Milwaukee Media Company Sets IPO Price

By: (AP) Journal Communications, Inc., parent company of the Milwaukee Journal Sentinel and the nation's oldest employee-owned firm, on Tuesday priced its initial public offering at $15 per share for 17.25 million shares of Class A common stock.

The stock was to begin trading Wednesday on the New York Stock Exchange under the symbol JRN.

Employees 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. Employees approved the public offering on Sept. 3

Journal Communications plans to use money from the initial public offering to repurchase stock held by employees and retirees who want to sell shares, SEC filings said.

The company said the offering includes 396,000 shares being sold by Grant's heirs.

Journal Communications, founded in 1882, has offered its stock only to employees and retirees for more than 60 years through the trust.

Journal Communications employs more than 6,000 people at the newspaper, six television stations, and 36 radio stations in 11 states and other communications operations.