Journal Buys Back Shares Of Special Stock Class

Buys Back Shares

JOURNAL COMMUNICATIONS INC.  announced MONDAY that it has bought back 3.264 million Class C shares of its stock from the family and successors of former company Chairman HARRY J. GRANT for $6,245,536 cash and $25,598,989 in unsecured subordinated promissory notes.  

The shares comprised a special class of stock with rights including a minimum dividend, conversion rights, extra voting power, and an aggregate right to a seat on the board.

"This transaction simplifies our capital structure and allows us to remove a class of stock that had enhanced voting and other rights," said Chairman/CEO STEVEN J. SMITH.

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