Journal Media Group launches

Journal Media Group launched this month following the closing of the merger and spin-off transactions between Journal Communications, Inc. and The E.W. Scripps Company.

As part of the transactions, Scripps and Journal spun-off and then merged their newspaper publishing operations to form the new company while also merging their respective broadcast operations under Scripps.

The new Journal Media Group will operate the Milwaukee Journal Sentinel, formerly the flagship of Journal Communications, Inc., and its affiliated digital products, as well as daily newspapers and affiliated digital products formerly operated by Scripps in 13 U.S. markets, including the following Southern papers: Naples (Fla.) Daily News, Treasure Coast Newspapers in Florida (Stuart News, Indian River Press Journal and St. Lucie News-Tribune), The Gleaner, Henderson, Ky., Independent Mail in Anderson, S.C., Knoxville (Tenn.) News Sentinel, The Commercial Appeal in Memphis, Tenn., Abilene (Texas) Reporter-News, Corpus Christi (Texas) Caller-Times, San Angelo (Texas) Standard-Times and the Wichita Falls (Texas) Times Record News. The Evansville (Ind.) Courier & Press (also an SNPA member) was included with this merger, as well.

Tim Stautberg, president and CEO of Journal Media Group, said Journal Media Group continues "a vital and proud tradition of providing communities with compelling public service journalism. That tradition started with the commitment of media pioneers Edward W. Scripps and Lucius W. Nieman and has continued for more than 130 years under the stewardship of The E.W. Scripps Company and Journal Communications. The opportunity to be more engaged and more meaningful in the lives of our customers has never been bigger, and we look forward to transforming our relationships with both consumers and the advertisers who wish to reach them."

Jason Graham, senior vice president, CFO and treasurer of Journal Media Group, acknowledged the company's starting capital structure – lauded early on as a major benefit of the new company. "In addition to our company's many strategic assets, we are launching with a solid balance sheet and no debt," he said. "We're excited to have the financial flexibility to make strategic decisions that will help our enterprise navigate the ongoing transformation of the local media landscape."

Journal Media Group has approximately 3,000 employees nationwide and is headquartered in Milwaukee.

In the Journal/Scripps transaction, Wells Fargo Securities acted as exclusive financial adviser to Scripps; Evercore Partners acted as exclusive financial adviser to the Scripps family, and Methuselah Advisors acted as exclusive financial adviser to Journal Communications.

Trading in Journal Communications stock has been discontinued.