|Journal Communications, Inc. Announces Plan for Class B Common Stock Tender|
MILWAUKEE--(BUSINESS WIRE)--April 29, 2004--Journal Communications, Inc. (NYSE:JRN) announced today that it plans to commence a cash tender offer to purchase up to approximately 8 million shares of its non-publicly traded class B common stock. If fully subscribed, the tender offer will represent the repurchase of 16.5% of the class B shares held by current and former employees. All shares purchased by the Company in the tender offer will be retired. The Company currently expects to commence the tender offer in the next several weeks.
"We expect that this tender offer will create an organized selling process in advance of lockup expirations and effectively address current and former employee liquidity needs," said Steven J. Smith, chairman and chief executive officer of Journal Communications. "We believe the tender offer represents a proactive approach to minimize post-lockup selling and preserve value for all our shareholders."
About Journal Communications
Journal Communications, Inc., headquartered in Milwaukee, Wisconsin, was founded in 1882. We are a diversified media and communications company with operations in publishing, radio and television broadcasting, telecommunications and printing services. We publish the Milwaukee Journal Sentinel, which serves as the only major daily newspaper for the Milwaukee metropolitan area, and more than 90 community newspapers and shoppers in eight states. We own and operate 38 radio stations and six television stations in 11 states. Through our telecommunications segment, we own and operate a regional fiber optic network in the upper Midwest, provide integrated data communications solutions for small and mid-size business and offer network transmission solutions for other service providers. We also provide a wide range of commercial printing services, including publications, professional journals and documentation material, as well as electronic publishing, kit assembly and fulfillment.
We urge shareholders to read documents that are or may be filed with the Securities and Exchange Commission when they are available because they will contain important information. Shareholders will be able to obtain a free copy of any filings containing information about Journal Communications, Inc., without charge, at the SEC's Internet site (http://www.sec.gov). Copies of any filings containing information about Journal Communications, Inc. can also be obtained, without charge, by directing a request to Journal Communications, Inc., 333 West State Street, Milwaukee, Wisconsin 53203, attention Secretary.
CONTACT: Journal Communications, Inc. Sara Leuchter Wilkins, 414-224-2633 email@example.com SOURCE: Journal Communications, Inc.