|Journal Communications' Broadcast Group Signs Asset Purchase Agreement for KWBA-TV in Sierra Vista, Arizona|
MILWAUKEE--(BUSINESS WIRE)--March 18, 2008--Journal Communications, Inc. (NYSE:JRN) announced today that its Journal Broadcast Group, Inc. and Journal Broadcast Corporation have entered into an asset purchase agreement with Tucson Communications, LLC and Cascade Broadcasting Group, LLC to purchase KWBA-TV in Sierra Vista, Arizona (serving the Tucson television market), subject to regulatory approval and customary closing conditions. KWBA-TV (Analog Channel 58 and Digital Channel 44) is affiliated with the CW Network. Terms of the transaction were not disclosed.
In the Tucson market, Journal Broadcast Group currently owns KGUN-TV (the ABC affiliate), as well as KMXZ-FM, KQTH-FM, KGMG-FM and KFFN-AM.
"The acquisition of KWBA is directly on strategy for Journal as we seek to build out cross-platform businesses in growth markets such as Tucson," said Doug Kiel, Vice Chairman and Chief Executive Officer of Journal Broadcast Group. "With two television stations and four radio stations in this market, we can increase our hyper-local presence in Tucson -- particularly our local news focus -- and even better serve our viewers in the Tucson area."
The transaction was brokered by Patrick Communications.
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 11 television stations in 12 states and operate an additional television station under a local marketing agreement. Our interactive media assets include 121 online enterprises that are associated with our daily and community newspapers and 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.