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Journal Station Revenue Down 15% in Q4 - Broadcasting & Cable

Journal Station Revenue Down 15% in Q4

Olympics and politics make for a rosier 2010
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Journal Communications reported television station revenue
of $28.3 million in the fourth quarter, a 15.2% drop from the same quarter a
year before. Political advertising was $1.4 million, down from the $6.1 million
in the fourth quarter of 2008.

Journal's overall broadcasting division, which includes
radio, reported revenue of $46.1 million in the quarter, a 13.3% decrease from
the same quarter a year previous. Overall broadcast revenue was down 18.3% for
the full 2008, while TV station revenue was down 19.3% for the full year.

The company cut television operating expenses 17.4% in the
fourth quarter and vowed to "remain diligent on cost controls."

Journal Chairman/CEO Steven J. Smith said the Olympics and
increased political activity will help Journal in 2010. "In a year where
revenue has been challenged, we closed 2009 with our strongest quarter. We
showed sequential improvements in revenue comparisons throughout the quarter,
including an improving automotive category," said Smith. "This
revenue performance, together with significant, and in many cases permanent
reductions in our cost structure, resulted in increased operating margins and
net earnings for the quarter.

"As we move into the first quarter of 2010, we expect
revenue comparisons to continue to improve, helped by Olympic and political
advertising," he continued. "We will remain diligent on cost controls and will continue
to execute our local market business strategy in order to position Journal for
a return to top line growth."

Journal's overall revenue grab was $112.2 million in the
fourth quarter, down 16.4% from the same quarter a year before.

The Milwaukee-based company owns 13 TV stations, 33 radio
stations and print products such as the Milwaukee
Journal Sentinel.

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