Exhibit 99

Journal Communications Reports Second Quarter 2011 Results

Second Quarter 2011 compared to Second Quarter 2010

• Revenue of $90.1 million, down 4.5%
• Broadcast revenue down 2.0%; Core broadcast revenue, excluding political and issue advertising revenue, was essentially flat
• Operating earnings of $11.5 million, down 16.6%
• Diluted EPS of $0.10, down from $0.14
• Notes payable to banks of $61.0 million, a reduction of $13.6 million from year end 2010
• Funded debt ratio of 0.80-to-1

MILWAUKEE--(BUSINESS WIRE)--July 26, 2011--Journal Communications, Inc. (NYSE:JRN) today announced results for its second quarter ended June 26, 2011.

“In the second quarter, Journal Communications saw mixed results in this challenging operating environment,” said Steven Smith, Chairman of the Board and Chief Executive Officer of Journal Communications. “Overall publishing and broadcast revenue was down in the second quarter compared to the second quarter of 2010. However, excluding political and issue advertising in both years, we did see a revenue increase at our television stations in the second quarter. In addition, we continue to see an increase in interactive revenue in both our broadcast and publishing businesses. Furthermore, total operating costs and expenses were down 2.4% compared to second quarter 2010.

“As a result of our commitment to delivering shareholder value, our Board of Directors recently authorized a share repurchase program that will allow us to opportunistically buy back class A and/or class B common stock.”

Second Quarter 2011 Results

Note that unless otherwise indicated, all comparisons are to the second quarter ended June 27, 2010.

For the second quarter, revenue of $90.1 million decreased 4.5% compared to $94.3 million. Operating earnings of $11.5 million decreased 16.6% compared to $13.8 million. Net earnings were $6.1 million compared to $8.1 million.

In the second quarter, basic and diluted net earnings per share of class A and B common stock were $0.10 compared to $0.14 in 2010.

The operating margin was 12.8% for the second quarter compared to 14.6%. EBITDA (net earnings (loss) excluding the earnings/loss from discontinued operations, net; total other expense, net; provision (benefit) for income taxes; depreciation; amortization; and, if any, non-cash impairment charges) was $17.3 million compared to $20.0 million, a decrease of 13.4%.

Consolidated and Segment Results

The following table presents our revenue and operating earnings (loss) by segment for the second quarter of 2011 and 2010 (dollars in millions).

For the second quarter, total expenses of $78.6 million decreased 2.4% compared to $80.5 million.

Publishing

For the second quarter, publishing revenue decreased 6.9% to $44.1 million compared to $47.4 million, largely due to continued decreases in the retail and classified advertising categories and other revenue. Operating earnings from publishing were $5.4 million compared to $6.6 million, a decrease of 19.3%. Total newsprint and paper expense in publishing was $4.5 million compared to $4.6 million, a 3.1% decrease, primarily due to a reduction in newsprint consumption partially offset by an increase in the price per ton.

Revenue at the daily newspaper for the second quarter decreased 5.9% to $36.7 million compared to $39.0 million. Retail advertising revenue decreased 7.8%. Classified advertising revenue decreased 14.1% driven primarily by a decrease in the real estate category. Interactive advertising revenue increased 7.3% to $3.0 million compared to $2.8 million, primarily due to an increase in retail sponsorships and classified advertising packages. Circulation revenue of $12.2 million decreased 2.4%. Other revenue, which primarily consists of commercial printing and commercial delivery, of $4.1 million was down 3.7%. Operating earnings from the daily newspaper were $4.3 million compared to $5.4 million, a decrease of 21.9%. Daily newspaper operating expenses decreased 3.4%, primarily due to a decrease in employee related costs.

Community newspapers and shoppers revenue for the second quarter decreased 11.4% to $7.4 million compared to $8.4 million. Retail advertising revenue decreased by 11.8%. Classified advertising revenue decreased by 22.0%. Operating earnings from community newspapers and shoppers were $1.1 million compared to $1.2 million. Our operating earnings in the second quarter 2011 included a $0.2 million pretax gain on the sale of our Pelican Press businesses. Operating expenses were down 12.0% or 8.6% excluding the gain on the sale of Pelican Press, primarily due to cost savings from previous workforce reductions and lower operating costs associated with lower revenue.

Broadcasting

For the second quarter, broadcasting revenue decreased 2.0% to $46.1 million compared to $47.0 million. Total broadcast political and issue advertising revenue was $0.9 million compared to $1.9 million. Core broadcast revenue, excluding political and issue advertising revenue in both years was essentially flat. Local and national advertising revenue decreased 0.9% and 3.8%, respectively primarily due to a decrease in automotive advertising. Retransmission revenue was $2.1 million compared to $1.6 million. Broadcasting operating earnings of $8.3 million decreased 13.8% compared to $9.7 million.

Revenue from television stations for the second quarter decreased 2.1% to $28.7 million compared to $29.3 million. Excluding political and issue advertising revenue of $0.7 million in 2011 and $1.7 million in 2010, revenue from television stations increased 1.3%. Local advertising revenue increased 1.4% primarily due to an increase in medical, retail and other media advertising. National advertising revenue decreased 9.5% primarily due to a decrease in automotive advertising. Operating earnings were $4.3 million compared to $5.4 million, a decrease of 20.1%. Television operating expenses increased 2.0% primarily due to increases in employee related expenses and certain network fees.

For the second quarter, revenue from radio stations decreased 1.8% to $17.4 million from $17.7 million. Radio political and issue advertising revenue was $0.2 million in each of 2011 and 2010. Operating earnings from radio stations were $4.0 million compared to $4.2 million, a decrease of 5.7%. Radio operating expenses decreased 0.5%.

Corporate

The operating loss for the second quarter was $2.2 million compared to $2.5 million. The reduction in the operating loss was primarily due to a decrease in the cost of our executive incentive compensation plans in 2011.

Discontinued Operations

For the second quarter of 2010, earnings from discontinued operations of $0.2 million were from our former printing services and direct marketing businesses.

Non-Operating Items

For the second quarter, other expense, which primarily consists of interest expense, was $0.9 million compared to $0.5 million. The increase in interest expense reflects an increase in borrowing rates under our amended and extended credit agreement entered into on August 13, 2010 partially offset by a decrease in average borrowing levels for the quarter.

The second quarter effective tax rate was 42.0% compared to 40.2%. The increase in the effective tax rate in 2011 is due to a state tax law change that resulted in a write-off of a state deferred tax asset.

Notes Payable to Banks and Cash Flows

At the end of the second quarter, our notes payable to banks were $61.0 million. During the first half of 2011, we reduced our notes payable to banks by $13.6 million as compared to the 2010 year-end. Our consolidated funded debt ratio, as defined in our credit agreement, was 0.80-to-1. Year-to-date cash from operating activities was $17.5 million compared to $35.2 million. Year-to-date cash from operating activities has decreased primarily due to an increase in income tax and incentive compensation payments and a decrease in operating earnings. Year-to-date capital expenditures were $5.4 million compared to $5.2 million.

Share Repurchase Authorization

On July 12, 2011, the Board of Directors authorized a share repurchase program of up to $45 million of our outstanding class A common stock and/or class B common stock until the end of fiscal 2013.

Third Quarter 2011 Outlook

For the third 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 political and issue advertising in broadcast, 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 (800) 884-5695 (domestic) or (617) 786-2960 (international) at least 10 minutes prior to the scheduled start of the call. The access code for the conference call is 59909762. A live webcast of the second 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 August 9, 2011. Replays of the conference call will also be available through August 9, 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 67943859.

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 earnings/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