|Journal Community Publishing Group Completes Sales of its New England Operations|
MILWAUKEE--(BUSINESS WIRE)--Aug. 8, 2007--Journal Community Publishing Group, Inc. (JCPG), a Journal Communications, Inc. (NYSE:JRN) company, said today that it has completed the sale of its New England operations, which was announced in mid-June.
Under the New England agreement, Hersam Acorn Community Publishing, LLC acquired the assets of JCPG's Connecticut and Vermont clusters -- consisting of 11 community papers, two printing facilities (in Trumbull, CT and Bennington, VT) and five shopper products. The Connecticut operations do business under the names "Hometown Publications" and "Trumbull Printing."
Journal Communications also recently sold its Ohio- and Louisiana-based community publishing and printing operations. The sale of the three clusters enables the Company to turn its focus to deepening its media offerings in its important Wisconsin and Florida markets. In aggregate, proceeds for the assets of the New England, Ohio and Louisiana clusters, net of transaction expenses, were $28.5 million and the after-tax gain was $2.5 million.
Dirks, Van Essen and Murray advised Journal Communications on the New England 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 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 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.