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Journal Broadcast Group Acquires Two Radio Stations in Tulsa From Renda Broadcasting Corporation

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 Broadcast markets.”

“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.

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 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 and Programming
(414) 967-5293
or
Investor contact:
Andre Fernandez, President and CFO
(414) 224-2010


"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.