By: Jenny Price, Associated Press Writer (AP) Employee-owned Journal Communications Inc. won approval from shareholders to sell the company's stock publicly for the first time, according to documents filed Wednesday with the Securities and Exchange Commission.
The company owns the
Milwaukee Journal Sentinel and 42 radio and television stations. Employees currently own 90% of the company's shares through a trust established in 1937 by Harry J. Grant, then chairman of the firm. Grant's heirs own the balance.
Journal Communications plans to use proceeds from the initial public offering to repurchase stock held by employees and retirees who want to sell shares.
More than 87% of the shares held by active employees were in favor of dissolving the trust, according to papers the company filed with the SEC.
The offering is expected to generate $221.9 million, according to SEC filings.
Journal Communications wants to invest in other publishing operations, acquire more broadcasting stations and continue to invest in its telecommunications business, according to SEC filings.
Robert Dye, a Journal Communications spokesman, declined to comment on the vote. SEC rules require companies to refrain from making public comment when a stock offering is pending.
Journal Communications, founded in 1882, has offered its stock only to employees and retirees for more than 60 years through the trust. The stock will trade on the New York Stock Exchange under the symbol JRN.
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