Journal Broadcast Group
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| Public | |
| Traded as | NYSE: JMG |
| Industry | Media |
| Fate | Acquired by Gannett |
| Successor |
Gannett Company E. W. Scripps Company |
| Founded | 1882 |
| Defunct | 2016 |
| Headquarters | Milwaukee, Wisconsin |
|
Area served
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Nationwide |
|
Key people
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| Revenue | $400 million (2012) |
| $60 million (2012) | |
| $33.3 million (2012) | |
| Total assets | $625.8 million (2012) |
| Total equity | $205.5 million (2012) |
Journal Media Group (formerly Journal Communications) was a Milwaukee, Wisconsin-based newspaper publishing company. The company's roots were first established in 1882 as the owner of its namesake, the Milwaukee Journal, and expanded into broadcasting with the establishment of WTMJ radio and WTMJ-TV, and the acquisition of other television and radio stations.
On April 1, 2015, the E. W. Scripps Company acquired Journal Communications, and spun out the publishing operations of both Scripps and Journal into a new company known as Journal Media Group. It is led by Timothy E. Stautberg—the former head of Scripps' newspaper business, joined by previous Journal CEO Stephen J. Smith as a chairman. In 2016, Journal Media Group was acquired by Gannett.
The Milwaukee Journal was started in 1882, in competition with four other English-language, four German- and two Polish-language dailies. It launched WTMJ-AM (620) in 1927, and WTMJ-TV (Channel 4) in 1947. The Journal Company, until then primarily owned by local interests, introduced an employee stock trust plan in 1937, and as a result most Journal stock was eventually held by its employees (under certain restrictions). A small bloc of Journal stock was given to Harvard to fund the Nieman Fellowship program for promising journalists, and another bloc was still held by the original owning families until the IPO.
The Milwaukee Sentinel, begun in 1837 as a weekly published by city co-founder Solomon Juneau, passed through the hands of several owners before being sold to the Hearst Corporation in 1924. Hearst operated the Sentinel until 1962, when, following a long and costly strike, it abruptly announced the closing of the paper. Although Hearst claimed that the paper had lost money for years, The Journal Company, concerned about the loss of an important voice (and facing questions about its own dominance of the Milwaukee media market), agreed to buy the Sentinel name, subscription lists, and goodwill associated with the name. In 1995 the Journal and Sentinel were consolidated. The new Journal Sentinel then became a seven-day morning paper. In 1964, Journal Communications bought a part interest in Perry Printing, a commercial printer specializing in printing magazines, catalogs and free-standing inserts for publications. A decade later, in 1974, it purchased the remaining shares of the company. In 1995, it sold the operation (which by then had about 1000 employees and sales of $123 million) to the Milhous Group of California.
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