MILWAUKEE -- (Business Wire)
Journal Communications, Inc. (NYSE:JRN) announced today that its Journal
Broadcast Group, Inc. subsidiary has closed on the purchase of
Nashville’s WTVF NewsChannel 5 Network, LLC, a CBS-affiliate television
station with an ancillary news and digital channel as well as a market
leading internet property, from Landmark Media Enterprises, LLC
("Landmark") for $215 million in cash plus a working capital adjustment.
“The acquisition of NewsChannel 5 provides Journal with the addition of
an excellent television asset and a distinguished group of broadcast
professionals,” said Steven J. Smith, Chairman and CEO of Journal
Communications. “We are very pleased to welcome the NewsChannel 5 team
to Journal and look forward to their continued exceptional work serving
the Nashville market.”
NewsChannel 5 Network consists of NewsChannel 5 (WTVF), NewsChannel 5+,
a This TV affiliate (D3) and NewsChannel5.com, a market leading local
digital news site. NewsChannel 5+ broadcasts on the D2 frequency
offering the only original, local content produced exclusively for the
digital channel. WTVF is the ratings leader in the Nashville market, as
well as one of the top CBS affiliates in the nation based on CBS ratings
in metered markets.
This press release contains certain forward-looking statements related
to our businesses that are based on our current expectations.
Forward-looking statements are subject to certain risks, trends and
uncertainties, including changes in advertising demand and other
economic conditions that could cause actual results to differ materially
from the expectations expressed in forward-looking statements. All
forward-looking statements should be evaluated with the understanding of
their inherent uncertainty. Our written policy on forward-looking
statements can be found in our most recent Quarterly Report on Form
10-Q, as filed with the Securities and Exchange Commission.
About Journal Communications
Journal Communications, Inc., headquartered in Milwaukee, Wisconsin, was
founded in 1882. We are a diversified media company with operations in
television and radio broadcasting, publishing and interactive media. We
own and operate 15 television stations and 34 radio stations in 12
states. We publish the Milwaukee Journal Sentinel, which serves
as the only major daily newspaper for the Milwaukee metropolitan area,
and several community newspapers and shoppers in Wisconsin. Our
interactive media assets build on our strong publishing and broadcasting
Journal Communications, Inc.
Andre Fernandez, President and CFO
Angela Lois, Director of Investor Relations
Source: Journal Communications, Inc.
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