By: (AP) Journal Communications Inc., owner of the Milwaukee Journal Sentinel and 41 radio and television stations, wants to sell up to $250 million in stock to the public for the first time, the company said Wednesday in a government filing.
The company did not provide details in the filing with the Securities and Exchange Commission about the timing, the share price or the number of shares it would like to offer in the initial public offering of stock.
The IPO is subject to approval by the privately-held company's shareholders.
Journal Communications employees and retirees currently own 80% of the company's stock through a trust established in 1937 by Harry J. Grant, then chairman of the firm. Another 10% is in the company treasury. Grant's heirs own the balance.
Journal Communications wants an infusion of capital to propel growth, according to the filing.
In October, the company said it had begun studying ways to raise outside capital. It considered a range of options, including long-term debt, a private stock placement or a public offering, the company said at the time.
In March, Journal Communications reached an agreement in principle with the Grant heirs in which they would exchange their stock for a package of common and preferred stock if the company brought in new outside capital.
The agreement called for an unspecified modification of the Grant heirs' rights under the trust.
Changes to the trust, and to the company's capital structure, are also subject to approval by the trustees and employee-owners.
Journal Communications employs more than 6,000 people working at the newspaper, five television and 36 radio stations in 11 states and other communications operations.
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