|Journal Communications Announces the Sale of IPC Print Services Business to Walsworth Publishing Company|
MILWAUKEE, Dec 13, 2010 (BUSINESS WIRE) -- Journal Communications, Inc. (NYSE:JRN) today announced the sale of its IPC Print Services business to Marceline, Missouri-based Walsworth Publishing Company effective at the end of the day. Terms of the transaction were not disclosed.
"Finding a quality buyer for IPC allows us to continue to focus on our core local market media businesses," said Steven J. Smith, Chairman and Chief Executive Officer of Journal Communications. "We appreciate the contributions of IPC's many dedicated employees. We are excited about their future business opportunities with a fine company like Walsworth Publishing."
"With the addition of IPC to the Walsworth family, our new and established customers will find a partner dedicated to expanding its capabilities," said Don Walsworth, President of Walsworth Publishing Company. "We are bringing together two organizations that share the same values and commitment to meet the needs of our customers today and into the future."
IPC Print Services specializes in print manufacturing, electronic publishing, data management, assembly, distribution and fulfillment of scientific, medical and technical journals. Journal Communications has owned IPC since 1992.
Founded in 1937, Walsworth Publishing Company is among the 50 largest printing companies in the U.S. and top 10 book printers. The company is also the only American- and family-owned publisher of yearbooks.
For Journal Communications' accounting purposes, IPC will be treated as a discontinued operation in its 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. 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 our most recent Quarterly 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 and interactive media. 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.
|"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Journal Communications, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.|