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VOL. 37 | NO. 18 | Friday, May 03, 2013
Channel 5 acquisition helps Journal Comm. earnings
MILWAUKEE (AP) — Journal Communications Inc. says its earnings rose 30 percent in the most recent quarter, boosted in part by its acquisition of a Nashville television station WTVF.
The company on Thursday reported first-quarter income of $3.8 million, or 8 cents per share. That's up from $2.9 million, or 5 cents per share, in the same quarter last year.
Total revenue increased 15 percent to $94.7 million. The growth was driven by the company's broadcasting segment, which saw revenue rise 31 percent to $58.2 million.
The company acquired NewsChannel 5 in December, which helped drive up total revenue.
Journal Communications owns 15 television stations and 34 radio stations in 12 states. It also publishes the Milwaukee Journal Sentinel, Wisconsin's largest newspaper.
Shares rose 31 cents, or 5 percent, to close at $6.95.