Journal Same-Station Revenue Up 8%

WTVF acquisition boosts numbers; overall broadcast revenue climbs 31.1%
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Buoyed by its acquisition of WTVF Nashville, Journal
Communications TV station revenue was $42.3 million in the first quarter, up
43.4% over the same quarter a year ago, and 7.6% on a same-station basis.

Political revenue was $0.4 million in the quarter, down from
$1.2 million in the same quarter last year. Local television advertising
revenue, excluding political, increased 36.7% -- or 3.2% on a same-station
basis, primarily due to an increase in automotive advertising. National
advertising revenue increased 50.1%, or 9.5% on a same-station basis, primarily
due to increases in media and restaurant advertising.

Operating earnings from Journal's television stations were
$7.1 million, an increase of 84.3%. Television operating expenses increased
37.2%, or 10.4% on a same-station basis, excluding acquisition costs, primarily
due to increases in network fees and employee-related costs.

Retransmission revenue increased 145.1% to $5.4 million.

Journal acquired WTVF from Landmark for $215 million late in
2012.

Milwaukee-based Journal's overall broadcast revenue, which
includes radio, was up 31.1% at $58.2 million-and 6% on a same-station basis.

"We are very pleased to report that Journal
Communications experienced revenue growth in the first quarter at both our
television and radio stations and improving trends at the Journal Sentinel
daily newspaper," said Steven J. Smith, chairman and CEO of Journal
Communications. "Television revenue increased over 43%, driven by a solid
quarter at the newly acquired NewsChannel 5 in Nashville. On a same-station
basis, television revenue increased almost 8%, driven, in part, by increased
retransmission revenue."

Journal's overall revenue was $94.7 million in the quarter,
up 15.1%.

Revenue from radio stations increased 6.7% to
$15.9 million, or 2.8% on a same-station basis. Publishing revenue decreased
3.8% to $36.6 million.

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