Exhibit 99

Journal Communications Reports Fourth Quarter and Full Year 2010 Results

MILWAUKEE--(BUSINESS WIRE)--February 15, 2011--Journal Communications, Inc. (NYSE:JRN) today announced results for its fourth quarter and full year ended December 26, 2010:

Fourth Quarter 2010 compared to Fourth Quarter 2009 (Continuing Operations)

• Revenue of $103.7 million, up 7.8%
• Television revenue up 32.1%, Radio revenue up 6.2%
• Operating earnings of $18.8 million, up 22.6%
• Operating margin of 18.1%, up from 15.9%
• Diluted EPS of $0.20, up from $0.12

Full Year 2010 compared to Full Year 2009 (Continuing Operations)

• Revenue of $376.8 million, up 3.1%
• Television revenue up 18.7%, Radio revenue up 4.8%
• Operating earnings of $53.0 million compared to $9.6 million
• Operating margin of 14.1%, up from 2.6%
• Cash provided by operating activities of $71.5 million compared to $68.6 million
• Sold PrimeNet Marketing Services in February 2010 and IPC Print Services in December 2010 – Both reported as a discontinued operations
• Year end notes payable to banks of $74.6 million, down $76.8 million from year end 2009.

“Overall for the quarter, revenue of $103.7 million increased 7.8% and operating earnings increased 22.6% to $18.8 million,” said Steven Smith, Chairman of the Board and Chief Executive Officer of Journal Communications. “Broadcast political and issue advertising of $9.4 million contributed to our strong fourth quarter results. Excluding political and issue advertising, broadcast revenue grew 5.0% driven by the continued rebound in automotive advertising, up 16% in the quarter. While publishing revenue was down for the year, the rate of decline slowed as the year progressed with the fourth quarter down 5.5% from the fourth quarter last year. We continue to see declines in key advertising categories including classifieds. However, we saw a 10.5% increase in digital revenue at the daily newspaper.

“We ended the year with outstanding borrowings under our credit facility of $74.6 million, a reduction of $76.8 million from the end of 2009 reflecting a leverage of less than one times EBITDA. Proceeds from the sale of IPC Printing Services in the fourth quarter of $14.0 million contributed to the reduction.

“Looking ahead to 2011, in broadcast, our top priority is to grow our share of revenue in each market. Our priority in publishing is to continue to provide a relevant, high impact daily newspaper while enhancing and building our digital business. We will continue to seek in-market growth opportunities in traditional or digital media, make capital investments that drive growth and look for new market broadcast acquisitions.”

Fourth Quarter 2010 Results

Note that unless otherwise indicated, all comparisons are to the fourth quarter ended December 27, 2009.

For the fourth quarter, revenue from continuing operations of $103.7 million increased 7.8% compared to $96.2 million. Operating earnings of $18.8 million increased 22.6% compared to $15.3 million. Included in operating earnings were the following items:

• $2.0 million and $1.0 million in 2010 and 2009, respectively, in workforce reduction related expenses;
• $1.8 million in noncash impairment charges for a building in Omaha, Nebraska in 2010 and $1.2 million in noncash impairment charges for broadcast licenses in 2009;
• $1.1 million curtailment gain from the amendment to permanently freeze the qualified and non-qualified retirement benefit plans in the fourth quarter 2010; and
• $0.5 million gain related to insurance proceeds from our Wichita tower replacement in the fourth quarter 2009.

Excluding the above-mentioned items, operating earnings would have been $21.5 million compared to $17.0 million, an increase of 26.8%. The gain from discontinued operations was $3.5 million compared to $0.1 million. Net earnings were $14.7 million compared to $7.2 million.

In the fourth quarter, basic and diluted net earnings per share of class A and B common stock were $0.26. This compares to basic and diluted net earnings per share of $0.12 in 2009. Basic and diluted earnings per share of class A and B common stock from continuing operations were $0.20. The aggregate impact of the above-mentioned items had a $0.03 negative impact on our diluted earnings per share of class A and B from continuing operations. This compares to basic and diluted earnings per share from continuing operations of $0.12 in 2009. Basic and diluted earnings per share of class A and B common stock from discontinued operations were $0.06 in 2010.

The operating margin was 18.1% for the fourth quarter compared to 15.9%. EBITDA (net earnings (loss) excluding the gain/loss from discontinued operations, net; total other expense, net; provision (benefit) for income taxes; depreciation; amortization; and, if any, non-cash impairment charges) was $24.8 million compared to $23.0 million, an increase of 8.0%.

Full Year 2010 Results

Note that unless otherwise indicated, all comparisons are to the full year ended December 27, 2009.

For the full year, revenue from continuing operations of $376.8 million increased 3.1% compared to $365.5 million. Operating earnings of $53.0 million increased 450.2% compared to $9.6 million. Included in operating earnings were the following items:

• $2.9 million and $5.7 million in 2010 and 2009, respectively, in workforce reduction related expenses;
• $1.8 million in noncash impairment charges for a building in Omaha in 2010 and $20.1 million in noncash impairment charges for broadcast licenses in 2009;
• $1.1 million and $0.5 million in 2010 and 2009, respectively in curtailment gains from amendments to our qualified and non-qualified retirement benefit plans; and
• $0.3 million and $2.2 million in 2010 and 2009, respectively, for gains related to insurance proceeds from our Wichita tower replacement.

Excluding the above-mentioned items, operating earnings would have been $56.3 million compared to $32.8 million, an increase of 71.7%. The gain from discontinued operations was $3.7 million compared to a loss of $0.6 million. Net earnings were $34.4 million compared to $4.3 million.

For the full year, basic and diluted net earnings per share of class A and B common stock were $0.59. This compares to basic and diluted net earnings per share of $0.05 in 2009. Basic and diluted earnings per share of class A and B common stock from continuing operations were $0.52. The aggregate impact of the above-mentioned items had a $0.04 negative impact on our diluted earnings per share of class A and B from continuing operations. This compares to basic and diluted earnings per share from continuing operations of $0.06 in 2009. Basic and diluted earnings per share of class A and B common stock from discontinued operations were $0.07. This compares to basic and diluted loss per share of class A and B common stock from discontinued operations of $0.01 in 2009.

The operating margin was 14.1% for 2010 compared to 2.6%. EBITDA (net earnings (loss) excluding the gain/loss from discontinued operations, net; total other expense, net; provision (benefit) for income taxes; depreciation; amortization; and, if any, non-cash impairment charges) was $77.7 million compared to $55.7 million, an increase of 39.3%.

Consolidated and Segment Results

The following table presents our revenue and operating earnings (loss) by segment for the fourth quarter and full year of 2010 and 2009 (dollars in millions).

For the fourth quarter, total expenses of $84.9 million increased 4.9% compared to $80.9 million. Excluding the above-mentioned items, total expenses would have been $82.2 million compared to $79.3 million, an increase of 3.7%, primarily due to the increase in revenue.

Overall for the full year, total expenses of $323.7 million decreased 9.0% compared to $355.9 million. Excluding the above-mentioned items, total expenses would have been $320.5 million compared to $332.7 million, a reduction of 3.7%.

Publishing

For the fourth quarter, publishing revenue decreased 5.5% to $47.4 million compared to $50.2 million, largely due to continued decreases in the retail and classified advertising categories, circulation revenue and other revenue, partially offset by an increase in national advertising revenue. Operating earnings from publishing were $5.1 million compared to $8.5 million, a decrease of 39.1%. Excluding workforce reduction related charges of $2.0 million in 2010 and $0.8 million in 2009, operating earnings would have been $7.1 million compared to $9.2 million, a decrease of 22.6%. Total newsprint and paper expense in publishing was $4.4 million compared to $4.1 million, an 8.0% increase primarily due to an increase in the price per ton of newsprint.

Revenue at the daily newspaper for the fourth quarter decreased 5.3% to $39.9 million compared to $42.2 million. Retail advertising revenue decreased 8.6%. Classified advertising revenue decreased 10.8% largely due to a decrease in the real estate and automotive advertising categories. Interactive advertising revenue increased 10.5% to $2.9 million compared to $2.6 million, primarily due to an increase in retail sponsorships and classified advertising packages. Circulation revenue of $12.8 million was essentially flat. Operating earnings from the daily newspaper were $4.6 million compared to $7.8 million, a decrease of 41.2%. Excluding workforce reduction related charges of $1.9 million in 2010 and $0.7 million in 2009, operating earnings would have been $6.5 million compared to $8.5 million. Daily newspaper operating expenses increased 2.8%. Excluding workforce reduction related charges in both years, operating expenses decreased by 0.6%. The decrease in operating expenses from cost reduction initiatives was partially offset by a $0.3 million increase in newsprint and paper expense.

Community newspapers and shoppers revenue for the fourth quarter decreased 6.3% to $7.5 million compared to $8.0 million. The decrease was primarily due to declines in automotive, retail and real estate advertising revenue. Operating earnings from community newspapers and shoppers were $0.6 million compared to $0.7 million, a decrease of 15.2%. Operating expenses were down 5.5%, primarily due to cost savings from previous workforce reductions and reduced expenses related to revenue declines.

For the full year, publishing revenue decreased 5.9% to $182.8 million compared to $194.2 million, largely due to continued decreases in the retail and classified advertising categories and circulation revenue, partially offset by an increase in other revenue (commercial printing) and national advertising revenue. Operating earnings from publishing were $18.2 million compared to $13.8 million, an increase of 32.1%. Excluding workforce reduction related charges of $2.5 million in 2010 and $5.4 million in 2009, operating earnings would have been $22.5 million compared to $23.9 million, a decrease of 5.7%. Total newsprint and paper expense of $17.3 million was essentially flat.

Revenue at the daily newspaper for the full year decreased 4.8% to $152.4 million compared to $160.1 million. Retail advertising revenue decreased 9.1%. Classified advertising revenue decreased 10.7% largely due to decreases in all advertising categories, primarily real estate and employment. Interactive advertising revenue increased 14.4% to $10.8 million compared to $9.5 million, primarily due to an increase in retail sponsorships and classified advertising packages. Circulation revenue of $50.1 million decreased $1.0 million compared to $51.1 million. Operating earnings from the daily newspaper were $15.9 million compared to $11.8 million, an increase of 34.1%. Excluding workforce reduction related charges of $2.4 million in 2010 and $5.3 million in 2009, operating earnings would have been $19.5 million compared to $20.5 million. Daily newspaper operating expenses decreased 7.9%. Excluding workforce reduction related charges in both years, operating expenses decreased by 5.0% primarily due to the reduction in the expense platform to better align with a reduced revenue base. The decrease in operating expenses from cost reduction initiatives was partially offset by a $0.2 million increase in newsprint and paper expense.

Community newspapers and shoppers revenue for the full year decreased 10.8% to $30.4 million compared to $34.1 million. The decrease was primarily due to declines in automotive, retail and real estate advertising revenue. Operating earnings from community newspapers and shoppers were $2.3 million compared to $2.0 million, an increase of 19.7%. Operating expenses were down 12.6%, primarily due to cost savings from previous workforce reductions and reduced expenses related to revenue declines.

Broadcasting

For the fourth quarter, broadcasting revenue increased 22.1% to $56.3 million compared to $46.1 million. Total broadcast political and issue advertising revenue was $9.4 million compared to $1.5 million. Excluding political and issue advertising revenue, broadcasting revenue increased 5.0%. Local and national advertising revenue increased 3.9% and 3.0%, respectively primarily due to an increase in automotive advertising. Retransmission revenue was $1.6 million compared to $1.0 million. Broadcasting operating earnings of $16.2 million increased 86.5% compared to $8.7 million primarily due to the increase in revenue.

Revenue from television stations for the fourth quarter increased 32.1% to $37.4 million compared to $28.3 million. Television political and issue advertising revenue was $8.7 million compared to $1.4 million. Excluding political and issue advertising revenue, television revenue increased 6.4%. Television automotive advertising increased $0.8 million. Operating earnings were $13.0 million compared to operating earnings of $4.1 million, which included a $1.2 million charge for noncash impairment for broadcast licenses in 2009. Television operating expenses increased 0.7%. Excluding the noncash impairment charge in 2009, television operating expenses increased 5.8% primarily due to the increase in revenue.

For the fourth quarter, revenue from radio stations increased 6.2% to $18.9 million from $17.8 million. Radio political and issue advertising revenue was $0.7 million compared to $0.1 million. Operating earnings from radio stations were $3.2 million compared to $4.6 million. Excluding the $1.8 million noncash impairment charge for a building in Omaha in 2010 and the $0.5 million gain related to the Wichita tower replacement in 2009, operating earnings would have been $5.0 million compared to $4.1 million. Radio operating expenses increased 19.0%. Excluding the Omaha building impairment and the Wichita tower gain, radio operating expenses increased 1.4%.

For the full year, broadcasting revenue increased 13.3% to $194.4 million compared to $171.5 million. Total broadcast political and issue advertising revenue was $16.7 million compared to $2.7 million. Excluding political and issue advertising revenue, broadcasting revenue increased 5.2%. National and local advertising revenue increased 9.7% and 1.5%, respectively, primarily due to an increase in automotive advertising. Retransmission revenue was $6.5 million compared to $4.4 million. Broadcasting operating earnings increased to $43.6 million from $3.1 million primarily due to the increase in revenue and the $20.1 million noncash impairment charge for broadcast licenses in 2009.

Revenue from television stations for the full year increased 18.7% to $125.1 million compared to $105.4 million. Television political and issue advertising revenue was $15.4 million compared to $2.3 million. Excluding political and issue advertising revenue, television revenue increased 6.4%. Television automotive advertising increased $5.4 million. Operating earnings were $29.0 million compared to an operating loss of $7.7 million, which included a $16.0 million charge for noncash impairment for broadcast licenses in 2009. Television operating expenses decreased 15.1%. Excluding the noncash impairment charge in 2009, television operating expenses decreased 1.1% primarily due to continuing extensive cost reduction initiatives.

For the full year, revenue from radio stations increased 4.8% to $69.3 million from $66.1 million. Radio political and issue advertising revenue was $1.3 million compared to $0.4 million. Operating earnings from radio stations were $14.5 million compared to $10.7 million. Excluding the $1.8 million noncash impairment charge for a building in Omaha and a $0.3 million gain related to the Wichita tower replacement in 2010 and the $4.1 million noncash impairment charge for broadcast licenses and the $2.2 million gain related to the Wichita tower in 2009, operating earnings would have been $16.0 million compared to $12.7 million. Radio operating expenses decreased 1.0%. Excluding the Omaha building and broadcast license noncash impairments and the gain related to the Wichita tower replacement, radio operating expenses decreased 0.3% primarily due to extensive cost reductions.

Corporate

The operating loss for the fourth quarter was $2.5 million compared to $1.8 million, primarily due to an increase in the accrual for annual incentive compensation related to the improvement in overall operating earnings of the company and an increase in professional services from outsourcing certain corporate functions.

For the full year, the operating loss was $8.8 million compared to $7.2 million primarily due to an increase in the accrual for annual incentive compensation related to the improvement in overall operating earnings of the company and an increase in director stock compensation expense.

Discontinued Operations

For the fourth quarter, the gain from the discontinued operations of IPC Print Services was $3.5 million compared to $0.1 million. Included in the gain from discontinued operations in 2010 was a $3.4 million after tax gain on the sale of IPC. For the full year, the net gain from the discontinued operations of IPC and PrimeNet Marketing Services was $3.7 million compared to a net loss from the discontinued operations of $0.6 million.

Non-Operating Items

For the fourth quarter, other expense, which primarily consists of interest expense, was $1.2 million compared to $0.6 million. For the full year, other expense, which primarily consists of interest expense, was $3.3 million compared to $2.8 million. The increase in interest expense reflects the increase in borrowing rates under our amended and extended credit agreement entered into on August 13, 2010 partially offset by the decrease in average borrowings.

The fourth quarter and full year effective tax rates were 36.4% and 38.3%, respectively, compared to 52.1% and 28.2%, respectively.

Notes Payable to Banks and Cash Flows

At year end, our notes payable to banks was $74.6 million. During the fourth quarter and the year, we reduced our notes payable to banks by $37.9 million and $76.8 million, respectively. Our consolidated funded debt ratio, as defined in our credit agreement, was 0.89-to-1. Cash from operating activities was $71.5 million compared to $68.3 million (which included income tax refunds of $13.6 million). Year-to-date capital expenditures were $9.4 million compared to $7.7 million. Current year expenditures include $1.4 million related to the Wichita tower replacement for which we have received insurance proceeds.

First Quarter 2011 Outlook

For the first quarter of 2011, we anticipate that publishing revenues will be down compared to the prior year period reflecting continued challenges with publishing advertising revenue. Excluding prior year Olympics and political and issue advertising in broadcast, revenues are expected to be up slightly compared to the prior year period.

Conference Call and Webcast

The company will hold an earnings conference call today at 10:00 a.m. Central Time (11:00 a.m. ET, 8:00 a.m. PT). To access the call, dial (888) 680-0890 (domestic) or (617) 213-4857 (international) at least 10 minutes prior to the scheduled start of the call. The access code for the conference call is 90537669. A live webcast of the fourth quarter conference call will be accessible through the Journal Communications’ website at www.journalcommunications.com/investors, also beginning at 10:00 a.m. CT this morning. An archive of the webcast will be available on this site today through March 1, 2011. Replays of the conference call will also be available through March 1, 2011. To hear the replay, dial (888) 286-8010 (domestic) or (617) 801-6888 (international) at least one hour after the completion of the call. The access code for the replay is 12346809. Pre-registration for the conference call is now available at www.journalcommunications.com/investors.

Forward-looking Statements

This press release contains certain forward-looking statements related to our businesses that are based on our current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions that could cause actual results to differ materially from the expectations expressed in forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Our written policy on forward-looking statements can be found in our most recent Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission.

About Journal Communications

Journal Communications, Inc., headquartered in Milwaukee, Wisconsin, was founded in 1882. We are a diversified media company with operations in publishing, radio and television broadcasting and interactive media. We publish the Milwaukee Journal Sentinel, which serves as the only major daily newspaper for the Milwaukee metropolitan area, and several community newspapers and shoppers in Wisconsin and Florida. We own and operate 33 radio stations and 13 television stations in 12 states and operate an additional television station under a local marketing agreement. Our interactive media assets build on our strong publishing and broadcasting brands.

Tables Follow

We define EBITDA as net earnings (loss) excluding gain/loss from discontinued operations, net, provision (benefit) for income taxes, total other expense (which is entirely comprised of interest income and expense), depreciation, amortization and, if any, non-cash impairment charges. Our management uses EBITDA, among other things, to evaluate our operating performance, and to value prospective acquisitions. EBITDA is not a measure of performance calculated in accordance with accounting principles generally accepted in the United States. EBITDA should not be considered in isolation of, or as a substitute for, net earnings as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. EBITDA, as we calculate it, may not be comparable to EBITDA reported by other companies.

CONTACT:
Journal Communications, Inc.
Andre Fernandez
Executive Vice President, Finance & Strategy
and Chief Financial Officer
414-224-2884