|Journal Community Publishing Group Completes Sales of its Ohio and Louisiana Operations|
MILWAUKEE--(BUSINESS WIRE)--July 9, 2007--Journal Community Publishing Group, Inc. (JCPG), a Journal Communications, Inc. (NYSE:JRN) company, announced today that it has completed the sales of its Ohio and Louisiana operations, which were announced in mid-June.
Under the Ohio agreement, Gannett Co., Inc. (NYSE:GCI) acquired JCPG's Central Ohio Advertiser Network -- consisting of eight weekly shoppers and numerous specialty print products -- and its commercial printing business, Advantage Press. Under the Louisiana agreement, an affiliate of Target Media Partners acquired the assets of the Louisiana Publishing Group -- consisting of three automotive photo-classified publications, a general merchandise shopper and two companion websites.
JCPG also has agreed to sell its New England-based publishing and printing business to Hersam Acorn Community Publishing, LLC. That transaction is expected to be completed shortly.
The sale of the Ohio, Louisiana and New England clusters enables Journal Communications to turn its focus to deepening its media offerings in the Company's important Wisconsin and Florida markets. In aggregate, the sales price for the assets of the New England, Ohio and Louisiana clusters approximates $30 million, subject to certain working capital adjustments.
Dirks, Van Essen and Murray advised Journal Communications on both the Ohio and Louisiana transactions.
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 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 61 community newspapers and shoppers in six states. Upon the completion of the sale of the New England operations, we will publish 44 community newspapers and shoppers in two 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.