occurred as of January 1, 2006.2007. The pro forma results give effect to certain adjustments, including depreciation, amortization of intangible assets, increased interest expense on acquisition debt and related income tax effects. The pro forma results have been prepared for comparative purposes only and do not purport to indicate the results of operations which would actually have occurred had the combinations been in effect on the dates indicated or which may occur in the future.

The Company accounts for stock-based awards under the provisions of Statement of Financial Accounting StandardsSFAS No. 123R, “Share-Based“Share-Based Payment” (“SFAS 123R”). Compensation expense of $227,000,approximately $253,000 and $424,000, respectively, and related tax benefits of $93,000 and $174,000, respectively,$197,000 was recognized for the three and six months ended June 30, 2007. For the threeMarch 31, 2008 and six months ended June 30, 2006, the Company recognized compensation expense of $204,000 and $328,000,2007, respectively, and related tax benefits of $84,000 and $134,000, respectively. Compensation expense is reportedincluded in corporate general and administrative expenses in theour results of operations.

In 2003, we adopted the 2003 Plan, upon expiration of our 1992 Stock Option Plan (the “1992 Plan”) in December 2002, pursuant to which our key employees, including directors who are employees, were eligible to receive grants of options to purchase our Class A Common Stock or Class B Common Stock. Options granted under the 2003 Plan were either incentive stock options (within the meaning of Section 422A of the Internal Revenue Code of 1986) or non-qualified options. With the approval of the 2005 Plan, the 2003 Plan was terminated as to future grants, therefore the shares available for future grants under the 2003 Plan are no longer available.

In 1997, we adopted the 1997 Non-Employee Director Stock Option Plan (the “Directors Plan”) pursuant to which our directors who are not our employees arewere eligible to receive options. Under the terms of the Directors Plan, on the last business day of January of each year during the term of the Directors Plan, in lieu of their directors’ retainer for the previous year, each eligible director shall automatically be granted an option to purchase that number of our shares of Class A Common Stock equal to the amount of the retainer divided by the fair market value of our Common Stock on the last trading day of the December immediately preceding the date of grant less $.01 per share. The option exercise price is $.01 per share. Options granted under the Directors Plan arewere non-qualified stock options, shall bewere immediately vested and become exercisable at the written election of the director. The options expire on the earlier of (i) 10 years from the date of grant or (ii) the March 16th following the calendar year in which they first become exercisable. This plan expired on May 12, 2007.

Effective January 1, 2007, each director who is not an employee shall receive cash for his or her services as a director.

We evaluate the operating performance of our markets individually. For purposes of business segment reporting, we have aligned operations with similar characteristics into two business segments: Radio and Television.

The Radio segment includes twenty-three markets, which includes all eighty-nineninety-one of our radio stations and five radio information networks. The Television segment includes three markets and consists of five television stations and four low power television (“LPTV”) stations. The Radio and Television segments derive their revenue from the sale of commercial broadcast inventory. The category “Corporate general and administrative” represents the income and expense not allocated to reportable segments.