Journal Communications, Inc. Announces Plan for Class B Common Stock Tender

[Journal Communications via BizWire]

MILWAUKEE--(BUSINESS WIRE)--April 29, 2004--Journal
Communications, Inc. (NYSE:JRN) announced today that it plans to
commence a cash tender offer to purchase up to approximately 8 million
shares of its non-publicly traded class B common stock. If fully
subscribed, the tender offer will represent the repurchase of 16.5% of
the class B shares held by current and former employees. All shares
purchased by the Company in the tender offer will be retired. The
Company currently expects to commence the tender offer in the next
several weeks.
"We expect that this tender offer will create an organized selling
process in advance of lockup expirations and effectively address
current and former employee liquidity needs," said Steven J. Smith,
chairman and chief executive officer of Journal Communications. "We
believe the tender offer represents a proactive approach to minimize
post-lockup selling and preserve value for all our shareholders."

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.

We urge shareholders to read documents that are or may be filed
with the Securities and Exchange Commission when they are available
because they will contain important information. Shareholders will be
able to obtain a free copy of any filings containing information about
Journal Communications, Inc., without charge, at the SEC's Internet
site (http://www.sec.gov). Copies of any filings containing
information about Journal Communications, Inc. can also be obtained,
without charge, by directing a request to Journal Communications,
Inc., 333 West State Street, Milwaukee, Wisconsin 53203, attention
Secretary.