|Journal Communications' Broadcast Group Completes Acquisition of KPSE in Palm Springs, California|
MILWAUKEE--(BUSINESS WIRE)--Jan. 28, 2008--Journal Communications, Inc. (NYSE:JRN) announced today that its Journal Broadcast Group has completed the purchase of KPSE-LP, Channel 50, in Palm Springs, California. The purchase price was $4.7 million.
Channel 50 is the My-Network affiliated television station serving the Palm Springs market, carried on cable channel 13. Journal Broadcast Group also owns KMIR-TV, the NBC affiliate in Palm Springs.
"We are pleased to now own a television duopoly in this important California market," said Doug Kiel, vice chairman and chief executive officer of Journal Broadcast Group. "According to Claritas, a leading market research firm, Palm Springs is expected to achieve population growth of more than 16% in the next five years -- well above the national projected average of about 5%. With two television stations in this market, we are well-positioned to take advantage of this population expansion as well as the expected related growth in retail sales there. Our duopoly also enables us to better serve our advertisers and to enhance our community presence."
KPSE was formerly owned by Mirage Media LLC. The KPSE-LP transaction was brokered by Kalil & Company, Inc.
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 49 community newspapers and shoppers in Wisconsin and Florida. We own and operate 35 radio stations and eleven television stations in 12 states and operate an additional television station under a local marketing agreement. Our interactive media assets include 96 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.