|Journal Community Publishing Group Agrees to Sell its Louisiana Publishing Group to Target Media Partners|
MILWAUKEE--(BUSINESS WIRE)--June 13, 2007--Journal Community Publishing Group, a Journal Communications, Inc. (NYSE:JRN) company, announced today that it has signed a definitive agreement under which a Target Media Partners affiliate will acquire the assets of the Louisiana Publishing Group -- consisting of three vehicle photographic publications, a general merchandise shopper and two companion websites. Terms of the transaction were not disclosed.
The parties anticipate closing the transaction as expeditiously as possible.
"We made the strategic decision to sell our Louisiana-based publishing operations to more closely focus our community newspaper and shopper clusters in areas where we either currently have, or can create, a deep media offering," said Elizabeth (Betsy) Brenner, president and chief operating officer of Journal Communications' publishing group. According to David Honan, vice president, general manager and chief financial officer of Journal Community Publishing Group, "We are grateful to our Louisiana employees for their hard work and dedication in delivering outstanding products to their advertisers and readers."
"Target Media is delighted to welcome the entire team at News on Wheels, Steals 'n Deals and Photo Seller, and all their readers and advertisers, to our current family of 77 publications and 40 targeted websites," said Jim Sington, EVP of Target Media. "Each month we reach more than five million targeted readers, and we look forward to continued growth for these great newly added publications in their rebounding markets."
For Journal Communications' financial reporting purposes, the Louisiana publishing operations will be treated as discontinued operations beginning in the second quarter of 2007.
Dirks, Van Essen and Murray advised Journal Communications on the transaction.
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 on page 1 of our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission.
About Target Media Partners
Target Media Partners is a leading print and on-line publisher of local classified and used vehicle photo advertising, information and employment advertising for truck drivers, and wholesale merchandise advertising. Target Media's 73 advertising publications are leaders in their local or niche markets with attractive growth opportunities, and the company actively seeks advertising publications to add to its portfolio. The company's 38 websites complement its print publications by enhancing its local or niche brand names and increasing advertiser response. Through its integrated print and online capabilities, Target Media offers buyers and sellers comprehensive, targeted, and proven ways to conduct business-to-consumer, consumer-to-consumer and business-to-business transactions.
About Journal Communications
Journal Communications, Inc., headquartered in Milwaukee, Wisconsin, was founded in 1882. We are a diversified media company with operations in publishing, radio and television broadcasting, interactive media and printing services. We publish the Milwaukee Journal Sentinel, which serves as the only major daily newspaper for the Milwaukee metropolitan area, and 75 community newspapers and shoppers in eight states. We own and operate 35 radio stations and ten television stations in 12 states and operate one television station under a local marketing agreement. Our interactive media assets include more than 75 online enterprises that are associated with our daily and community newspapers, television and radio stations. We also provide a wide range of commercial printing services -- including printing of publications, professional journals and documentation material -- and operate a direct marketing services business.
CONTACT: Journal Communications, Inc.
SOURCE: Journal Communications, Inc.