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Journal Communications, Inc.
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.
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