|Journal Communications Announces the Sale of PrimeNet|
MILWAUKEE, Feb 10, 2010 (BUSINESS WIRE) -- Journal Communications, Inc. (NYSE:JRN) today announced the sale of its PrimeNet operations in Clearwater, Florida, to PrimeNet Direct Marketing Solutions, LLC, a new company owned by PrimeNet President Mark Keefe, as Journal exits the direct marketing business. PrimeNet's mailing service operations in St. Paul, Minnesota, were sold in a separate transaction last week to Minneapolis-based Impact Proven Solutions. Terms of the transactions were not disclosed. PrimeNet provides nationwide direct marketing solutions to marketers of automotive, retail, publishing and financial services products.
"We are excited to make this transaction happen with the existing PrimeNet team led by Mark Keefe. As Journal Communications focuses on our core local market media businesses, we are confident this business and its employees will continue to successfully execute their strategy," said Steven J. Smith, chairman and chief executive officer of Journal Communications. "We appreciate the hard work and dedication of everyone at PrimeNet and are confident the team will continue their focus on excellent customer service."
Said PrimeNet President Mark Keefe, "We look forward to growing this business and serving our clients in the same way we always have, with our same employee team in place. While we look ahead to this new beginning, we are proud and thankful of our history with Journal Communications."
For Journal Communications' accounting purposes, PrimeNet will be treated as a discontinued operation in 2010 financial statements.
This press release contains certain forward-looking statements related to our business that are based on 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. Al forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Our written policy on forward-looking statements can be found on our most recent Annual Report on Form 10-Q 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 several community newspapers and shoppers in Wisconsin and Florida. We own and operate 33 radio stations and 13 television stations in 12 states and operate an additional television station under a local marketing agreement. Our interactive media assets build on our strong publishing and broadcasting brands.
SOURCE: Journal Communications, Inc.
Journal Communications, Inc.