Journal Communications, Inc. Announces Follow-on Equity Offering

[Journal Communications via BizWire]

MILWAUKEE--(BUSINESS WIRE)--April 29, 2004--Journal Communications
(NYSE:JRN) announced today that it has filed a Registration Statement
on Form S-1 with the Securities and Exchange Commission for a proposed
follow-on offering of 6,000,000 shares of its class A common stock.
All of the shares will be offered by the Company. In addition, the
underwriters have an option to purchase up to an additional 900,000
shares of class A common stock from the Company.
The Company intends to use net proceeds from this offering to
reduce outstanding indebtedness, to fund the recently-announced Green
Bay television acquisition and for general corporate purposes.
Morgan Stanley & Co. Incorporated and Robert W. Baird & Co. are
serving as book-running lead managers of the offering. A prospectus
may be obtained from Morgan Stanley, 1585 Broadway, New York, NY
10036, or Robert W. Baird & Co., 777 E. Wisconsin Ave., Milwaukee, WI
53202.

About Journal Communications

Journal Communications, Inc., headquartered in Milwaukee,
Wisconsin, was founded in 1882. We are a diversified media and
communications company with operations in publishing, radio and
television broadcasting, telecommunications and printing services. We
publish the Milwaukee Journal Sentinel, which serves as the only major
daily newspaper for the Milwaukee metropolitan area, and more than 90
community newspapers and shoppers in eight states. We own and operate
38 radio stations and six television stations in 11 states. Through
our telecommunications segment, we own and operate a regional fiber
optic network in the upper Midwest, provide integrated data
communications solutions for small and mid-size business and offer
network transmission solutions for other service providers. We also
provide a wide range of commercial printing services, including
publications, professional journals and documentation material, as
well as electronic publishing, kit assembly and fulfillment.

A Registration Statement on Form S-1 relating to these securities
has been filed with the Securities and Exchange Commission but has not
yet become effective. These securities may not be sold, nor may offers
to buy be accepted prior to the time the Registration Statement
becomes effective. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any
sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state.