MILWAUKEE--(BUSINESS WIRE)--Mar. 7, 2012--
Journal Broadcast Group, a subsidiary of Journal Communications, Inc.
(NYSE:JRN), today announced that it has reached an agreement to purchase
106.9 KHTT FM (Contemporary Hits) and 92.9 BOB FM (Adult Contemporary
Variety) in Tulsa, OK, from Renda Broadcasting Corporation. The
transaction is subject to FCC approval. Terms were not disclosed.
Journal Broadcast Group currently owns three stations in Tulsa including
98.5 KVOO FM (Country Variety), 99.5 KXBL FM (Country Classic), and 1170
KFAQ FM (Talk Radio).
“We have high regard for Renda Broadcasting and their talented team and
are very pleased to add these exceptional radio stations to our Tulsa
cluster,” said Steven Smith, Chairman and CEO of Journal Communications.
“The combination of these high quality stations will create a strong
group that will continue to serve our listeners, customers and the
entire Tulsa community. This transaction is consistent with our
strategic goal of creating additional scale in existing Journal
“We are pleased to have reached an agreement with Journal for our two
Tulsa stations. This transaction will benefit both parties,” said
Anthony F. Renda, Sr., Founder and President of Renda Broadcasting
(“RBC”). Pittsburgh-based RBC is a privately held radio broadcasting
company. RBC and its affiliated companies own and operate 25 radio
stations in 8 markets.
Michael J. Bergner of Bergner & Company advised Journal Communications
on the transaction.
This press release may contain 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 in our most recent Quarterly Report on Form 10-Q
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
radio and television broadcasting, publishing and interactive media. 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. 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. Our interactive media assets build on our strong publishing
and broadcasting brands.
Source: Journal Communications, Inc.
Journal Communications, Inc.
Jim Thomas, Vice President, Marketing
Fernandez, President and CFO