Journal Communications Says Has Acquired All Outstanding Class C Shares
Journal Communications, Inc. (NYSE: JRN), a diversified media company, has acquired all 3,264,000 outstanding shares of its Class C common stock (4,451,998 shares on a Class A-equivalent basis), all of which were owned by members and successors of the Grant Family. In this repurchase, the company paid $6,245,536 in cash and issued unsecured subordinated promissory notes with an aggregate principal amount of $25,598,989 as the purchase price for the Class C shares. The cash payment equaled the amount of the minimum unpaid and undeclared dividend on the Class C shares.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.