|Journal Broadcast Group Announces Sale of KBBX-FM in Omaha|
MILWAUKEE--(BUSINESS WIRE)--Sept. 25, 2006--Journal Broadcast Group (JBG) today announced that it has sold KBBX-FM, "Radio Lobo 97.7FM," to Connoisseur Media of Omaha, LLC for $7.5 million. Journal Broadcast Group is a Journal Communications' (NYSE:JRN) company.
The sale was announced today by Doug Kiel, president of Journal Communications Inc. and vice chairman and CEO of the Journal Broadcast Group. "The divestiture of KBBX is part of Journal Broadcast Group's compliance with the Federal Communications Commission's cross-ownership rules as a result of our agreement to acquire KMTV-TV, Omaha from Emmis Communications Corporation," Kiel commented. JBG acquired several television stations from Emmis on December 5, 2005 and has been operating KMTV under a local marketing agreement since that time.
The transaction was brokered by Kalil & Company, Inc. Forward-looking Statements
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 on page 1 of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.
About Journal Broadcast Group
Journal Broadcast Group owns and operates 37 radio stations and nine television stations in 12 states and operates two television stations under local marketing agreements. The broadcast business of Journal Communications Inc., Journal Broadcast Group is headquartered in Milwaukee. Journal Communications is a diversified media and communications company with operations in publishing, broadcasting, telecommunications and printing services.
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 about 90 community newspapers and shoppers in eight states. We own and operate 37 radio stations and nine television stations in 12 states and operate two television stations under local marketing agreements. 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 businesses and offer network transmission solutions for other service providers. We also provide a wide range of commercial printing services -- including printing of publications, professional journals and documentation material -- as well as electronic publishing, kit assembly and fulfillment. In addition, we operate a direct marketing services business.
CONTACT: Journal Communications, Inc.
SOURCE: Journal Broadcast Group