|By Business Wire||
|October 4, 2013 04:02 PM EDT||
Journal Broadcast Group, Inc., a subsidiary of Journal Communications, Inc. (NYSE: JRN), today agreed to the sale of stations KMIR-TV (an NBC affiliate) and My 13 KPSE TV (a MyNetwork affiliate) in Palm Springs, Calif., to OTA Broadcasting (PSP), LLC, an affiliate of Virginia-based OTA Broadcasting, LLC. Terms of the transaction were not disclosed.
“We sincerely appreciate the dedication of our talented team in Palm Springs and their continued development of our television stations over a number of years,” said Steven J. Smith, Chairman and CEO of Journal Communications.
“We are confident that OTA will do an excellent job of continuing to guide and build these important local brands in the Coachella Valley,” Smith added.
“We are pleased to be adding these two stations to our growing roster of television stations,” said Bill Tolpegin, CEO of OTA. “We look forward to serving the Palm Springs market, as well as welcoming the employees of KMIR and KPSE to the OTA family.”
According to Nielsen Media Research, Palm Springs is the 148th largest television market in the United States and serves more than 154,000 television homes.
Media Venture Partners, LLC, represented the buyer and Kalil & Co., Inc., represented the seller. The transaction is subject to approval by the FCC.
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 television and radio broadcasting, publishing and digital media. We own and operate 15 television stations and 35 radio stations in 12 states. We publish the Milwaukee Journal Sentinel, which serves as the only major daily newspaper for the Milwaukee metropolitan area, and several community publications in Wisconsin. Our digital media assets build on our strong publishing and broadcasting brands.