04.24.2009 04:15 PM
Journal Closes on KNIN-TV
MILWAUKEE: Journal Communications closed its $6.6 million purchase of KNIN-TV in Boise, Idaho, this week. Journal picked up the station from Banks Boise Inc. Affiliated with The CW, the station airs on analog Ch. 9 and digital Ch. 10. Journal also owns the ABC affiliate in the Boise market, KIVI-TV, and several radio stations.
Journal initially announced the acquisition last July, when it agreed to buy the station assets for $8 million. The deal was delayed at the FCC because of its rules prohibiting one media company from owning multiple TV stations in a given market unless certain criteria are met. Journal ultimately scored approval. The company now owns 13 TV stations, including WTMJ-TV in Milwaukee, The Milwaukee Sentinel and 35 radio stations.
Journal (NYSE: JRN) also reported first-quarter results this week. Revenues for the 12 TV stations Journal owned during the quarter were $26 million, down nearly 20 percent from $32.4 million posted last year. JRN said operating earnings were down 98 percent to just $100,000, compared to $3.6 million last year. Journal imposed an across-the-board 6 percent pay cut in early April. --Deborah D. McAdams