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Journal Communications, Inc. (NYSE: JRN), a diversified media company, announced today that its Board of Directors has extended its share repurchase program until the end of fiscal 2015.
Announced in July 2011, Journal Communications’ existing share repurchase authority allows for the repurchase of up to $45 million of its outstanding class A common stock and/or class B common stock until the end of fiscal year 2013. To date, Journal Communications has repurchased approximately $7.6 million of its class A common stock under this authority.
The extension of the program will allow for the repurchase of up to the remaining $37.4 million until the end of fiscal 2015. Under the program, shares may be repurchased from time to time in the open market, in private transactions and/or pursuant to guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934 and will depend on market conditions, share price, trading volume, credit agreement covenants and other factors.
As of October 25, 2013, there were 44.6 million shares of class A and 6.3 million shares of class B common stock outstanding.
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.