8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

_______________________

Date of Report

(Date of earliest

event reported):                                   October 24, 2014

           Journal Communications, Inc.           

(Exact name of registrant as specified in its charter)

Wisconsin	1-31805	20-0020198
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

333 West State Street, Milwaukee, Wisconsin 53203

(Address of principal executive offices, including zip code)

(414) 224-2000

(Registrant’s telephone number)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events.

As previously disclosed, beginning in the first quarter of 2014, Journal Communications, Inc. (the “Company”) made an organization change to its leadership team in the Broadcasting segment reflecting focus on its two primary businesses:  television and radio.

The Company is filing this Current Report on Form 8-K to reclassify historical segment information for the television and radio segments to correspond with its current segment structure.

Exhibit 99 to this Current Report on Form 8-K provides reclassified segment discussions within the following items of the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2013 (the “2013 Form 10-K”), as filed with the Securities and Exchange Commission (the “SEC”) on March 10, 2014:

· Part I, “Item 1. Business”

· Part I, “Item 2. Properties”

· Part II, “Item 6. Selected Financial Data”

· Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations”

· Part II, “Item 8. Financial Statements and Supplementary Data”

The changes in reportable segment structure discussed above, which are reflected in the information included in Exhibit 99 to this Current Report on Form 8-K, affect only the manner in which the results for television and radio were previously reported.  This Current Report on Form 8-K does not reclassify or restate the Company’s previously reported consolidated financial statements for any period, and all other information in the 2013 Form 10-K remains unchanged and has not been otherwise updated for events or developments that occurred subsequent to the filing of the 2013 Form 10-K with the SEC except for the addition of Note 18, Subsequent Events (unaudited).  Beginning in 2014, the Company’s financial statements reflect the realignment of its reportable segments with prior periods adjusted accordingly.  The information in this Current Report on Form 8-K, including Exhibit 99, should be read in conjunction with the 2013 Form 10-K and in conjunction with the other information that the Company has filed with the SEC since the Company originally filed the 2013 Form 10-K, which information updates and supercedes the information contained in Exhibit 99.

Forward-Looking Statements

We make certain statements in this Report (including the information that we incorporate by reference herein) that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended.  We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in that Act, and we are including this statement for purposes of those safe harbor provisions.  These forward-looking statements generally include all statements other than statements of historical fact, including statements regarding our future financial position, business strategy, budgets, projected revenues and expenses, expected regulatory actions and plans and objectives of management for future operations.  We often use words such as "may," "will," "intend," "anticipate," "believe," or "should" and similar expressions in this Quarterly Report on Form 10-Q to identify forward-looking statements.  These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control.  These risks, uncertainties and other factors could cause actual results to differ materially from those expressed or implied by those forward-looking statements.  Among such risks, uncertainties and other factors that may impact us are the following as well as those contained in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended December 29, 2013, as may be amended or supplemented in Part II, Item 1A of our subsequently filed Quarterly Reports on Form 10-Q:

· the possibility that the proposed spin and merger transactions with The E.W. Scripps Company (“Scripps”) do not close (including, but not limited to, due to the failure to satisfy the closing conditions),disruptionfrom the proposed transactions making it more difficult to maintain our business and operational relationships, and the risk that unexpected costs will be incurred during this process;

· changes in network affiliation agreements, including increased costs;

· the availability of quality broadcast programming at competitive prices;

· quality and rating of network over-the-air broadcast programs, including programs changing networks and changing competitive dynamics regarding how and when network programs are made available to our viewers;

· changes in video programming distribution channels, including new Internet and mobile programming competitors;

· effects of the rapidly changing nature of the publishing, broadcasting and printing industries, including general business issues, competitive issues and the introduction of new technologies;

· changes in federal or state laws and regulations or their interpretations (including changes in regulations governing the number and types of broadcast and cable system properties, newspapers and licenses that a person may control in a given market or in total or the changes in spectrum allocation policies);

· effects of the loss of commercial inventory resulting from uninterrupted television news coverage and potential advertising cancellations due to war, terrorist acts, or other significant events;

· changes in advertising demand or the buying strategies of advertisers or the migration of advertising to digital platforms;

· changes in newsprint prices and other costs of materials;

· changes in legislation or customs relating to the collection, management and aggregation and use of customer information through telemarketing and electronic communication efforts;

· an other than temporary decline in operating results and enterprise value that could lead to further non-cash impairment charges due to the impairment of goodwill, broadcast licenses, other intangible assets and property, plant and equipment;

· the impact of changing economic and financial market conditions and interest rates on our liquidity, on the value of our pension plan assets and on the availability of capital;

· our pension plan assets and on the availability of capital;

· our ability to remain in compliance with the terms of our credit agreement;

· changes in interest rates or statutory tax rates;

· the outcome of pending or future litigation;

· energy costs;

· the availability and effect of investments, dispositions and other capital expenditures on our results of operations, financial conditions or stock price; and

· changes in general economic conditions.

We caution you not to place undue reliance on these forward-looking statements, which we have made as of the date of this Report and which we undertake no duty to update.

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Item 9.01. Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits.  The following exhibits are being filed herewith:

(23) Consent of Independent Registered Public Accounting Firm.

(99) The following portions of the 2013 Form 10-K:

Part I, “Item 1. Business”

Part I, “Item 2. Properties”

Part II, “Item 6. Selected Financial Data”

Part II, “Item 7. Management’s Discussion of Analysis of Financial Condition and Results of Operations,”

Part II, “Item 8.  Financial Statements and Supplementary Data”

(101) The following materials from the 2013 Form 10-K, formatted in XBRL (eXtensible Business Reporting Language):  (i) Consolidated Balance Sheets at December 29, 2013 and December 30, 2012, (ii) Consolidated Statements of Operations for the years ended December 29, 2013, December 30, 2012 and December 25, 2011, (iii) Consolidated Statements of Comprehensive Income for the years ended December 29, 2013, December 30, 2012 and December 25, 2011, (iv) Consolidated Statements of Equity for the years ended December 29, 2013, December 30, 2012 and December 25, 2011, (v) Consolidated Statements of Cash Flows for the years ended December 29, 2013, December 30, 2012 and December 25, 2011, and (vi) Notes to the Consolidated Financial Statements.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	JOURNAL COMMUNICATIONS, INC.
Date:  October 24, 2014		By:	/s/ Jason R. Graham
			Jason R. Graham
			Senior Vice President of Finance and Chief Financial Officer

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JOURNAL COMMUNICATIONS, INC.

EXHIBIT INDEX TO FORM 8-K

Report Dated October 24, 2014

Exhibit No.

(23) Consent of Independent Registered Public Accounting Firm.

(99) The following portions of the 2013 Form 10-K:  Part I, “Item 1.  Business”.  Part I, “Item 2.  Properties”.  Part II, “Item 6.  Selected Financial Data”.  Part II, “Item 7.  Management’s Discussion of Analysis of Financial Condition and Results of Operations”.  Part II, “Item 8.  Financial Statements and Supplementary Data”.

(101) The following materials from the 2013 Form 10-K, formatted in XBRL (eXtensible Business Reporting Language):  (i) Consolidated Balance Sheets at December 29, 2013 and December 30, 2012, (ii) Consolidated Statements of Operations for the years ended December 29, 2013, December 30, 2012 and December 25, 2011, (iii) Consolidated Statements of Comprehensive Income for the years ended December 29, 2013, December 30, 2012 and December 25, 2011, (iv) Consolidated Statements of Equity for the years ended December 29, 2013, December 30, 2012 and December 25, 2011, (v) Consolidated Statements of Cash Flows for the years ended December 29, 2013, December 30, 2012 and December 25, 2011, and (vi) Notes to the Consolidated Financial Statements.

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EX-23

Exhibit 23

CONSENT OFINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-143146 and 333-108509) and Form S-3 (No. 333-118552) of Journal Communications, Inc. of our report dated March 10, 2014, except with respect to our opinion on the consolidated financial statements, insofar as it relates to the change in reportable segments described in Note 14 as to which the date is October 24, 2014, relating to the financial statements, financial statement scheduleand the effectiveness of internal control over financial reporting, which appears in this Current Report on Form 8-K.

/s/PricewaterhouseCoopers LLP

New York, New York

October 24, 2014

EX-99

Exhibit 99

PART I

ITEM 1. BUSINESS

Note: The information contained in this Item has been updated for the change to reportable segments discussed in the Notes to Financial Statements. This Item has not been updated for any other changes since the filing of the 2013 Annual Report on Form 10-K (the"10-K"). For significant developments since the filing of the 10-K, refer to Journal Communication, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 29, 2014, Current Reports on Form 8-K and any other subsequent filings with the Securities Exchange Commission.

Overview

Our business segments are based on the organizational structure used by management for making operating and investment decisions and for assessing performance.  Our reportable business segments are: (i) television; (ii) radio; (iii) publishing; and (iv) corporate.  Our television segment consists of 14 television stations in 8 states that we own or provide services to.  Our radio segment consists of 35 radio stations in 8 states. Results from our digital media assets are included in our television and publishing segments.  Our publishing segment consists of the Milwaukee Journal Sentinel, which serves as the only major daily newspaper for the Milwaukee metropolitan area, and several community publications – primarily in southeastern Wisconsin – as well as print facilities in West Milwaukee and Waupaca, Wisconsin.  Our corporate segment consists of unallocated corporate expenses and revenue eliminations.

We were founded in 1882 as a newspaper publisher serving Milwaukee, Wisconsin.  Our media business mix was expanded in 1927 when we signed on radio station WTMJ-AM, and again in 1947 when we put WTMJ-TV on the air.  In 1937, Harry J. Grant founded our employee ownership plan, which contributed significantly to our company’s positive culture and growth through its termination in 2003, in conjunction with our initial public offering.  We believe our current capital structure allows us to continue our longstanding tradition of employee ownership.  We have been able to attract and retain motivated people who have a passion for the business and a level of commitment and sense of accountability that is heightened due to our business culture and employees’ ability to participate in ownership.  Our culture is reinforced by our strong commitment to high ethical standards.

Our revenue was $397.3 million, $393.1 million, and $351.5 million in 2013, 2012, and 2011, respectively.  The revenue generated by our operating segments as a percentage of our consolidated revenue for the last three years is shown below:

	2013			2012			2011
Television		42.0	%		38.7	%		31.4	%
Radio		19.3			19.4			20.0
Publishing		38.9			42.0			48.7
Corporate		(0.2	)		(0.1	)		(0.1	)
Total		100.0	%		100.0	%		100.0	%

More information regarding us is available at our website at www.journalcommunications.com.  We are not including the information contained on our website as part of, or incorporating it by reference into, this Annual Report on Form 10-K.  Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports are made available to the public at no charge, other than a reader’s own Internet access charges, through a link appearing on our website.  We provide access to such material through our website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission (SEC).

Our radio and television stations focus on providing targeted and relevant local programming that is responsive to the interests of the communities in which we compete.  We promote a local focus that allows our stations and radio clusters to serve listeners, viewers and advertisers effectively.  Our local focus strengthens each station’s brand identity and allows our stations to provide effective marketing solutions for advertisers by reaching their targeted audiences.

In an effort to maximize our operating margins, we have implemented a centralized management approach to certain functions such as IT, billing, finance, purchasing and human resources to generate economies of scale and incorporate best practices.  We intend to continue to pursue market share and invest in ratings growth which we believe will generate increased revenue and drive improvement in operating margin.  We also plan to continue to diligently manage our expenses and make prudent investments to drive revenue.

In five of our markets, Milwaukee, Wisconsin; Boise, Idaho; Tucson, Arizona; Omaha, Nebraska and Green Bay, Wisconsin, we either operate both television and radio stations or operate more than one television station.  We believe multiple properties in a market help us to better serve advertisers, viewers and listeners and help maximize our revenue and operating margins.

Television

Our television business operates 14 television stations in 8 states that we own or provide services to.  Our television business accounted for 42.0% of our revenue for the year ended December 29, 2013.  See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 14, “Segment Reporting,” to our consolidated financial statements for additional financial information regarding our television business.

1

Based on the November 2013 Nielsen ratings book, we are ranked among the top three stations in terms of station audience rating in six of the ten markets in which our television stations operate.

Our television stations are:

Station					Total	Expiration	Expiration
and			Station	Station	Stations	Date of	Date of
Network		Year	Market	Audience	in	Network	FCC
Affiliation(8)	Market	Acquired	Rank(1)	Share(1)	Market(2)	Affiliation	License(3)
WTMJ-TV NBC	Milwaukee, WI	1947	4	8	16	12/31/2015	12/1/2005(4)
KTNV-TV ABC	LasVegas, NV	1979	3	6	15	12/31/2017	10/1/2014
WSYM-TV FOX	Lansing, MI	1984	4	6	7	12/31/2014	10/1/2013(4)
KIVI-TV ABC	Boise, ID	2001	3	8	12	12/31/2017	10/1/2014
KNIN-TV FOX	Boise, ID	2009	4	5	12	12/31/2014	10/1/2014
KSAW-LD ABC (6)	Twin Falls, ID	2001	3	4	7	12/31/2017	10/1/2014
WGBA-TV NBC	Green Bay/Appleton, WI (7)	2004	4	6	8	12/31/2015	12/1/2013(4)
WACY-TV MNT (5)	Green Bay/Appleton, WI (7)	2004	N/A	N/A	8	9/28/2014	12/1/2021
KGUN-TV ABC	Tucson, AZ	2005	3	9	17	12/31/2017	10/1/2014
KWBA-TV CW (5)	Tucson, AZ	2008	N/A	N/A	17	8/31/2016	10/1/2014
WFTX-TV FOX	Naples/Fort Myers, FL	2005	4+	4	11	12/31/2014	2/1/2013(4)
KMTV-TV CBS	Omaha, NE	2005	3	10	11	9/18/2016	6/1/2014
WTVF-TV CBS	Nashville, TN	2012	1	14	10	7/2/2015	8/1/2013(4)

(1) Station market rank is based upon station audience ratings, which equal the percentage of the total potential household audience in the DMA.  Station audience share equals the percentages of the audience in the DMA actually watching our television station.  The percentages are based on surveys conducted 5:00 a.m. to 2:00 a.m., seven days a week, as published in the November 2013 Nielsen ratings book.  A “+” indicates a tie with another station in the market.

(2) Includes all television stations whose city of origin is within the DMA that meet the minimum reporting standards.

(3) Federal Communications Commission (FCC) (aka broadcast) licenses are granted for maximum terms of eight years and are subject to renewal upon application to the FCC.  Refer to “Regulation” for further discussion of the FCC license renewal process.

(4) Renewal pending.

(5) WACY-TV and KWBA-TV did not qualify to be reported in the November 2013 Nielsen ratings book.

(6) Low-power digital television station.

(7) Green Bay, WI and Appleton, WI are considered one DMA.  We also hold a license for a related low-power station, WTKI-CA, in this market.

(8) Effective January 1, 2014 we closed on the sale of Palm Springs television stations KMIR-TV and KPSE-LP MNT, which are recorded as discontinued operations.

The affiliation by a station with one of the four major networks (NBC, ABC, CBS and FOX) has a significant impact on the composition of the station’s programming, revenue, expenses and operations.  Lower ratings of network programming can have an adverse affect on revenue.

We believe all of our television stations are strong affiliates with good relationships with the respective networks.  In all of our markets and regardless of network affiliation, we focus on delivering leading local news programming, locally produced programming and contracting for popular syndicated programming with the objective of maximizing our ratings and, in turn, our share of advertising spending in a given market.

Political and issue and automotive advertising are our most significant television revenue categories.  Television advertising revenue and rates in even-numbered years typically benefit from political and issue and Olympics advertising.  As the demand for advertising increases on the limited available inventory, we have the opportunity to increase the average unit rates we charge our customers.  Television political and issue advertising revenue was $1.3 million in 2013 compared to $34.0 million in 2012.  NBC has purchased the right to broadcast the Olympics through 2032, which will benefit our NBC affiliates in 2014.  Olympics-related advertising on our two NBC affiliates was $2.3 million in 2012.  Automotive advertising revenue increased by $11.6 million, or 31.2%, in 2013 compared to 2012.

2

We currently have retransmission consent agreements with Multichannel Video Programming Distributors (MVPDs) in our local markets for the rights to distribute our signals and local programming in their pay television services to consumers.  Our television stations experienced an $11.7 million, or 114.6%, increase in retransmission consent revenue in 2013 due to the acquisition of NewsChannel 5 Network, LLC, contractual annual rate increases and the renewal of several contracts.  These agreements are for multiple years with set rate increases and are based upon the number of subscribers to the MVPDs systems.

We have made substantial investments in digital transmission equipment at our stations and are fully compliant with FCC mandates on digital transmission.  We anticipate investing in digital infrastructure in several of our television markets as we make the continuing transition to HDTV (high-definition television).  Also, we expect these investments to create additional operating efficiencies and improve the transfer of program content to our Internet websites.

Radio

Our radio business operates 35 radio stations in 8 states.  Our radio business accounted for 19.3% of our revenue for the year ended December 29, 2013.  See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 14, “Segment Reporting,” to our consolidated financial statements for additional financial information regarding our radio business.

Based on the Fall 2013 Arbitron ratings book, we have the number one station in terms of station audience rank in two of the eight clusters in which our radio stations operate.  We have grown our radio operations primarily through acquisitions of stations in mid-sized markets with growth potential.

3

Our radio stations are:

				Total		Expiration
			Station	Stations	FCC	Date of
Market and	Year		Audience	in	License	FCC
Station	Acquired	Format	Rank(1)	Market(2)	Class(3)	License(4)
Milwaukee, WI
WTMJ-AM (5)	1927	News/Talk/Sports	2	33	B	12/1/2020
WLWK-FM (5)	1959	Adult Hits	11	33	B	12/1/2020
Omaha, NE
KEZO-FM (5)	1995	Rock	6	20	C0	6/1/2013(6)
KKCD-FM (5)	1995	Classic Rock	11+	20	C2	6/1/2021
KSRZ-FM (5)	1998	Adult Contemporary	7	20	C	6/1/2021
KXSP-AM	1999	Sports	14+	20	B	6/1/2021
KQCH-FM (5)	1999	Contemporary Hits	4	20	C	6/1/2021
Tucson, AZ
KFFN-AM	1996	Sports (Simulcast)	19+	23	C	10/1/2021
KMXZ-FM (5)	1996	Adult Contemporary	2	23	C	10/1/2021
KQTH-FM (5)	1996	News/Talk	10+	23	A	10/1/2021
KTGV-FM	1998	Rhythmic AC	13	23	C2	10/1/2021
Knoxville, TN
WCYQ-FM (5)	1997	Country	7	23	A	8/1/2020
WWST-FM (5)	1997	Contemporary Hits	4	23	C1	8/1/2020
WKHT-FM (5)	1998	Contemporary Hits/Rhythmic	5	23	A	8/1/2020
WNOX-FM	2013	Classic Hits	8	23	C	8/1/2020
Boise, ID
KJOT-FM	1998	Variety Rock	14+	20	C	10/1/2021
KQXR-FM	1998	Active Rock	8	20	C1	10/1/2021
KTHI-FM	1998	Classic Hits	9	20	C	10/1/2021
KRVB-FM	2000	Adult Alternative	11+	20	C	10/1/2021
Wichita, KS
KFDI-FM (5)	1999	Country	1	22	C	6/1/2021
KICT-FM (5)	1999	Rock	5	22	C1	6/1/2021
KFXJ-FM (5)	1999	Classic Rock	11	22	C2	6/1/2021
KLIO-AM	1999	Spanish Sports	19+	22	B	6/1/2021
KYQQ-FM	1999	Regional Mexican	16	22	C0	6/1/2021
KFTI-FM	2000	Classic Country	12	22	C1	6/1/2021
Springfield, MO
KSGF-AM & FM	1999/2003	News/Talk (Simulcast)	7+	17	B/C3	2/1/2021
KTTS-FM	1999	Country	1	17	C	2/1/2021
KSPW-FM	1999	Contemporary Hits	2	17	C2	2/1/2021
KRVI-FM	2003	Adult Hits	5+	17	C3	2/1/2021
Tulsa, OK
KFAQ-AM (5)	1999	News/Talk	15	24	A	6/1/2021
KVOO-FM (5)	1999	Country	5+	24	C	6/1/2021
KXBL-FM (5)	1999	Classic Country	9	24	C1	6/1/2021
KHTT-FM	2012	Contemporary Hits	12+	24	C0	6/1/2021
KBEZ-FM	2012	Classic Hits	3	24	C0	6/1/2021

4

(1) Station audience rank equals the ranking of each station, in its market, according to the Fall 2013 Arbitron ratings book.  The diary ranking is determined based on the estimated share of persons 12 years and older and the Portable People Meter (PPM) ranking is based on the estimated share of persons six years and older listening during an average 15-minute increment (also known as "average quarterly hour," or "AQH," share) occurring Monday-Sunday between 6:00 a.m. and midnight. A "+" indicates a tie with another station in the market.

(2) Includes stations qualified to be reported in the Fall 2013 Arbitron ratings book.  To be reported in a diary market, a station must have met the following requirements among persons 12 years and older occurring Monday-Sunday between 6:00 a.m. and midnight:

a) Must be credited for at least one quarter-hour in at least 10 in-tab diaries, have a metro cume rating of 0.495 or greater and a metro AQH rating of 0.05 or greater.

To be reported in a PPM market, a station must have met the following requirements among persons six years and older occurring Monday-Sunday between 6:00 a.m. and midnight:

a) Must have received at least one quarter-hour of listening credit from at least one in-tab panelist and have a metro cume rating of 0.495 or greater.

(3) The FCC license class is a designation for the type of license based upon the radio broadcast service area according to radio broadcast rules compiled in the Code of Federal Regulations.

(4) FCC (aka broadcast) licenses are granted for maximum terms of eight years and are subject to renewal upon application to the FCC.  Refer to “Regulation” for further discussion of the FCC license renewal process.

(5) Stations that are broadcasting in digital.

(6) Renewal pending.

We employ a variety of sales-related and programming strategies.  Our sales-related strategies include maximizing our share of the advertising spending.  We believe development of local station clusters allows us to maximize market share because it allows us to offer a variety of format alternatives to appeal to a broader range of local advertisers.  Our programming strategy includes developing and retaining local on-air talent to drive ratings.  We have long-term contracts with many of our on-air personalities.  In addition, our Milwaukee radio station, WTMJ-AM, currently maintains exclusive radio broadcast rights for the Green Bay Packers, Milwaukee Brewers and Milwaukee Bucks, and operates a statewide network for their games.

Most of our radio broadcasting revenue is generated from the sale of local advertising, which includes non-traditional advertising programs.  Non-traditional advertising refers to initiatives which attract new local advertisers, including the creation of new local content and programs that combine television, radio or print with digital.  The balance of radio broadcasting revenue is generated from the sale of national advertising, political and issue advertising and other sources.  We have predetermined the number of commercials that are broadcast each hour, depending on the format of a particular station.  We attempt to determine the number of commercials broadcast hourly that can maximize available revenue dollars without diminishing listening levels.  Although the number of advertisements broadcast during a given time period may vary, the total number of advertisements broadcast on a particular station generally does not vary significantly from year to year, unless there has been a format change.

We have aligned our radio stations in clusters within a market, in many cases building out the cluster around a lead station.  We seek to build a unique and differentiated brand position at each station within a cluster so that we can offer distinct solutions for a variety of advertisers in any given market.  This clustering strategy has allowed us to target our stations’ formats and sales efforts to better serve advertisers and listeners as well as leverage operating expenses to maximize the performance of each station and the cluster.

Industry and Competition

We compete with other radio and television stations, newspapers, cable television, satellite television and radio, mobile, direct mail services, billboards and the Internet for advertising dollars.  In the future, we may also compete with newer digital platforms including wireless Internet technology in the automobile.  We believe some of the factors an advertiser considers when choosing an advertising medium include its overall marketing strategy and the ability to reach its targeted audience in the most cost-effective manner.  In both radio and television broadcasting, revenue is derived primarily from advertising.  Ratings, which estimate the number of listeners or viewers tuning in to a given station, highly influence competition in broadcasting because they affect the advertising rates the broadcaster can charge—higher ratings generally mean the broadcaster can charge higher rates for advertising.  By having a cluster of several stations within one market, we can offer advertisers the opportunity to purchase air time on more than one of our stations in order to reach a broader audience.

Revenues in the television and radio industries are derived primarily from the sale of advertising time to local, national, political and issue advertisers, retransmission fees and, to a lesser extent, from barter, digital revenues and other sources.  Because television and radio broadcasters rely upon advertising revenue, they are subject to cyclical changes in the economy.  The size of advertisers’ budgets, which are affected by broad economic trends, affects the radio industry in general and the revenue of individual television stations, in particular.  Other than the political and issue and automotive categories, our television and radio businesses continue to experience an uneven economic recovery across the markets in which we operate due to continued challenges in employment and the housing markets.  Our television and radio businesses also are affected by audience fragmentation as audiences have an increasing number of options to access news, syndicated programs and other programming.

5

Changes in market demographics, the entry of competitive stations, the adoption of competitive formats by existing stations and the inability to retain popular on-air talent could result in lower ratings, which could in turn reduce advertising revenue.  Technology can play an important role in competition as the ratings each station receives also depend upon the strength of the station’s signal in each market and, therefore, the number of listeners who have access to the signal.  We continue to invest in the technology needed to maintain, and, where possible, strengthen our signals.

Commercial television stations generally fall into one of three categories.  The first category of stations includes those affiliated with one of the four major national networks (NBC, ABC, CBS and FOX).  The second category includes stations affiliated with more recently developed national networks, such CW and MyNetwork TV (MNT).  The third category includes independent stations that are not affiliated with any network and rely principally on local and syndicated programming.  Affiliation with a television network can have a significant influence on the revenue of a television station because the audience ratings generated by a network’s programming can affect the rates at which a station can sell advertising time.  Generally, each station determines rates and receives all of the revenue, net of agency commissions, for national and local spot advertising.  Our retransmission revenue has increased significantly in recent years and we expect that retransmission revenue will continue to increase with annual contractual rate increases in our existing contracts with MVPDs and strategic renegotiation of expiring contracts.  We renewed our network affiliation agreements with ABC, FOX, CW and MNT in 2011.  We renewed our network affiliation agreement with NBC in 2013.  The renewed network agreements include higher programming fees payable to the networks, which we expect will continue to increase.  There can be no assurance that we will achieve and/or maintain profitability on our retransmission agreements after accounting for payments to networks.

Seasonal revenue fluctuations are common in the television and radio industries and are primarily due to fluctuations in advertising expenditures by retailers and automobile manufacturers.  Television and Radio advertising is typically strongest in the second and fourth quarters of the year, which coincides with increased advertising around certain holidays.  Historically, the second quarter tends to show an increase in automotive advertising as well as increases in tourism and travel advertising before the summer months.  Television advertising revenue and rates in even-numbered years typically benefit from political and issue advertising because there tends to be more pressure on available inventory as the demand for advertising increases and we have the opportunity to increase average unit rates we charge our customers.

Publishing

Our publishing business is conducted through our wholly owned subsidiaries, Journal Sentinel, Inc. and Journal Community Publishing Group, Inc., and consists of our daily newspaper, the Milwaukee Journal Sentinel, and our community publications.  Our publishing business accounted for 38.9% of our revenue for the year ended December 29, 2013.  Within our publishing segment, our daily newspaper accounted for 90.6% of our publishing revenue.  See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 14, “Segment Reporting,” to our consolidated financial statements for additional financial information regarding our publishing business.

Daily Newspaper

Published continuously since 1882, our daily newspaper has the largest circulation of any newspaper published in Wisconsin, with a six-month average net paid circulation reported to the Alliance for Audited Media in our Publisher’s Statement at September 30, 2013 of 318,711 on Sunday and 194,321 daily (on a five-day average).  The Milwaukee Journal Sentinel serves as the only major daily and Sunday newspaper for the Milwaukee metropolitan area.  According to a 2013 readership survey conducted by Scarborough Research, the daily and Sunday Milwaukee Journal Sentinel rank number one in readership among the 50 highest populated markets in the United States.  Over the course of a week, readership of our print newspaper and digital websites combined ranks first among the largest U.S. markets with a 59% penetration rate.  These rankings are calculated by dividing the number of adults reading an average issue of the newspaper in a newspaper’s Designated Market Area (DMA) by the number of persons over the age of 18 in the newspaper’s DMA. The Milwaukee Journal Sentinel’s DMA, which ranks among the top 50 in the United States, consists of the 10-county area surrounding Milwaukee, Wisconsin.

In 2011, our daily newspaper won its third Pulitzer Prize in four years for explanatory reporting. Only the New York Times and the Washington Post have won journalism’s highest honor more times in those four years than the Milwaukee Journal Sentinel.   In 2008 and 2010, the Milwaukee Journal Sentinel received Pulitzers in the Local Reporting category.

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In 2013, our newsroom staff received many awards for both print and digital coverage, from investigative work to features. Reporter Dan Egan was a finalist for the Pulitzer Prize in Explanatory Reporting for his coverage of invasive species in the Great Lakes, work that also won the AAAS/Kavli Science Journalism Award and a National Headliner Award for environmental reporting. Our watchdog coverage of the Milwaukee Police Department – from questionable crime numbers to a death in police custody – won the Eugene Pulliam First Amendment Award from the Society of Professional Journalists and was named Best of Show in the Headliner Awards. Separately, the investigation into the police custody death of an alleged felon won a George Polk award, while an investigation into suspicious crime numbers received the Clark Mollenhoff Award. Our “Paper Cuts” series, exploring the decline of Wisconsin’s paper industry and the rise of China as a paper power, won the APME International Perspectives Award, the top SABEW award for explanatory reporting and was recognized for digital storytelling by the Society for Features Journalism. Other recognition included a Casey Medal for a story about a child’s sexual identity issues and a career achievement award for medical reporter John Fauber. The newspaper’s business section was recognized for general excellence by the Society of American Business & Economics Writers (SABEW), our Tap Milwaukee website won an “Eppy” for best entertainment website and the “Wisconsin Voter” blog, written by Craig Gilbert, was named top news/political blog.

In addition to our traditional print media, we operate a number of websites that provide editorial and advertising content, including JSOnline.com, Milwaukeemoms.com and the MyCommunityNOW family of 26 community websites.  Our daily newspaper operates a co-branded online automotive offering under a franchise agreement with CarSoup of Minnesota, Inc. (CarSoup.com).  In 2013, online revenue of $12.8 million for digital products affiliated with our daily newspaper increased 3.7% compared to $12.3 million in 2012, primarily due to an increase in ads purchased through programmatic buying, real-time bidding and retail sponsorship ads.

The following table sets forth our average net paid circulation as filed with the Alliance for Audited Media (AAM):

	Six-Months Ended September 30						12-Months Ended March 31
	2013		2012		2011		2013		2012		2011
Daily (Five-day average; Monday-Friday)		194,321		207,066		188,818		202,573		187,287		188,992
Sunday		318,711		337,829		326,262		329,203		327,311		332,586

Circulation revenue accounted for 34.9% of our daily newspaper’s total revenue in 2013.  The Milwaukee Journal Sentinel single copy prices are $1.25 for daily, and $2.50 for Sunday, following a price increase for Sunday in June 2013 and for daily in July 2013, in our five county primary market area.  We believe our average net paid print circulation will decrease due to, among other factors, increased competition for readers from new media products, other free sources and time pressures on consumers.  Advertising revenue accounted for 52.5% of our daily newspaper’s total revenue in 2013.  Our daily newspaper experienced decreased revenue in most print advertising categories in 2013 compared to 2012 due to the secular influences affecting the newspaper industry and the continued economic uncertainty.  Digital advertising revenue and our Total Market Coverage (TMC) product showed growth in 2013 over 2012.

The Milwaukee Journal Sentinel introduced a digital subscription program, or “paywall,” on our jsonline.com website in January 2012.  Integrated into the launch of the paywall was a price increase to our home delivery subscribers, who gain full access to all digital products with their subscription fee.

Other revenue, which consists of commercial printing revenue, commercial distribution and revenuerevenue from promotional events, accounted for 12.6% of our daily newspaper’s total revenue in 2013.  Our state-of-the-art printing facility, which now includes the ability to print ultra-violet coated pages, similar to magazines, allows us to leverage our existing assets to sign long term agreements to print other daily newspapers, such as USA Today, Wall Street Journal, Kenosha News, Pioneer Press suburban editions, Chicago Reader and others.  We believe we provide high quality, competitive pricing and close proximity to their readers in southeastern Wisconsin and Chicago and its suburbs.

Community Publications

We own and operate community publications and a printing plant in Waupaca, Wisconsin through our subsidiary, Journal Community Publishing Group, Inc. In December 2012, we sold all but two of our community publications in northern Wisconsin.  The remaining publications are primarily in southeastern Wisconsin.

Lake Country Publications and its multi-media products captured a record 90 national and state awards, including the best-in-class trophy from the Wisconsin Newspaper Association for the largest weekly newspapers in 2013.

Our community publications have a combined paid and free average weekly distribution of approximately 175,000. Our community publications focus on local news and events that are of interest to the local residents.  In some markets, our community publications are the only source of local news.

We also publish a business-to-business publication that appeals to advertisers and readers in the agricultural market with a combined paid and free average monthly distribution of approximately 20,000.

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Advertising revenue and circulation revenue accounted for 55.1% and 8.9%, respectively, of our community publications’ total revenue in 2013. In addition to our publishing operations, we also provide commercial printing services, including cold-web printing, sheet-fed printing, electronic prepress, mailing services, bindery and inserting, mostly for other weekly and monthly publications. Other revenue, the majority of which comes from commercial printing, accounted for 36.0% of our community publications’ total revenue in 2013. Our community publications groups are as follows:

					Number of
	2013		2012										Niche
	Average		Average		Newspapers				Shoppers				Publication
	Distribution		Distribution		2013		2012		2013		2012		2013		2012
Northern Wisconsin		21,000		23,000		1		1		-		-		1		1
Southeastern Wisconsin		154,000		177,000		16		16		1		1		-		-

Newsprint

The basic raw material of newspapers is newsprint.  In 2013, we purchased the majority of our newsprint requirements through a purchasing agent, which has the option to purchase newsprint from multiple suppliers.  We may purchase additional newsprint in the spot market from other suppliers.

We believe we will continue to receive an adequate supply of newsprint for our needs.  Newsprint prices fluctuate based upon market factors, which include newsprint production capacity, currency exchange rates, manufacturer’s cost drivers, inventory levels, demand and consumption.  Price fluctuations for newsprint can have a significant effect on our results of operations.  The average net price per ton was $609 in 2013 compared to an average net price per ton of $629 in 2012, net of scrap sales.  Our consumption of newsprint decreased to 23,113 metric tons in 2013 (52 weeks) from 24,880 metric tons in 2012 (53 weeks), and our total cost of newsprint decreased $1.6 million in 2013 compared to 2012.  The decrease in consumption in 2013 at our publishing businesses was primarily due to decreases in average net paid circulation, run-of-press (ROP) advertising, and number of content pages. Based on the consumption of newsprint in 2013 by our daily newspaper and by our community publications, a $10 per ton increase or decrease in the price of newsprint would increase or decrease our total cost of newsprint by $0.2 million.

Industry and Competition

Newspaper publishing was the first segment of the consumer media industry.  Metropolitan and community publications often represent the primary medium for news and local advertising due to their historic importance to the communities they serve.

In recent years, newspaper industry fundamentals have declined as a result of the 2009 recession and secular industry change. Based on our results, we believe the rate of decline moderated in 2013.  Retail and classified ROP advertising have decreased from historic levels due in part to department store consolidation, weakened employment, automotive and real estate economics and a migration of advertising to the Internet and other advertising forms.  Circulation declines and online competition have also negatively impacted newspaper industry revenues.  Additionally, the housing market downturn, while now showing signs of recovery, has adversely impacted the newspaper industry, including real estate classified advertising as well as the home improvement, furniture and financial services advertising categories.

Advertising revenue is the largest component of a newspaper’s total revenue and it is affected by cyclical changes in national and regional economic conditions, as well as secular changes in the newspaper industry.  Classified advertising is generally the most sensitive to economic cycles and secular changes in the newspaper business because it is driven primarily by the demand for employment, real estate transactions and automotive sales, as well as the migration of advertising to the Internet and other advertising forms.  Classified revenue’s share has fallen to 19% of total publishing advertising revenues.  Newspaper advertising revenue is seasonal and our publishing business tends to see increased revenue due to increased advertising activity during certain holidays.  We do not expect that revenues at our daily newspaper or community publications will return to revenue levels reported in 2012 or prior years given the secular changes affecting the newspaper industry.

We believe newspapers and their online and niche products continue to be one of the most effective mediums for retail and classified advertising because they allow advertisers to promote the price and selection of goods more timely than most broadcast media, and to maximize household reach within a local retail trading area.  This is especially true in a market like Milwaukee, which is still home to a number of local-market decision makers who influence spending to reach shoppers in this community.  Notwithstanding the advertising advantages newspapers offer, newspapers have many competitors for advertising dollars and paid circulation.  These competitors include local, regional and national newspapers, shoppers, magazines, broadcast and cable television, radio, direct mail, Yellow Pages, the Internet, mobile devices and other media.  Competition for newspaper advertising revenue is based largely upon advertiser results, advertising rates, readership, demographics and circulation levels, while competition for circulation revenue is based largely upon the content of the newspaper, its price, editorial quality and customer service.  On occasion, our businesses compete with each other for regional and local advertising, particularly in the Milwaukee market.

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Compliance with Environmental Laws

As the owner, lessee or operator of various real properties and facilities, we are subject to various federal, state and local environmental laws and regulations.  Historically, compliance with these laws and regulations has not had a material adverse effect on our business.  Compliance with existing or new environmental laws and regulations may require us to make future expenditures.

Regulation

Our television and radio businesses are subject to regulation by governmental authorities in the United States.

Introduction

Our television and radio broadcasting operations are subject to regulation by the FCC under the Communications Act of 1934, as amended (which we refer to as the Communications Act).  Under authority of the Communications Act, the FCC, among other things, assigns frequency bands for broadcast and other uses; determines the location, frequency and operating power of stations; grants permits and licenses to construct and operate television and radio stations on particular frequencies; issues, revokes, modifies and renews radio and television broadcast station licenses; regulates equipment used by stations; determines whether to approve changes in ownership or control of station licenses; regulates the content of some forms of programming; adopts and implements regulations and policies which directly or indirectly affect the ownership, operations and profitability of broadcasting stations; and has the power to impose penalties for violations of its rules.

Licensed broadcast stations must pay FCC regulatory and application fees and comply with various rules promulgated under the Communications Act that regulate, among other things, political advertising, sponsorship identification, closed captioning of certain television programming, obscene, indecent and profane broadcasts, and technical operations, including limits on radio frequency radiation.  Additionally, the FCC’s rules require licensees to implement equal employment opportunity outreach programs and maintain records and make filings with the FCC evidencing such efforts.

The following is a brief summary of certain provisions of the Communications Act and specific FCC rules and policies.  The summaries are not intended to describe all present and proposed statutes and FCC rules and regulations that impact our television and radio operations.  Failure to observe the provisions of the Communications Act and the FCC’s rules and policies can result in the imposition of various sanctions, including monetary forfeitures, the grant of “short-term” (less than the maximum term) license renewals or, for particularly egregious violations, the denial of a license renewal application, the revocation of a license or the withholding of approval for acquisition of additional broadcast properties.

Broadcast Licenses/Renewals

The Communications Act permits the operation of a broadcast station only in accordance with a license issued by the FCC upon a finding that the grant of a license would serve the public interest, convenience and necessity.  The FCC grants broadcast licenses for specified periods of time and, upon application, may renew the licenses for additional terms (ordinarily for the full term of eight years).  Generally, the FCC renews a broadcast license upon a finding that (i) the broadcast station has served the public interest, convenience and necessity; (ii) there have been no serious violations by the licensee of the Communications Act or the FCC’s rules; and (iii) there have been no other violations by the licensee of the Communications Act or other FCC rules which, taken together, indicate a pattern of abuse.  After considering these factors, the FCC may renew a broadcast station’s license, either with conditions or without, or it may designate the renewal application for hearing.  Although there can be no assurance that our licenses will be renewed, we have not to date had a violation of the FCC’s regulations that jeopardized the renewal of our licenses, and we are not currently aware of any facts that would prevent their renewal.

On November 1, 2005, the Milwaukee Public Interest Media Coalition (“MPIMC”) filed a petition at the FCC asking it to deny the pending license renewal applications of all eleven commercial television stations in the Milwaukee Designated Market Area (DMA), including our station, WTMJ-TV, on the grounds that the stations failed to provide adequate coverage of state and local issues during the 2004 election campaign.  In June 2007, the FCC issued an Order denying MPIMC’s Petition.  In July 2007, MPIMC filed a Petition for Reconsideration with the FCC requesting it to reconsider the denial of MPIMC’s Petition to Deny.  We opposed MPIMC’s Petition for Reconsideration and in July 2008, the FCC issued a decision denying the Petition for Reconsideration.  In August 2008, MPIMC filed a second Petition for Reconsideration of the FCC’s June 2007 Order.  We filed an Opposition to MPIMC’s Second Petition in August 2008.  The FCC dismissed MPIMC’s Second Petition on January 12, 2009.  On February 16, 2010, MPIMC filed an Application for Review requesting the FCC to review the dismissal of MPIMC’s Second Petition.  We filed an Opposition to MPIMC’s Application for Review jointly with several other television stations in the Milwaukee DMA, and MPIMC filed a Reply.  By letter dated December 10, 2010, the FCC dismissed MPIMC’s Application for Review.  On January 10, 2011, MPIMC filed another Application for Review requesting the FCC to vacate its December 10, 2010 order and consider MPIMC’s February 10, 2010 Application for Review on its merits.  On January 25, 2011, we filed an Opposition to the second Application for Review jointly with several other Milwaukee television station licensees.  MPIMC filed a consolidated Reply to the Joint Opposition on February 2, 2011.  The matter remains pending.

On October 29, 2012, Media Action Center filed a Petition to Deny the renewal application of Station WTMJ(AM), Milwaukee, WI, alleging that the Station violated FCC rules because it did not provide sufficient time to supporters of certain candidates for state office.  On November 28, 2012, Journal filed an Opposition to the Petition.  Media Action Center filed a response to Journal’s Opposition on December 18, 2012.  The matter remains pending.

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Ownership Restrictions

The Communications Act and FCC rules and policies include a number of limitations regarding the number and reach of broadcast stations that any person or entity may own, directly or by attribution.  FCC approval is also required for transfers of control and assignments of station licenses.  A person or entity requesting FCC approval to acquire a radio or television station license must demonstrate that the acquisition complies with the FCC’s ownership rules or that a waiver of the rules is in the public interest.

The FCC is required to review quadrennially the following media ownership rules and to modify, repeal or retain any rules as it determines to be in the public interest: the newspaper broadcast cross-ownership rule; the local radio ownership rule; the radio-television cross-ownership rule; the dual network rule; and the local television ownership rule.  In 2008, the FCC released a Report and Order that modified only the newspaper broadcast cross-ownership rule to permit cross-ownership of one newspaper and one television or radio station in the top twenty markets under certain circumstances, and establishing a waiver procedure for such combinations in markets smaller than the top twenty.  The FCC stated that newspaper broadcast combinations that were grandfathered in 1975 when the newspaper-broadcast cross-ownership rule was adopted, including our Milwaukee operations, will continue to be grandfathered.  In a decision issued on July 7, 2011, the Court of Appeals for the Third Circuit vacated and remanded the modified newspaper broadcast cross-ownership rule.  A Notice of Proposed Rulemaking (“Ownership NPRM”) with respect to its 2010 quadrennial review of the media ownership rules that proposes to modify the newspaper broadcast cross-ownership rule to apply a positive presumption to requests to own a daily newspaper and a broadcast station in the 20 largest DMAs if certain conditions are met and to repeal the radio television cross-ownership rule is currently pending.  The FCC’s ownership rules that are currently in effect are briefly summarized below.

Newspaper-Broadcast Cross-Ownership Rule.  Under the currently effective newspaper-broadcast cross-ownership Rule, unless grandfathered or subject to waiver, no party can have an attributable interest in both a daily English-language newspaper and either a television station or a radio station in the same market if specified signal contours of the television station or the radio station encompass the entire community in which the newspaper is published.  Our media operations in Milwaukee are grandfathered under this rule.

Local Radio Ownership Rule.  The local radio ownership rule limits the number of radio stations an entity may own in a given market depending on the size of the radio market.  Specifically, in a radio market with 45 or more commercial and noncommercial radio stations, a party may own, operate, or control up to eight commercial radio stations, not more than five of which are in the same service (AM or FM).  In a radio market with between 30 and 44 radio stations, a party may own, operate, or control up to seven commercial radio stations, not more than four of which are in the same service.  In a radio market with between 15 and 29 radio stations, a party may own, operate, or control up to six commercial radio stations, not more than four of which are in the same service.  In a radio market with 14 or fewer radio stations, a party may own, operate, or control up to five commercial radio stations, not more than three of which are in the same service, except that a party may not own, operate, or control more than 50% of the stations in the market, except for combinations of one AM and one FM station, which are permitted in any size market.  For stations located in a market in which the Arbitron ratings service provides ratings, the definition of “radio market” is based on the radio market to which BIA Kelsey reports assign the affected radio stations.  For stations that are not in an Arbitron market, the market definition is based on technical service areas, pending further FCC rulemaking.  Also under the rule, a radio station that provides more than 15% of another in-market station’s weekly programming or sells more than 15% of another in-market station’s weekly advertising will be deemed to have an attributable interest in the brokered station.

Radio-Television Cross-Ownership Rule.  The radio-television cross-ownership rule generally allows common ownership of one or two television stations and up to six radio stations, or, in certain circumstances, one television station and seven radio stations, in any market where at least 20 independent voices would remain after the combination; two television stations and up to four radio stations in a market where at least 10 independent voices would remain after the combination; and one television and one radio station notwithstanding the number of independent voices in the market.  A “voice” generally includes independently owned, same-market commercial and noncommercial broadcast television and radio stations, newspapers of certain minimum circulation, and one cable system per market.

Local Television Ownership Rule.  Under the local television ownership rule, one party may own, operate, or control up to two television stations in a market, so long as the market would have at least eight independently owned full power television stations after the combination and at least one of the stations is not one of the top-four-rated stations (based on audience share) in the television market.  The rule also permits the ownership, operation or control of two television stations in a market as long as the stations’ Noise Limited Service contours do not overlap.  In 2011, the FCC sought comments on its proposal to eliminate the contour overlap exception that permits common ownership of two television stations in the same market.  The matter remains pending.  The FCC may waive this rule to permit ownership, operation or control of two television stations in a market that will not otherwise be permissible if one of the stations is in involuntary bankruptcy, is a “failed” station, or is “failing” (i.e., stations with negative cash flow and less than a four share all day audience rating).  Under the rule, the licensee of a television station that provides more than 15% of another in-market station’s weekly programming will be deemed to have an attributable interest in the other station.

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Dual Network Rule.  The dual network rule prohibits any of the four major networks — ABC, CBS, Fox and NBC — from merging with each other.

Television National Audience Reach Limitation. A person or entity is prohibited from having an attributable interest in television stations whose aggregate audience reach exceeds 39% of the television households in the United States.  The FCC is precluded by statute from modifying this rule in connection with its mandated quadrennial review of the ownership rules.  In calculating the number of households a station reaches, the FCC attributes a UHF station with only 50% of the television households in the market.  In 2013, the FCC released a rulemaking proceeding proposing to eliminate the UHF discount which remains pending.

Attribution of Ownership.  An “attributable” interest for purposes of the FCC’s broadcast ownership rules generally includes: (i) equity and debt interests which combined exceed 33% of a licensee’s total assets, if the interest holder supplies more that 15% of the licensee’s total weekly programming, or has an attributable same-market media interest, whether television, radio, cable or newspaper; (ii) a 5% or greater direct or indirect voting stock interest, including certain interests held in trust, unless the holder is a qualified passive investor in which case the threshold is a 20% or greater voting stock interest; (iii) any equity interest in a limited liability company or a partnership, including a limited partnership, unless properly “insulated” from management activities; and (iv) any position as an officer or director of a licensee or of its direct or indirect parent.

Alien Ownership

The Communications Act restricts the ability of foreign entities or individuals to own or hold interests in U.S. broadcast licenses.  Foreign governments, representatives of foreign governments, non-U.S. citizens, representatives of non-U.S. citizens, and corporations or partnerships organized under the laws of a foreign country (collectively, “aliens”) are prohibited from holding broadcast licenses.  Aliens may directly or indirectly own or vote, in the aggregate, up to 20% of the capital stock of a licensee.  In addition, a broadcast license may not be granted to or held by any corporation that is controlled, directly or indirectly, by any other corporation more than 25% of whose capital stock is owned or voted by aliens if the FCC finds that the public interest will be served by the refusal or revocation of such license.  The FCC has interpreted this provision to require an affirmative finding that foreign ownership in excess of 25% would serve the public interest and, in the past, the FCC has made such an affirmative finding in the broadcast context only in highly limited circumstances.  In 2013, however, the FCC issued a declaratory ruling that notwithstanding its past practices it will consider on a case-by-case basis requests for approval of acquisitions by aliens of in excess of 25% of the stock of the parent of a broadcast licensee.  In acting upon such a request, the FCC will coordinate with Executive Branch agencies on national security, law enforcement, foreign policy, and trade policy issues.

Repurposing of Broadcast Spectrum for Other Uses

In February 2012, Congress passed and the President signed legislation that, among other things, grants the FCC authority to conduct incentive auctions to recapture certain spectrum currently used by television broadcasters and repurpose it for other uses.  On October 2, 2012, the FCC released a Notice of Proposed Rulemaking to begin to develop the rules and procedures to implement incentive auctions authorized by Congress.  That rulemaking process remains ongoing.

The incentive auction process would have three components.  First, the FCC would conduct a reverse auction by which each television broadcaster may choose to retain its rights to a 6 MHz channel of spectrum or volunteer, in return for payment, to relinquish all of the station’s spectrum by surrendering its license; relinquish the right to some of its spectrum and thereafter share spectrum with another station; or modify its UHF channel license to a VHF channel license.  Second, in order to accommodate the spectrum reallocated to new users, the FCC will “repack” the remaining television broadcast spectrum, which may require certain television stations that did not participate in the reverse auction to modify their transmission facilities, including requiring such stations to operate on different channels.  The FCC has solicited comments on various aspects of the repacking and reimbursement process.  The FCC is authorized to reimburse stations for reasonable relocation costs up to a total across all stations of $1.75 billion.  In addition, Congress directed the FCC, when repacking television broadcast spectrum, to make reasonable efforts to preserve a station’s coverage area and population served.  Also, the FCC is prohibited from requiring a station to move involuntarily from the UHF band to the VHF band or from the high VHF band to the low VHF band.  The statute does not protect low power stations in the repacking process.  Third, the FCC would conduct a forward auction of the relinquished spectrum to new users.  The FCC must complete the reverse auction and the forward auction by September 30, 2022, and has announced that as of now it intends to conduct the auction during 2015.

The outcome of the incentive auction and repacking of broadcast television spectrum, or the impact of such items on our business, cannot be predicted.

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Obscenity, Indecency and Profanity

The FCC's rules prohibit the broadcast of obscene material at any time and indecent or profane material between the hours of 6:00 a.m. and 10:00 p.m.  In recent years, the FCC has intensified its enforcement activities with respect to programming it considers indecent and has issued numerous fines to licensees found to have violated the indecency rules.

In July 2007, the FCC implemented increased forfeiture amounts for indecency violations that were enacted by Congress. The maximum permitted fine for an indecency violation is $325,000 per incident and $3,000,000 for any continuing violation arising from a single act or failure to act.

Because the FCC may investigate indecency complaints on an ex parte basis, a licensee may not have knowledge of an indecency complaint unless and until the complaint results in the issuance of a formal FCC letter of inquiry or notice of apparent liability for forfeiture.  From time to time, our television and radio stations receive letters of inquiry and notices of proposed forfeitures from the FCC alleging that they have broadcast indecent material.  We do not believe that broadcasts identified in any currently pending complaints of which we are aware violate the indecency standards.  In July 2010, the U.S. Court of Appeals for the Second Circuit issued a decision finding that the FCC’s indecency standard was too vague for broadcasters to interpret and therefore inconsistent with the First Amendment.  In June 2012, the Supreme Court issued a decision which held that the FCC could not fine ABC and FOX for the specific broadcasts at issue in the case because the FCC had not provided them with sufficient notice of its intent to issue fines for the use of fleeting expletives.  However, the Court did not make any substantive ruling regarding the FCC’s indecency standards.  In April 2013, the FCC requested comments on its indecency policy, including whether it should ban the use of fleeting expletives or whether it should only impose fines for broadcasts that involve repeated and deliberate use of expletives.  The FCC has not issued any decisions regarding indecency enforcement since the Supreme Court’s decision was issued although it has advised that it will continue to pursue enforcement actions in egregious cases while it conducts its review of its indecency policies generally.

Sponsorship Identification

Both the Communications Act and the FCC’s rules generally require that, when payment or other consideration has been received or promised to a broadcast licensee for the airing of program material, the station must disclose that fact and identify who paid or promised to provide the consideration at the time of broadcast.  In response to a complaint by a public interest organization, the FCC issued letters of inquiry to several dozen television stations seeking to determine whether their broadcast of “video news releases” (VNRs) violated the sponsorship identification rules by failing to disclose the source and sponsorship of the VNR materials.  VNRs are news stories and feature materials produced by government agencies and commercial entities, among others, for use by broadcasters.  Two of our television stations received and have responded to the VNR letter of inquiry.  We cannot predict the outcome of the FCC’s investigation; however in 2007, the FCC issued a forfeiture notice to one cable company for alleged violations of the sponsorship identification rules based on the use of VNRs.

Digital Television

As of June 12, 2009, all full-power broadcast television stations were required to cease broadcasting analog programming and convert to all digital broadcasts.  Digital broadcasting permits stations to offer digital channels for a wide variety of services such as high definition video programming, multiple channels of standard definition video programming, audio, data, and other types of communications.  Each station is required to provide at least one free over-the-air video program signal.

To the extent a station has “excess” digital capacity (i.e., digital capacity not used to transmit free, over-the-air video programming), it may elect to use that capacity in any manner consistent with FCC technical requirements, including for additional free program streams, data transmission, digital or subscription video services, or paging and information services.  If a station uses its digital capacity to provide any services on a subscription or otherwise “feeable” basis, it must pay the FCC an annual fee equal to 5% of the gross revenues realized from such services.

Relationship with MVPDs

A number of provisions of the Communications Act and FCC rules govern aspects of the relationship between broadcast television stations and distributors of multiple channels of video programming such as cable, satellite and telecommunications companies (referred to as MVPDs).  The rules generally provide certain protections for broadcast stations, for which MVPDs are an important means of distribution and a provider of competing program channels.

To ensure that every local television station can be received in its local market without requiring a cable subscriber to switch between cable and off-air signals, the FCC allows every full-power television broadcast station to require that all local cable systems transmit that station’s primary digital channel to their subscribers within the station’s market (the so-called “must-carry” rule).  Alternatively, a station may elect to forego its must-carry rights and seek a negotiated agreement to establish the terms of its carriage by a local cable system—referred to as “retransmission consent.”  A station electing retransmission consent assumes the risk that it will not be able to strike a deal with the MVPD and will not be carried.  A station has the opportunity to elect must-carry or retransmission consent every three years.  Elections were made in October 2011 for the 2012-2014 three year period.  We have elected retransmission consent rather than must carry with MVPDs for most of our television stations.  A station that fails to notify a cable system of its election is presumed to have elected must-carry.

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Cable systems are not required to carry any programming streams other than a station’s primary video programming channel. Consequently, the multicast programming streams provided by several of our television stations are not entitled to mandatory carriage pursuant to the digital must-carry rules.  However, because the FCC’s action does not affect digital retransmission consent agreements, we are free to negotiate with cable operators for the carriage of additional programming streams under mutually agreed terms and conditions.  A similar must-carry and retransmission consent regime governs carriage of local broadcast channels by direct-to-home satellite television operators.  A satellite provider is not required to transmit the signal of any television station to its subscribers in that station’s market.  However, if a satellite provider chooses to provide one local station to its subscribers in a market, the provider also must transmit locally every other station in that market that elects must-carry status.  As with cable, stations may opt to pursue retransmission consent agreements.  A local television station that fails to make any election to a satellite provider is deemed to have elected retransmission consent and is not guaranteed carriage.  Satellite must-carry election periods occur every three years, consistent with cable must-carry periods.  We have elected retransmission consent with satellite television operators for all of our stations.

In February 2011, the FCC issued a Notice of Proposed Rulemaking (“NPRM”) reviewing the retransmission consent rules.  The NPRM requests comment on proposals to strengthen the good faith negotiation requirements and to require advance notice of the potential that a television station could be dropped from an MVPD’s programming lineup.  In a separate proceeding, the FCC has requested comment on whether the definition of MVPD should be expanded to include entities that make available multiple channels of video programming to subscribers through Internet connections.  Both proceedings are pending, and we cannot predict what impact, if any, they will have on our negotiations with video programming distributors.

Children’s Television Programming

Federal legislation and FCC rules limit the amount and content of commercial matter that may be shown on television stations during programming designed for children 12 years and younger, and require stations to broadcast three hours per week of educational and informational programming (“E/I programming”) designed for children 16 years of age and younger.  FCC rules also require television stations to broadcast E/I programming on each additional digital multicast program stream transmitted, with the requirement increasing in proportion to the additional hours of free programming offered on multicast channels.  These rules also limit the display during children’s programming of Internet addresses of websites that contain or link to commercial material or that use program characters to sell products.

Digital Radio

The FCC permits existing AM and FM radio broadcast stations to broadcast digitally in order both to improve sound quality and to provide spectrum for multicast channels and/or enhanced data services to complement the existing programming service.  The FCC has authorized AM and FM radio stations to broadcast digital signals using excess spectrum within the same allotted bandwidth used for analog transmissions.  In January 2010, the FCC adopted procedures that allow FM radio stations to significantly increase their digital power levels above those originally permitted in order to improve the digital service these stations provide.

Closed Captioning

FCC rules require the majority of programming broadcast by television stations to contain closed captions.  The FCC forwards to television stations viewer complaints it receives with respect to closed captioning problems, and several of our stations have received complaints that were filed with the FCC.  We have responded to these complaints, and they are currently pending.  In January 2012, the FCC adopted rules to require that television programming broadcast or transmitted with captioning include captioning of programming subsequently made available online, for example, by streaming content on broadcasters’ websites.  In 2013, the FCC released a rulemaking seeking comments regarding whether the Internet video captioning obligations should apply to brief segments or clips of video programs that are carried on the Internet.

FCC rules also require, in part, that affiliates of the top-four national broadcast networks in the top 25 markets provide a minimum of 50 hours of video-described primetime and/or children’s programming each calendar quarter.  The requirement to provide video descriptions will ultimately be expanded in 2015 to network affiliates in the top 60 markets.

Commercial Advertisement Loudness Mitigation

New rules enacted by the FCC that require our television broadcast stations to transmit commercials and adjacent programming at the same volume went into effect in December 2012.

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Recordkeeping

The FCC rules require broadcast stations to maintain various records regarding operations, including equipment performance records and a log of a station’s operating parameters.  Broadcast stations must also maintain a public inspection file.  Portions of the public inspection files maintained by television stations are hosted on an FCC-maintained website.

Regulation of the Internet

Internet services including websites of our newspaper and broadcast stations are subject to regulation relating to the privacy and security of personally identifiable user information and acquisition of personal information from children under 13, including the federal Child Online Privacy Protection Act (COPPA) and the federal Controlling the Assault of Non-Solicited Pornography and Marketing Act (CAN-SPAM).  In addition, a majority of states have enacted laws that impose data security and security breach obligations.  Additional federal, state, territorial laws and regulations may be adopted with respect to the Internet or other online services, covering such issues as user privacy, child safety, data security, advertising, pricing, content, copyrights and trademarks, access by persons with disabilities, distribution, taxation and characteristics and quality of products and services.

Employees

As of December 29, 2013, we and our subsidiaries had approximately 1,800 full-time and 900 part-time employees compared to approximately 1,800 full-time and 700 part-time employees at December 30, 2012.  Currently, there are 11 bargaining units representing approximately 600 (or approximately 22%) of our total number of employees.  We have entered into various collective bargaining agreements with these bargaining units.  Six of these agreements will expire within the next two years.

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ITEM 2. PROPERTIES

Note: The information contained in this Item has been updated for the change to reportable segments discussed in the Notes to Financial Statements. This Item has not been updated for any other changes since the filing of the 2013 Annual Report on Form 10-K (the"10-K"). For significant developments since the filing of the 10-K, refer to Journal Communication, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 29, 2014, Current Reports on Form 8-K and any other subsequent filings with the Securities Exchange Commission.

Our corporate headquarters are located in Milwaukee, Wisconsin.  We believe all of our properties are well maintained, are in good conditions and suitable for present operations.  There are no material encumbrances on any of our owned properties.  Our equipment is secured by liens pursuant to our secured credit facility.   As of December 29, 2013, we have $160.5 million of net property and equipment secured by our credit facility.  The following are the principal properties operated by us and our subsidiaries and the approximate square footage as of December 29, 2013.

	Owned		Leased
Publishing
Printing plants, newsrooms, offices and distribution centers located in:
Milwaukee, WI (1)		500,000		5,000
West Milwaukee, WI (2)		479,000		-
Waupaca, WI		73,000		-
Waukesha, WI		34,000		-
Cedarburg, WI		17,000		-
Hartland, WI		13,000		-
Menomonee Falls, WI		12,000		-
Hartford, WI		7,000		-
New London, WI		6,000		-
West Bend, WI		-		5,000
Johnson Creek, WI		-		5,000
Port Washington, WI		-		5,000
Elkhorn, WI		-		4,000
Madison, WI		-		2,000
Wittenberg, WI		1,000
Jefferson, WI		-		1,000
Beaver Dam, WI		-		1,000
Mukwonago, WI		-		1,000
Television
Office, studios and transmitter and tower sites located in:
Milwaukee, WI (3)		84,000		-
Nashville, TN		51,000		10,000
Omaha, NE		14,000		-
Las Vegas, NV		33,000		-
Tucson, AZ		21,000		2,000
Boise, ID		20,000		-
Green Bay, WI		22,000		2,000
Fort Myers, FL		21,000		1,000
Palm Springs, CA		19,000		1,000
Lansing, MI		2,000		11,000
Mount Bigelow, AZ		2,000		-
Radio
Office, studios and transmitter and tower sites located in:
Milwaukee, WI (3)		25,000		-
Omaha, NE		8,000		-
Tucson, AZ		8,000		-
Boise, ID		8,000		1,000
Wichita, KS		23,000		6,000
Knoxville, TN (4)		26,000		-
Tulsa, OK		22,000		1,000
Springfield, MO		2,000		14,000

(1) Includes our corporate headquarters and Journal Sentinel, Inc.'s business and editorial offices.

(2) Production facility housing printing, packaging, inserting, recycling, distribution and transportation operations of the Milwaukee Journal Sentinel.

(3) Includes our business operations' headquarters.

(4) Includes 5,000 square feet leased to third party pursuant to lease expiring in September 2015.

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ITEM 6. SELECTED FINANCIAL DATA

Note: The information contained in this Item has been updated for the change to reportable segments discussed in the Notes to Financial Statements. This Item has not been updated for any other changes since the filing of the 2013 Annual Report on Form 10-K (the"10-K"). For significant developments since the filing of the 10-K, refer to Journal Communication, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 29, 2014, Current Reports on Form 8-K and any other subsequent filings with the Securities Exchange Commission.

The following table presents our selected financial data.  The selected financial data for the years ended December 29, 2013, December 30, 2012, and December 25, 2011 and as of December 29, 2013, and December 30, 2012, have been derived from our audited consolidated financial statements, including the notes thereto, appearing elsewhere in this Annual Report on Form 10-K.  The selected financial data for the years ended December 26, 2010 and December 27, 2009 and as of December 25, 2011, December 26, 2010 and December 27, 2009, have been derived from our audited consolidated financial statements, including the notes thereto, not included in this Annual Report on Form 10-K.  This table should be read together with our other financial information, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements, including the notes thereto, appearing elsewhere in this Annual Report on Form 10-K.

	2013(1)			2012(2)			2011(3)			2010			2009(4)
	(dollars and shares in thousands, except for per share amounts)
Statement of Operations Data
Revenue	$	397,267		$	393,118		$	351,452		$	370,942		$	360,079
Operating costs and expenses		345,951			332,771			311,175			318,726			329,837
Broadcast license impairment		-			1,616			735			-			18,953
Operating earnings		51,316			58,731			39,542			52,216			11,289
Total other income and (expense)		(7,894	)		(4,461	)		(3,525	)		(3,281	)		(2,803	)
Earnings from continuing operations before income taxes		43,422			54,270			36,017			48,935			8,486
Provision for income taxes		17,172			21,688			14,304			18,730			2,565
Earnings from continuing operations		26,250			32,582			21,713			30,205			5,921
Gain (loss) from discontinued operations, net of taxes		(49	)		743			473			4,176			(1,614	)
Net earnings	$	26,201		$	33,325		$	22,186		$	34,381		$	4,307
Diluted weighted average shares outstanding		50,436			50,091			51,088			50,789			50,400
Diluted - Class A and B common stock:
Continuing operations	$	0.52		$	0.60		$	0.36		$	0.52		$	0.05
Discontinued operations		-			0.01			0.01			0.07			-
Net earnings	$	0.52		$	0.61		$	0.37		$	0.59		$	0.05
Cash dividends:
Minimum class C	$	-		$	0.35	(5)	$	0.57	(6)	$	0.57	(6)	$	0.57
Class B	$	-		$	-		$	-		$	-		$	0.02
Class A	$	-		$	-		$	-		$	-		$	0.02
Segment Data
Revenue:
Television	$	166,616		$	152,444		$	110,372		$	119,265		$	99,955
Radio		76,816			76,259			70,367			69,283			66,081
Publishing		154,558			164,947			170,976			182,799			194,196
Corporate		(723	)		(532	)		(263	)		(405	)		(153	)
Total revenue	$	397,267		$	393,118		$	351,452		$	370,942		$	360,079
Operating earnings (loss):
Television	$	31,395		$	41,005		$	15,708		$	28,239		$	(6,011	)
Radio		14,017			13,962			15,053			14,512			10,730
Publishing		13,778			11,622			15,901			18,222			13,796
Corporate		(7,874	)		(7,858	)		(7,120	)		(8,757	)		(7,226	)
Total operating earnings	$	51,316		$	58,731		$	39,542		$	52,216		$	11,289

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	2013(1)			2012(2)			2011(3)			2010			2009(4)
	(dollars and shares in thousands, except for per share amounts)
Other Financial Data
Depreciation	$	20,058		$	20,590		$	21,261		$	22,101		$	23,342
Amortization	$	2,855		$	1,448		$	1,381		$	1,890		$	619
Capital expenditures	$	12,440		$	12,305		$	10,590		$	9,374		$	7,276
Cash dividends	$	-		$	-		$	-		$	-		$	1,476
Cash Flow Data
New cash provided by (used for):
Operating activities	$	53,416		$	75,256		$	43,760		$	70,357		$	68,879
Investing activities	$	(17,030	)	$	(239,897	)	$	(8,812	)	$	6,192		$	(9,846	)
Financing activities	$	(37,504	)	$	162,666		$	(36,859	)	$	(79,739	)	$	(65,147	)
Discontinued operations	$	601		$	1,987		$	2,273		$	1,953		$	5,426
Balance Sheet Data
Property and equipment, net	$	160,549		$	169,138		$	165,929		$	177,015		$	192,326
Intangible assets, net	$	317,631		$	316,002		$	109,109		$	111,672		$	112,811
Total assets	$	596,018		$	625,803		$	417,725		$	431,770		$	473,187
Total debt	$	208,229		$	246,030		$	41,305		$	74,570		$	151,375
Total equity	$	250,087		$	205,501		$	206,188		$	208,927		$	171,075

(1) On May 3, 2013, we completed the purchase of WNOX-FM in Knoxville, Tennessee.  Effective January 1, 2014, we closed on the sale of Palm Springs, California stations KMIR-TV and KPSE-LP which are reported as discontinued operations in all years presented.

(2) On June 25, 2012, we completed the purchase of KHTT-FM and KBEZ-FM in Tulsa, Oklahoma.  On October 22, 2012, we closed on the purchase of the remaining assets of WACY-TV in Appleton, Wisconsin.  On December 3, 2012, we completed the sale of WKTI-AM in Knoxville, Tennessee.  On December 3, 2012, we completed the sale of Hodag Buyers’ Guide, North Star Journal, Merrill Foto News, Wausau Buyers’ Guide, Stevens Point Buyers’ Guide, Wood County Buyers’ Guide, Waupaca Buyers’ Guide, Waupaca County Post East, Waupaca County Post West, Clintonville Shoppers’ Guide, New London Buyers’ Guide, Silent Sports, Waupacanow.com, Merrillfotonews.com, Starjournalnow.com, Silentsports.net, Wibuyersguide.com and a single copy distribution network based in Rhinelander, WI.  On December 6, 2012, we completed the acquisition of NewsChannel 5 Network, LLC in Nashville, Tennessee.

(3) In June 2011, we completed the sale of Pelican Press and Pelican Press Marketplace businesses, which operated in Sarasota, Florida.  In August 2011, we completed the sale of the remaining Florida-based community publications businesses, including Florida Mariner, Clay Today, Clay County Leader, Ponte Vedra Recorder, St. Augustine Underground, First Coast Register and Car Connection.

(4) On April 23, 2009, we completed the purchase of CW affiliate, KNIN-TV, in Boise, Idaho.  On September 25, 2009, we        completed the sale of KGEM-AM and KCID-AM in Boise, Idaho.

(5) Minimum unpaid and undeclared dividend of $0.35 per share was accrued for part of 2012.

(6) Minimum unpaid and undeclared dividend of $0.57 per share was accrued for 2011 and 2010.

(7) The first quarter 2009 dividend of $0.142 per share was paid.  Minimum unpaid and undeclared dividend of $0.428 per share was accrued but not paid for the remaining three quarters of 2009.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Note: The information contained in this Item has been updated for the change to reportable segments discussed in the Notes to Financial Statements. This Item has not been updated for any other changes since the filing of the 2013 Annual Report on Form 10-K (the"10-K"). For significant developments since the filing of the 10-K, refer to Journal Communication, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 29, 2014, Current Reports on Form 8-K and any other subsequent filings with the Securities Exchange Commission.

The following discussion of our financial condition and results of operations should be read together with our audited consolidated financial statements for the three years ended December 29, 2013, including the notes thereto, appearing elsewhere in this Annual Report on Form 10-K.  This discussion contains forward-looking statements.  See “Forward-Looking Statements” for a discussion of uncertainties, risks and assumptions associated with these statements.

Overview

Our business segments are based on the organizational structure used by management for making operating and investment decisions and for assessing performance.  Our reportable business segments are: (i) television; (ii) radio; (iii) publishing; and (iv) corporate.  Our television segment, operating in 8 states, consists of 14 television stations that we own or provide services to (excluding Palm Springs). Our radio segment, operating in 8 states, consists of 35 radio stations.  Results from our digital media assets are included in our television and publishing segments.  Our publishing segment consists of the Milwaukee Journal Sentinel, which serves as the only major daily newspaper for the Milwaukee metropolitan area, and several community publications, primarily in southeastern Wisconsin, as well as print facilities in West Milwaukee and Waupaca, Wisconsin.  Our corporate segment consists of unallocated corporate expenses and revenue eliminations.

Revenue in the television and radio industries is derived primarily from the sale of advertising time to local, national, and political and issue advertisers, retransmission fees and, to a lesser extent, from barter, digital revenue and other revenue.  Our television and radio stations are attracting new local advertisers through the creation of new local content, digital products, and programs that combine television or radio with digital.  Because television and radio broadcasters rely upon advertising revenue, they are subject to cyclical changes in the economy.  The size of advertisers’ budgets, which are affected by broad economic trends, affects the radio industry in general and the revenue of individual television stations in particular.  Our television and radio businesses also are affected by audience fragmentation as audiences have an increasing number of options to access news and other programming.  Television advertising revenue and rates in even-numbered years typically benefit from political and issue advertising.  As the demand for advertising increases on the limited available inventory, we have the opportunity to increase average unit rates we charge our customers.  Even-numbered years also benefit from Olympics related advertising on our three NBC affiliates.  The expected increased ratings during the Olympics time period provide us the opportunity to sell advertising at premium rates.  Therefore, a decline in revenue during the odd-numbered years is typical and expected.

We had a retransmission agreement with Time Warner Cable Inc. (Time Warner Cable) covering television stations in three of our markets - Milwaukee, WI, Green Bay, WI and Omaha, NE and approximately 10% of our total MVPD subscribers.  This agreement expired June 30, 2013 and was subsequently extended through July 10, 2013.   Time Warner Cable dropped carriage of our multicast signals in several markets at midnight on July 10, 2013.  Our full-power television stations continued to be carried by Time Warner Cable through July 24, 2013.  Carriage by Time Warner Cable was not restored until a new agreement was reached on September 20, 2013.  Our signals continued to be broadcast over the air and carried by other MVPDs.

In recent years, newspaper industry fundamentals have declined as a result of the 2009 recession and secular industry changes.  Retail and classified run-of-press (ROP) advertising have decreased from historic levels due in part to department store consolidation, weakened employment, automotive and real estate economics and a migration of advertising to the Internet and other advertising forms.  Circulation volume declines and online competition have also negatively impacted newspaper industry revenues.

Based on our results, we believe the rate of decline moderated in 2013, though advertising revenue at our television, radio and publishing businesses reflects continued cautious behavior of both our customers and consumers.  Revenue levels in our television and radio businesses will continue to be affected by increased competition for audiences.  In addition, recent consolidations within the television industry signal the importance of scale to the negotiation of both retransmission revenue with MVPDs and reverse compensation agreements with the networks.  We do not expect that revenues at our daily newspaper or community publications will return to revenue levels reported in 2012 or prior years given the secular changes affecting the newspaper industry.

We strive to grow our traditional and digital media, make capital investments in our businesses which we expect to positively impact revenue, and look for new acquisition opportunities within the television and radio markets.  The execution of our acquisition strategy will hinge upon our ability to identify strategic candidates, negotiate definitive agreements on acceptable terms and, as necessary, secure additional financing.

Annual Broadcast License Impairment Tests

Our annual impairment test on broadcast licenses was performed at individual television and radio stations as of September 30, 2013, the first day of our fiscal fourth quarter.

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For broadcast licenses at individual television and radio stations, we used the Greenfield Method, an income approach commonly used in the broadcast sector, to estimate fair value.  This approach assumes the start up of a new station by an independent market participant, and incorporates assumptions that are based on past experience and judgments about future market performance.  These variables include, but are not limited to: the forecasted growth rate of each market (including market population, household income and retail sales), estimated market share, profit margins and operating cash flows of an independent station within a market, estimated capital expenditures and start up costs, risk-adjusted discount rate, likely media competition within the market and expected growth rates into perpetuity to estimate terminal values.  Adverse changes in significant assumptions such as an increase in discount rates, or a decrease in projected market revenues, market share or operating cash flows could result in additional non-cash impairment charges on our broadcast licenses in future periods, which could have a material impact on our financial condition and results of operations.

We based the valuation of broadcast licenses on our internal projections and industry-based assumptions:

	September 30, 2013			September 24, 2012			September 26, 2011
Television
Discount rate		11.5	%		11.5	%		11.8	%
Tax rate		39.0			39.0			39.0
Long-term growth rate		2.5			2.5			2.5
Radio
Discount rate		10.5	%		10.5	%		10.4	%
Tax rate		39.0			39.0			39.0
Long-term growth rate		2.0			2.0			2.5

As of December 29, 2013, if we were to increase the discount rates by 100.0 basis points and by 200.0 basis points, it would result in impairment charges of $0.7 million and $1.5 million, respectively.  If we were to decrease the long-term growth rates by 50.0 basis points and by 100.0 basis points, it would result in impairment charges of $0.3 million and $0.7 million, respectively.

Interim and Annual Goodwill Impairment Tests

Our annual impairment tests on goodwill associated with our television and radio reporting units and our combined publishing reporting unit as of September 30, 2013, the first day of our fiscal fourth quarter, indicated there was no impairment of our goodwill.

For purposes of testing the carrying values of goodwill related to our television and radio reporting units, we determine fair value by using an income and a market valuation approach.  The income approach uses expected cash flows of the reporting units.  The cash flows are discounted for risk and time value.  In addition, the present value of the projected residual value is estimated and added to the present value of the cash flows.  The market approach is based on price multiples of publicly traded stocks of comparable companies to estimate fair value.  We assign a greater weight to the income approach as the market approach is deemed less reliable due to the differences in entity size and business model between our television and radio reporting units and the comparable companies selected.  We base our fair value estimates, in large measure, on projected financial information which we believe to be reasonable.  However, actual future results may differ from those projections, and those differences may be material.  The valuation methodology used to estimate the fair value of our reporting units requires inputs and assumptions (i.e., market growth, operating cash flow margins and discount rates) that reflect current market conditions as well as management judgment.

We based the valuation of goodwill related to our television and radio reporting units on our internal projections and industry-based assumptions:

	September 30, 2013			September 24, 2012			September 26, 2011
Television
Discount rate		10.5	%		10.5	%		10.8	%
Tax rate		39.0			39.0			39.0
Long-term growth rate		2.5			2.5			2.5
Radio
Discount rate		9.0	%		9.0	%		11.0	%
Tax rate		39.0			39.0			39.0
Long-term growth rate		2.0			2.0			2.5

As of December 29, 2013, if we were to increase the discount rates by 200.0 basis points or decrease the long term growth rates by 100.0 basis points, step two of the goodwill impairment test would not be triggered.

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In 2013, we combined our community publishing and daily newspaper reporting units since we determined they had similar economic characteristics.  For purposes of testing the carrying value of goodwill related to our combined publishing reporting unit, we determine fair value using an income and a market valuation approach.  The income approach uses expected cash flows of the reporting unit.  The cash flows are discounted for risk and time value.  In addition, the present value of the projected residual value is estimated and added to the present value of the cash flows.  The market approach is based on price multiples of publicly traded stocks of comparable companies to estimate fair value.  Each approach estimated a fair value exceeding carrying value.  We assign a greater weight to the income approach as the market approach is deemed less reliable due to the differences in entity size and business model between our combined publishing reporting unit and the comparable companies selected.  We base our fair value estimates on various assumptions about our projected operating results, including continuing declines in publishing revenues as well as an expectation that we will achieve cash flow benefits from our continuing cost cutting measures.  The valuation methodology used to estimate the fair value of our reporting unit requires inputs and assumptions (i.e., market growth, operating cash flow margins and discount rates) that reflect current market conditions as well as management judgment.  These assumptions may change due to changes in market conditions and such changes may result in an impairment of our goodwill.

We based the valuation of goodwill related to our publishing reporting unit on our internal projections and industry-based assumptions:

	September 30, 2013		(1)	September 24, 2012			September 26, 2011
Discount rate		12.0	%		12.0	%		13.5	%
Tax rate		39.0			39.0			39.0
Long-term growth rate		(1.5	)		(1.5	)		-

(1) In 2013, we combined our community publishing and daily newspaper reporting units.

As of December 29, 2013, if we were to increase the discount rates by 200.0 basis points or decrease the long-term growth rates by 100.0 basis points, step two of the goodwill impairment test would not be triggered.

Results of Operations

2013 (52 weeks) Compared to 2012 (53 weeks)

Results include the operations of the NewsChannel 5 Network, LLC, television station whose assets were acquired on December 6, 2012. Also, 2013 contained 52 weeks compared to 53 weeks in 2012. We estimate the revenue impact to be $6.0 million and the operating earnings impact to be $1.2 million.

Our consolidated revenue in 2013 was $397.3 million, an increase of $4.2 million, or 1.1%, compared to $393.1 million in 2012.  Our consolidated operating costs and expenses in 2013 were $219.3 million, an increase of $14.0 million, or 6.8%, compared to $205.3 million in 2012.  Our consolidated selling and administrative expenses in 2013 were $126.7 million, a decrease of $2.4 million, or 8.2%, compared to $129.1 million in 2012.  We recorded $0.9 million and $0.7 million in non-cash broadcast license impairment charges in 2012 in our radio and television segments, respectively.

The following table presents our total revenue by segment, total operating costs and expenses, selling and administrative expenses, broadcast license impairment and total operating earnings as a percent of total revenue for 2013 and 2012:

				Percent of						Percent of
				Total						Total
	2013			Revenue			2012			Revenue
	(dollars in millions)
Revenue:
Television	$	166.6			42.0	%	$	152.5			38.7	%
Radio		76.8			19.3			76.2			19.4
Publishing		154.6			38.9			164.9			42.0
Corporate		(0.7	)		(0.2	)		(0.5	)		(0.1	)
Total revenue		397.3			100.0			393.1			100.0
Total operating costs and expenses		219.3			55.2			205.3			52.2
Selling and administrative expense		126.7			31.9			129.1			32.8
Total operating costs and expenses and selling and administrative expenses		346.0			87.1			334.4			85.0
Total operating earnings	$	51.3			12.9	%	$	58.7			14.9	%

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At our television business, advertising revenue increased in 2013 compared to 2012 primarily due to a $1.8 million increase in local advertising revenue, $6.4 million increase in retransmission revenue and a $0.9 million increase in national revenue, partially offset by a $32.9 million decrease in political and issue advertising revenue, $2.3 million decrease in Olympics advertising revenue, and a $1.0 million decrease in other advertising revenue.

At our radio business, advertising revenue increased in 2013 compared to 2012 primarily due to a $1.7 million increase in local advertising revenue and a $0.8 million increase in other revenue, partially offset by a $1.3 million decrease in political and issue advertising revenue and a $0.7 million decrease in national advertising revenue.

Our publishing businesses experienced an 8.7% decrease in retail advertising revenue in 2013 compared to 2012.  Adjusting for the sale of the northern Wisconsin publications in December 2012 and the extra week, retail advertising revenue increased 0.5%.  Classified advertising revenue decreased 11.4% in 2013 compared to 2012 primarily due to the sale of the northern Wisconsin publications, the extra week, and lower employment advertising.  Publishing circulation revenue decreased $2.9 million in 2013 compared to 2012 driven by lower volume and the extra week.  Publishing other revenue, which primarily includes commercial printing and delivery revenue increased $1.2 million or 5.4% in 2013 compared to 2012, driven by increased commercial printing volume which offset commercial delivery declines.

The increase in total operating costs and expenses in 2013 compared to 2012 was primarily due to costs related to the NewsChannel 5 Network, LLC acquisition in December 2012, increased employee-related expenses and network affiliation fees, partially offset by a decrease in newsprint and paper costs. The decrease in selling and administrative expenses was primarily due to lower acquisition and integration-related costs, impairment expenses, publishing workforce reduction charges and the extra week.

Our consolidated operating earnings were $51.3 million in 2013, a decrease of $7.4 million, or 12.6%, compared to $58.7 million in 2012.  The following table presents our operating earnings (loss) by segment for 2013 and 2012:

	2013			2012
	(dollars in millions)
Television	$	31.4		$	41.0
Radio		14.0			13.9
Publishing		13.8			11.6
Corporate		(7.9	)		(7.8	)
Total operating earnings	$	51.3		$	58.7

The decrease in total operating earnings was primarily due to the decrease in political and Olympics revenue, partially off-set by the acquisition of NewsChannel 5 Network, LLC in Nashville, Tennessee in December 2012 and increased retransmission revenue, net of related expenses.

EBITDA in 2013 was $74.2 million, a decrease of $6.5 million, or 8.1%, compared to $80.8 million in 2012. We define EBITDA as net earnings excluding provision for income taxes, total other expense, net (which is comprised of interest income and expense), depreciation and amortization.  Management primarily uses EBITDA, among other things, to evaluate our operating performance compared to our operating plans and/or prior years and to value prospective acquisitions.  We believe the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by management, helps to improve their ability to understand our operating performance and makes it easier to compare our results with other companies that have different financing and capital structures or tax rates.  EBITDA is also a primary measure used externally by our investors and our peers in our industry for purposes of valuation and comparing our operating performance to other companies in the industry.  EBITDA is not a measure of performance or liquidity 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 measures reported by other companies.

The following table presents a reconciliation of our consolidated net earnings to EBITDA for 2013 and 2012:

	2013		2012
	(dollars in millions)
Net earnings(1)	$	26.3	$	32.6
Provision for income taxes		17.2		21.7
Total other expense, net		7.9		4.5
Depreciation		20.0		20.6
Amortization		2.8		1.4
EBITDA	$	74.2	$	80.8

(1) Included in net earnings for 2013 are pre-tax charges for impairment of long-lived assets, acquisition and integration related costs, and workforce reduction charges of $0.2 million, $1.6 million, and $0.9 million, respectively.  Included in net earnings for 2012 are pre-tax charges for impairment of long-lived assets, impairment of intangible assets, acquisition and integration related costs, and workforce reduction charges of $0.5 million, $1.6 million, $3.1 million, and $1.7 million, respectively.

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The decrease in our EBITDA was consistent with the decrease in our operating earnings for the reasons described above.

Television

Revenue from television in 2013 was $166.6 million, an increase of $14.1 million, or 9.2%, compared to $152.5 million in 2012.  Operating earnings from television in 2013 were $31.4 million, a decrease of $9.6 million, or 23.4%, compared to $41.0 million in 2012.  We recorded a $0.7 million non-cash television broadcast license impairment charge in 2012.

The following table presents our television revenue and operating earnings for 2013 and 2012:

					Percent
	2013		2012		Change
	(dollars in millions)
Revenue	$	166.6	$	152.5		9.2	%
Operating earnings	$	31.4	$	41.0		-23.4	%

We experienced revenue increases in two of our nine television markets.  Compared to 2012, on a same station basis excluding Nashville NewsChannel 5, LLC, political and issue advertising revenue decreased $32.9 million, or 96.8%; and national advertising revenue increased $0.9 million, or 3.4%; retransmission revenue increased $6.4 million, or 62.7%; local advertising revenue increased $1.8 million, or 2.4%; other revenue decreased $1.0 million, or 38.9%; and Olympics revenue decreased $2.3 million.  Political and issue advertising revenue decreased in 2013 compared to 2012 primarily due to 2013 being a non-election year.  Television advertising revenue and rates in even-numbered years typically benefit from political and issue advertising because there tends to be more pressure on available inventory as the demand for advertising increases and we have the opportunity to increase the average unit rates we charge our customers.

Our television stations experienced revenue increases in a number of categories, specifically entertainment, automotive, media and packaged goods, partially offset by decreases in the pharmaceuticals, travel and political categories.  Automotive advertising revenue represented 21.6% of television advertising revenue in 2013 compared to 15.9% in 2012.  Automotive advertising revenue was $37.2 million in 2013, an increase of $11.9 million, or 49.9%, compared to $25.4 million in 2012.  Our television stations are working to grow their local customer base by creating new local content and programs that combine television with digital platforms.  Digital revenue was $3.7 million in 2013 compared to $2.1 million in 2012.  Digital revenue is reported in local advertising revenue.

The decrease in operating earnings was primarily due to lower political and Olympics revenue partially offset by operating earnings of NewsChannel 5 Network, LLC.  Total television expenses in 2013 increased $24.0 million, or 21.5%, compared to 2012 primarily due to the acquisition of NewsChannel 5 Network, LLC, an increase in employee-related expenses, sales commissions, network programming expenses, acquisition and integration-related costs, and expenses related to the new Green Bay Packers preseason network agreement.  Throughout 2013, we selectively added back expense to invest in our employees, programming, and promotion of our products.

Radio

Revenue from our radio stations in 2013 was $76.8 million, an increase of $0.6 million, or 0.7%, compared to $76.2 million in 2012.  Operating earnings from our radio stations in 2013 were $14.0 million, an increase of $0.1 million, or 0.4%, compared to $13.9 million in 2012.  We recorded a $0.9 million non-cash radio broadcast license impairment charge in 2012.

The following table presents our radio revenue and operating earnings for 2013 and 2012:

					Percent
	2013		2012		Change
	(dollars in millions)
Revenue	$	76.8	$	76.2		0.7	%
Operating earnings	$	14.0	$	13.9		0.4	%

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We experienced revenue increases in three of our eight radio markets.  Compared to 2012, local advertising revenue increased $1.7 million, or 2.7%; political and issue advertising revenue decreased $1.3 million, or 79.1%; other advertising revenue increased $0.8 million, or 30.2%; and national advertising revenue decreased $0.7 million, or 9.3%.

Our radio stations experienced revenue increases in a number of categories, specifically retail, medical and packaged goods, partially offset by decreases in the automotive, political, media and communications categories.  Automotive advertising represented 14.7% of radio advertising revenue in 2013 compared to 15.3% in 2012.  Automotive advertising revenue was $11.3 million in 2013, a decrease of $0.3 million, or 2.8%, compared to $11.6 million in 2012.  Our radio stations are working to grow their local customer base by creating new local content and programs that combine radio with digital platforms.  Digital revenue was $2.7 million in 2013 compared to $2.2 million in 2012.  Digital revenue is reported in local advertising revenue.

The increase in operating earnings was primarily due to an increase in total revenue.  Total radio expenses increased $0.5 million, or 0.8%, in 2013 compared to 2012 primarily due to credits received in 2012 related to our radio music license fees, increases in employee-related expenses, partially offset by impairment charges and acquisitions and integration related expenses recorded in 2012.  Throughout 2013, we selectively added back expense to invest in our employees, programming, and promotion of our products.

Publishing

Revenue from publishing in 2013 was $154.5 million, a decrease of $10.4 million, or 6.3%, compared to $164.9 million in 2012.  Operating earnings from publishing were $13.8 million in 2013, an increase of $2.2 million, or 18.6%, compared to $11.6 million in 2012.

The following table presents our publishing revenue by category and operating earnings for 2013 and 2012:

	2013						2012
	Daily		Community				Daily		Community				Percent
	Newspaper		Publications		Total		Newspaper		Publications		Total		Change
	(dollars in millions)
Advertising revenue:
Retail	$	57.9	$	6.2	$	64.1	$	56.6	$	13.5	$	70.1		(8.7	)%
Classified		12.9		1.8		14.7		14.0		2.7		16.7		(11.4	)
National		2.7		-		2.7		3.3		-		3.3		(18.7	)
Total advertising revenue		73.5		8.0		81.5		74.0		16.2		90.2		(9.6	)
Circulation revenue		48.8		1.3		50.1		51.2		1.8		53.0		(5.5	)
Other revenue		17.7		5.2		22.9		18.3		3.4		21.7		5.4
Total revenue	$	140.0	$	14.5	$	154.5	$	143.5	$	21.4	$	164.9		(6.3	)%
Operating earnings	$	12.8	$	1.0	$	13.8	$	11.0	$	0.6	$	11.6		18.6	%

Advertising revenue accounted for 52.7% of total publishing revenue in 2013 compared to 54.7% in 2012.  The ongoing secular changes in the newspaper industry and the current economic environment have caused advertisers to decrease their advertising spending.  In addition, due to the changing mix of revenue categories, changes in frequency and placement of advertising in the newspaper and planned competitive advertising rate decreases in order to increase volume, we continued to see decreases in the average rate per inch of advertising in 2013.

Retail advertising revenue in 2013 was $64.1 million, a decrease of $6.0 million, or 8.6%, compared to $70.1 million in 2012.  The $1.3 million increase in retail advertising revenue at our daily newspaper was primarily due to several new large customers.  We continue to believe consumers are still cautious in regards to spending discretionary income and advertisers are still decreasing their spending in traditional print products, including our daily newspaper.  These trends persisted in our community publications business.  The $7.3 million decrease in retail advertising revenue at our community publications was primarily due to the sale of our northern Wisconsin publications in December 2012.

Classified advertising is generally the most sensitive to economic cycles because it is driven by the demand of employment, automotive sales and real estate transactions.  As a result of the ongoing secular trend of classified advertising transitioning to the Internet and the current economic environment, our publishing businesses experienced a decrease in ROP classified advertising revenue in 2013 compared to 2012.  Classified advertising revenue in 2013 was $14.7 million, a decrease of $2.0 million, or 11.4%, compared to $16.7 million in 2012 due to lower employment and automotive advertising.

The total decrease in retail and classified automotive advertising revenue at our daily newspaper in 2013 was $0.2 million, or 2.0%, primarily due to a decrease in classified digital advertising revenue.

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Total retail and classified digital advertising revenue at our daily newspaper was $12.8 million in 2013, an increase of $0.5 million, or 3.7%, compared to $12.3 million in 2012.  Digital retail advertising revenue increased 10.2% compared to 2012 due to increases in sponsorships and other digital revenue.  Digital classified advertising revenue decreased 12.4% compared to 2012 due to decreases in classified upsells and packages sold.  Digital advertising revenue is reported in the retail and classified advertising revenue categories.

National advertising revenue was $2.7 million in 2013, a decrease of $0.6 million, or 18.7%, compared to $3.3 million in 2012.  The decrease was primarily due to a decrease in ROP advertising in the communications and finance and insurance categories.

Circulation revenue accounted for 32.4% of total publishing revenue in 2013 compared to 32.2% in 2012.  Circulation revenue was $50.1 million in 2013, a decrease of $2.9 million, or 5.5%, compared to $53.0 million in 2012 due to declines in circulation volumes that offset price increases.

Other revenue, which consists of revenue from commercial printing, commercial distribution and promotional revenue, accounted for 14.9% of total publishing revenue in 2013 compared to 13.2% in 2012.  Other revenue was $22.9 million in 2013, an increase of $1.2 million, or 5.4%, compared to $21.7 million in 2012.  The increase was primarily due to increased commercial printing revenue, partially offset by a $0.6 million decline in commercial delivery revenue.

Publishing operating earnings in 2013 were $13.8 million, an increase of $2.2 million, or 18.6%, compared to $11.6 million in 2012.  The increase in operating earnings was primarily due to decreased employee-related costs and depreciation expense.  Total expenses decreased $12.7 million in 2013 as compared to 2012, primarily due to $7.7 million in expense savings from the sale of the northern Wisconsin community publications in December 2012, combined with $1.0 million in savings at the daily newspaper in employee costs, materials and depreciation.  Total newsprint and paper costs for our publishing businesses were $15.5 million in 2013 compared to $16.9 million in 2012.  There was a 7.1% decrease in newsprint consumption and a 2.6% decrease in average newsprint and paper pricing per metric ton.

Corporate

The corporate segment reflects the unallocated costs of our corporate executive management, as well as expenses related to corporate governance.  Revenue and expense eliminations were $0.7 million in 2013 compared to $0.5 million in 2012.  The unallocated expenses were $7.9 million in both 2013 and 2012.

Other Income and Expense and Taxes

Interest income was minimal in 2013 and 2012.  Interest expense was $7.7 million in 2013 compared to $4.5 million in 2012.  The increase in interest expense was due to the increase in long-term notes payable to banks resulting from our acquisition of NewsChannel 5 Network, LLC and the interest on the unsecured promissory notes issued during the third quarter of 2012 in connection with our repurchase of all outstanding class C shares.   Amortization of deferred financing costs, which is reported in interest expense, was $1.0 million in 2013, a decrease of $0.8 million, compared to $1.8 million in 2012.

Our effective tax rate was 39.6% in 2013 compared to 40.0% in 2012.

Discontinued Operations

Earnings from discontinued operations, net of income tax expense, were minimal in 2013 compared to $0.8 million in 2012.  Income tax expense was $0.1 million in 2013 compared to $0.5 million in 2012.

During 2013, we agreed to the sale of stations KMIR-TV and My 13 KPSE-TV in Palm Springs, California to OTA Broadcasting, LLC, an affiliate of Virginia based OTA Broadcasting, LLC for $17.0 million in cash and certain other contingent considerations.  We closed on the sale effective January 1, 2014 and expect to record a pre-tax book gain of $10.2 million in the first quarter of 2014.  In 2013, revenue from KMIR-TV and My 13 KPSE-TV was $5.5 million and we recorded $0.1 million in net earnings from operations.

Net Earnings

Our net earnings in 2013 were $26.2 million, a decrease of $7.1 million, or 21.3%, compared to $33.3 million in 2012.  The decrease was due to a decrease in political and Olympics revenue which offset earnings of the NewsChannel 5 Network, LLC acquisition in December 2012, an increase in interest expense and an increase in operating costs at our television business.

Earnings per Share for Class A and B Common Stock

In 2013, basic and diluted net earnings per share of class A and B common stock were $0.52 for both.  This compared to $0.61 for both in 2012.  Basic and diluted earnings per share of class A and B common stock from continuing operations were $0.52 for both in 2013.  This compared to $0.60 for both in 2012.  There were no basic and diluted earnings per share from discontinued operations in 2013. Basic and diluted earnings per share of class A and B common stock from discontinued operations were $0.01 for both in 2012.

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2012 (53 weeks) Compared to 2011 (52 weeks)

The 2012 results include the operations of a television station whose assets were acquired on December 6, 2012. Also, 2012 contained 53 weeks compared to 52 weeks in 2011.  Although it is difficult to precisely quantify the impact of the additional week, we estimate the revenue impact to be $6.0 million and the operating earnings impact to be $1.2 million.

Our consolidated revenue in 2012 was $393.1 million, an increase of $41.6 million, or 11.8%, compared to $351.5 million in 2011.  Our consolidated operating costs and expenses in 2012 were $205.3 million, an increase of $6.6 million, or 3.3%, compared to $198.7 million in 2011.  Our consolidated selling and administrative expenses in 2012 were $127.4 million, an increase of $15.0 million, or 13.3%, compared to $112.4 million in 2011.  We recorded $0.9 million and $0.7 million in non-cash radio and television broadcast license impairment charges, respectively, in 2012 and a $0.7 million non-cash television broadcast license impairment charge in 2011.

The following table presents our total revenue by segment, total operating costs and expenses, selling and administrative expenses, broadcast license impairment and total operating earnings as a percent of total revenue for 2012 and 2011:

				Percent of						Percent of
				Total						Total
	2012			Revenue			2011			Revenue
	(dollars in millions)
Revenue:
Television	$	152.5			38.7	%	$	110.4			31.4	%
Radio		76.2			19.4			70.4			20.0
Publishing		164.9			42.0			171.0			48.7
Corporate		(0.5	)		(0.1	)		(0.3	)		(0.1	)
Total revenue		393.1			100.0			351.5			100.0
Total operating costs and expenses		205.3			52.2			198.7			56.5
Selling and administrative expense		127.5			32.4			112.6			32.0
Broadcast License Impairment		1.6			0.4			0.7			0.3
Total operating costs and expenses and selling and administrative expenses		334.4			85.0			312.0			88.8
Total operating earnings	$	58.7			14.9	%	$	39.5			11.2	%

At our television business, advertising revenue increased in 2012 compared to 2011 primarily due to a $30.7 million increase in political and issue advertising revenue, a $2.2 million increase in local advertising revenue, a $5.0 million increase in national advertising revenue, a $2.7 million increase in Olympics advertising revenue, a $2.3 million increase in retransmission revenue, and a $0.8 million increase in other revenue.  Automotive advertising increased $5.3 million in 2012 compared to 2011.

At our radio business, advertising revenue increased in 2012 compared to 2011 primarily due to a $0.9 million increase in political and issue advertising revenue, a $4.5 million increase in local advertising revenue, and a $0.4 million increase in national advertising revenue. Automotive advertising increased $1.5 million in 2012 compared to 2011.

Our publishing businesses experienced a 5.2% decrease in retail advertising revenue in 2012 compared to 2011.  The retail advertising revenue decrease was a result of decreases in the department store, telecommunications, and building categories and as a result of the sale of the Florida-based community publications in 2011, partially offset by the increase in retail ROP from special programs and initiatives.  Classified advertising revenue decreased 17.2% in 2012 compared to 2011 primarily due to decreases in the automotive and employment categories, combined with the year-over-year decline from the sale of the Florida-based community publications in 2011.  Partially offsetting these revenue decreases was a 2.7% increase in circulation revenue and a 9.8% increase in commercial printing at our daily newspaper in 2012 compared to 2011. Circulation revenue increased $1.3 million in 2012 compared to 2011.  At our daily newspaper, commercial delivery revenue decreased in 2012 by $0.1 million compared to 2011. Commercial printing revenue at our daily newspapers increased $0.9 million in 2012 compared to 2011, driven by increased volume and one large new customer.

The increase in total operating costs and expenses in 2012 compared to 2011 was primarily due to increases in employee-related expenses and network affiliation fees, partially offset by a decrease in newsprint and paper costs. The increase in selling and administrative expenses was primarily due to employee-related expenses, acquisition and integration-related costs, impairment of broadcast licenses, impairment of long-lived assets and workforce reduction charges primarily in our publishing group.

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Our consolidated operating earnings were $58.7 million in 2012, an increase of $19.2 million, or 48.6%, compared to $39.5 million in 2011.  The following table presents our operating earnings (loss) by segment for 2012 and 2011:

	2012			2011
	(dollars in millions)
Television	$	41.0		$	15.7
Radio		13.9			15.0
Publishing		11.6			15.9
Corporate		(7.8	)		(7.1	)
Total operating earnings	$	58.7		$	39.5

The increase in total operating earnings was primarily due to the increase in revenue at our television and radio businesses, partially offset by the decrease in revenue at our publishing business, an increase in operating costs and expenses and selling and administrative expenses, and an increase in non-cash broadcast license impairment charges.

EBITDA in 2012 was $80.8 million, an increase of $18.6 million, or 29.9%, compared to $62.2 million in 2011.

The following table presents a reconciliation of our consolidated net earnings to EBITDA for 2012 and 2011:

	2012		2011
	(dollars in millions)
Net earnings(1)	$	32.6	$	21.7
Provision for income taxes		21.7		14.3
Total other expense, net		4.5		3.5
Depreciation		20.6		21.3
Amortization		1.4		1.4
EBITDA	$	80.8	$	62.2

(1) Included in net earnings for 2012 are pre-tax charges for impairment of long-lived assets, impairment of intangible assets, acquisition and integration related costs, and workforce reduction charges of $0.5 million, $1.6 million, $3.1 million, and $1.7 million, respectively.  Included in net earnings 2011 are pre-tax charges of for impairment of intangible assets and workforce reductions charges of $0.7 million and $1.7 million, respectively, and $0.6 million pre-tax operating earnings related to the sold Florida-based community publications.

The increase in our EBITDA was consistent with the increase in our operating earnings for the reasons described above.

Television

Revenue from our television stations in 2012 was $152.5 million, an increase of $42.1 million, or 38.1%, compared to $110.4 million in 2011. Operating earnings from our television stations in 2012 were $41.0 million, an increase of $25.3 million, or 161.1%, compared to $15.7 million in 2011. We recorded a $0.7 million non-cash broadcast license impairment charge in 2012 and a $0.7 million non-cash broadcast license impairment charge in 2011.

The following table presents our television revenue and operating earnings for 2012 and 2011:

					Percent
	2012		2011		Change
	(dollars in millions)
Revenue	$	152.5	$	110.4		38.1	%
Operating earnings	$	41.0	$	15.7		161.1	%

We experienced revenue increases in all of our nine existing television markets.  Compared to 2011, political and issue advertising revenue increased $30.7 million, or 750.7%; and national advertising revenue increased $5.0 million, or 22.3%; retransmission revenue increased $2.3 million, or 27.4%; local advertising revenue increased $2.2 million, or 2.8%; other revenue increased $0.8 million, or 42.8%; and Olympics revenue increased $2.7 million.  Political and issue advertising revenue increased in 2012 compared to 2011 primarily due to the political activity in Wisconsin and Nevada.  Television advertising revenue and rates in even-numbered years typically benefit from political and issue advertising because there tends to be more pressure on available inventory as the demand for advertising increases and we have the opportunity to increase the average unit rates we charge our customers.

Our television stations experienced revenue increases in a number of categories, specifically political, automotive, media and financial, partially offset by decreases in the home products, supermarkets and communications retail categories.  Automotive advertising revenue represented 15.9% of television advertising revenue in 2012 compared to 17.4% in 2011.  Automotive advertising revenue was $25.4 million in 2012, an increase of $5.3 million, or 26.2%, compared to $20.1 million in 2011. Digital revenue was $2.1 million in 2012 compared to $1.9 million in 2011.  Digital revenue is reported in local advertising revenue.

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The increase in operating earnings was primarily due to the impact from the increase in advertising revenue.  Total television expenses in 2012 increased $17.3 million, or 17.4%, compared to 2011 primarily due to an increase in employee-related expenses, sales commissions, network programming expenses, acquisition and integration-related costs, and expenses related to the new Green Bay Packers preseason network agreement.  Throughout 2012, we selectively added back expense to invest in our employees, programming, and promotion of our products.

Radio

Revenue from our radio stations in 2012 was $76.2 million, an increase of $5.8 million, or 8.4%, compared to $70.4 million in 2011.  Operating earnings from our radio stations in 2012 were $13.9 million, a decrease of $1.1 million, or 7.2%, compared to $15.0 million in 2011.   We recorded a $0.9 million non-cash radio broadcast license impairment charge in 2012.

The following table presents our radio revenue and operating earnings for 2012 and 2011:

					Percent
	2012		2011		Change
	(dollars in millions)
Revenue	$	76.2	$	70.4		8.4	%
Operating earnings	$	13.9	$	15.0		-7.2	%

We experienced revenue increases in seven of our eight radio markets.  Compared to 2011, local advertising revenue increased $4.5 million, or 7.6%; political and issue advertising revenue increased $0.9 million, or 116.3%; and national advertising revenue increased $0.4 million, or 6.4%.

Our radio stations experienced revenue increases in a number of categories, specifically automotive, political, casino and gambling, retail and entertainment, partially offset by decreases in the medical, media, building and hardware, and communications categories.  Automotive advertising represented 15.3% of radio advertising revenue in 2012 compared to 14.4% in 2011.  Automotive advertising revenue was $11.6 million in 2012, an increase of $1.5 million, or 14.8%, compared to $10.1 million in 2011. Digital revenue was $2.2 million in 2012 compared to $1.8 million in 2011.  Digital revenue is reported in local advertising revenue.

The decrease in operating earnings was primarily due to an increase in total expenses.  Total radio expenses increased $7.0 million, or 12.6%, in 2012 compared to 2011 primarily due to increases in employee-related expenses, impairment of broadcast licenses, impairment of long-lived assets, and acquisition and integration-related expenses, partially offset by credits related to our radio music license fees.  Throughout 2012, we selectively added back expense to invest in our employees, programming, and promotion of our products.

Publishing

Revenue from publishing in 2012 was $164.9 million, a decrease of $6.1 million, or 3.5%, compared to $171.0 million in 2011.  Operating earnings from publishing were $11.6 million in 2012, a decrease of $4.3 million, or 26.9%, compared to $15.9 million in 2011.

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The following table presents our publishing revenue by category and operating earnings for 2012 and 2011:

	2012						2011
	Daily		Community				Daily		Community				Percent
	Newspaper		Publications		Total		Newspaper		Publications		Total		Change
	(dollars in millions)
Advertising revenue:
Retail	$	56.6	$	13.5	$	70.1	$	56.7	$	17.2	$	73.9		(5.2	)%
Classified		14.0		2.7		16.7		16.8		3.4		20.2		(17.2	)
National		3.3		-		3.3		4.5		-		4.5		(25.5	)
Direct Marketing		0.1		-		0.1		0.1		-		0.1		(56.0	)
Total advertising revenue		74.0		16.2		90.2		78.1		20.6		98.6		(8.7	)
Circulation revenue		51.2		1.8		53.0		49.9		1.8		51.7		2.7
Other revenue		18.3		3.4		21.7		17.4		3.2		20.6		5.5
Total revenue	$	143.5	$	21.4	$	164.9	$	145.4	$	25.6	$	170.9		(3.5	)%
Operating earnings	$	11.0	$	0.6	$	11.6	$	14.3	$	1.6	$	15.9		(26.9	)%

Advertising revenue accounted for 54.7% of total publishing revenue in 2012 compared to 57.7% in 2011.  The ongoing secular changes in the newspaper industry and the current economic environment have caused advertisers to decrease their advertising spending across most of our advertising revenue categories.  In addition, due to the changing mix of revenue categories, changes in frequency and placement of advertising in the newspaper and planned advertising rate decreases in order to increase volume, we continued to see decreases in the average rate per inch of advertising in 2012.

Retail advertising revenue in 2012 was $70.1 million, a decrease of $3.8 million, or 5.2%, compared to $73.9 million in 2011.  The $0.1 million decrease in retail advertising revenue at our daily newspaper was primarily due to a decrease in preprint advertising at the daily newspaper from the department store, telecommunications, and building categories, partially offset by the increase in digital retail.  We continue to believe consumers are still cautious in regards to spending discretionary income and advertisers are still decreasing their spending in traditional print products, including our daily newspaper.  These trends persisted in our community publications business.  The $3.7 million decrease in retail advertising revenue at our community publications business was primarily due to revenue decreases as a result of the sale of the Florida-based publications in 2011 and, to a lesser extent, the sale of our northern Wisconsin community publications in the fourth quarter of 2012.  The sale of the Florida-based community publications accounted for $2.8 million of the year-over-year decline.

Classified advertising is generally the most sensitive to economic cycles because it is driven by the demand of employment, automotive sales and real estate transactions.  As a result of the ongoing secular trend of classified advertising transitioning to the Internet and the current economic environment, our publishing businesses experienced a decrease in ROP classified advertising revenue in 2012 compared to 2011.  Classified advertising revenue in 2012 was $16.7 million, a decrease of $3.5 million, or 17.2%, compared to $20.2 million in 2011.  At our daily newspaper, classified advertising revenue decreased $2.8 million, or 16.5%, in 2012 compared to 2011.  The revenue decreases were led by the employment and automotive categories, which in the aggregate decreased $2.2 million, or 25.8%. At our community publications business, classified advertising revenue decreased $0.7 million, or 20.8%, in 2012 compared to 2011 primarily due to continued softness in the classified categories and decreases as a result of the sale of the Florida-based community publications businesses in the second and third quarters of 2011, and, to a lesser extent, the sale of our northern Wisconsin community publications in the fourth quarter of 2012.

The total decrease in retail and classified automotive advertising revenue at our daily newspaper in 2012 was $0.6 million, or 13.5%, compared to 2011 primarily due to a decrease in classified ROP advertising revenue, partially offset by an increase in retail ROP advertising revenue.

Total retail and classified digital advertising revenue at our daily newspaper was $12.3 million in 2012, an increase of $1.0 million, or 9.3%, compared to $11.3 million in 2012.  Digital retail advertising revenue increased 26.1% compared to 2011 due to increases in sponsorships and other digital revenue.  Digital classified advertising revenue decreased 17.7% compared to 2011 due to decreases in classified upsells and packages sold.  Digital advertising revenue is reported in the retail and classified advertising revenue categories.

National advertising revenue was $3.3 million in 2012, a decrease of $1.2 million, or 25.5%, compared to $4.5 million in 2011.  The decrease was primarily due to a decrease in ROP and preprint advertising in the furniture and business services categories.

Circulation revenue accounted for 32.2% of total publishing revenue in 2012 compared to 30.2% in 2011.  Circulation revenue was $53.0 million in 2012, an increase of $1.3 million, or 2.7%, compared to $51.7 million in 2011.  At our daily newspaper, circulation revenue increased $1.3 million, or 2.7%, primarily due to a price increase implemented with our “JS Everywhere” subscription program, partially offset by comparisons to 2011 when the Green Bay Packers were in the Super Bowl and we experienced increased single copy sales.  The JS Everywhere program provides newspaper and digital subscribers access to the new iPad app, mobile phone app and access to jsonline.com.  At our community business, circulation revenue remained consistent at $1.8 million in 2012 and 2011.

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Other revenue, which consists of revenue from commercial printing, commercial distribution and promotional revenue at our daily newspaper and commercial printing at the printing plant of our community publications, accounted for 13.2% of total publishing revenue in 2012 compared to 12.1% in 2011.  Other revenue was $21.7 million in 2012, an increase of $1.1 million, or 5.5%, compared to $20.6 million in 2011.  The $0.9 million increase at our daily newspaper was primarily due to an increase in commercial printing revenue driven by increased volume and one large new customer.  At our community publications business, other revenue was $3.4 million in 2012, an increase of $0.2 million, or 7.0%, compared to $3.2 million in 2011.

Publishing operating earnings in 2012 were $11.6 million, a decrease of $4.3 million, or 26.9%, compared to $15.9 million in 2011.  The decrease in operating earnings was primarily due to the impact of the decrease in advertising revenue.  In an effort to partially offset the impact of the decrease in advertising revenue, our publishing businesses continue to reduce their expense platforms.  Total expenses decreased $1.8 million, or 1.1%, in 2012 compared to 2011, primarily due to a decrease in employee related costs and a decrease in costs due to revenue declines.  Total newsprint and paper costs for our publishing businesses in 2012 were $16.9 million, an increase of $0.1 million, or 0.6%, compared to $16.8 million in 2011 due to a 0.4% increase in average newsprint pricing per metric ton, partially offset by a 0.2% decrease in newsprint consumption.

Corporate

The corporate segment reflects the unallocated costs of our corporate executive management, as well as expenses related to corporate governance.  Revenue and expense eliminations were $0.5 million in 2012 compared to $0.3 million in 2011.  The unallocated expenses were $7.8 million in 2012, an increase of $0.7 million compared to $7.1 million in 2011.  The increase was primarily due to an increase in our executive incentive compensation expense.

Other Income and Expense and Taxes

Interest income was minimal in 2012 and 2011.  Interest expense was $4.5 million in 2012 compared to $3.6 million in 2011.  The increase in interest expense was due to the interest on the unsecured promissory notes issued during the third quarter of 2012 in connection with our repurchase of all outstanding class C shares, and the increase in long-term notes payable to banks resulting from our acquisition of NewsChannel5 Network, LLC in Nashville, Tennessee. Amortization of deferred financing costs, which is reported in interest expense, was $1.8 million in 2012, an increase of $0.7 million, compared to $1.1 million in 2011.

Our effective tax rate was 40.0% in 2012 compared to 39.7% in 2011.

Discontinued Operations

Earnings from discontinued operations, net of income tax expense, were $0.8 million in 2012 compared to $0.2 million in 2011.  Income tax expense was $0.5 million in 2012 compared to $0.1 million in 2011.

During 2005, Multi-Color Corporation (Multi-Color) acquired substantially all of the assets and certain liabilities of NorthStar Print Group, Inc. (NorthStar), our former label printing business.  Certain liabilities were excluded from the sale of NorthStar and primarily consisted of environmental site closure costs for both the Green Bay, Wisconsin real estate and real estate located in Norway, Michigan.  In January 2011, upon environmental site closure in Green Bay, Wisconsin, we sold the real estate holdings to Multi-Color according to the 2005 sale agreement.  The net proceeds were $0.8 million and we recorded a pre-tax gain of $0.6 million.

Net Earnings

Our net earnings in 2012 were $33.3 million, an increase of $11.2 million, or 50.2%, compared to $22.1 million in 2011.  The increase was due to the increase in operating earnings from continuing operations for the reasons described above, partially offset by the increase in interest expense and increase in the provision for income taxes.

Earnings per Share for Class A and B Common Stock

In 2012, basic and diluted net earnings per share of class A and B common stock were $0.61 for both.  This compared to $0.36 for both in 2011.  Basic and diluted earnings per share of class A and B common stock from discontinued operations were $0.01 for both in 2012.  Basic and diluted earnings per share of class A and B common stock from discontinued operations were $0.01 for both in 2011.

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Liquidity and Capital Resources

Our cash balance was $1.9 million as of December 29, 2013.  We believe our expected cash flows from operations and additional borrowings available under our senior secured credit facilities of $143.8 million as of December 29, 2013 will meet our current needs.  In connection with the acquisition of NewsChannel 5 Network, LLC, we amended the credit agreement to permit the acquisition and increase the total borrowing capacity to an initial $350.0 million.  During 2013, we decreased our notes payable to banks by $35.1 million. We expect to continue to pay down our notes payable to banks, selectively invest resources in broadcast acquisitions, digital initiatives, our brands, employees, programming, products and capital projects while remaining in compliance with our debt covenants, and repurchase shares opportunistically.

Long-term Notes Payable to Banks

We have senior secured credit facilities consisting of a secured term loan facility and a secured revolving credit facility.  Under these facilities, we have initial aggregate commitments of $350.0 million, including the term loan commitment of $150.0 million and the revolving credit facility commitment of $200.0 million, both of which mature on December 5, 2017.  As of December 29, 2013, the outstanding principal amount of revolving loans drawn under the credit agreement was $56.2 million, and the outstanding principal amount of term loans drawn under the credit agreement was $138.8 million.  The proceeds of the senior secured credit facilities were used for the acquisition of NewsChannel 5 Network, LLC and general corporate purposes.  Amounts under the secured revolving credit facility may be borrowed, repaid and reborrowed by us from time to time until the maturity date of the revolving loan facility.  Voluntary prepayments and commitment reductions are permitted at any time without fee upon proper notice and subject to a minimum dollar requirement.  Voluntary prepayments of the secured term loan facility represent a permanent reduction in credit available.  At our option, the commitments under the credit agreement may be increased from time to time by an aggregate amount not to exceed $100.0 million.  The increase option is subject to the satisfaction of certain conditions, including, without limitation, the identification of lenders (which may include existing lenders or new lenders) willing to provide the additional commitments.

Our borrowings under the credit agreement incur interest at either (a) LIBOR plus a margin that ranges from 150.0 basis points to 250.0 basis points, depending on our net debt ratio, or (b) (i) the base rate, which equals the highest of the prime rate set by U.S. Bank National Association, the Federal Funds Rate plus 50.0 basis points or one-month LIBOR plus 100.0 basis points, plus (ii) a margin that ranges from 50.0 basis points to 150.0 basis points, depending on our net debt ratio.  The initial pricing spread above LIBOR was 225.0 basis points.

Our obligations under the credit agreement are currently guaranteed by each of our subsidiaries.  Subject to certain exceptions, the credit agreement is secured by liens on certain of our assets and contains affirmative, negative and financial covenants which are customary for financings of this type, including, among other things, limits on the creation of liens, limits on the incurrence of indebtedness, restrictions on dispositions and restrictions on the payment of dividends.

As of December 29, 2013, we were in compliance with the financial covenants of the secured credit facility. The secured credit facility contains the following financial covenants, which remain constant over the term of the agreement:

· A consolidated funded debt ratio of not greater than 3.75-to-1, as of the end of each fiscal quarter, as determined for the four fiscal quarters then ended.  This ratio compares, as of the date of determination, our consolidated funded debt on such date to consolidated EBITDA, defined in the credit agreement as earnings before interest, taxes, depreciation, amortization, restructuring charges, gains/losses on asset disposals, non-cash charges and certain other adjustments.  As of December 29, 2013, our consolidated funded debt ratio was 2.67-to-1.

· A minimum interest coverage ratio of not less than 3-to-1, as of the end of each fiscal quarter, as determined for the four fiscal quarters then ended.  This ratio compares, for any period, our consolidated EBITDA, defined in the credit agreement as earnings before interest, taxes, depreciation, amortization, restructuring charges, gains/losses on asset disposals, non-cash charges and certain other adjustments.  As of December 29, 2013, our interest coverage ratio was 10.11-to-1.

As of December 29, 2013 and December 30, 2012, we had borrowings of $195.0 million and $230.1 million, respectively, under our credit facility at a currently effective blended interest rate of 2.23% and 2.53%, respectively.  Remaining unamortized fees in connection with the credit facility of $3.8 million are being amortized over the term of the secured credit facility using the straight-line method.

We estimate the fair value of our senior secured credit facilities at December 29, 2013 to be $187.5 million, based on discounted cash flows using an interest rate of 3.36%.  We estimated the fair value of our secured credit facility at December 30, 2012 to be $224.8 million, based on discounted cash flows using an interest rate of 3.08%.  Interest rates utilized are estimated based on observed market rates of interest for debt with similar maturities and seniority.  These fair value measurements fall within Level 2 of the fair value hierarchy.

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One or more of the lenders in our secured credit facility syndicate could be unable to fund future draws thereunder or take other positions adverse to us. In such an event, our liquidity could be constrained with an adverse impact on our ability to operate our businesses.

Unsecured Subordinated Notes Payable

On August 13, 2012, we repurchased all 3.3 million outstanding shares of our class C common stock, including all rights associated with such shares of class C common stock, in exchange for $6.2 million in cash and the issuance of 15 unsecured subordinated promissory notes with an aggregate principal amount of $25.6 million and bearing interest at a rate of 7.25% per annum.

Seven of the notes with an aggregate principal amount of $9.7 million were paid in 2012.  A scheduled minimum principal payment of $2.7 million was made on September 30, 2013.  The remaining eight subordinated notes, with an aggregate remaining principal amount of approximately $13.3 million, are payable in equal annual installments on September 30 of each of 2014, 2015, 2016, 2017 and 2018, with no prepayment right.  Interest on the notes is payable quarterly.

We estimate the fair value of the subordinated notes to be $13.5 million based on discounted cash flows using an interest rate of 7.17%, which falls within Level 2 of the fair value hierarchy.  Interest rates utilized are estimated based on observed market rates of interest for debt with similar maturities and seniority.

We have $1.9 million of standby letters of credit for business insurance purposes.

Workforce Reductions and Business Improvements

Our liability for separation benefits of $0.4 million as of December 29, 2013 will be paid during the next year.  The ongoing activity of our liability for separation benefits during the years ended December 29, 2013 and December 30, 2012 were as follows:

			Charge for		Payments for
	Balance as of		Separation		Separation			Balance as of
	December 30, 2012		Benefits		Benefits			December 29, 2013
	(dollars in millions)
Television	$	-	$	0.1	$	-		$	0.1
Publishing	$	0.8	$	0.8	$	(1.3	)	$	0.3
Total	$	0.8	$	0.9	$	(1.3	)	$	0.4

			Charge for		Payments for
	Balance as of		Separation		Separation			Balance as of
	December 25, 2011		Benefits		Benefits			December 30, 2012
	(dollars in millions)
Publishing	$	1.8	$	1.6	$	(2.6	)	$	0.8
Total	$	1.8	$	1.6	$	(2.6	)	$	0.8

Dividends

In April 2009, our board of directors suspended dividends on our class A and class B shares, and suspended the payment of the cumulative unpaid and undeclared minimum dividend on our formerly outstanding class C shares.  Prior to the August 2012 repurchase of our class C shares, the accumulated unpaid and undeclared minimum class C dividend of approximately $0.14 per share each quarter was required to be paid prior to the payment of any dividends on our class A and class B shares.  Our board of directors periodically reviews our dividend payment policy as well as our ability to pay cash dividends.

Share Repurchase Authorization

In July 2011, our board of directors authorized a share repurchase program of up to $45.0 million of our outstanding class A common stock and/or class B common stock until the end of fiscal 2013. Under the program, shares may be repurchased from time to time in the open market and/or in private transactions and will depend on market conditions, share price, trading volume, credit agreement covenants and other factors.  In the year ended December 29, 2013, we did not repurchase any shares of our class A common stock.  In the year ended December 29, 2012, we purchased 0.7 million shares of our class A common stock for $3.5 million, or an average of $4.99 per share.  As of December 29, 2013, $37.4 million worth of shares of our class A common stock and/or class B common stock remain available to be purchased under our July 2011 authorization.  In December 2013, the board of directors extended our share repurchase program until the end of fiscal 2015.

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On August 13, 2012, we repurchased all 3.3 million outstanding shares of our class C common stock, including all rights associated with such shares of class C common stock. See “Liquidity and Capital Resources.”

Acquisitions and Sales

Effective January 1, 2014, Journal Broadcast Corporation and Journal Broadcast Group, Inc., our television business, closed on the sale of stations KMIR-TV and My 13 KPSE-TV in Palm Springs, California to OTA Broadcasting, LLC, an affiliate of Virginia based OTA Broadcasting for $17.0 million in cash and certain other contingent consideration.  We expect to record a pre-tax book gain of $10.2 million in the first quarter of 2014.

On May 3, 2013, our radio business completed the asset purchase of 100.3 WNOX-FM licensed to Oak Ridge, Tennessee, in the Knoxville, Tennessee, market from Oak Ridge FM, Inc., for $6.0 million.  We now own four radio stations in Knoxville, Tennessee.

On June 25, 2012, our radio business completed the asset purchase of KHTT-FM and KBEZ-FM in Tulsa, Oklahoma from Renda Broadcasting Corporation for $11.7 million in cash.  We now own five radio stations in Tulsa, Oklahoma.

We had an affiliation agreement with ACE TV, Inc. for the rights under a local marketing agreement for WACY-TV in Appleton, Wisconsin and to acquire certain assets of ACE TV, Inc. including the broadcast license of WACY-TV for a purchase price of $2.0 million.  On October 22, 2012, we closed on the acquisition of the remaining assets used in the operation of WACY-TV from ACE TV, Inc.  See Note 8 in the Notes to Financial Statements “Variable Interest Entity.”

On December 6, 2012, our television business completed the acquisition of NewsChannel 5 Network, LLC from a subsidiary of Landmark Media Enterprises, LLC in Nashville, Tennessee.  The purchase price was $220.0 million including a working capital adjustment of $5.0 million.

On December 3, 2012, our radio business completed the sale of certain assets (including the FCC licenses) of WKTI-AM in Knoxville, Tennessee for $0.1 million.

On December 3, 2012, Journal Community Publishing Group, Inc., our community publications business, completed the sale of Hodag Buyers’ Guide, North Star Journal, Merrill Foto News, Wausau Buyers’ Guide, Stevens Point Buyers’ Guide, Wood County Buyers’ Guide, Waupaca Buyers’ Guide, Waupaca County Post East, Waupaca County Post West, Clintonville Shoppers’ Guide, New London Buyers’ Guide, Silent Sports, Waupacanow.com, Merrillfotonews.com, Starjournalnow.com, Silentsports.net, Wibuyersguide.com and a single copy distribution network based in Rhinelander, WI for $1.2 million in cash and a $0.8 million note receivable.  We recorded a pre-tax loss on the sale, net of transaction expenses, of $0.3 million.

Cash Flow

Continuing Operations

During 2013, we have used cash provided by operating activities to fund capital expenditures and reduce our debt.  In 2013, we decreased our notes payables to banks by $35.1 million.

Cash provided by operating activities was $53.4 million in 2013 compared to $75.3 million in 2012.  The decrease was primarily due to decreased net earnings driven primarily by decreased political and issue and Olympics advertising, and increased payments related to our executive incentive compensation plans and other performance based plans related to our 2012 results.

Cash used for investing activities was $17.0 million in 2013 compared to $239.9 million in 2012.  Capital expenditures were $12.4 million in 2013 compared to $12.3 million in 2012.  Our capital expenditures in 2013 were primarily at our television business for needed improvements at our facilities, high definition equipment and digital content management solutions.  We believe these capital expenditures will help us to better serve our advertisers, viewers and listeners and will facilitate our cost control initiatives. In 2013, we acquired WNOX FM for $6.0 million.  In 2012, we acquired NewsChannel 5 Network, LLC for $220.0 million and KHTT-FM and KBEZ-FM for $11.7 million.  In 2012, we sold the majority of our northern Wisconsin community publications for $1.2 million in cash and a $0.8 million note receivable (non-cash consideration), WKTI-AM for $0.1 million, and received payment of $1.6 million on notes receivable from previously sold operations.

Cash used for financing activities was $37.5 million in 2013 compared to cash provided for financing activities of $162.7 million in 2012.  Borrowings under our credit facility in 2013 were $194.8 million and we made payments of $229.9 million, reflecting a $35.1 million decrease in our notes payable to banks compared to borrowings of $350.0 million and payments of $161.2 million in 2012.  In 2012, we made a cash payment of $6.2 million equal to the accumulated unpaid and undeclared dividend on the class C common stock through August 12, 2012.  We did not pay cash dividends in 2013.

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Discontinued Operations

There was $0.6 million and $2.0 million of cash provided by the Palm Springs discontinued operations in 2012 and 2011, respectively.

Contractual Obligations

Our contractual obligations as of December 29, 2013 are summarized below:

	Payments due by Period
	Total			Less than 1 year			1-3 years			3-5 years			More than 5 years
	(dollars in millions)
Contractual obligations
Long-term notes payable to banks (1)		$	241.0		$	20.4		$	39.6		$	181.0		$	-
Unsecured subordinated notes payable			16.2			3.6			6.7			5.9			-
Pension and other postretirement benefits (2)			114.8			11.0			22.6			23.2			58.0
Syndicated programs			12.9			4.6			6.8			1.2			0.3
Operating leases			8.7			2.4			2.8			1.5			2.0
Other liabilities(3)			14.1			4.1			4.5			2.1			3.4
Total		$	407.7		$	46.1		$	83.0		$	214.9		$	63.7

(1) Includes the associated interest calculated on our unhedged variable rate outstanding borrowings of $195.0 million as of December 29, 2013 at a currently effective blended interest rate of 2.23%.

(2) For the pension and other postretirement benefits, payments included in the table have been actuarially estimated over a ten-year period.  Unfunded non-qualified pension benefit payments and other postretirement benefits are expected to be funded directly from company assets through 2022.  Qualified pension benefit payments are expected to be funded by plan assets through 2022.  While benefit payments under these benefit plans are expected to continue beyond 2022, we believe that an estimate beyond this period is unreasonable.

(3) Other liabilities consist primarily of obligations for unrecognized tax benefits, deferred compensation, capital leases, and severance expense.

Our secured credit facility expires on December 5, 2017.

Based on actuarial estimates, we expect to make contributions of approximately $95.1 million to the qualified pension plan over a ten-year period.  If actual results differ from the estimates used, the amount of contributions to the qualified pension plan would likely change.  As of December 29, 2013, we expect to make payments over a ten-year period for the non-qualified pension plan and other postretirement benefit plan of $6.7 million and $12.9 million, respectively.

We lease office space, certain broadcasting facilities, distribution centers, buildings used for printing plants and equipment under both short-term and long-term leases accounted for as operating leases.  Some of the lease agreements contain renewal options and rental escalation clauses, as well as provisions for the payment of utilities, maintenance and taxes.

As of December 29, 2013, our expected payment for significant contractual obligations includes approximately $1.0 million for our liability for unrecognized tax benefits and related interest income/expense and penalties.  We have estimated that our liability for unrecognized tax benefits of $1.0 million will be settled in less than one year.

Off-Balance Sheet Arrangements

We do not engage in off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships with unconsolidated entities or other persons that may have a material current or future effect on our financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses.  We do not rely on off-balance sheet arrangements for liquidity, capital resources, market risk support, credit risk support or other benefits.

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Critical Accounting Policies

Our management's discussion and analysis of financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles.  The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related footnote disclosures.  On an on-going basis, we evaluate our estimates, including those related to doubtful accounts, property and equipment, intangible assets, income taxes, litigation, and pension and other postretirement benefits.  We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.  We do not believe our past results have differed materially from these estimates; however, we cannot predict how actual results may differ from these estimates in the future.

We believe the following critical accounting policies affect our more significant judgments and estimates used in the preparation of our consolidated financial statements.

Allowance for doubtful accounts

We evaluate the collectability of our accounts receivable based on a combination of factors.  We specifically review historical write-off activity by market, large customer concentrations, customer creditworthiness and changes in our customer payment patterns and terms when evaluating the adequacy of the allowance for doubtful accounts.  In circumstances where we are aware of a specific customer's inability to meet its financial obligations to us (such as bankruptcy filings, credit history, etc.), we record a specific reserve for bad debts against amounts due us to reduce the net recognized receivable to the amount we reasonably believe will be collected.  For all other customers, we recognize reserves for bad debts based on past loss history, the length of time the receivables are past due and the current business environment.  If our evaluations of the collectability of our accounts receivable differ from actual results, increases or decreases in bad debt expense and allowances may be required.

Property and equipment and definite-lived intangibles

We assign useful lives for our property and equipment and definite-lived intangibles based on our estimate of the amount of time that we will use those assets and we have selected the straight-line method to depreciate our property and equipment and definite-lived intangibles.  A change in the estimated useful lives or the depreciation or amortization method used could have a material impact upon our results of operations.

Accounting standards require that, if the sum of the future cash flows expected to result from an asset or group of assets, undiscounted and without interest charges, is less than the carrying amount of the asset or group of assets, an asset impairment must be recognized in the financial statements.  An evaluation of our property and equipment and definite-lived intangible assets indicated an impairment of buildings held for sale in 2013 and 2012.  We recognized a $0.2 million and a $0.5 million impairment charge related to buildings held for sale in 2013 and 2012, respectively.  Fair value was determined pursuant to a broker's opinion of value or an accepted offer to sell the buildings.  The estimated future cash flows related to an asset or group of assets is highly susceptible to change because we must make assumptions about future revenue and the related cost of sales.  Changes in our assumptions could require us to recognize a loss for asset impairment in the future.

Impairment of goodwill and indefinite-lived intangibles

Goodwill and television and radio broadcast licenses accounted for 43.7% and 40.8% of total assets as of December 29, 2013 and December 30, 2012, respectively.  The interim and annual impairment tests for goodwill and broadcast licenses in accordance with the FASB's guidance for goodwill and intangible assets require us to make certain assumptions in determining fair value, including assumptions about the cash flow growth rates of our businesses.  Additionally, the fair values are significantly impacted by factors including competitive industry valuations and long-term interest rates that exist at the time the annual impairment tests are performed.  Accordingly, we may incur additional impairment charges in future periods to the extent we do not achieve our expected cash flow growth rates, and to the extent that market values and long-term interest rates in general decrease and increase, respectively.

The recoverability of goodwill is measured at the reporting unit level, which is defined as either an operating segment or one level below an operating segment.  A component is a reporting unit when the component constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results of the component.  Components may be combined into one reporting unit when they have similar economic characteristics.  In 2013, we combined the community publishing and daily newspaper components into one publishing reporting unit.  We allocated goodwill to our television and radio and to our combined publishing reporting unit.  We performed our annual impairment test for both reporting units as of September 30, 2013.

For purposes of testing the carrying values of goodwill related to our reporting units, we determine fair value by using an income and a market valuation approach.  The income approach uses expected cash flows for each reporting unit.  The cash flows are discounted for risk and time value.  In addition, the present value of the projected residual value is estimated and added to the present value of the cash flows.  The market approach is based on price multiples of publicly traded stocks of comparable companies to estimate fair value.  We assign a greater weight to the income approach as the market approach is deemed less reliable due to the differences in entity size and business model between our reporting units and the comparable companies selected.

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For our combined publishing reporting unit, we based our fair value estimates on various assumptions about our projected operating results, including continuing declines in publishing revenues as well as an expectation that we will achieve cash flow benefits from our continuing cost cutting measures.  The valuation methodology used to estimate the fair value of our reporting unit requires inputs and assumptions (i.e., market growth, operating cash flow margins and discount rates) that reflect current market conditions as well as management judgment.  These assumptions may change due to changes in market conditions and such changes may result in an impairment of our goodwill.

For the television and radio reporting units, we based our fair value estimates, in large measure, on projected financial information which we believe to be reasonable.  However, actual future results may differ from those projections, and those differences may be material.  The valuation methodology used to estimate the fair value of our reporting unit requires inputs and assumptions (i.e., market growth, operating cash flow margins and discount rates) that reflect current market conditions as well as management judgment.

For broadcast licenses at individual television and radio stations, we use the Greenfield Method, which is an income approach commonly used in the broadcast sector to estimate fair value.  This approach assumes the start up of a new station by an independent market participant and incorporates assumptions that are based on past experiences and judgments about future market performance.  These variables include, but are not limited to: the forecasted growth rate of each market (including market population, household income and retail sales), estimated market share, profit margins and operating cash flows of an independent station within a market, estimated capital expenditures and start up costs, risk-adjusted discount rate, likely media competition within the market and expected growth rates into perpetuity to estimate terminal values.  Adverse changes in significant assumptions such as an increase in discount rates or a decrease in projected market revenues, market share or operating cash flows could result in additional non-cash impairment charges on our broadcast licenses in future periods, which could have a material impact on our financial condition and results of operations.  We performed our annual impairment test on our broadcast licenses at individual television and radio stations in 2013, which indicated no impairment.

Accrued income taxes

The Internal Revenue Service (IRS) and various state Departments of Revenue routinely examine our federal and state tax returns.  We believe our tax positions comply with applicable tax law, and we would vigorously defend these positions if challenged.  The final disposition of any positions challenged by the IRS or state Departments of Revenue could require us to make additional tax payments or have an impact on our effective tax rate.  Nonetheless, we believe that we have adequately reserved for any foreseeable payments related to such matters and consequently do not anticipate any material earnings impact from the ultimate resolution of such matters.  As of December 29, 2013 and December 30, 2012, our liabilities for unrecognized tax benefits and related interest and penalties were $0.9 million in each year.

We deduct broadcast licenses and tax-deductible goodwill over a period of 15 years from the date of acquisition.  The non-cash broadcast license impairment charges recorded in 2012 is not currently deductible for income tax purposes and has caused us to recognize a deferred tax asset.  We believe it is more likely than not that we will realize a tax benefit for our deferred tax assets and we believe that they will be utilized to offset future taxable income over the next 20 years in accordance with current income tax law.  In the future, we may be required to record a valuation allowance against our deferred tax assets if we have future operating losses or reductions in our expected future profitability which would cause us to believe we would be unable to utilize them.

Accrued litigation

We are subject to various legal actions, administrative proceedings and claims.  When necessary, we record a liability for an estimate of the probable costs for the resolution of such claims.  The estimate would be developed in consultation with counsel and would be based upon an analysis of potential results, assuming a combination of litigation and settlement strategies.  We believe that such unresolved legal actions and claims would not materially affect our results of operations, financial position or cash flows.

Employee benefits

We are self-insured for a majority of our employee related health and disability benefits and workers compensation claims.  Third party administrators are used to process all claims.  Liabilities for unpaid claims are based on our historical claims experience.  Liabilities for workers compensation claims are developed from actuarial valuations.  Actual amounts could vary significantly from such estimates which may require us to record additional expense in the future.

There are certain assumptions that have a significant effect on our obligations, such as:

· the discount rate – used to arrive at the net present value of the obligations and expense;

· the return on assets – used to estimate the growth in invested asset value available to satisfy certain obligations;

· the employee turnover statistics – used to estimate the number of employees to be paid pension benefits.

35

The assumptions used in accounting for pension benefits and other postretirement benefits for 2013 and 2012 are:

	Pension Benefits						Postretirement Benefits
	2013			2012			2013			2012
Discount rate for expense		3.95	%		4.55	%		2.75	%		3.85	%
Discount rate for obligations		4.75			3.95			3.55			2.75
Expected return on plan assets		7.25			7.75			-			-

For our pension plans, as of December 29, 2013, a one percent increase or decrease in the discount rate would have the following effects (in millions):

	1% Increase			1% Decrease
Effect on total of service and interest cost components in 2013	less than $0.1			$	(0.2	)
Effect on pension benefit obligation as of December 29, 2013	$	(17.1	)	$	20.7

To determine the discount rate assumptions for the pension and the other postretirement benefit plans, we studied our plans' specific discount rate by matching our projected benefit payments to a yield curve developed from high grade corporate bonds.  The results of those studies were used as the benchmark to determine the discount rate assumptions.

We study historical markets to determine the long-term rate of return assumption for pension plan assets.  We preserved the long-term historical relationships between equities and fixed-income securities consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run.  We evaluate current market factors such as inflation and interest rates before we determine long-term capital market assumptions.  We review peer data and historical returns to check for reasonability and appropriateness.

We make other assumptions that affect the accounting for pension benefits.  Changes in these assumptions affect the benefit obligations and the service and interest cost components of the pension plan and the other postretirement plan and the required funding of the pension plan.  We review these assumptions on an annual basis.

The discount rate and medical cost inflation assumptions could have a significant effect on our other postretirement benefits obligations.  The discount rate is used to arrive at the net present value of the obligation.  The health care cost trend rate is used to calculate the impact future medical costs would have on postretirement obligations.  A one percent increase or decrease in the assumed health care cost trend rate would have the following effects (in millions):

	1% Increase		1% Decrease
Effect on total of service and interest cost components in 2013	less than $0.1		less than $(0.1		)
Effect on postretirement benefit obligation as of December 29, 2013	$	0.2	$	(0.2	)

New accounting standards

In July 2013, the FASB issued guidance related to the presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or a tax credit carryforward exists.  The new guidance clarifies that companies should present an unrecognized tax benefit as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward.  This guidance is effective for fiscal years beginning after December 15, 2013, with early adoption permitted.  We adopted this guidance in 2013.  The adoption of this guidance did not impact our financial position or results of operations.

In February 2013, the FASB issued guidance related to items reclassified from accumulated other comprehensive income.  The new guidance requires either in a single note or parenthetically on the face of the financial statements: (i) the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and (ii) the income statement line items affected by the reclassification. This guidance is effective for fiscal years beginning January 1, 2013 with early adoption permitted.  We adopted this guidance in 2013.  The adoption of this guidance did not impact our financial position or results of operations.

36

Effect of Inflation

Our results of operations and financial condition have not been significantly affected by general inflation.  We have reduced the effects of rising costs through improvements in productivity, cost containment programs and, where the competitive environment permits, increased selling prices.  However, changes in newsprint prices could have an adverse impact on costs, which we may not be able to offset fully in our pricing or cost containment programs.  In addition, inflation and its impact on floating interest rates could affect the amount of interest payments due on our secured credit facilities.

37

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Note: The information contained in this Item has been updated for the change to reportable segments discussed in Note 14, which occurred in the first quarter of 2014. This Item has not been updated for any other changes since the filing of the 2013 Annual Report on Form 10-K (the “10-K”). For significant developments since the filing of the 10-K, refer to Journal Communication, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 29, 2014, Current Reports on Form 8-K and any other subsequent filings with the Securities Exchange Commission.

JOURNAL COMMUNICATIONS, INC.

CONSOLIDATED BALANCE SHEETS

Years Ended December 29, 2013 and December 30, 2012

 (in thousands, except share and per share amounts)

	2013			2012
ASSETS
Current assets:
Cash and cash equivalents	$	1,912		$	2,429
Receivables, net		66,670			64,161
Inventories, net		2,191			2,944
Prepaid expenses and other current assets		3,305			3,953
Syndicated programs		2,816			2,250
Deferred income taxes		2,508			3,032
Current assets of discontinued operations		7,048			7,550
TOTAL CURRENT ASSETS		86,450			86,319
Property and equipment:
Land and land improvements		37,026			37,574
Buildings and building improvements		131,209			132,400
Equipment		236,588			237,833
Construction in progress		2,257			3,476
		407,080			411,283
Less accumulated depreciation		246,531			242,145
Net property and equipment		160,549			169,138
Syndicated programs		5,162			4,777
Goodwill		124,702			125,818
Broadcast licenses		135,166			129,566
Other intangible assets, net		57,763			60,618
Deferred income taxes		20,125			41,573
Other assets		6,101			7,994
TOTAL ASSETS	$	596,018		$	625,803
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	22,154		$	26,743
Accrued compensation		9,134			10,618
Accrued employee benefits		4,865			5,155
Deferred revenue		15,459			16,208
Syndicated programs		2,247			2,521
Accrued income taxes		3,286			3,977
Other current liabilities		5,560			6,788
Current portion of unsecured subordinated notes payable		2,656			2,656
Current portion of long-term notes payable to banks		15,000			-
Current portion of long-term liabilities		276			126
Current liabilities of discontinued operations		885			737
TOTAL CURRENT LIABILITIES		81,522			75,529
Accrued employee benefits		64,541			92,907
Syndicated programs		5,741			5,001
Long-term notes payable to banks		179,950			230,095
Unsecured subordinated notes payable		10,623			13,279
Other long-term liabilities		3,554			3,491
Equity:
Class B - authorized 120,000,000 shares; issued and outstanding: 6,134,093 shares at December 29, 2013 and 6,905,955 shares at December 30, 2012		57			63
Class A - authorized 170,000,000 shares; issued and outstanding: 44,669,851 shares at December 29, 2013 and 43,750,920 shares at December 30, 2012		447			438
Additional paid-in capital		256,734			254,437
Accumulated other comprehensive loss		(39,654	)		(55,739	)
Retained earnings		32,503			6,302
TOTAL EQUITY		250,087			205,501
TOTAL LIABILITIES AND EQUITY	$	596,018		$	625,803

See accompanying notes

38

JOURNAL COMMUNICATIONS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Years Ended December 29, 2013, December 30, 2012 and December 25, 2011

 (in thousands, except per share amounts)

	2013			2012			2011
Revenue:
Television	$	166,616		$	152,444		$	110,372
Radio		76,816			76,259			70,367
Publishing		154,558			164,947			170,976
Corporate		(723	)		(532	)		(263	)
Total revenue		397,267			393,118			351,452
Operating costs and expenses:
Television		85,945			67,451			59,930
Radio		33,040			31,041			29,485
Publishing		100,973			107,289			109,557
Corporate		(721	)		(532	)		(263	)
Total operating costs and expenses		219,237			205,249			198,709
Selling and administrative expenses		126,714			127,522			112,466
Broadcast license impairment		-			1,616			735
Total operating costs and expenses and selling and administrative expenses		345,951			334,387			311,910
Operating earnings		51,316			58,731			39,542
Other income and (expense):
Interest income		-			22			117
Interest expense		(7,706	)		(4,483	)		(3,642	)
Other		(188	)
Total other income and (expense)		(7,894	)		(4,461	)		(3,525	)
Earnings from continuing operations before income taxes		43,422			54,270			36,017
Provision for income taxes		17,172			21,688			14,304
Earnings from continuing operations		26,250			32,582			21,713
Earnings (loss) from discontinued operations, net of applicable income tax (benefit) expense of ($13), $518 and $329, respectively		(49	)		743			473
Net earnings	$	26,201		$	33,325		$	22,186
Earnings per share:
Basic - Class A and B common stock:
Continuing operations	$	0.52		$	0.60		$	0.36
Discontinued operations					0.01			0.01
Net earnings	$	0.52		$	0.61		$	0.37
Diluted - Class A and B common stock:
Continuing operations	$	0.52		$	0.60		$	0.36
Discontinued operations					0.01			0.01
Net earnings	$	0.52		$	0.61		$	0.37
Basic and diluted - Class C common stock:
Continuing operations	$	-		$	0.73		$	0.93
Discontinued operations					0.01			0.01
Net earnings	$	-		$	0.74		$	0.94

See accompanying notes

39

JOURNAL COMMUNICATIONS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Years Ended December 29, 2013, December 30, 2012 and December 25, 2011

 (in thousands)

	2013		2012			2011
Net earnings	$	26,201	$	33,325		$	22,186
Other comprehensive income, net of tax:
Change in pension and postretirement, net of tax benefit (expense) of $10,176, $1,792 and $13,421, respectively		16,085		(2,757	)		(20,687	)
Comprehensive income	$	42,286	$	30,568		$	1,499

See accompanying notes

40

JOURNAL COMMUNICATIONS, INC.

CONSOLIDATED STATEMENTS OF EQUITY

Years Ended December 29, 2013, December 30, 2012 and December 25, 2011

 (in thousands, except per share amounts)

	Preferred Stock														Accumulated Other Comprehensive Loss			Retained Earnings (Deficit)			Non- controlling Interests			Treasury Stock, at cost			Total
												Additional Paid-in Capital
			Common Stock
			Class C			Class B			Class A
Balance at December 26, 2010		-		33			165			432			260,376			(32,295	)		87,767			1,164			(108,715	)		208,927
Net earnings																			22,186									22,186
Comprehensive income																(20,687	)											(20,687	)
Class C minimum dividends ($0.57 per share)																			(1,854	)								(1,854	)
Issuance of shares:
Conversion of class B to class A							(17	)		17																		-
Stock grants							5						498															503
Employee stock purchase plan							1						327															328
Shares purchased and retired										(11	)		(4,129	)														(4,140	)
Treasury shares cancelled							(87	)					(446	)					(108,182	)					108,715			-
Shares withheld from employees for  tax withholding							(1	)					(590	)														(591	)
Stock-based compensation													1,114															1,114
Income tax benefits from vesting of  restricted stock													402															402
Balance at December 25, 2011	$	-	$	33		$	66		$	438		$	257,552		$	(52,982	)	$	(83	)	$	1,164		$	-		$	206,188
Net earnings																			33,325									33,325
Comprehensive income																(2,757	)											(2,757	)
Class C minimum dividends ($0.35 per share)																			(1,146	)								(1,146	)
Issuance of shares:
Conversion of class B to class A							(7	)		7																		-
Stock grants							5						384															389
Employee stock purchase plan													271															271
Class C shares repurchase				(33	)								(117	)					(25,794	)								(25,944	)
Shares purchased and retired										(7	)		(3,558	)														(3,565	)
Shares withheld from employees for tax withholding							(1	)					(654	)														(655	)
Stock-based compensation													1,639															1,639
Income tax benefits from vesting of restricted stock													293															293
Purchase of noncontrolling interest													(1,373	)								(1,164	)					(2,537	)
Balance at December 30, 2012	$	-	$	-		$	63		$	438		$	254,437		$	(55,739	)	$	6,302		$	-		$	-		$	205,501
Net earnings																			26,201									26,201
Comprehensive income																16,085												16,085
Issuance of shares:
Conversion of class B to class A							(9	)		9																		-
Stock grants							4						375															379
Employee stock purchase plan													279															279
Shares withheld from employees for tax withholding							(1	)					(683	)														(684	)
Stock-based compensation													1,681															1,681
Income tax benefits from vesting of restricted stock													112															112
Other													533															533
Balance at December 29, 2013	$	-	$	-		$	57		$	447		$	256,734		$	(39,654	)	$	32,503		$	-		$	-		$	250,087

See accompanying notes

41

JOURNAL COMMUNICATIONS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended December 29, 2013, December 30, 2012 and December 25, 2011

 (in thousands)

	2013			2012			2011
Cash flow from operating activities:
Net earnings	$	26,201		$	33,325		$	22,186
Less (loss) earnings from discontinued operations		(49	)		743			473
Earnings from continuing operations		26,250			32,582			21,713
Adjustments for non-cash items:
Depreciation		20,058			20,590			21,261
Amortization		2,855			1,448			1,381
Provision for doubtful accounts		314			503			779
Deferred income taxes		12,441			16,104			11,066
Non-cash stock-based compensation		2,089			2,028			1,618
Net (gain) loss from disposal of assets		(402	)		493			(589	)
Impairment of broadcast licenses		-			1,616			735
Impairment of long-lived assets		238			493			-
Net changes in operating assets and liabilities, excluding effect of sales and acquisitions:
Receivables		(2,823	)		(2,090	)		(2,012	)
Inventories		753			(1,178	)		(731	)
Accounts payable		(4,589	)		5,936			(2,279	)
Accrued employee benefits		(2,105	)		(1,818	)		1,179
Other assets and liabilities		(1,663	)		(1,451	)		(10,361	)
NET CASH PROVIDED BY OPERATING ACTIVITIES		53,416			75,256			43,760
Cash flow from investing activities:
Capital expenditures for property and equipment		(12,440	)		(12,305	)		(10,590	)
Proceeds from sales of assets		720			1,244			204
Proceeds from sale of businesses		-			2,892			1,574
Insurance recoveries		645			-			-
Acquisition of businesses		(5,955	)		(231,728	)		-
NET CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES		(17,030	)		(239,897	)		(8,812	)
Cash flow from financing activities:
Payments of financing costs		-			(4,583	)		-
Proceeds from long-term notes payable to banks		194,805			349,955			94,409
Payments on notes payable to banks		(229,950	)		(161,165	)		(127,674	)
Payments on unsecured subordinated notes payable		(2,656	)		(9,664	)		-
Principal payments under capital lease obligations		(74	)		(258	)		(343	)
Proceeds from issuance of common stock, net		259			245			295
Income tax benefits from vesting of restricted stock		112			330			464
Redemption of common stock, net		-			(3,910	)		(4,010	)
Purchase of noncontrolling interest		-			(2,038	)		-
Payment of cash equivalent of accrued dividends		-			(6,246	)		-
NET CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES		(37,504	)		162,666			(36,859	)
Cash flow from discontinued operations:
Net operating activities		726			2,418			1,514
Net investing activities		(125	)		(431	)		759
NET CASH PROVIDED BY DISCONTINUED OPERATIONS		601			1,987			2,273
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(517	)		12			362
Cash and cash equivalents:
Beginning of year		2,429			2,417			2,055
End of Year	$	1,912		$	2,429		$	2,417
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for income taxes	$	6,087		$	4,317		$	7,710
Cash paid for interest	$	5,552		$	1,521		$	1,709

See accompanying notes

42

1 SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and consolidation—We report on a 52-53 week fiscal year ending on the last Sunday of December in each year.  In addition, we have four quarterly reporting periods, each consisting of thirteen weeks and ending on a Sunday, provided that once every six years the fourth quarterly reporting period will be fourteen weeks.  The fourth quarterly reporting period in our 2012 fiscal year consisted of fourteen weeks.

The consolidated financial statements include the accounts of Journal Communications, Inc. and its wholly owned subsidiaries.  In 2012, we purchased the remaining noncontrolling interest associated with a variable interest entity (VIE) for which we were the primary beneficiary in accordance with U.S. generally accepted accounting principles and pursuant to the rules and regulations of the Securities and Exchange Commission.  All significant intercompany balances and transactions have been eliminated.

Palm Springs television results of operations and the gain on the sale of NorthStar Print Group Inc.'s (NorthStar) real estate holdings in 2011 have been reflected as discontinued operations in our consolidated statements of operations.

Use of estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.

Revenue recognition—Our principal sources of revenue are the sale of airtime on television and radio stations, the sale of advertising in newspapers and the sale of newspapers to individual subscribers and distributors.  In addition, we sell advertising on our newspaper, television and radio websites and derive revenue from other online activities.  Advertising revenue is recognized in the publishing, television and radio businesses when advertisements are published, aired or displayed, or when related advertising services are rendered. Newspaper advertising contracts, which generally have a term of one year or less, may provide rebates or discounts based upon the volume of advertising purchased during the terms of the contracts.  Estimated rebates and discounts are recorded as a reduction of revenue in the period the advertisement is displayed.  This requires us to make certain estimates regarding future advertising volumes.  Estimates are based on various factors including historical experience and advertising sales trends.  These estimates are revised as necessary based on actual volumes realized.  Circulation revenue is recognized on a pro-rata basis over the term of the newspaper subscription or when the newspaper is delivered to the customer.  Amounts we receive from customers in advance of revenue recognition are deferred as liabilities.  Deferred revenue to be earned more than one year from the balance sheet date is included in other long-term liabilities in the consolidated balance sheets.

Printing revenue from external customers as well as third-party distribution revenue is recognized when the product is delivered in accordance with the customers' instructions.

We also derive revenues from retransmission of our television programs by MVPDs.  Retransmission revenues from MVPDs are recognized based on average monthly subscriber counts and contractual rates over the terms of the agreements.

Multiple-deliverable revenue arrangements— We sell airtime on television and radio stations and online advertising bundled arrangements, where multiple products are involved.  Significant deliverables within these arrangements include advertising on television and radio stations and advertising placed on various company websites, each of which are considered separate units of accounting.  Our daily newspaper sells print and online advertising in bundled arrangements, where multiple products are involved.  Significant deliverables within these arrangements include advertising in the printed daily newspaper and advertising placed on various company websites, each of which are considered separate units of accounting.  There were no significant changes in units of accounting, the allocation process or the pattern and timing of revenue recognition upon adoption of the amended guidance related to revenue recognition for arrangements with multiple deliverables.

Shipping and handling costs—Shipping and handling costs, including postage, billed to customers are included in revenue and the related costs are included in operating costs and expenses.

Advertising expense—We expense our advertising costs as incurred.  Advertising expense totaled $6,645, $7,438 and $6,915 in 2013, 2012 and 2011, respectively.

Interest expense—All interest incurred during the years ended December 29, 2013, December 30, 2012 and December 25, 2011 was expensed.

Income taxes—Deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes.  Valuation allowances are established when management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized.

43

1 SIGNIFICANT ACCOUNTING POLICIES continued

We recognize an uncertain tax position when it is more likely than not to be sustained upon examination by taxing authorities and we measure the tax benefit as the largest amount of benefit, determined on a cumulative probability basis, which is more likely than not to be realized upon ultimate settlement.

Fair values—The carrying amount of cash and cash equivalents, receivables, accounts payable, accrued severance and barter programming assets and liabilities approximates fair value as of December 29, 2013 and December 30, 2012.

Cash equivalents—Cash equivalents are highly liquid investments with maturities of three months or less when purchased.  Cash equivalents are stated at cost, which approximates market value.

Receivables, net—Our non-interest bearing accounts receivable arise primarily from the sale of advertising, commercial printing, commercial distribution and the retransmission of our television programs by MVPDs.  We record accounts receivable at original invoice amounts.  The accounts receivable balance is reduced by an estimated allowance for doubtful accounts. We evaluate the collectability of our accounts receivable based on a combination of factors.  We specifically review historical write-off activity by market, large customer concentrations, customer creditworthiness and changes in our customer payment patterns and terms when evaluating the adequacy of the allowance for doubtful accounts.  In circumstances where we are aware of a specific customer's inability to meet its financial obligations, we record a specific reserve to reduce the amounts recorded to what we believe will be collected.  For all other customers, we recognize allowances for bad debts based on historical experience of bad debts as a percent of accounts receivable for each business unit.  We write off uncollectible accounts against the allowance for doubtful accounts after collection efforts have been exhausted.  The allowance for doubtful accounts at December 29, 2013 and December 30, 2012 was $1,688 and $2,377, respectively.

Concentration of credit risk—Generally, credit is extended based upon an evaluation of the customer's financial position, and advance payment is not required.  Credit losses are provided for in the financial statements and have been within management's expectations.  Given the current economic environment, credit losses may increase in the future.

Inventories—Inventories are stated at the lower of cost (first in, first out method) or market.  A summary of inventories follows:

	2013			2012
December 29 and December 30
Paper and supplies	$	2,224		$	2,950
Work in process		59			84
Less obsolescence reserve		(92	)		(90	)
Inventories, net	$	2,191		$	2,944

Television programming—We have agreements with distributors for the rights to television programming over contract periods, which generally run for one to five years.  Each contract is recorded as an asset and a liability at an amount equal to its gross contractual commitment when the license period begins and the program is available for its first showing.  The portion of program contracts that become payable within one year is reflected as a current liability in the accompanying consolidated balance sheets.  The rights to program materials are carried at the lower of unamortized cost or estimated net realizable value or in the case of programming obtained by an acquisition, at estimated fair value.  The cost for the rights of first-run and sports programming are recorded as the episodes and games are broadcast.  We do not record an asset and liability for such rights when the license period begins because the programming is not available for broadcast.  Certain of our agreements require us to provide barter advertising time to our distributors.  Barter advertising revenue and expense was $7,210, $5,393 and $4,672 in 2013, 2012 and 2011, respectively.

Property and equipment—Property and equipment are recorded at cost.  Depreciation of property and equipment is provided, using the straight-line method, over the estimated useful lives, which are as follows:

	Years
Building and land improvements	10
Buildings	30
Newspaper printing presses	25
Broadcasting equipment	5-20
Other printing presses	10
Other	3-10

Depreciation expense totaled $20,058, $20,590 and $21,261 in 2013, 2012 and 2011, respectively.  As of December 29, 2013, we have $160.5 million of net property and equipment secured by our credit facility.

44

1 SIGNIFICANT ACCOUNTING POLICIES continued

Capital leases—We charge amortization expense of assets recorded under capital leases to depreciation expense in our consolidated statements of operations and accumulated depreciation in our consolidated balance sheets.  At December 29, 2013 we recorded $474 for capital leases in equipment, $162 in accumulated depreciation, $79 in current portion of long-term liabilities and $244 in other long-term liabilities in our consolidated balance sheet.  At December 30, 2012 we recorded $1,834 for capital leases in equipment, $1,683 in accumulated depreciation, $54 in current portion of long-term liabilities and $113 in other long-term liabilities in our consolidated balance sheet.

Intangible assets—Indefinite-lived intangible assets, which consist of television and radio broadcast licenses and goodwill, are reviewed for impairment at least annually or more frequently if impairment indicators are present.  We continue to amortize definite-lived intangible assets on a straight-line basis over periods of five to 25 years.  The costs incurred to renew or extend the term of our television and radio broadcast licenses and certain customer relationships are expensed as incurred.  See Note 9, "Goodwill, Broadcast Licenses and Other Intangible Assets," for additional disclosures on our intangible assets.

Notes receivable — We received a $450 secured note resulting from the sale of two radio stations in Boise, Idaho in September 2009.  Interest-only payments were due monthly and the principal balance of the note was due on September 25, 2014.  Principal payments totaling $50 were received in 2011 and 2010.  At December 25, 2011, the note receivable was $400 and reported in other assets in the condensed consolidated balance sheets.  In the third quarter of 2012, the remaining balance was paid.

In consideration for the sale of the Clearwater, Florida-based operations of PrimeNet in February 2010, we received a $700 promissory note repayable over four years and a $147 working capital note repayable over three years.  At the time of the sale, we recorded receivables of $587 and $129, respectively, representing the fair value of the notes discounted at 6.785% and 9.08%, respectively.  At December 25, 2011, the notes receivables balances were $433 and $51, respectively, and reported in receivables, net in the consolidated balance sheets.  In 2012, both notes were paid in full.

In partial consideration for the sale of certain publishing assets of Journal Community Publishing Groups, Inc. in December 2012, we received a $772 promissory note bearing interest at 3% and repayable over three years.  At the time of the sale, we recorded a $738 receivable representing the estimated fair value of the note discounted at 6.25%.  These fair value measurements fall within Level 2 of the fair value hierarchy. The notes receivable balance at December 29, 2013 and December 30, 2012 was $524 and $772, respectively.

Interest income and the unamortized discount on our notes receivable are recorded using the effective interest method.

Impairment of long-lived assets—Property and equipment and other definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.  If an asset is considered impaired, a charge is recognized for the difference between the fair value and carrying value of the asset or group of assets.  Such analyses necessarily involve significant judgment.  In 2013 and 2012, we recorded property impairment charges of $238 and $368 at our radio segment representing the excess of indicated fair value over the carrying value of a building held for sale.   In 2012, our publishing segment recorded a building impairment charge of $125 representing the excess in indicated fair value over the carrying value of the assets held for sale.  Fair value was determined pursuant to an accepted offer to sell the building or a broker's opinion of the value based upon similar assets in an inactive market.  This fair value measurement is considered a level 3 measurement under the fair value hierarchy.

Share Repurchases—Shares repurchased under our July 2011 share repurchase program remain authorized but unissued.  The cost of the class A shares repurchased under the program was greater than par value and we recorded a charge to par value and additional paid in capital.  On August 13, 2012, we repurchased all 3,264 outstanding shares of our class C common stock, including all rights associated with such shares of class C common stock.

Earnings per share

Basic

For all periods during which our class C common stock was issued and outstanding (see Note 2 "Notes Payable" regarding the Company's repurchase of all 3,264 shares of the Company's class C common stock issued and outstanding in August 2012), we apply the two-class method for calculating and presenting our basic earnings per share.  As noted in the FASB's guidance for earnings per share, the two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared (or accumulated) and participation rights in undistributed earnings.  Under that method:

(a) Income (loss) from continuing operations ("net earnings (loss)") is reduced by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid or accrued during the current period.

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1 SIGNIFICANT ACCOUNTING POLICIES continued

(b) The remaining earnings, which may include earnings from discontinued operations ("undistributed earnings"), are allocated to each class of common stock to the extent that each class of stock may share in earnings if all of the earnings for the period were distributed.

(c) The remaining losses ("undistributed losses") are allocated to the class A and B common stock.  Undistributed losses are not allocated to the class C common stock and non-vested restricted stock because the class C common stock and the non-vested restricted stock are not contractually obligated to share in the losses. Losses from discontinued operations are allocated to class A and B common stock and may be allocated to class C common stock and non-vested restricted stock if there is undistributed earnings after deducting earnings distributed to class C common stock from income from continuing operations.

(d) The total earnings (loss) allocated to each class of common stock are then divided by the number of weighted average shares outstanding of the class of common stock to which the earnings (loss) are allocated to determine the earnings (loss) per share for that class of common stock.

(e) Basic earnings (loss) per share data are presented for class A and B common stock in the aggregate and for class C common stock.  The basic earnings (loss) per share for class A and B common stock are the same; hence, these classes are reported together.

In applying the two-class method, we have determined that undistributed earnings should be allocated equally on a per share basis among each class of common stock due to the lack of any contractual participation rights of any class to those undistributed earnings.  Undistributed losses are allocated to only the class A and B common stock for the reason stated above.

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1 SIGNIFICANT ACCOUNTING POLICIES continued

The following table sets forth the computation of basic earnings per share under the two-class method:

	2013		2012			2011
Numerator for basic earnings from continuing operations for each class of common stock and non-vested restricted stock:
Earnings from continuing operations	$	26,250	$	32,582		$	21,713
Less dividends:
Class A and B		-		-			-
Minimum class C		-		1,146			1,854
Non-vested restricted stock		-		-			-
Total undistributed earnings from continuing operations	$	26,250	$	31,436		$	19,859
Undistributed earnings from continuing operations:
Class A and B	$	26,250	$	29,991		$	18,423
Class C		-		1,233			1,177
Non-vested restricted stock		-		212			259
Total undistributed earnings from continuing operations	$	26,250	$	31,436		$	19,859
Numerator for basic earnings from continuing operations per class A and B common stock:
Minimum dividends on class A and B	$	-	$	-		$	-
Class A and B undistributed earnings		26,250		29,991			18,423
Numerator for basic earnings from continuing operations per class A and B common stock	$	26,250	$	29,991		$	18,423
Numerator for basic earnings from continuing operations per class C common stock:
Minimum dividends on class C	$	-	$	1,146		$	1,854
Class C undistributed earnings		-		1,233			1,177
Numerator for basic earnings from continuing operations per class C common stock	$	-	$	2,379		$	3,031
Denominator for basic earnings from continuing operations for each class of common stock:
Weighted average shares outstanding -
Class A and B		50,259		50,091			51,088
Class C		-		3,264	(1)		3,264
Basic earnings per share from continuing operations:
Class A and B	$	0.52	$	0.60		$	0.36
Class C	$	-	$	0.73		$	0.93

(1) The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period.

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1 SIGNIFICANT ACCOUNTING POLICIES continued

	2013			2012			2011
Numerator for basic earnings from discontinued operations for each class of common stock and non-vested restricted stock:
Total undistributed earnings from discontinued operations	$	(49	)	$	743		$	473
Undistributed earnings from discontinued operations:
Class A and B		(49	)		709			439
Class C		-			29			28
Non-vested restricted stock		-			5			6
Total undistributed earnings from discontinued operations	$	(49	)	$	743		$	473
Denominator for basic earnings from discontinued operations for each class of common stock:
Weighted average shares outstanding -
Class A and B		50,259			50,091			51,088
Class C		-			3,264	(1)		3,264
Basic earnings per share from discontinued operations:
Class A and B	$	-		$	0.01		$	0.01
Class C	$	-		$	0.01		$	0.01
Numerator for basic net earnings for each class of common stock:
Net earnings	$	26,201		$	33,325		$	22,186
Less dividends:
Class A and B		-			-			-
Minimum class C		-			1,146			1,854
Non-vested restricted stock		-			-			-
Total undistributed net earnings	$	26,201		$	32,179		$	20,332
Undistributed net earnings:
Class A and B	$	26,201		$	30,701		$	18,862
Class C		-			1,261			1,206
Non-vested restricted stock		-			217			264
Total undistributed net earnings	$	26,201		$	32,179		$	20,332
Numerator for basic net earnings per class A and B common stock:
Dividends on class A and B	$	-		$	-		$	-
Class A and B undistributed  net earnings		26,201			30,701			18,862
Numerator for basic net earnings per class A and B common stock	$	26,201		$	30,701		$	18,862

(1) The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period.

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	2013		2012			2011
Numerator for basic net earnings per class C common stock:
Minimum dividends on class C	$	-	$	1,146		$	1,854
Class C undistributed net earnings		-		1,261			1,206
Numerator for basic net earnings per class C common stock	$	-	$	2,407		$	3,060
Denominator for basic net earnings for each class of common stock:
Weighted average shares outstanding -
Class A and B		50,259		50,091			51,088
Class C		-		3,264	(1)		3,264
Basic net earnings per share:
Class A and B	$	0.52	$	0.61		$	0.37
Class C	$	-	$	0.74		$	0.94

(1) The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period.

Diluted

Diluted earnings per share is computed based upon the assumption that common shares are issued upon exercise of our stock appreciation rights when the exercise price is less than the average market price of our common shares and common shares will be outstanding upon expiration of the vesting periods for our non-vested restricted stock and performance-based restricted stock units.  For the year ended December 29, 2013, 435 non-vested restricted class B common shares and performance-based restricted stock units are not included in the computation of diluted earnings per share because they are anti-dilutive.  For the year ended December 30, 2012, 538 non-vested restricted class B common shares are not included in the computation of diluted earnings per share because they are anti-dilutive.  The class C shares are not converted into class A and B shares because they are anti-dilutive for all periods presented, and therefore are not included in the diluted weighted average shares outstanding.

The following table sets forth the computation of diluted net earnings (loss) per share for class A and B common stock:

	2013			2012		2011
Numerator for diluted net earnings per share:
Dividends on class A and B common stock	$	-		$	-	$	-
Total undistributed earnings from continuing operations		26,250			29,991		18,424
Total undistributed earnings from discontinued operations		(49	)		710		439
Net earnings	$	26,201		$	30,701	$	18,863
Denominator for diluted net earnings per share:
Weighted average shares outstanding		50,436			50,091		51,088
Diluted earnings per share:
Continuing operations	$	0.52		$	0.60	$	0.36
Discontinued operations		-			0.01		0.01
Net earnings	$	0.52		$	0.61	$	0.37

Diluted earnings per share for the class C common stock is the same as basic earnings per share for the class C common stock because there are no class C common stock equivalents.

Prior to the repurchase of the class C common stock, each of the 3,264 class C shares outstanding was convertible at any time at the option of the holder into either (i) 1.363970 class A shares (or a total of 4,452 class A shares) or (ii) 0.248243 class A shares (or a total of 810 class A shares) and 1.115727 class B shares (or a total of 3,642 class B shares).

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New accounting standards

In July 2013, the FASB issued guidance related to the presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or a tax credit carryforward exists.  The new guidance clarifies that companies should present an unrecognized tax benefit as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward.  This guidance is effective for fiscal years beginning after December 15, 2013, with early adoption permitted.  We adopted this guidance in 2013.  The adoption of this guidance did not impact our financial position or results of operations.

In February 2013, the FASB issued guidance related to items reclassified from accumulated other comprehensive income.  The new guidance requires either in a single note or parenthetically on the face of the financial statements: (i) the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and (ii) the income statement line items affected by the reclassification. This guidance is effective for fiscal years beginning January 1, 2013 with early adoption permitted.  We adopted this guidance in 2013.  The adoption of this guidance did not impact our financial position or results of operations.

2 NOTES PAYABLE

Long-term Notes Payable to Banks

On December 5, 2012, we entered into an amended and restated credit agreement for a secured term loan facility and a secured revolving credit facility with initial aggregate commitments of $350,000, including the term loan commitment of $150,000 and the revolving credit facility commitment of $200,000, both of which mature on December 5, 2017.  The secured term loan facility amortizes at 10% per annum payable quarterly with the balance due at maturity.  As of December 29, 2013, the outstanding principal amount of revolving loans drawn under the credit agreement was $56,200, and the outstanding principal amount of term loans drawn under the credit agreement was $138,750.  The proceeds of the senior secured credit facilities were used for the acquisition of NewsChannel 5 Network, LLC and general corporate purposes.  Amounts under the secured revolving credit facility may be borrowed, repaid and reborrowed by us from time to time until the maturity date of the revolving loan facility.  Voluntary prepayments and commitment reductions are permitted at any time without fee upon proper notice and subject to a minimum dollar requirement.  Voluntary prepayments of the secured term loan facility represent a permanent reduction in credit available.  At our option, the commitments under the credit agreement may be increased from time to time by an aggregate amount not to exceed $100,000.  The increase option is subject to the satisfaction of certain conditions, including, without limitation, the identification of lenders (which may include existing lenders or new lenders) willing to provide the additional commitments.

Our borrowings under the credit agreement incur interest at either (a) LIBOR plus a margin that ranges from 150.0 basis points to 250.0 basis points, depending on our net debt ratio, or (b) (i) the base rate, which equals the highest of the prime rate set by U.S. Bank National Association, the Federal Funds Rate plus 50.0 basis points or one-month LIBOR plus 100.0 basis points, plus (ii) a margin that ranges from 50.0 basis points to 150.0 basis points, depending on our net debt ratio.  The initial pricing spread above LIBOR was 225.0 basis points.

Our obligations under the credit agreement are currently guaranteed by certain of our domestic subsidiaries.  Subject to certain exceptions, the credit agreement is secured by liens on certain of our assets and contains affirmative, negative and financial covenants which are customary for financings of this type, including, among other things, limits on the creation of liens, limits on the incurrence of indebtedness, restrictions on dispositions and restrictions on the payment of dividends.  The senior secured credit facilities contains the following financial covenants which remain constant over the term of the agreement:

· A consolidated funded debt ratio of not greater than 3.75-to-1, as of the end of each fiscal quarter, as determined for the four fiscal quarters then ended.  This ratio compares, as of the date of determination, our consolidated funded debt on such date to consolidated EBITDA, defined in the credit agreement as earnings before interest, taxes, depreciation, amortization, restructuring charges, gains/losses on asset disposals, non-cash charges and certain other adjustments.

· A minimum interest coverage ratio of not less than 3-to-1, as of the end of each fiscal quarter, as determined for the four fiscal quarters then ended.  This ratio compares, for any period, our consolidated EBITDA, defined in the credit agreement as earnings before interest, taxes, depreciation, amortization, restructuring charges, gains/losses on asset disposals, non-cash charges and certain other adjustments.

As of December 29, 2013 and December 30, 2012, we had borrowings of $194,950 and $230,095, respectively, under our credit facilities at a currently effective blended interest rate of 2.23% and 2.53%, respectively.  Remaining unamortized fees in connection with the credit facilities of $3,772, which are included in other assets, are being amortized over the term of the senior secured credit facilities using the straight-line method, which is not materially different than the result utilizing the effective interest method.

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2 NOTES PAYABLE continued

We estimate the fair value of our senior secured credit facilities at December 29, 2013 to be $187,469, based on discounted cash flows using an interest rate of 3.36%.  We estimated the fair value of our secured credit facility at December 30, 2012 to be $224,752, based on discounted cash flows using an interest rate of 3.08%.  Interest rates utilized are estimated based on observed market rates of interest for debt with similar maturities and seniority.  These fair value measurements fall within Level 2 of the fair value hierarchy.

Scheduled minimum principal repayments of the secured term loan facility are $15,000 in 2014, $15,000 in 2015, $15,000 in 2016 and $93,750 in 2017.

Unsecured Subordinated Notes Payable

On August 13, 2012, we repurchased all 3,264 outstanding shares of our class C common stock, including all rights associated with such shares of class C common stock, in exchange for $6,246 in cash and the issuance of 15 unsecured subordinated promissory notes with an aggregate principal amount of $25,599 and bearing interest at a rate of 7.25% per annum.  The cash payment equaled the amount of the minimum unpaid and undeclared dividend on the class C common stock through August 12, 2012.

Seven of the notes with an aggregate principal amount of $9,664 were paid in 2012.  A scheduled minimum principal repayment for $2,656 was made on September 30, 2013.  The remaining seven subordinated notes, with an aggregate remaining principal amount of approximately $13,279, are payable in equal annual installments of $2,656 on September 30 of each of 2014, 2015, 2016, 2017 and 2018, with no prepayment right.  Interest on the notes is payable quarterly.

We estimate the fair value of the subordinated notes at December 29, 2013 to be $13,515 based on discounted cash flows using an interest rate of 7.19%. We estimated the fair value of the subordinated notes at December 30, 2012 to be $16,188 based on discounted cash flows using an interest rate of 7.26%.  Interest rates utilized are estimated based on observed market rates of interest for debt with similar maturities and seniority. These fair value measurements fall within Level 2 of the fair value hierarchy. As of December 29, 2013, $13,279 of the principal amount of the subordinated notes remains outstanding.

3 EMPLOYEE BENEFIT PLANS

We have a defined benefit pension plan covering certain employees.  The defined benefit pension plan was permanently frozen effective January 1, 2011.  The plan provides benefits based on years of service and the average compensation for the employee's last five years of employment.  Plan assets consist primarily of listed stocks and government and other bonds.

We also sponsor an unfunded non-qualified pension plan for certain employees whose benefits under the pension plan and the 401(k) plan may be restricted due to limitations imposed by the Internal Revenue Service.  The unfunded non-qualified pension plan was permanently frozen effective January 1, 2011.  The disclosure for the unfunded non-qualified pension plan for all years presented is combined with the defined benefit pension plan.

In addition, we provide postretirement health benefits to certain retirees and their eligible spouses and certain full-time active employees who did not attain age 50 by December 31, 2006.  Full-time active employees who retire after April 1, 2007 do not receive an employer contribution for health benefits after attaining age 65.  Due to certain plan changes, we do not expect the plan will qualify for actuarial equivalent pharmaceutical benefits under the Medicare Part D federal subsidy.

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							Other
	Pension Benefits						Postretirement Benefits
Years ended December 29 and December 30	2013			2012			2013			2012
Change in benefit obligations
Benefit obligation at beginning of year	$	182,004		$	171,028		$	14,608		$	17,274
Service cost		-			-			55			14
Interest cost		7,009			7,578			380			630
Actuarial (gain) loss		(15,365	)		12,322			(277	)		(2,010	)
Benefits paid		(9,156	)		(8,924	)		(1,669	)		(1,300	)
Benefit obligation at end of year	$	164,492		$	182,004		$	13,097		$	14,608

							Other
	Pension Benefits						Postretirement Benefits
Years ended December 29 and December 30	2013			2012			2013			2012
Change in plan assets
Fair value of plan assets at beginning of year	$	102,602		$	96,699		$	-		$	-
Actual gain on plan assets		15,386			11,672			-			-
Company contributions		3,114			3,155			1,669			1,300
Benefits paid		(9,156	)		(8,924	)		(1,669	)		(1,300	)
Fair value of plan assets at end of year	$	111,946		$	102,602		$	-		$	-
Funded status	$	(52,546	)	$	(79,402	)	$	(13,097	)	$	(14,608	)

							Other
	Pension Benefits						Postretirement Benefits
Years ended December 29 and December 30	2013			2012			2013			2012
Acounts recognized in consolidated balance sheets
Current liabilities	$	(491	)	$	(476	)	$	(1,568	)	$	(1,645	)
Noncurrent liabilities		(52,055	)		(78,926	)		(11,529	)		(12,963	)
Total	$	(52,546	)	$	(79,402	)	$	(13,097	)	$	(14,608	)

	Pension Benefits
	Actuarial			Prior			Deferred
	Loss			Service			Income
	(Gain), Net			Credit			Taxes			Total
Amounts recognized in accumulated other comprehensive loss
As of December 30, 2012	$	93,217		$	(48	)	$	(37,052	)	$	56,117
Current year change		(26,213	)		10			10,152			(16,051	)
As of December 29, 2013	$	67,004		$	(38	)	$	(26,900	)	$	40,066

The accumulated benefit obligation for the pension plans was $164,492 and $182,004 at December 29, 2013 and December 30, 2012, respectively.

	Other Postretirement Benefits
	Actuarial			Prior			Deferred
	Loss			Service			Income
	(Gain), Net			Credit			Taxes		Total
Amounts recognized in accumulated other comprehensive loss
As of December 30, 2012	$	183		$	(783	)	$	222	$	(378	)
Current year change		(277	)		219			24		(34	)
As of December 29, 2013	$	(94	)	$	(564	)	$	246	$	(412	)

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	Pension Benefits
Years ended December 29, December 30 and December 25	2013			2012			2011
Components of net periodic benefit cost
Service cost	$	-		$	-		$	-
Interest cost		7,009			7,578			7,850
Expected return on plan assets		(7,325	)		(8,454	)		(9,594	)
Amortization of:
Unrecognized prior service credit		(10	)		(10	)		(10	)
Unrecognized net loss		2,787			2,038			979
Net periodic benefit cost included in operating costs and expenses and selling and administrative expenses	$	2,461		$	1,152		$	(775	)

	Other Postretirement Benefits
Years ended December 29, December 30 and December 25	2013			2012			2011
Components of net periodic benefit cost
Service cost	$	55		$	14		$	53
Interest cost		380			630			827
Amortization of:
Unrecognized prior service credit		(219	)		(219	)		(219	)
Unrecognized net transition obligation		-			546			549
Unrecognized net loss		-			188			-
Net periodic benefit cost included in selling and administrative expenses	$	216		$	1,159		$	1,210

The unrecognized net loss and prior service credit for the defined benefit pension plans that is expected to be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $2,122 and ($10), respectively.  The prior service credit and transition obligation for the other postretirement pension plan that is expected to be amortized from other accumulated comprehensive income into net periodic benefit cost over the next fiscal year is ($219) and $0, respectively.

The costs for our pension benefits and other postretirement benefits are actuarially determined.  Key assumptions utilized at the measurement dates of December 29, 2013 and December 30, 2012 for pension benefits and for other postretirement benefits include the following:

Weighted-average assumptions used to determine benefit obligations:

							Other
	Pension Benefits						Postretirement Benefits
December 29 and December 30	2013			2012			2013			2012
Discount rate		4.75	%		3.95	%		3.55	%		2.75	%
Rate of compensation increases		-			-			-			-

Weighted-average assumptions used to determine net periodic benefit cost:

										Other
	Pension Benefits									Postretirement Benefits
December 29, December 30 and December 25	2013			2012			2011			2013			2012			2011
Discount rate		3.95	%		4.55	%		5.35	%		2.75	%		3.85	%		4.95	%
Expected return on plan assets		7.25			7.75			8.25			-			-			-
Rate of compensation increases		-			-			-			-			-			-

To determine the discount rate assumptions for the pension and the postretirement benefit plans, we studied our plans' specific discount rate by matching our projected benefit payments to a yield curve developed from high grade corporate bonds.  The results of those studies were used as the benchmark to determine the discount rate assumptions.

We studied historical markets to determine the long-term rate of return assumption for plan assets.  We preserved the long-term historical relationships between equities and fixed-income securities, consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run.  We evaluate current market factors such as inflation and interest rates before we determine long-term capital market assumptions.  We review peer data and historical returns to check for reasonableness and appropriateness.  We anticipate our expected rate of return on plan assets assumption to be 6.75% for our 2014 valuation.

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The assumed health care cost trend rate used in measuring the postretirement benefit obligation for retirees for 2013 is 9.00%, grading down to 5.00% in the year 2021 and thereafter.  The assumed health care cost trend rates have a significant effect on the amounts reported for other postretirement benefits.  A 1% change in the assumed health care cost trend rate would have the following effects:

	1%		1%
	Increase		Decrease
Effect on total of service and interest cost components in 2013	$	10	$	(9	)
Effect on postretirement benefit obligation as of December 29, 2013	$	197	$	(191	)

Plan Assets

The following tables present the fair value of our plan assets by level of the fair value hierarchy.  In accordance with the FASB's guidance for fair value measurements, level 1 inputs are quoted prices in active markets for identical assets; level 2 inputs are significant other observable inputs; and level 3 inputs are significant unobservable inputs.

Our pension plan weighted average asset allocations at December 29, 2013 and December 30, 2012 by asset category are as follows:

	Level 1		Level 2		Level 3
	Inputs		Inputs		Inputs		Total
December 29, 2013
Mutual funds		111,205		-		-		111,205
Money-market fund		-		740		-		740
Fair value of plan assets	$	111,205	$	740	$	-	$	111,945
	Level 1		Level 2		Level 3
	Inputs		Inputs		Inputs		Total
December 30, 2012
Cash	$	715	$	-	$	-	$	715
Mutual funds		89,430		-		-		89,430
Money-market fund		-		7		-		7
Collective trust fund		-		12,450		-		12,450
Fair value of plan assets	$	90,145	$	12,457	$	-	$	102,602

	Plan Assets
December 29 and December 30	2013			2012
Equity securities		42.2	%		65.2	%
Fixed-income securities		57.2			34.9
Other		0.6			(0.1	)
Total		100.0	%		100.0	%

We employ a dynamic investment strategy, changing the allocation between return-seeking and liability hedging assets to de-risk the plan as the funded ratio improves. We believe the strategy provides a reasonable probability of achieving growth of assets that will assist in closing the Plan's funding gap, while removing risk systematically as we reach our long-term goal of being fully-funded.  Based on an assessment of our long-term goals and desired risk levels, we developed a glide path that adjusts the target allocation to return-seeking assets as well as the corresponding minimum and maximum allocations as the Plan's funded status improves.  The funded status is monitored on a quarterly basis.  We seek to maintain a diversified portfolio within the return-seeking asset portfolio and the liability hedging portfolio using a diversified blend of equity and debt investments.  The return-seeking component is diversified across U.S. and non-U.S. stocks, both actively and passively managed.  The liability hedging component is diversified across the maturity, quality and sector spectrum. To achieve an appropriate level of expected return, value-added potential, and risk, we adopted the following target allocations within the return-seeking segment:

54

3 EMPLOYEE BENEFIT PLANS continued

	Percent of Return-Seeking Portfolio
	Target
U.S. Equity		33.0	%
Non-U.S. Equity (Developed and Emerging Markets)		33.0
Global Equity		34.0

Contributions

We fund our defined benefit pension plan at the minimum amount required by the Pension Protection Act of 2006.  During 2013, we contributed $2,710 to our qualified defined benefit pension plan and $404 to our non-qualified pension plan, respectively.  Based on the most recent current projections and after giving effect to our election under the recently enacted Moving Ahead for Progress in the 21^st Century Act (MAP-21) pension legislation, we do not expect to contribute to our qualified defined benefit pension plan in 2014.  We expect to contribute $491 to our unfunded non-qualified pension plan in 2014.

Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid with future contributions to the plan or directly from plan assets, as follows:

			Other
	Pension		Postretirement
	Benefits		Benefits
2014	$	9,399	$	1,568
2015		9,669		1,545
2016		9,869		1,509
2017		10,015		1,524
2018		10,142		1,485
2019-2023		52,740		5,241

The 401(k) plan is a defined contribution benefit plan covering substantially all employees.  The plan allows employees to defer up to 50% of their eligible wages, up to the IRS limit, on a pre-tax basis.  In addition, employees can contribute up to 50% of their eligible wages after taxes.  The maximum combined total contribution may not exceed 50% of each employee's eligible wages.  Each employee who elects to participate is eligible to receive company matching contributions.  The matching contributions, recorded as an operating expense, were $2,436, $1,979, and $2,070 in 2013, 2012, and 2011, respectively.  We contribute $0.50 for each dollar contributed by the 401(k) participant, up to 7% of their eligible wages, for a maximum match of 3.5% of eligible wages, as defined by the 401(k) plan.

55

4 INCOME TAXES

The components of the provision (benefit) for income taxes consist of the following:

Years ended December 29, December 30 and December 25	2013			2012			2011
Continuing operations
Current:
Federal	$	3,864		$	5,290		$	2,169
State		867			294			1,069
Total current		4,731			5,584			3,238
Deferred:
Federal		10,438			12,828			9,575
State		2,003			3,276			1,491
Total deferred		12,441			16,104			11,066
Total provision for income taxes for continuing operations	$	17,172		$	21,688		$	14,304
Discontinued operations
Current:
Federal	$	(649	)	$	(210	)	$	(412	)
State		(118	)		(11	)		(74	)
Total current		(767	)		(221	)		(486	)
Deferred:
Federal		628			617			671
State		126			122			144
Total deferred		754			739			815
Total provision (benefit) for income taxes for discontinued operations	$	(13	)	$	518		$	329

The significant differences between the statutory federal income tax rates and the effective income tax rates are as follows:

Years ended December 29, December 30 and December 25	2013			2012			2011
Statutory federal income tax rate		35.0	%		35.0	%		35.0	%
State income taxes, net of federal tax benefit		4.5			5.0			5.1
Other		0.1			-			(0.4	)
Effective income tax (benefit) rate		39.6	%		40.0	%		39.7	%

56

4 INCOME TAXES continued

Temporary differences that give rise to the deferred tax assets and liabilities at December 29, 2013 and December 30, 2012 are as follows:

	2013			2012
Current assets
Receivables	$	388		$	720
Inventories		33			32
Other assets		676			668
Accrued compensation		549			731
Accrued employee benefits		930			998
Total current deferred tax assets		2,576			3,149
Current liabitites
Accrued state taxes		(68	)		(117	)
Total current deferred tax liability		(68	)		(117	)
Total net current deferred tax assets	$	2,508		$	3,032
Non-current assets
Accrued employee benefits	$	24,530		$	34,445
State deferred income taxes		2,251			4,502
State net operating loss		2,192			2,122
Intangible assets		9,813			19,989
Other assets		484			278
Total non-current deferred tax assets		39,270			61,336
Non-current liabilities
Property and equipment		(18,584	)		(19,468	)
Valuation allowances		(184	)		(199	)
Other liabilities		(377	)		(96	)
Total non-current deferred tax assets		(19,145	)		(19,763	)
Total net non-current deferred tax assets	$	20,125		$	41,573

We deduct television and radio broadcast licenses and tax-deductible goodwill over a period of 15 years from the date of acquisition.  The non-cash television and radio broadcast license impairment charge recorded in 2012 is not currently deductible for income tax purposes and has caused us to recognize a deferred tax asset.  We believe it is more likely than not that we will realize a tax benefit for our deferred tax assets and we believe that they will be utilized to offset future taxable income over the next 20 years in accordance with current income tax law.  In the future, we may be required to record a valuation allowance against our deferred tax assets if we have future operating losses or reductions in our expected future profitability which would cause us to believe we would be unable to utilize them.

At December 29, 2013, we have $2,192 of tax-effected state net operating loss carryforwards available to offset against future taxable income over the next 20 years.  The net operating losses begin expiring in 2028.  To the extent we believe it is more likely than not that certain of the net operating loss carryforwards will expire unused, we have recorded $0 in valuation allowances.  There are also $184 of capital loss carryforwards that will expire in 2017.  We have $184 in valuation allowances for these capital loss carryforwards due to uncertainties surrounding their use.

We file tax returns in the United States federal jurisdiction, as well as in approximately 14 state and local jurisdictions.  The statute of limitations for assessing additional taxes is three years for federal purposes and typically between three and four years for state and local purposes.  Accordingly, our 2010 through 2012 tax returns are open for federal purposes, and our 2009 through 2012 tax returns remain open for state tax purposes, unless the statute of limitations has been previously extended.  Currently, we are under audit by the IRS for our 2010 and 2011 tax returns, in Wisconsin for our 2004 through 2007 tax returns and in Illinois for our 2006 and 2007 tax returns.

As of December 29, 2013, our liability for unrecognized tax benefits was $727, which, if recognized, would have an impact on our effective tax rate.  As of December 29, 2013, it is reasonably possible for $1,003 of unrecognized tax benefits and related interest to be recognized within the next 12 months due to settlements with taxing authorities.

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4 INCOME TAXES continued

The following table summarizes the activity related to our unrecognized tax benefits during 2013, 2012 and 2011:

	2013			2012			2011
Beginning balance	$	762		$	885		$	913
Increases due to prior year tax provisions		-			-			14
Decreases related to prior year tax provisions		-			-			(10	)
Decreases due to the expiration of statutes of limitations		(8	)		(7	)		(32	)
Decreases due to settlements		(27	)		(116	)		-
Ending Balance	$	727		$	762		$	885

We recognize interest income/expense and penalties related to unrecognized tax benefits in our provision for income taxes.  At December 29, 2013 and December 30 2012, we had $276 and $229, respectively, accrued for interest expense and penalties.  During 2013 and 2012, we recognized $56 and $29 of interest expense, respectively, related to unrecognized tax benefits.  Our liability for interest and penalties decreased by $8 due to settlements with taxing authorities.

5 COMMITMENTS AND CONTINGENCIES

We lease office space, certain broadcasting facilities, distribution centers, delivery vehicles and equipment under both short-term and long-term leases accounted for as operating leases.  Some of the lease agreements contain renewal options and rental escalation clauses, as well as provisions for the payment of utilities, maintenance and taxes.

As of December 29, 2013, our future minimum rental payments due under noncancellable operating lease agreements consist of the following:

	Due In
	Fiscal Year
2014	$	2,433
2015		1,709
2016		1,127
2017		1,024
2018		501
Thereafter		1,857
	$	8,651

Our publishing businesses lease delivery trucks accounted for as capital leases.  As of December 29, 2013, our future minimum rental payments due under capital lease agreements consist of the following:

	Due In
	Fiscal Year
2014	$	79
2015		82
2016		57
2017		37
2018		38
Thereafter		30
	$	323

Rent expense charged to our continuing operations for 2013, 2012 and 2011 was $4,333, $4,545 and $4,207, respectively.  We amortize rent expense on a straight-line basis for leases with rent escalation clauses. Rental income from subleases included in our continuing operations for 2013, 2012 and 2011 was $222, $218, and $67, respectively.  There were no noncancellable subleases as of December 29, 2013.

We have $1,879 of standby letters of credit for business insurance purposes.

58

5 COMMITMENTS AND CONTINGENCIES continued

Over the next four years, we are committed to purchase and provide advertising time in the amount of $9,510 for television program rights that currently are not available for broadcast, including programs not yet produced. If such programs are not produced, our corresponding commitment would expire without obligation.

We provided a guarantee to the landlord of our former New England community publications business, which was sold in 2007, with respect to tenant liabilities and obligations associated with a lease which expires in December 2016. As of December 29, 2013, our potential obligation pursuant to the guarantee was $549, plus costs of collection, attorney fees and other charges incurred if the tenant defaults.  As part of the sales transaction, we received a guarantee from the parent entity of the buyer of our New England business that the buyer will satisfy all the liabilities and obligations of the assigned lease. In the event that the buyer fails to satisfy its liabilities and obligations and the landlord invokes our guarantee, we have a right to indemnification from the buyer's parent entity.

6 SHAREHOLDERS' EQUITY

On August 13, 2012, we repurchased all 3,264 outstanding shares of our class C common stock, including all rights associated with such shares of class C common stock.  In conjunction with the repurchase, we paid $6,246 in cash equal to the amount of the minimum unpaid and undeclared dividend on the class C common stock through August 12, 2012.  We currently have two classes of common stock outstanding.

Class B shares are held by our current and former employees, our non-employee directors and Grant family shareholders.  These shares are entitled to ten votes per share, and are convertible to class A shares at the option of the holder after first offering to sell them to other eligible purchasers through the offer procedures set forth in our articles of incorporation.  Dividends on class B shares are equal to those declared on the class A shares.  Class A shares are publicly traded on the New York Stock Exchange under the symbol "JRN". In 2011, we retired 8,677 class B shares that we held in our treasury. These shares are now designated as authorized and unissued.  The excess of the cost of treasury stock over its par value was allocated between retained earnings and paid-in capital.

The changes in the number of shares of our common stock (excluding Treasury stock) during 2013, 2012 and 2011 are as follows (in thousands):

	Common Stock
	Class C			Class B			Class A
Balance at December 26, 2010		3,264			8,595			43,196
Conversion of class B shares to class A shares		-			(1,683	)		1,683
Shares repurchased		-			-			(1,100	)
Shares issued under equity incentive and employee stock purchase plans		-			302			-
Balance at December 25, 2011		3,264			7,214			43,779
Conversion of class B shares to class A shares		-			(682	)		682
Shares repurchased		(3,264	)					(710	)
Shares issued under equity incentive and employee stock purchase plans		-			374			-
Balance at December 30, 2012		-			6,906			43,751
Conversion of class B shares to class A shares		-			(919	)		919
Shares repurchased		-			-			-
Shares issued under equity incentive and employee stock purchase plans		-			147			-
Balance at December 29, 2013		-			6,134			44,670

7 STOCK-BASED COMPENSATION

2007 Journal Communications, Inc. Omnibus Incentive Plan

The purpose of the 2007 Journal Communications, Inc. Omnibus Incentive Plan (2007 Plan) is to promote our success by linking personal interests of our employees, officers and non-employee directors to those of our shareholders, and by providing participants with an incentive for outstanding performance.  The 2007 Plan is also intended to enhance our ability to attract, motivate and retain the services of employees, officers and directors upon whose judgment, interest and special effort the successful conduct of our operation is largely dependent.

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7 STOCK-BASED COMPENSATION continued

Subject to adjustment as provided in the 2007 Plan, the aggregate number of shares of class A common stock or class B common stock reserved and available for issuance pursuant to awards granted under the 2007 Plan is 4,800 shares which may be awarded in the form of nonstatutory or incentive stock options, stock appreciation rights, restricted stock, restricted or deferred stock units, performance awards, dividend equivalents or other stock-based awards.  The 2007 Plan also provides for the issuance of cash-based awards.  The 2007 Plan replaced the 2003 Equity Incentive Plan (2003 Plan) and, as of May 3, 2007, all equity grants are made from the 2007 Plan.  We will not grant any additional awards under the 2003 Plan.  As of December 29, 2013, there are 2,335 shares available for issuance under the 2007 Plan.

During the years ended December 29, 2013, December 30, 2012 and December 25, 2011, we recognized $2,089, $2,056 and $1,649, respectively, in stock-based compensation expense. Total income tax benefit recognized related to stock-based compensation for the years ended December 29, 2013, December 30, 2012 and December 25, 2011 was $826, $822 and $656, respectively.  We recognize stock-based compensation expense on a straight-line basis over the service period based upon the fair value of the award on the grant date.  As of December 29, 2013, total unrecognized compensation cost related to stock-based awards was $1,836, net of estimated forfeitures, which we expect to recognize over a weighted average period of 1.1 years.  Stock-based compensation expense is reported in selling and administrative expenses and the net gain on discontinued operations in our consolidated statements of operations.

Stock grants

The compensation committee of our board of directors has granted class B common stock to employees and non-employee directors under our 2003 Plan and our 2007 Plan.  Each stock grant may have been accompanied by restrictions, or may have been made without any restrictions, as the compensation committee of our board of directors determined.  Such restrictions could have included requirements that the participant remain in our continuous employment for a specified period of time, or that we or the participant meet designated performance goals.  We value non-vested restricted stock grants at the closing market prices of our class A common stock on the grant date.

A summary of stock grant activity during 2013 is:

				Weighted
				Average Grant
	Shares			Date Fair Value
Non-vested at December 30, 2012		538		$	5.30
Granted		228			6.42
Vested		(319	)		5.34
Forfeited		(12	)		5.56
Non-vested at December 29, 2013		435		$	5.85

Our non-vested restricted stock grants vest from one to four years from the grant date.  We expect our non-vested restricted stock grants to fully vest over the weighted average remaining service period of 1.1 years.  The total grant date fair value of shares vesting during 2013 was $1,701.  There was an aggregate of 382 unrestricted and non-vested restricted stock grants issued to our non-employee directors (90 shares) and employees (292 shares) in 2012 at a weighted average fair value of $5.12 per share, of which 192 shares are vested as of December 29, 2013 with a total grant date fair value of $928.  There were 368 unrestricted and non-vested restricted stock grants issued to our directors (101 shares) and employees (267 shares) during 2011 at a weighted average fair value of $5.63 per share, of which 185 shares are vested as of December 29, 2013 with a total grant date fair value of $1,003.

Performance Units

In 2012 and 2013, the compensation committee of our board of directors approved the grant of performance-based restricted stock units (performance units) under our 2007 Plan, which represent the right to earn shares of class B common stock based on continued employment and the achievement of specified targets for adjusted cumulative EBITDA over specified fiscal year performance periods.  We value performance unit awards at the closing market price of our class A common stock on the grant date.

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7 STOCK-BASED COMPENSATION continued

A summary of stock grant activity during 2013 is:

			Weighted Average
			Grant Date
	Shares		Fair Value
Non-vested at December 30, 2012		77	$	5.59
Granted		74		6.33
Vested		-		-
Forfeited		-		-
Non-vested at September 29, 2013		151		5.95

Stock appreciation rights

A stock appreciation right, or SAR, represents the right to receive an amount equal to the excess of the fair value of a share of our class B common stock on the exercise date over the base value of the SAR, which shall not be less than the fair value of a share of our class B common stock on the grant date.  Each SAR is settled only in shares of our class B common stock.  The term during which any SAR may be exercised is 10 years from the grant date, or such shorter period as determined by the compensation committee of our board of directors.

Our SARs vest over a three year graded vesting schedule and it is our policy to recognize compensation cost for awards with graded vesting on a straight-line basis over the vesting period for the entire award.  We ensure the compensation cost recognized at any date is at least equal to the portion of the grant-date value of the award that is vested at that date.  The fixed price SARs have a fixed base value equal to the closing price of our class A common stock on the date of grant. The escalating price SARs have an escalating base value that starts with the closing price of our class A common stock on the date of  grant and increases by six percent per year for each year that the SARs remain outstanding, starting on the first anniversary of the grant date.

A summary of SAR activity during 2013 is:

						Weighted Average
						Contractual Term
				Weighted Average		Remaining
	SARS			Exercise Price		(years)
Outstanding and exercisable at December 30, 2012		1,083		$	11.26		4.6
Granted		-
Exercised		(341	)		7.57
Forfeited		-
Expired		-
Outstanding and exercisable at December 29, 2013		742		$	13.30		3.9

All SARs have vested.  The aggregate intrinsic value of the SARs exercised during 2013 was $563.  The aggregate intrinsic value of the SARs outstanding and exercisable at the end of 2013 is $39.

Employee stock purchase plan

The 2003 Employee Stock Purchase Plan permits eligible employees to purchase our class B common stock at 90% of the fair market value measured as of the closing market price of our class A common stock on the day of purchase.  We recognize compensation expense equal to the 10% discount of the fair market value.  Subject to certain adjustments, 3,000 shares of our class B common stock are authorized for sale under this plan.  There were 45 class B common shares sold to employees under this plan in 2013 at a weighted average fair value of $5.63.  As of December 29, 2013, there are 2,162 shares available for sale under the plan.

8 VARIABLE INTEREST ENTITY

We had an affiliation agreement with ACE TV, Inc. for the rights under a local marketing agreement for WACY-TV in Appleton, Wisconsin and to acquire certain assets of ACE TV, Inc. including the broadcast license of WACY-TV for a purchase price of $2,038, pending FCC rule changes and approval.  In May 2012, we filed an application with the FCC to convert the local marketing agreement into an ownership interest through a failed station waiver, which was pending approval.  Under the affiliation agreement, ACE TV, Inc. provided the programming for WACY-TV and we sold advertising time, provided all other television operating activities and owned certain assets used by WACY-TV.  Based on our power to direct certain activities and our right to ultimately acquire certain additional assets, including the broadcast license, we determined that ACE TV, Inc. was a VIE and that we were the primary beneficiary of the variable interests of WACY-TV.  As a result, we consolidated the net assets of ACE TV, Inc., aggregating $1,164 which consisted primarily of a broadcast license and investments.  The investments of ACE TV, Inc. could be used only to settle obligations of ACE TV, Inc.  Creditors of ACE TV, Inc. had no recourse to our general credit.  We did not provide financial or other support that we were not contractually required to provide.  On October 22, 2012, we closed on the acquisition of the remaining assets used in the operation of WACY-TV from ACE TV, Inc.

61

9 GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS

Definite-Lived Intangibles

Our definite-lived intangible assets consist primarily of network affiliation agreements, customer lists, non-compete agreements and trade names.  We amortize the network affiliation agreements over a period of 25 years based on our good relationships with the networks, our long history of renewing these agreements and because 25 years is deemed to be the length of time before a material modification of the underlying contract would occur.  We amortize the customer lists over a period of five to 15 years, the non-compete agreements and franchise agreement fees over the terms of the contracts and the trade names over a period of 25 years.  Management determined there were no significant adverse changes in the value of these assets as of December 29, 2013.

Amortization expense was $2,855, $1,601 and $1,391 for 2013, 2012 and 2011, respectively.  Estimated amortization expense for our next five fiscal years is $2,818 for 2014, $2,809 for both 2015 and 2016, and $2,784 for both 2017 and 2018.

The gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets as of December 29, 2013 and December 30, 2012 is as follows:

	Gross					Net
	Carrying		Accumulated			Carrying
	Amount		Amortization			Amount
December 29, 2013
Network affiliation agreements	$	66,078	$	(9,905	)	$	56,173
Customer lists		4,149		(3,661	)		488
Non-compete agreements		8,510		(8,510	)		-
Other		2,726		(1,624	)		1,102
Total	$	81,463	$	(23,700	)	$	57,763
December 30, 2012
Network affiliation agreements	$	66,078	$	(7,261	)	$	58,817
Customer lists		4,149		(3,525	)		624
Non-compete agreements		8,510		(8,501	)		9
Other		2,726		(1,558	)		1,168
Total	$	81,463	$	(20,845	)	$	60,618

During 2012, our community publications business reporting unit sold all but two of its northern Wisconsin publications.  As part of the transactions, we wrote off customer lists, non-compete agreements and other intangible assets with a net carrying amount of $390.

Weighted-average amortization period:	Years
Network affiliation agreements	25
Customer lists	9
Non-compete agreements	5
Other	16

Broadcast Licenses

Television and radio broadcast licenses are deemed to have indefinite useful lives because we have renewed these agreements without issue in the past and we intend to renew them indefinitely in the future.  Accordingly, we expect the cash flows from our television and radio broadcast licenses to continue indefinitely.  The carrying value of our broadcast licenses was $135,166 and $129,566 as of December 29, 2013 and December 30, 2012, respectively.

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9 GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS continued

2013 Annual Impairment Test

For broadcast licenses at individual television and radio stations, we use the Greenfield Method, an income approach commonly used in the broadcast sector, to estimate fair value.  This approach assumes the start up of a new station by an independent market participant, and incorporates assumptions that are based on past experiences and judgments about future market performance.  These variables include, but are not limited to: the forecasted growth rate of each market (including market population, household income and retail sales), estimated market share, profit margins and operating cash flows of an independent station within a market, estimated capital expenditures and start up costs, risk-adjusted discount rate, likely media competition within the market and expected growth rates into perpetuity to estimate terminal values.  Adverse changes in significant assumptions such as an increase in discount rates, or a decrease in projected market revenues, market share or operating cash flows could result in additional non-cash impairment charges on our television and radio broadcast licenses in future periods, which could have a material impact on our financial condition and results of operations.

The fair value measurements determined for purposes of performing our impairment tests are considered level 3 under the fair value hierarchy because they require significant unobservable inputs to be developed using estimates and assumptions which we determine and reflect those that a market participant would use.

Our annual impairment test on broadcast licenses was performed at individual television and radio stations as of September 30, 2013.  The fair value of the FCC licenses of our Tulsa radio stations KHTT-FM and KBEZ-FM, both acquired in 2012, were within 1% of the book value.  The impairment tests indicated none of our television and radio broadcast licenses were impaired.

2012 Annual Impairment Test

Our annual impairment test on broadcast licenses was performed at individual television and radio stations as of September 24, 2012. The impairment tests indicated one of our television broadcast licenses and two of our radio broadcast licenses were impaired due to declines in revenue share, declines in projected long-term market revenues, and a reduction in radio perpetuity growth rates.  In accordance with the FASB's guidance for goodwill and intangible assets, our broadcast licenses were written down to their estimated fair value, resulting in a $887 non-cash impairment charge in our television business and a $729 non-cash impairment charge in our radio business in the fourth quarter of 2012.  The ending book value of our radio broadcast licenses was $46,059 and the ending value of our television broadcast licenses was $33,807 (excludes the broadcast license acquired in December 2012 with the acquisition of NewsChannel 5 Network, LLC).

2011 Annual Impairment Test

Our annual impairment test on broadcast licenses was performed at individual television and radio stations as of September 26, 2011. The impairment tests indicated two of our television broadcast licenses were impaired due to a decline in projected long-term market revenues and an increase in the discount rates.  The changes in the discount rate used for our broadcast licenses are primarily driven by changes in the expected return on the public equity of comparable companies in the television and media sector and the average cost of capital.  In accordance with the FASB's guidance for goodwill and intangible assets, two of our television broadcast licenses were written down to their estimated fair value, resulting in a $735 non-cash impairment charge in the fourth quarter of 2011 in our television business.  The ending book value of radio and television broadcast licenses was $47,013 and $34,471, respectively.

Goodwill

2013 Annual Impairment Test

In 2013, we determined our community publishing and daily newspaper reporting units have similar economic characteristics and therefore were combined for the 2013 annual impairment test.  Our annual impairment test on goodwill as of September 30, 2013 indicated there was no impairment of our goodwill at our radio, television or combined publishing reporting units.

For purposes of testing the carrying value of goodwill related to our combined publishing reporting unit, we determine fair value using an income and a market valuation approach.  The income approach uses expected cash flows of the reporting unit.  The cash flows are discounted for risk and time value.  In addition, the present value of the projected residual value is estimated and added to the present value of the cash flows.  The market approach is based on price multiples of publicly traded stocks of comparable companies to estimate fair value.  Each approach estimated a fair value exceeding carrying value.  We base our fair value estimates on various assumptions about our projected operating results, including continuing declines in publishing revenues as well as an expectation that we will achieve cash flow benefits from our continuing cost cutting measures.  The valuation methodology used to estimate the fair value of our reporting unit requires inputs and assumptions (i.e., market growth, operating cash flow margins and discount rates) that reflect current market conditions as well as management judgment.  These assumptions may change due to changes in market conditions and such changes may result in an impairment of our goodwill.  Actual operating results may not achieve these assumptions in the near term and such results may result in future impairment.

2012 Annual Impairment Test

Our annual impairment test on goodwill as of September 24, 2012 indicated there was no impairment of our goodwill at our television, radio or community publications reporting units.

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9 GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS continued

2011 Interim and Annual Impairment Tests

During the third quarter of 2011, we sold the remaining Florida-based businesses of our community publications reporting unit. In conjunction with the sale, an interim impairment test as of September 25, 2011 was performed on the carrying value of $3,857 of goodwill associated with this reporting unit. Our interim impairment test indicated there was no goodwill impairment. Our annual impairment tests on goodwill associated with the television, radio and community publications reporting units as of September 26, 2011 indicated there was no impairment of our goodwill.

The changes in the carrying amount of goodwill by reporting segment during the years ended December 29, 2013 and December 30, 2012 are as follows:

	Television			Radio			Publishing			Total
Goodwill	$	169,018		$	64,958		$	20,579		$	254,555
Accumulated impairment losses		(164,205	)		(64,958	)		(16,722	)		(245,885	)
Balance as of December 25, 2011		4,813			-			3,857			8,670
Goodwill related to the sale of a business		-			-			(923	)		(923	)
Goodwill related to the purchase of a business		116,124			1,947			-			118,071
Goodwill		285,142			66,905			19,656			371,703
Accumulated impairment losses		(164,205	)		(64,958	)		(16,722	)		(245,885	)
Balance as of December 30, 2012		120,937			1,947			2,934			125,818
Adjustment of Nashville NewsChannel 5 Network, LLC Goodwill		(1,447	)		-			-			(1,447	)
Goodwill related to the purchase of a business		-			331			-			331
Goodwill		283,695			67,236			19,656			370,587
Accumulated impairment losses		(164,205	)		(64,958	)		(16,722	)		(245,885	)
Accumulated impairment loss adjustment for segment reporting		(30,731	)		30,731			-			-
Balance as of December 29, 2013	$	88,759		$	33,009		$	2,934		$	124,702

10 ACQUISITIONS AND DIVESTITURES

2013

On May 3, 2013, our radio business completed the asset purchase of 100.3 WNOX-FM (WNOX), licensed to Oak Ridge, Tennessee, in the Knoxville, Tennessee, market from Oak Ridge FM, Inc., for $5,955.  We now own four radio stations in Knoxville, Tennessee.  The goodwill of $331 arising from the acquisition is attributable to the synergies expected from aligning WNOX with our cluster of radio stations within the Knoxville market.

The estimated fair values of identifiable assets acquired and liabilities assumed for WNOX-FM at the acquisition date are as follows:

	WNOX-FM
	Knoxville, TN
Equipment	$	24
Goodwill		331
FCC licensses		5,600
Total purchase price	$	5,955

The WNOX-FM broadcast license expires in 2020.  We expect to renew the license without issue.  The goodwill and broadcast licenses which we acquired are not subject to amortization for financial reporting purposes, but are expected to be entirely deductible for income tax purposes.

The acquisition was accounted for using the purchase method.  The operating results and cash flows of the acquired business are included in our consolidated financial statements from May 3, 2013, the effective date we acquired control of WNOX-FM.

On October 4, 2013, our television business, agreed to the sale of stations KMIR-TV and My 13 KPSE-TV in Palm Springs, California to OTA Broadcasting, LLC, an affiliate of Virginia based OTA Broadcasting, LLC for $17,000 in cash and certain other contingent considerations.  The transaction closed effective January 1, 2014.  We expect to record a pre-tax book gain of $10,200 in the first quarter of 2014.

2012

On June 25, 2012, our radio business completed the asset purchase of KHTT-FM and KBEZ-FM in Tulsa, Oklahoma from Renda Broadcasting Corporation for $11,728 in cash.  We now own five radio stations in Tulsa, Oklahoma.

64

10 ACQUISITIONS AND DIVESTITURES continued

The goodwill of $1,947 arising from the acquisition is attributable to the synergies expected from aligning our radio stations in a cluster within the Tulsa, Oklahoma market.  The purchase of KTTT-FM and KBEZ-FM builds our existing Tulsa, Oklahoma cluster, and creates a strong group that will continue to serve our listeners, customers and the entire Tulsa, Oklahoma community, and enhances our scale in this existing market. This clustering strategy has allowed us to target our stations' formats and sales efforts to better serve advertisers and listeners as well as leverage operating expenses to maximize the performance of each station and the cluster.

The estimated fair values of identifiable assets acquired and liabilities assumed for KHTT-FM and KBEZ-FM at the acquisition date are as follows:

	KHTT-FM and KBEZ-FM
	Tulsa, OK
Property and equipment	$	181
Goodwill		1,947
Broadcast licenses		9,600
Total purchase price	$	11,728

The KBEZ-FM broadcast license expires in 2021. The KHTT-FM broadcast license renewal application was timely filed and remains pending. The current term was until 2013. We expect to renew both licenses without issue.  The goodwill and broadcast licenses which we acquired are not subject to amortization for financial reporting purposes, but are expected to be entirely deductible for income tax purposes.

The acquisition was accounted for using the purchase method.  The operating results and cash flows of the acquired business are included in our consolidated financial statements from March 26, 2012, the date we entered into the local marketing agreement with Renda Broadcasting Corporation.

We had an affiliation agreement with ACE TV, Inc. for the rights under a local marketing agreement for WACY-TV in Appleton, Wisconsin and to purchase certain assets of ACE TV, Inc. including the broadcast license of WACY-TV for a purchase price of $2,038.  On October 22, 2012, we closed on the purchase of the remaining assets used in the operation of WACY-TV from ACE TV, Inc.  See Note 8 "Variable Interest Entity."

On December 3, 2012, our radio business completed the sale of certain assets (including the FCC licenses) of WKTI-AM in Knoxville, Tennessee for $65.  We recorded a pre-tax gain on the sale, net of transaction expenses, of $48.

On December 3, 2012, Journal Community Publishing Group, Inc., our community publications business, completed the sale of Hodag Buyers' Guide, North Star Journal, Merrill Foto News, Wausau Buyers' Guide, Stevens Point Buyers' Guide, Wood County Buyers' Guide, Waupaca Buyers' Guide, Waupaca County Post East, Waupaca County Post West, Clintonville Shoppers' Guide, New London Buyers' Guide, Silent Sports, Waupacanow.com, Merrillfotonews.com, Starjournalnow.com, Silentsports.net, Wibuyersguide.com and a single copy distribution network based in Rhinelander, WI for $1,200 in cash and a promissory note of $772.  We recorded a pre-tax loss on the sale, net of transaction expenses, of $319.

On December 6, 2012, our television business completed the acquisition of NewsChannel 5 Network, LLC from a subsidiary of Landmark Media Enterprises, LLC in Nashville, Tennessee.  The purchase price was $220,000 including a working capital adjustment of $5,000.

NewsChannel 5 Network, LLC contributed revenue of $2,917 and earnings from continuing operations before taxes of $1,730 for the period from December 7, 2012 to December 30, 2012.  The following unaudited pro forma information presents the combined results of operations of Journal and NewsChannel 5 Network, LLC as if the acquisition of NewsChannel 5 Network, LLC had occurred on December 27, 2010:

	2012		2011
Pro Forma Results of Operations
Revenue	$	439,732	$	399,313
Earnings per share from continuing operations, diluted	$	0.71	$	0.47

The unaudited pro forma results reflect certain adjustments related to the acquisition, such as increased depreciation and amortization expense resulting from the fair valuation of assets acquired and the impact of financing the acquisition.  The pro forma results exclude any planned revenue or cost synergies or other effects of the planned integration of NewsChannel 5 Network, LLC.  The pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred if we had completed this acquisition as of the periods shown above or the results that will be attained in the future.

65

10 ACQUISITIONS AND DIVESTITURES continued

The goodwill of $114,677 arising from the acquisition is attributable to significant tax deductions we expect to realize related to the step up in basis of certain assets that will provide cash tax savings and, to a lesser extent, certain revenue and cost synergies expected to be realized.

The fair values of identifiable assets acquired and liabilities assumed for NewsChannel 5 Network, LLC at the acquisition date are as follows:

	NewsChannel 5
Tangible assets	$	13,383
Long-term assets, other		48
Working capital		8,292
Network affiliation agreements		43,500
FCC licenses		40,100
Goodwill		114,677
Total purchase price	$	220,000

The goodwill and broadcast licenses which we acquired are not subject to amortization for financial reporting purposes, but are expected to be entirely deductible for income tax purposes.

Acquisition related costs with respect to the foregoing transactions were $2,152 and $3,145 for the fourth quarter ended and four quarters ended December 30, 2012, respectively, and are included in selling and administrative expenses in the condensed consolidated statements of operations.

The acquisition has been accounted for under the acquisition method of accounting which requires the total purchase price to be allocated to the assets acquired and liabilities assumed based on their estimated fair values.  The excess purchase price over the amounts assigned to tangible and intangible assets acquired and liabilities assumed is recognized as goodwill.  The operating results and cash flows of the acquired business are included in our consolidated financial statements from December 7, 2012, the effective date we acquired control of NewsChannel 5 Network, LLC.

2011

In June 2011, Journal Community Publishing Group, Inc., our community publications business, completed the sale of Pelican Press and Pelican Press Marketplace businesses, which operated in Sarasota, Florida, for $502.  We recorded a pre-tax gain on the sale, net of transaction expenses, of $245.  In August 2011, Journal Community Publishing Group, Inc. completed the sale of the remaining Florida-based community publications businesses for aggregate consideration of $757.  The publications and web-sites included Florida Mariner, Clay Today, Clay County Leader, Ponte Vedra Recorder, St. Augustine Underground, First Coast Register and Car Connection, and were distributed in the Clay, St. John's and Duval, Florida counties.  We recorded a total pre-tax gain on the sales, net of transaction expenses, of $253.  These sales allow us to focus our efforts on operating our Wisconsin-based community publications businesses.

11 DISCONTINUED OPERATIONS

KMIR-TV and My 13 KPSE-TV

On October 4, 2013, our television business agreed to the sale of stations KMIR-TV and My 13 KPSE-TV in Palm Springs, California to OTA Broadcasting, LLC, an affiliate of Virginia based OTA Broadcasting, LLC for $17,000 in cash and certain other contingent considerations.  The transaction closed effective January 1, 2014.  We expect to record a pre-tax book gain of $10,200 in the first quarter of 2014.

The following table summarizes Palm Spring's revenue and earnings before income taxes as reported in earnings (loss) from discontinued operations, net of applicable income taxes in the consolidated statements of operations for all periods presented:

Years ended December 29, December 30 and December 25	2013			2012		2011
Revenue	$	5,483		$	6,924	$	5,341
Earnings (loss) before income taxes	$	(62	)	$	1,262	$	240

66

11 DISCONTINUED OPERATIONS continued

The following table presents the aggregate carrying amounts of the major classes of assets divested:

Assets:
Cash and cash equivalents	$	1
Receivables, net		1,149
Prepaid expenses and other current assets		11
Program and barter rights		620
Deferred income taxes		713
Property and equipment, net		1,852
Network affiliations, net		1,935
Income tax receivable		767
Total assets	$	7,048
Liabilities:
Accounts payable	$	37
Accrued compensation		133
Deferred revenue		57
Syndicated programs		640
Other current liabilities		18
Total liabilities	$	885

NorthStar Print Group, Inc.

During 2005, Multi-Color Corporation (Multi-Color) acquired substantially all of the assets and certain liabilities of NorthStar Print Group, Inc. (NorthStar), our former label printing business.  Certain liabilities were excluded from the sale of NorthStar and primarily consisted of environmental site closure costs for both the Green Bay, Wisconsin real estate and real estate located in Norway, Michigan.  In January 2011, upon environmental site closure in Green Bay, Wisconsin, we sold the real estate holdings to Multi-Color according to the 2005 sale agreement.  The net proceeds were $822 and we recorded a pre-tax gain of $610.  We continue to have environmental site closure obligations with respect to the Norway, Michigan real estate, which was sold to Multi-Color in 2005.

The following table summarizes NorthStar's revenue and earnings before income taxes as reported in earnings (loss) from discontinued operations, net of applicable income taxes in the consolidated statements of operations for all periods presented:

Years ended December 29, December 30 and December 25	2013		2012		2011
Revenue	$	-	$	-	$	-
Earnings before income taxes	$	-	$	-	$	562

12 WORKFORCE REDUCTION

During 2013, we recorded a pre-tax charge of $863 for workforce separation benefits across our television and publishing businesses.  Of the costs recorded for the year ended December 29, 2013, $698 is included in publishing operating costs and expenses, and $165 is included in television selling and administrative expenses.  We expect payments to be completed during the first half of 2014.  In 2013, the number of full-time and part-time employees increased by approximately 5.2% compared to 2012.

67

12 WORKFORCE REDUCTION continued

Activity associated with workforce reductions during the years ended December 29, 2013 and December 30, 2012 was as follows:

	Balance as of		Charge for		Payments for			Balance as of
	December 30, 2012		Separation Benefits		Separation Benefits			December 29, 2013
	(dollars in millions)
Television	$	-	$	56	$	(13	)	$	43
Publishing	$	809		807		(1,286	)	$	330
Total	$	809	$	863	$	(1,299	)	$	373

		Balance as of		Charge for		Payments for			Balance as of
		December 25, 2011		Separation Benefits		Separation Benefits			December 30, 2012
	(dollars in millions)
Publishing		$	1,780	$	1,655	$	(2,626	)	$	809
Total		$	1,780	$	1,655	$	(2,626	)	$	809

13 RELATED PARTY TRANSACTIONS

On August 13, 2012, we repurchased all 3,264 outstanding shares of our class C common stock, all of which were held by Matex Inc., members of the family of our former chairman Harry J. Grant, trusts for the benefit of members of the family, and Proteus Fund, Inc., a non-profit organization.  Pursuant to the terms of the agreement, we paid $6,246 in cash and issued 15 unsecured subordinated promissory notes with an aggregate principal amount of $25,599. The notes bear interest at a rate of 7.25% per annum and interest is payable quarterly. Six of the subordinated notes, with an aggregate principal amount of approximately $9,664, were paid on September 21, 2012 for $1,340 and December 21, 2012 for $8,324.  One of the subordinated notes, with an aggregate principal amount of $2,000, which was due on July 15, 2013, was also prepaid without premium or penalty on December 21, 2012.  On September 30, 2013, we paid the first annual installment on the remaining eight subordinated notes.  After giving effect to this $2,655 installment payment, the remaining aggregate principal amount of these eight subordinated notes is approximately $13,279.  The remaining subordinated notes are payable in equal annual installments on September 30 of each of 2014, 2015, 2016, 2017 and 2018, with no prepayment right.  Interest on the notes is payable quarterly.  One of the remaining subordinated notes, with an original principal amount of $7,617, was issued to the Judith Abert Meissner Marital Trust, a beneficial owner of more than 5.00% of the issued and outstanding shares of our class B common stock.  David G. Meissner, a former member of the Board, who did not stand for reelection to the Board of Directors at the 2013 Annual Meeting of Shareholders, is a beneficiary and trustee of this trust.  An additional three of the remaining subordinated notes, with an original aggregate principal amount of $752, were originally issued to trusts for the benefit of Mr. Meissner's children in which Mr. Meissner serves or previously served as trustee.  The cash for the repurchase to the Judith Abert Meissner Marital Trust and the trusts for the benefit of Mr. Meissner's children in which Mr. Meissner serves or previously served as trustee was $2,042.

14 SEGMENT REPORTING

Beginning in the first quarter of 2014, we made an organizational change to our leadership team in our broadcasting segment reflecting the focus on our two primary businesses: television and radio. As a result of this organizational change, we now have four reportable segments: television, radio, publishing and corporate.

Our business segments are based on the organizational structure used by management for making operating and investment decisions and for assessing performance. Our reportable business segments are: (i) television; (ii) radio; (iii) publishing and (iv) corporate. Our television segment consists of 14 television stations in 8 states that we own or provide services to. Our radio segment consists of 35 radio stations in 8 states. Our publishing segment consists of the Milwaukee Journal Sentinel, which serves as the only major daily newspaper for the Milwaukee metropolitan area, and several community publications in Wisconsin. Our corporate segment consists of unallocated corporate expenses and revenue eliminations. All segment related disclosures have been recast throughout these financial statements, where appropriate.

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14 SEGMENT REPORTING continued

Our "Corporate" segment reflects unallocated costs primarily related to corporate executive management and corporate governance.

	2013			2012			2011
Revenue
Television	$	166,616		$	152,444		$	110,372
Radio		76,816			76,259			70,367
Publishing		154,558			164,947			170,976
Corporate		(723	)		(532	)		(263	)
	$	397,267		$	393,118		$	351,452
Operating earnings (loss)
Television	$	31,395		$	41,005		$	15,708
Radio		14,017			13,962			15,053
Publishing		13,778			11,622			15,901
Corporate		(7,874	)		(7,858	)		(7,120	)
	$	51,316		$	58,731		$	39,542
Broadcast license impairment
Television	$	-		$	664		$	735
Radio		-			952			-
Publishing		-			-			-
Corporate		-			-			-
	$	-		$	1,616		$	735
Depreciation and amortization
Television	$	13,192		$	9,925		$	9,424
Radio		2,002			2,276			2,184
Publishing		7,058			9,170			10,412
Corporate		661			667			622
	$	22,913		$	22,038		$	22,642
Capital expenditures
Television	$	8,360		$	8,656		$	7,595
Radio		1,508			1,663			865
Publishing		2,498			1,240			987
Corporate		74			746			1,143
	$	12,440		$	12,305		$	10,590

	2013		2012
Identifiable total assets
Television	$	356,032	$	398,795
Radio		111,473		77,202
Publishing		96,991		103,360
Corporate & discontinued operations		31,522		46,446
	$	596,018	$	625,803

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15 QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

	2013
	First		Second		Third		Fourth		Total
Revenue	$	93,204	$	99,778	$	96,919	$	107,366	$	397,267
Gross profit		40,801		45,411		40,277		51,541		178,030
Net earnings		3,793		6,602		4,546		11,260		26,201
Earnings per share
Basic - class A and B common stock		0.08		0.13		0.09		0.22		0.52
Diluted - class A and B common stock		0.08		0.13		0.09		0.22		0.52

	2012
	First		Second		Third		Fourth		Total
Revenue	$	80,673	$	94,068	$	96,219	$	122,158	$	393,118
Gross profit		33,013		45,573		43,906		65,377		187,869
Net earnings		2,919		7,611		7,698		15,097		33,325
Earnings per share
Basic - class A and B common stock		0.05		0.13		0.14		0.30		0.61
Diluted - class A and B common stock		0.05		0.13		0.14		0.30		0.61
Basic and diluted - class C common stock		0.19		0.28		0.15		-		0.74

The first quarter of 2013 includes a pre-tax charge of $32 for separation benefits at our publishing business.  The second quarter of 2013 includes a pre-tax charge of $716 for separation benefits at our television and publishing businesses.  The third quarter of 2013 includes a pre-tax charge of $80 for separation benefits at our television and publishing businesses. The fourth quarter of 2013 includes a pre-tax charge of $35 for separation benefits at our television and publishing businesses.

The first quarter of 2012 includes a pre-tax charge of $38 for separation benefits at our publishing business.  The second quarter of 2012 includes a pre-tax charge of $1,035 for separation benefits at our publishing business.  The third quarter of 2012 includes a pre-tax charge of $553 for separation benefits at our publishing business and a pre-tax long-lived asset impairment charge of $493.  The fourth quarter of 2012 includes a pre-tax broadcast license impairment charge of $664 and $952 for our television and radio businesses, respectively, a pre-tax loss of $319 on the sale of our northern Wisconsin community publications and a pre-tax charge of $29 for separation benefits at our publishing business.

16 ACCUMULATED OTHER COMPREHENSIVE LOSS

The changes in accumulated other comprehensive loss by component, net of tax, is as follows:

	Defined Benefit Pension and Postretirement Plans			Total
Balance as of December 30, 2012	$	(55,739	)	$	(55,739	)
Net actuarial gain and amounts reclassified from accumulated other comprehensive loss		16,085			16,085
Net other comprehensive income (loss)		16,085			16,085
Balance as of December 29, 2013	$	(39,654	)	$	(39,654	)

The reclassification of accumulated other comprehensive loss is as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	2013
Amortization of defined benefit pension and postretirement plan items:
Prior service cost and unrecognized loss (1)	$	(2,558	)
Income tax expense		10,176
Net actuarial (Gain)		(23,703	)
Total reclassifications	$	(16,085	)

(1) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost.  See Note 3 "Employee Benefit Plans" for more information.  Of the costs for the year ended December 29, 2013, $263 is included in television operating costs and expenses, $176 is included in radio operating costs and expenses $1,163 is included in publishing operating costs and expenses, and $956 is included in selling and administrative expenses.

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17 SUBSEQUENT EVENTS

Effective January 1, 2014, our broadcasting business closed on the sale of television stations KMIR-TV and My 13 KPSE TV in Palm Springs, California to OTA Broadcasting, LLC, an affiliate of Virginia-based OTA Broadcasting, LLC, for $17,000 in cash and certain other contingent considerations.  We expect to record a pre-tax book gain of $10,200 in the first quarter of 2014.

On January 22, 2014, our broadcasting business changed its organizational structure to reflect the group's focus on its two primary businesses:  Television and Radio.

18 SUBSEQUENT EVENTS (UNAUDITED)

On July 30, 2014, we entered into an agreement with E.W. Scripps Company ("Scripps") to merge our broadcast operations and spin-off and then merge our newspaper businesses, creating two separately traded public companies.  The merged broadcast and digital media company, based in Cincinnati, Ohio, will retain the Scripps name. The newspaper company will be called Journal Media Group and will combine Scripps' daily newspapers, community publications and related digital products in 13 markets with Journal Communications' Milwaukee Journal Sentinel, Wisconsin community publications and affiliated digital products. The company will be headquartered in Milwaukee, Wisconsin.

In connection with the transactions, each share of our then outstanding class A and class B common stock will receive 0.5176 Scripps class A common shares and 0.1950 shares of Journal Media Group common stock, and each Scripps class A common share and common voting share then outstanding will receive 0.2500 shares of Journal Media Group common stock.  Immediately following consummation of the transactions, holders of our common stock will own approximately 41.00% of the common shares of Journal Media Group and approximately 31.00% of the common shares of Scripps, in the form of Scripps class A common shares.   Scripps shareholders will retain approximately 69.00% ownership in Scripps, with the Scripps family retaining its controlling interest in  Scripps  through its ownership of common voting shares.  Scripps shareholders will own approximately 59.00% of the common shares of Journal Media Group. Journal Media Group will have one class of stock and no controlling shareholder.

Costs related to this transaction were $315 in the second quarter of 2014.

The boards of directors of both companies have approved the transactions, which are subject to customary regulatory and shareholder approvals. The deal is expected to close in 2015.

71

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Journal Communications, Inc.:

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations, comprehensive income, equity and cash flows present fairly, in all material respects, the financial position of Journal Communications, Inc. and its subsidiaries at December 29, 2013 and December 30, 2012, and the results of  their operations and their cash flows for each of the three years in the period ended December 29, 2013 in conformity with accounting principles generally accepted in the United States of America.  In addition, in our opinion, the financial statement schedule (not separately presented herein) listed in the index appearing under Item 15(2) of the Company’s Annual Report on Form 10-K for the year ended December 29, 2013 presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 29, 2013, based on criteria established in Internal Control - Integrated Framework (1992)  issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).  The Company's management is responsible for these financial statements and financial statement schedule, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting (not separately presented herein) appearing under Item 9A (not separately presented herein).  Our responsibility is to express opinions on these financial statements, on the financial statement schedule, and on the Company's internal control over financial reporting based on our integrated audits.  We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects.  Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.  Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.  Our audits also included performing such other procedures as we considered necessary in the circumstances.  We believe that our audits provide a reasonable basis for our opinions.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/PricewaterhouseCoopers LLP

New York, New York

March 10, 2014, except with respect to our opinion on the consolidated financial statements insofar as it relates to the change in reportable segments described in Note 14, as to which the date is October 24, 2014.

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XML

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 29, 2013

SEGMENT REPORTING [Abstract]

Summary of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets

Our "Corporate" segment reflects unallocated costs primarily related to corporate executive management and corporate governance.

	2013			2012			2011
Revenue
Television	$	166,616		$	152,444		$	110,372
Radio		76,816			76,259			70,367
Publishing		154,558			164,947			170,976
Corporate		(723	)		(532	)		(263	)
	$	397,267		$	393,118		$	351,452
Operating earnings (loss)
Television	$	31,395		$	41,005		$	15,708
Radio		14,017			13,962			15,053
Publishing		13,778			11,622			15,901
Corporate		(7,874	)		(7,858	)		(7,120	)
	$	51,316		$	58,731		$	39,542
Broadcast license impairment
Television	$	-		$	664		$	735
Radio		-			952			-
Publishing		-			-			-
Corporate		-			-			-
	$	-		$	1,616		$	735
Depreciation and amortization
Television	$	13,192		$	9,925		$	9,424
Radio		2,002			2,276			2,184
Publishing		7,058			9,170			10,412
Corporate		661			667			622
	$	22,913		$	22,038		$	22,642
Capital expenditures
Television	$	8,360		$	8,656		$	7,595
Radio		1,508			1,663			865
Publishing		2,498			1,240			987
Corporate		74			746			1,143
	$	12,440		$	12,305		$	10,590

	2013		2012
Identifiable total assets
Television	$	356,032	$	398,795
Radio		111,473		77,202
Publishing		96,991		103,360
Corporate & discontinued operations		31,522		46,446
	$	596,018	$	625,803

XML

WORKFORCE REDUCTION (Details) (USD $)	12 Months Ended
	Dec. 29, 2013	Dec. 30, 2012
Restructuring Reserve [Roll Forward]
Balance	$ 809,000,000	$ 1,780,000,000
Charge for Separation Benefits	863,000,000	1,655,000,000
Payments for Separation Benefits	(1,299,000,000)	(2,626,000,000)
Balance	373,000,000	809,000,000
Increase in employees (in hundredths)	5.20%
Television [Member]
Restructuring Reserve [Roll Forward]
Balance	0
Charge for Separation Benefits	56,000,000
Payments for Separation Benefits	(13,000,000)
Balance	43,000,000
Publishing [Member]
Restructuring Reserve [Roll Forward]
Balance	809,000,000	1,780,000,000
Charge for Separation Benefits	807,000,000	1,655,000,000
Payments for Separation Benefits	(1,286,000,000)	(2,626,000,000)
Balance	330,000,000	809,000,000
Publishing Operating Costs and Expenses [Member]
Restructuring Reserve [Roll Forward]
Charge for Separation Benefits	698,000
Selling and Administrative Expenses [Member]
Restructuring Reserve [Roll Forward]
Charge for Separation Benefits	165,000
Pre tax Charge For Separation Benefits [Member]
Restructuring Reserve [Roll Forward]
Charge for Separation Benefits	$ 863,000

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SHAREHOLDERS' EQUITY (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 25, 2011
Class of Stock [Line Items]
Number of classes of common stock	2
Class C [Member]
Class of Stock [Line Items]
Stock repurchase	$ 6,246
Changes in number of shares of common stock (excluding Treasury stock) [Roll Forward]
Balance (in shares)	0	3,264,000	3,264,000
Conversion of class B shares to class A shares (in shares)	0	0	0
Shares repurchased (in shares)	0	(3,264,000)	0
Shares issued under equity incentive and employee stock purchase plans (in shares)	0	0	0
Balance (in shares)	0	0	3,264,000
Class B [Member]
Class of Stock [Line Items]
Number of votes per share	10
Shares retired held in treasury stock (in shares)			8,677,000
Changes in number of shares of common stock (excluding Treasury stock) [Roll Forward]
Balance (in shares)	6,905,955	7,214,000	8,595,000
Conversion of class B shares to class A shares (in shares)	(919,000)	(682,000)	(1,683,000)
Shares repurchased (in shares)	0	0	0
Shares issued under equity incentive and employee stock purchase plans (in shares)	147,000	374,000	302,000
Balance (in shares)	6,134,093	6,905,955	7,214,000
Class A [Member]
Changes in number of shares of common stock (excluding Treasury stock) [Roll Forward]
Balance (in shares)	43,750,920	43,779,000	43,196,000
Conversion of class B shares to class A shares (in shares)	919,000	682,000	1,683,000
Shares repurchased (in shares)	0	(710,000)	(1,100,000)
Shares issued under equity incentive and employee stock purchase plans (in shares)	0	0	0
Balance (in shares)	44,669,851	43,750,920	43,779,000

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RELATED PARTY TRANSACTIONS (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended						12 Months Ended			0 Months Ended			3 Months Ended	12 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 25, 2011	Dec. 30, 2012 Unsecured Subordinated Promissory Notes [Member] Note	Dec. 21, 2012 Unsecured Subordinated Promissory Notes [Member]	Sep. 21, 2012 Unsecured Subordinated Promissory Notes [Member]	Dec. 29, 2013 Unsecured Subordinated Promissory Notes [Member] Judith Abert Meissner Marital Trust [Member] Note	Dec. 30, 2012 Unsecured Subordinated Promissory Notes [Member] Judith Abert Meissner Marital Trust [Member] Note	Dec. 29, 2013 Unsecured Subordinated Promissory Notes [Member] Mr. Meissner [Member] Note	Sep. 30, 2013 Subordinated Promissory Notes [Member] Note	Dec. 21, 2012 Subordinated Promissory Notes [Member] Note	Dec. 21, 2013 Subordinated Promissory Notes [Member]	Sep. 23, 2012 Class C [Member]	Dec. 30, 2012 Class C [Member]	Dec. 29, 2013 Class B [Member] Judith Abert Meissner Marital Trust [Member] Minimum [Member]
Related Party Transaction [Line Items]
Stock repurchased during period (in shares)		3,264											3,264	3,264
Payments for repurchase of common stock	$ 0	$ 6,246	$ 0							$ 2,655			$ 6,246	$ 6,246
Number of promissory notes issued				15			6	1	3	8	1
Aggregate principal amount of promissory notes				25,599	8,324	1,340	9,664	7,617	752	13,279		2,000
Interest rate of notes issued (in hundredths)				7.25%
Beneficial ownership percentage (in hundredths)															5.00%
Frequency of periodic payment		equal annual installments on September 30 of each of 2014, 2015, 2016, 2017 and 2018
Related party transaction amounts		$ 2,042

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INCOME TAXES (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 29, 2013 Jurisdiction	Dec. 30, 2012	Dec. 25, 2011
Current [Abstract]
Federal	$ 3,864	$ 5,290	$ 2,169
State	867	294	1,069
Total current	4,731	5,584	3,238
Deferred [Abstract]
Federal	10,438	12,828	9,575
State	2,003	3,276	1,491
Total deferred	12,441	16,104	11,066
Total provision for income taxes for continuing operations	17,172	21,688	14,304
Current [Abstract]
Federal	(649)	(210)	(412)
State	(118)	(11)	(74)
Total current	(767)	(221)	(486)
Deferred [Abstract]
Federal	628	617	671
State	126	122	144
Total deferred	754	739	815
Total provision (benefit) for income taxes for discontinued operations	(13)	518	329
Federal income tax rates and the effective income tax (benefit) rates [Abstract]
Statutory federal income tax rate (in hundredths)	35.00%	35.00%	35.00%
State income taxes, net of federal tax benefit (in hundredths)	4.50%	5.00%	5.10%
Other (in hundredths)	0.10%	0.00%	(0.40%)
Effective income tax (benefit) rate (in hundredths)	39.60%	40.00%	39.70%
Current assets [Abstract]
Receivables	388	720
Inventories	33	32
Other assets	676	668
Accrued compensation	549	731
Accrued employee benefits	930	998
Total current deferred tax assets	2,576	3,149
Current liabilities [Abstract]
Accrued state taxes	(68)	(117)
Total current deferred tax liability	(68)	(117)
Total net current deferred tax assets	2,508	3,032
Non-current assets [Abstract]
Accrued employee benefits	24,530	34,445
State deferred income taxes	2,251	4,502
State net operating loss	2,192	2,122
Intangible assets	9,813	19,989
Other assets	484	278
Total non-current deferred tax assets	39,270	61,336
Non-current liabilities [Abstract]
Property and equipment	(18,584)	(19,468)
Valuation allowance	(184)	(199)
Other liabilities	(377)	(96)
Total non-current deferred tax assets	(19,145)	(19,763)
Total net non-current deferred tax assets	20,125	41,573
Period over which broadcast licenses and tax deductible goodwill deduct	15 years
Period over which deferred tax assets and will be utilized to offset future taxable income	20 years
Valuation allowance	0
Capital loss carryforwards	184
Number of state and local jurisdictions	14
Activity related to unrecognized tax benefits [Roll Forward]
Beginning balance	762	885	913
Increases due to prior year tax provisions	0	0	14
Decreases related to prior year tax provisions	0	0	(10)
Decreases due to the expiration of statutes of limitations	(8)	(7)	(32)
Decreases due to settlements	(27)	(116)	0
Ending balance	727	762	885
Unrecognized tax benefits that would impact effective tax rate	727
Unrecognized tax benefits and related interest to be recognized within the next twelve months due to settlements with taxing authorities	1,003
Accrued interest expense and penalties	276	229
Interest expense related to unrecognized tax benefits	56	29
Liability for interest and penalties decreased due to a reduction for the expiration of statutes of limitations	$ 8
Federal Jurisdiction [Member]
Non-current liabilities [Abstract]
Statute of limitations for assessing additional taxes	3 years
Open tax year for examinations	2010 through 2012
State and Local Jurisdiction [Member]
Non-current liabilities [Abstract]
Open tax year for examinations	2009 through 2012
State and Local Jurisdiction [Member] | Minimum [Member]
Non-current liabilities [Abstract]
Statute of limitations for assessing additional taxes	3 years
State and Local Jurisdiction [Member] | Maximum [Member]
Non-current liabilities [Abstract]
Statute of limitations for assessing additional taxes	4 years
WISCONSIN [Member]
Non-current liabilities [Abstract]
Open tax year for examinations	2004 through 2007
Internal Revenue Service (IRS) [Member]
Non-current liabilities [Abstract]
Open tax year for examinations	2010 and 2011
ILLINOIS [Member]
Non-current liabilities [Abstract]
Open tax year for examinations	2006 and 2007

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SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 29, 2013

SHAREHOLDERS' EQUITY [Abstract]

Changes in the number of shares of our common stock

The changes in the number of shares of our common stock (excluding Treasury stock) during 2013, 2012 and 2011 are as follows (in thousands):

	Common Stock
	Class C			Class B			Class A
Balance at December 26, 2010		3,264			8,595			43,196
Conversion of class B shares to class A shares		-			(1,683	)		1,683
Shares repurchased		-			-			(1,100	)
Shares issued under equity incentive and employee stock purchase plans		-			302			-
Balance at December 25, 2011		3,264			7,214			43,779
Conversion of class B shares to class A shares		-			(682	)		682
Shares repurchased		(3,264	)					(710	)
Shares issued under equity incentive and employee stock purchase plans		-			374			-
Balance at December 30, 2012		-			6,906			43,751
Conversion of class B shares to class A shares		-			(919	)		919
Shares repurchased		-			-			-
Shares issued under equity incentive and employee stock purchase plans		-			147			-
Balance at December 29, 2013		-			6,134			44,670

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QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended											12 Months Ended			3 Months Ended		12 Months Ended			3 Months Ended		12 Months Ended
	Dec. 29, 2013	Sep. 29, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 30, 2012	Sep. 23, 2012	Jun. 24, 2012	Mar. 25, 2012	Dec. 25, 2011	Sep. 25, 2011	Jun. 26, 2011	Dec. 29, 2013	Dec. 30, 2012	Dec. 25, 2011	Dec. 30, 2012 Television [Member]	Dec. 30, 2012 Television [Member]	Dec. 29, 2013 Television [Member]	Dec. 30, 2012 Television [Member]	Dec. 25, 2011 Television [Member]	Dec. 30, 2012 Radio [Member]	Dec. 30, 2012 Radio [Member]	Dec. 29, 2013 Radio [Member]	Dec. 30, 2012 Radio [Member]	Dec. 25, 2011 Radio [Member]	Dec. 29, 2013 Publishing [Member]	Dec. 30, 2012 Publishing [Member]	Dec. 25, 2011 Publishing [Member]	Dec. 29, 2013 Corporate [Member]	Dec. 30, 2012 Corporate [Member]	Dec. 25, 2011 Corporate [Member]	Dec. 29, 2013 Corporate [Member]	Dec. 30, 2012 Corporate [Member]	Dec. 25, 2011 Corporate [Member]
Selected Quarterly Financial Information [Abstract]
Revenue	$ 107,366	$ 96,919	$ 99,778	$ 93,204	$ 122,158	$ 96,219	$ 94,068	$ 80,673				$ 397,267	$ 393,118	$ 351,452			$ 166,616	$ 152,444	$ 110,372			$ 76,816	$ 76,259	$ 70,367	$ 154,558	$ 164,947	$ 170,976	$ (723)	$ (532)	$ (263)	$ (723)	$ (532)	$ (263)
Gross profit	51,541	40,277	45,411	40,801	65,377	43,906	45,573	33,013				178,030	187,869
Net earnings	11,260	4,546	6,602	3,793	15,097	7,698	7,611	2,919				26,201	33,325	22,186
Earnings per share
Basic - class A and B common stock (in dollars per share)	$ 0.22	$ 0.09	$ 0.13	$ 0.08	$ 0.30	$ 0.14	$ 0.13	$ 0.05				$ 0.52	$ 0.61
Diluted - class A and B common stock (in dollars per share)	$ 0.22	$ 0.09	$ 0.13	$ 0.08	$ 0.30	$ 0.14	$ 0.13	$ 0.05				$ 0.52	$ 0.61	$ 0.37
Basic and diluted - class C common stock (in dollars per share)					$ 0	$ 0.15	$ 0.28	$ 0.19					$ 0.74
Pre-tax charge for separation benefits	35	80	716	32	29	553	1,035	38
Pre-tax long-lived asset impairment charge						493
Broadcast license impairment									735			0	1,616	735	887	664	0	664	735	729	952	0	952	0	0	0	0	0	0	0
Pre-tax gain on the sale					$ (319)					$ 253	$ 245

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QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 29, 2013

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) [Abstract]

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

15 QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

	2013
	First		Second		Third		Fourth		Total
Revenue	$	93,204	$	99,778	$	96,919	$	107,366	$	397,267
Gross profit		40,801		45,411		40,277		51,541		178,030
Net earnings		3,793		6,602		4,546		11,260		26,201
Earnings per share
Basic - class A and B common stock		0.08		0.13		0.09		0.22		0.52
Diluted - class A and B common stock		0.08		0.13		0.09		0.22		0.52

	2012
	First		Second		Third		Fourth		Total
Revenue	$	80,673	$	94,068	$	96,219	$	122,158	$	393,118
Gross profit		33,013		45,573		43,906		65,377		187,869
Net earnings		2,919		7,611		7,698		15,097		33,325
Earnings per share
Basic - class A and B common stock		0.05		0.13		0.14		0.30		0.61
Diluted - class A and B common stock		0.05		0.13		0.14		0.30		0.61
Basic and diluted - class C common stock		0.19		0.28		0.15		-		0.74

The first quarter of 2013 includes a pre-tax charge of $32 for separation benefits at our publishing business.  The second quarter of 2013 includes a pre-tax charge of $716 for separation benefits at our television and publishing businesses.  The third quarter of 2013 includes a pre-tax charge of $80 for separation benefits at our television and publishing businesses. The fourth quarter of 2013 includes a pre-tax charge of $35 for separation benefits at our television and publishing businesses.

The first quarter of 2012 includes a pre-tax charge of $38 for separation benefits at our publishing business.  The second quarter of 2012 includes a pre-tax charge of $1,035 for separation benefits at our publishing business.  The third quarter of 2012 includes a pre-tax charge of $553 for separation benefits at our publishing business and a pre-tax long-lived asset impairment charge of $493.  The fourth quarter of 2012 includes a pre-tax broadcast license impairment charge of $664 and $952 for our television and radio businesses, respectively, a pre-tax loss of $319 on the sale of our northern Wisconsin community publications and a pre-tax charge of $29 for separation benefits at our publishing business.

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VARIABLE INTEREST ENTITY (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 29, 2013
VARIABLE INTEREST ENTITY [Abstract]
Purchase price of assets of variable interest entity	$ 2,038
Consolidation of net assets of variable interest entity	$ 1,164

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SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) Share data in Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended					12 Months Ended															3 Months Ended	12 Months Ended																															12 Months Ended			12 Months Ended
	Dec. 29, 2013	Sep. 29, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 30, 2012	Sep. 23, 2012	Jun. 24, 2012	Mar. 25, 2012	Dec. 29, 2013	Dec. 30, 2012	Dec. 25, 2011	Dec. 27, 2009 Station	Sep. 30, 2009	Dec. 29, 2013 Continuing Operations [Member]	Dec. 30, 2012 Continuing Operations [Member]	Dec. 25, 2011 Continuing Operations [Member]	Dec. 29, 2013 Discontinued Operations [Member]	Dec. 30, 2012 Discontinued Operations [Member]	Dec. 25, 2011 Discontinued Operations [Member]	Dec. 29, 2013 Class A and B [Member]	Dec. 30, 2012 Class A and B [Member]	Dec. 25, 2011 Class A and B [Member]	Dec. 29, 2013 Class A and B [Member] Continuing Operations [Member]	Dec. 30, 2012 Class A and B [Member] Continuing Operations [Member]	Dec. 25, 2011 Class A and B [Member] Continuing Operations [Member]	Dec. 29, 2013 Class A and B [Member] Discontinued Operations [Member]	Dec. 30, 2012 Class A and B [Member] Discontinued Operations [Member]	Dec. 25, 2011 Class A and B [Member] Discontinued Operations [Member]	Sep. 23, 2012 Class C [Member]	Dec. 29, 2013 Class C [Member]		Dec. 30, 2012 Class C [Member]		Dec. 25, 2011 Class C [Member]	Dec. 29, 2013 Class C [Member] Continuing Operations [Member]		Dec. 30, 2012 Class C [Member] Continuing Operations [Member]		Dec. 25, 2011 Class C [Member] Continuing Operations [Member]		Dec. 29, 2013 Class C [Member] Discontinued Operations [Member]		Dec. 30, 2012 Class C [Member] Discontinued Operations [Member]		Dec. 25, 2011 Class C [Member] Discontinued Operations [Member]	Dec. 29, 2013 Non-Vested Restricted Stock [Member]	Dec. 30, 2012 Non-Vested Restricted Stock [Member]	Dec. 25, 2011 Non-Vested Restricted Stock [Member]	Dec. 29, 2013 Non-Vested Restricted Stock [Member] Continuing Operations [Member]	Dec. 30, 2012 Non-Vested Restricted Stock [Member] Continuing Operations [Member]	Dec. 25, 2011 Non-Vested Restricted Stock [Member] Continuing Operations [Member]	Dec. 29, 2013 Non-Vested Restricted Stock [Member] Discontinued Operations [Member]	Dec. 30, 2012 Non-Vested Restricted Stock [Member] Discontinued Operations [Member]	Dec. 25, 2011 Non-Vested Restricted Stock [Member] Discontinued Operations [Member]	Dec. 25, 2011 Secured Note [Member]	Dec. 26, 2010 Secured Note [Member]	Dec. 30, 2012 Promissory Note [Member]	Dec. 26, 2010 Promissory Note [Member]	Dec. 25, 2011 Promissory Note [Member]	Feb. 28, 2010 Promissory Note [Member]	Dec. 26, 2010 Working Capital Note [Member]	Dec. 25, 2011 Working Capital Note [Member]	Feb. 28, 2010 Working Capital Note [Member]	Dec. 29, 2013 Broadcasting [Member]	Dec. 30, 2012 Broadcasting [Member]	Dec. 30, 2012 Publishing [Member]	Dec. 29, 2013 Minimum [Member]	Dec. 29, 2013 Maximum [Member]	Dec. 29, 2013 Building and Land Improvements [Member]	Dec. 29, 2013 Building [Member]	Dec. 29, 2013 Newspaper Printing Presses [Member]	Dec. 29, 2013 Broadcasting Equipment [Member] Minimum [Member]	Dec. 29, 2013 Broadcasting Equipment [Member] Maximum [Member]	Dec. 29, 2013 Other Printing Presses [Member]	Dec. 29, 2013 Others [Member] Minimum [Member]	Dec. 29, 2013 Others [Member] Maximum [Member]	Dec. 29, 2013 Capital Leases [Member]	Dec. 30, 2012 Capital Leases [Member]
Revenue recognition [Abstract]
Period of newspaper advertising contracts, maximum									1 year
Period over which if deferred revenue is be earned is included in other long term liabilities, maximum									1 year
Advertising expense [Abstract]
Advertising expense									$ 6,645,000	$ 7,438,000	$ 6,915,000
Cash equivalents [Abstract]
Maximum period of maturity for cash equivalents									3 months
Receivables [Abstract]
Accounts receivable against the allowance for doubtful accounts	1,688,000				2,377,000				1,688,000	2,377,000
Inventories [Abstract]
Paper and supplies	2,224,000				2,950,000				2,224,000	2,950,000
Work in process	59,000				84,000				59,000	84,000
Less obsolescence reserve	(92,000)				(90,000)				(92,000)	(90,000)
Inventories, net	2,191,000				2,944,000				2,191,000	2,944,000
Television programming [Abstract]
Minimum contract period for rights to television programming									1 year
Maximum contract period for rights to television programming									5 years
Barter advertising revenue and expense									7,210,000	5,393,000	4,672,000
Property, Plant and Equipment [Line Items]
Property and equipment, useful life																																																																					10 years	30 years	25 years	5 years	20 years	10 years	3 years	10 years
Depreciation expenses									20,058,000	20,590,000	21,261,000
Net property and equipment secured by credit facilty	160,500,000								160,500,000
Capital leases [Abstract]
Capital leased assets																																																																													474,000	1,834,000
Accumulated depreciation	246,531,000				242,145,000				246,531,000	242,145,000																																																																			162,000	1,683,000
Current portion of long-term liabilities																																																																													79,000	54,000
Other long-term liabilities	3,554,000				3,491,000				3,554,000	3,491,000																																																																			244,000	113,000
Impairment of long-lived assets [Abstract]
Impairment of long-lived assets									238,000	493,000	0																																																					238,000	368,000	125,000
Finite-Lived Intangible Assets [Line Items]
Amortization period																																																																			5 years	25 years
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured note													450,000
Number of radio stations sold												2
Principal payments received																																																							50,000	50,000
Note receivable	524,000				772,000				524,000	772,000	400,000																																														772,000		433,000	700,000		51,000	147,000
Period over which note is repayable																																																									3 years	4 years			3 years
Fair value of notes																																																									738,000			587,000			129,000
Fair value of notes discounted (in hundredths)									3.36%	3.08%																																															6.25%	6.785%			9.08%
Interest rate on notes receivables (in hundredths)																																																									3.00%
Share Repurchases [Abstract]
Stock repurchased during period (in shares)										3,264																			3,264			3,264
Numerator for basic earnings for each class of common stock and non-vested restricted stock [Abstract]
Net earnings	11,260,000	4,546,000	6,602,000	3,793,000	15,097,000	7,698,000	7,611,000	2,919,000	26,201,000	33,325,000	22,186,000			26,250,000	32,582,000	21,713,000				26,201,000	30,701,000	18,862,000	26,250,000	29,991,000	18,423,000					0		2,407,000		3,060,000	0		2,379,000		3,031,000
Minimum dividend										1,146,000	1,854,000									0	0	0	0	0	0					0		1,146,000		1,854,000	0		1,146,000		1,854,000							0	0	0	0	0	0
Undistributed net earnings									$ 26,201,000	$ 32,179,000	$ 20,332,000			$ 26,250,000	$ 31,436,000	$ 19,859,000	$ (49,000)	$ 743,000	$ 473,000	$ 26,201,000	$ 30,701,000	$ 18,862,000	$ 26,250,000	$ 29,991,000	$ 18,423,000	$ (49,000)	$ 709,000	$ 439,000		$ 0		$ 1,261,000		$ 1,206,000	$ 0		$ 1,233,000		$ 1,177,000		$ 0		$ 29,000		$ 28,000	$ 0	$ 217,000	$ 264,000	$ 0	$ 212,000	$ 259,000	$ 0	$ 5,000	$ 6,000
Denominator for basic earnings for each class of common stock:
Weighted average shares outstanding (in shares)									3,264											50,259	50,091	51,088	50,259	50,091	51,088	50,259	50,091	51,088		0	[1]	3,264	[1]	3,264	0	[1]	3,264	[1]	3,264	[1]	0	[1]	3,264	[1]	3,264
Basic earnings per share:
Basic earnings per share (in dollars per share)	$ 0.22	$ 0.09	$ 0.13	$ 0.08	$ 0.30	$ 0.14	$ 0.13	$ 0.05	$ 0.52	$ 0.61										$ 0.52	$ 0.61	$ 0.37	$ 0.52	$ 0.60	$ 0.36	$ 0	$ 0.01	$ 0.01		$ 0		$ 0.74		$ 0.94	$ 0		$ 0.73		$ 0.93		$ 0		$ 0.01		$ 0.01

[1] The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period.

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DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 29, 2013

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Revenue and earnings before income taxes as reported in earnings (loss) from discontinued operations, net of applicable income taxes in the consolidated statement of operations

The following table summarizes Palm Spring's revenue and earnings before income taxes as reported in earnings (loss) from discontinued operations, net of applicable income taxes in the consolidated statements of operations for all periods presented:

Years ended December 29, December 30 and December 25	2013			2012		2011
Revenue	$	5,483		$	6,924	$	5,341
Earnings (loss) before income taxes	$	(62	)	$	1,262	$	240

The following table presents the aggregate carrying amounts of the major classes of assets divested:

Assets:
Cash and cash equivalents	$	1
Receivables, net		1,149
Prepaid expenses and other current assets		11
Program and barter rights		620
Deferred income taxes		713
Property and equipment, net		1,852
Network affiliations, net		1,935
Income tax receivable		767
Total assets	$	7,048
Liabilities:
Accounts payable	$	37
Accrued compensation		133
Deferred revenue		57
Syndicated programs		640
Other current liabilities		18
Total liabilities	$	885

NorthStar Print Group, Inc. [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Revenue and earnings before income taxes as reported in earnings (loss) from discontinued operations, net of applicable income taxes in the consolidated statement of operations

The following table summarizes NorthStar's revenue and earnings before income taxes as reported in earnings (loss) from discontinued operations, net of applicable income taxes in the consolidated statements of operations for all periods presented:

Years ended December 29, December 30 and December 25	2013		2012		2011
Revenue	$	-	$	-	$	-
Earnings before income taxes	$	-	$	-	$	562

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ACQUISITIONS AND DIVESTITURES (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended			12 Months Ended									12 Months Ended				12 Months Ended			12 Months Ended		1 Months Ended		12 Months Ended			12 Months Ended
	Dec. 30, 2012	Sep. 25, 2011	Jun. 26, 2011	Dec. 29, 2013 State	Dec. 30, 2012	Dec. 25, 2011	Dec. 29, 2013 Television [Member]	Dec. 30, 2012 Television [Member]	Dec. 25, 2011 Television [Member]	Dec. 29, 2013 Radio [Member]	Dec. 30, 2012 Radio [Member]	Dec. 25, 2011 Radio [Member]	Dec. 29, 2013 Broadcasting [Member]	Dec. 29, 2013 Publishing [Member]	Dec. 30, 2012 Publishing [Member]	Dec. 25, 2011 Publishing [Member]	Dec. 29, 2013 KMIR-TV and My 13 KPSE-TV [Member]	Dec. 29, 2013 WNOX FM 100.3 [Member]	Dec. 30, 2012 WNOX FM 100.3 [Member]	Dec. 29, 2013 My 13 KPSE TV [Member]	Dec. 30, 2012 KHTT-FM and KBEZ-FM [Member]	Dec. 30, 2012 NewsChannel 5 Network, LLC [Member]	Dec. 06, 2012 NewsChannel 5 Network, LLC [Member]	Dec. 30, 2012 WKTI-AM in Knoxville, Tennessee [Member]	Dec. 30, 2012 Tulsa, Oklahoma [Member] Station	Dec. 30, 2012 Affiliation Agreement ACE TV [Member]	Dec. 30, 2012 Hodag Buyers' Guide and Other Miscellaneous [Member]	Dec. 30, 2012 Hodag Buyers' Guide and Other Miscellaneous [Member] Cash [Member]	Dec. 30, 2012 Hodag Buyers' Guide and Other Miscellaneous [Member] Promissory Note [Member]	Dec. 29, 2013 Knoxville, Tennessee [Member] Station
Business Acquisition [Line Items]
Effective date of business acquisition																		May 03, 2013			Jun. 25, 2012
Cash Paid to acquire the entity				$ 5,955	$ 231,728	$ 0												$ 5,955			$ 11,728
Number of radio stations				35																					5					4
Identifiable Assets acquired and Liabilities assumed [Abstract]
Property and equipment																			24		181
Tangible assets																						13,383
Long-term assets, other																						48
Working capital																						8,292
Network affiliation agreements																						43,500
FCC licenses																						40,100
Goodwill	125,818			124,702	125,818	8,670	88,759	120,937	4,813	33,009	1,947	0		2,934	2,934	3,857		331	331		1,947	114,677
Broadcast licenses																			5,600		9,600
Total purchase price																			5,955		11,728	220,000	222,000			2,038
Proceeds from sale of businesses		757	502	0	2,892	1,574											17,000			17,000				65				1,200	772
Pre-tax gain on sale, net of transaction expenses	(319)	253	245														10,200			9,000				48			319
License expiration year													2021
Maximum working capital adjustment																							5,000
Revenue contributed																						2,917
Pro Forma Results of Operations [Abstract]
Revenue					439,732	399,313
Earnings per share from continuing operations, diluted (in dollars per share)					$ 0.71	$ 0.47
Earnings from continuing operations before income taxes				43,422	54,270	36,017																1,730
Acquisition and integration related costs	2,152				3,145
Cash and cash equivalents				1
Receivables, net				1,149
Prepaid expenses and other current assets				11
Program and barter rights				620
Deferred income taxes				713
Property and equipment, net				1,852
Network affiliations, net				1,935
Income tax receivable				767
Total assets of discontinued operations				7,048
Accounts payable				37
Accrued compensation				133
Deferred revenue				57
Syndicated programs				640
Other current liabilities				18
Total liabilities of discontinued operations				$ 885

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COMMITMENTS AND CONTINGENCIES (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 25, 2011
Future minimum rental payments due under noncancellable operating lease agreements [Abstract]
2014	$ 2,433
2015	1,709
2016	1,127
2017	1,024
2018	501
Thereafter	1,857
Total	8,651
Future minimum rental payments due under capital lease agreements [Abstract]
2014	79
2015	82
2016	57
2017	37
2018	38
Thereafter	30
Total	323
Rent expense	4,333	4,545	4,207
Rental income from subleases	222	218	67
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Standby letters of credit	1,879
Lease expiration date	Dec. 31, 2016
Potential obligation pursuant to the guarantee	549
Advertising Time [Member]
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Purchase commitment	$ 9,510
Number of years for which purchase commitment is given	4 years

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CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (Class C [Member], USD $)	12 Months Ended
	Dec. 30, 2012	Dec. 25, 2011
Class C [Member]
Comprehensive income (loss):
Class C minimum dividends (in dollars per share)	$ 0.35	$ 0.57

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SIGNIFICANT ACCOUNTING POLICIES, Earnings Per Share, Diluted (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 29, 2013	Sep. 29, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 30, 2012	Sep. 23, 2012	Jun. 24, 2012	Mar. 25, 2012	Dec. 29, 2013	Dec. 30, 2012	Dec. 25, 2011
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)									435,000	538,000
Numerator for diluted net earnings per share:
Dividends on class A and B common stock									$ 0	$ 0	$ 0
Net earnings									26,201	30,701	18,863
Denominator for diluted net earnings per share:
Weighted average shares outstanding (in shares)									50,436,000	50,091,000	51,088,000
Diluted earnings per share:
Net earnings (in dollars per share)	$ 0.22	$ 0.09	$ 0.13	$ 0.08	$ 0.30	$ 0.14	$ 0.13	$ 0.05	$ 0.52	$ 0.61	$ 0.37
Class C common stock equivalents (in shares)									0
Conversion of class C shares (in shares)									3,264,000
Continuing Operations [Member]
Numerator for diluted net earnings per share:
Total undistributed earnings									26,250	29,991	18,424
Diluted earnings per share:
Net earnings (in dollars per share)									$ 0.52	$ 0.60	$ 0.36
Discontinued Operations [Member]
Numerator for diluted net earnings per share:
Total undistributed earnings									$ (49)	$ 710	$ 439
Diluted earnings per share:
Net earnings (in dollars per share)									$ 0	$ 0.01	$ 0.01
Class A [Member]
Diluted earnings per share:
Ratio of class C shares convertible into Class A under option one									1.363970
Number of Class A shares resulting from conversion of class C shares under option one (in shares)									4,452,000
Ratio of class C shares convertible under option two									0.248243
Number of shares resulting from conversion of class C shares under option two (in shares)									810,000
Class B [Member]
Diluted earnings per share:
Ratio of class C shares convertible under option two									1.115727
Number of shares resulting from conversion of class C shares under option two (in shares)									3,642,000

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SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 29, 2013

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Summary of inventories

Inventories are stated at the lower of cost (first in, first out method) or market.  A summary of inventories follows:

	2013			2012
December 29 and December 30
Paper and supplies	$	2,224		$	2,950
Work in process		59			84
Less obsolescence reserve		(92	)		(90	)
Inventories, net	$	2,191		$	2,944

Property and equipment

Property and equipment are recorded at cost.  Depreciation of property and equipment is provided, using the straight-line method, over the estimated useful lives, which are as follows:

	Years
Building and land improvements	10
Buildings	30
Newspaper printing presses	25
Broadcasting equipment	5-20
Other printing presses	10
Other	3-10

Computation of basic earnings per share

The following table sets forth the computation of basic earnings per share under the two-class method:

	2013		2012			2011
Numerator for basic earnings from continuing operations for each class of common stock and non-vested restricted stock:
Earnings from continuing operations	$	26,250	$	32,582		$	21,713
Less dividends:
Class A and B		-		-			-
Minimum class C		-		1,146			1,854
Non-vested restricted stock		-		-			-
Total undistributed earnings from continuing operations	$	26,250	$	31,436		$	19,859
Undistributed earnings from continuing operations:
Class A and B	$	26,250	$	29,991		$	18,423
Class C		-		1,233			1,177
Non-vested restricted stock		-		212			259
Total undistributed earnings from continuing operations	$	26,250	$	31,436		$	19,859
Numerator for basic earnings from continuing operations per class A and B common stock:
Minimum dividends on class A and B	$	-	$	-		$	-
Class A and B undistributed earnings		26,250		29,991			18,423
Numerator for basic earnings from continuing operations per class A and B common stock	$	26,250	$	29,991		$	18,423
Numerator for basic earnings from continuing operations per class C common stock:
Minimum dividends on class C	$	-	$	1,146		$	1,854
Class C undistributed earnings		-		1,233			1,177
Numerator for basic earnings from continuing operations per class C common stock	$	-	$	2,379		$	3,031
Denominator for basic earnings from continuing operations for each class of common stock:
Weighted average shares outstanding -
Class A and B		50,259		50,091			51,088
Class C		-		3,264	(1)		3,264
Basic earnings per share from continuing operations:
Class A and B	$	0.52	$	0.60		$	0.36
Class C	$	-	$	0.73		$	0.93

(1) The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period.

	2013			2012			2011
Numerator for basic earnings from discontinued operations for each class of common stock and non-vested restricted stock:
Total undistributed earnings from discontinued operations	$	(49	)	$	743		$	473
Undistributed earnings from discontinued operations:
Class A and B		(49	)		709			439
Class C		-			29			28
Non-vested restricted stock		-			5			6
Total undistributed earnings from discontinued operations	$	(49	)	$	743		$	473
Denominator for basic earnings from discontinued operations for each class of common stock:
Weighted average shares outstanding -
Class A and B		50,259			50,091			51,088
Class C		-			3,264	(1)		3,264
Basic earnings per share from discontinued operations:
Class A and B	$	-		$	0.01		$	0.01
Class C	$	-		$	0.01		$	0.01
Numerator for basic net earnings for each class of common stock:
Net earnings	$	26,201		$	33,325		$	22,186
Less dividends:
Class A and B		-			-			-
Minimum class C		-			1,146			1,854
Non-vested restricted stock		-			-			-
Total undistributed net earnings	$	26,201		$	32,179		$	20,332
Undistributed net earnings:
Class A and B	$	26,201		$	30,701		$	18,862
Class C		-			1,261			1,206
Non-vested restricted stock		-			217			264
Total undistributed net earnings	$	26,201		$	32,179		$	20,332
Numerator for basic net earnings per class A and B common stock:
Dividends on class A and B	$	-		$	-		$	-
Class A and B undistributed  net earnings		26,201			30,701			18,862
Numerator for basic net earnings per class A and B common stock	$	26,201		$	30,701		$	18,862

(1) The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period.

	2013		2012			2011
Numerator for basic net earnings per class C common stock:
Minimum dividends on class C	$	-	$	1,146		$	1,854
Class C undistributed net earnings		-		1,261			1,206
Numerator for basic net earnings per class C common stock	$	-	$	2,407		$	3,060
Denominator for basic net earnings for each class of common stock:
Weighted average shares outstanding -
Class A and B		50,259		50,091			51,088
Class C		-		3,264	(1)		3,264
Basic net earnings per share:
Class A and B	$	0.52	$	0.61		$	0.37
Class C	$	-	$	0.74		$	0.94

(1) The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period.

Computation of diluted net earnings (loss) per share

The following table sets forth the computation of diluted net earnings (loss) per share for class A and B common stock:

	2013			2012		2011
Numerator for diluted net earnings per share:
Dividends on class A and B common stock	$	-		$	-	$	-
Total undistributed earnings from continuing operations		26,250			29,991		18,424
Total undistributed earnings from discontinued operations		(49	)		710		439
Net earnings	$	26,201		$	30,701	$	18,863
Denominator for diluted net earnings per share:
Weighted average shares outstanding		50,436			50,091		51,088
Diluted earnings per share:
Continuing operations	$	0.52		$	0.60	$	0.36
Discontinued operations		-			0.01		0.01
Net earnings	$	0.52		$	0.61	$	0.37

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SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 29, 2013

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of presentation and consolidation

Basis of presentation and consolidation—We report on a 52-53 week fiscal year ending on the last Sunday of December in each year.  In addition, we have four quarterly reporting periods, each consisting of thirteen weeks and ending on a Sunday, provided that once every six years the fourth quarterly reporting period will be fourteen weeks.  The fourth quarterly reporting period in our 2012 fiscal year consisted of fourteen weeks.

The consolidated financial statements include the accounts of Journal Communications, Inc. and its wholly owned subsidiaries.  In 2012, we purchased the remaining noncontrolling interest associated with a variable interest entity (VIE) for which we were the primary beneficiary in accordance with U.S. generally accepted accounting principles and pursuant to the rules and regulations of the Securities and Exchange Commission.  All significant intercompany balances and transactions have been eliminated.

Palm Springs television results of operations and the gain on the sale of NorthStar Print Group Inc.'s (NorthStar) real estate holdings in 2011 have been reflected as discontinued operations in our consolidated statements of operations.

Use of estimates

Use of estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.

Revenue recognition

Revenue recognition—Our principal sources of revenue are the sale of airtime on television and radio stations, the sale of advertising in newspapers and the sale of newspapers to individual subscribers and distributors.  In addition, we sell advertising on our newspaper, television and radio websites and derive revenue from other online activities.  Advertising revenue is recognized in the publishing, television and radio businesses when advertisements are published, aired or displayed, or when related advertising services are rendered. Newspaper advertising contracts, which generally have a term of one year or less, may provide rebates or discounts based upon the volume of advertising purchased during the terms of the contracts.  Estimated rebates and discounts are recorded as a reduction of revenue in the period the advertisement is displayed.  This requires us to make certain estimates regarding future advertising volumes.  Estimates are based on various factors including historical experience and advertising sales trends.  These estimates are revised as necessary based on actual volumes realized.  Circulation revenue is recognized on a pro-rata basis over the term of the newspaper subscription or when the newspaper is delivered to the customer.  Amounts we receive from customers in advance of revenue recognition are deferred as liabilities.  Deferred revenue to be earned more than one year from the balance sheet date is included in other long-term liabilities in the consolidated balance sheets.

Printing revenue from external customers as well as third-party distribution revenue is recognized when the product is delivered in accordance with the customers' instructions.

We also derive revenues from retransmission of our television programs by MVPDs.  Retransmission revenues from MVPDs are recognized based on average monthly subscriber counts and contractual rates over the terms of the agreements.

Multiple-deliverable revenue arrangements

Multiple-deliverable revenue arrangements— We sell airtime on television and radio stations and online advertising bundled arrangements, where multiple products are involved.  Significant deliverables within these arrangements include advertising on television and radio stations and advertising placed on various company websites, each of which are considered separate units of accounting.  Our daily newspaper sells print and online advertising in bundled arrangements, where multiple products are involved.  Significant deliverables within these arrangements include advertising in the printed daily newspaper and advertising placed on various company websites, each of which are considered separate units of accounting.  There were no significant changes in units of accounting, the allocation process or the pattern and timing of revenue recognition upon adoption of the amended guidance related to revenue recognition for arrangements with multiple deliverables.

Shipping and handling costs

Shipping and handling costs—Shipping and handling costs, including postage, billed to customers are included in revenue and the related costs are included in operating costs and expenses.

Advertising expense

Advertising expense—We expense our advertising costs as incurred.  Advertising expense totaled $6,645, $7,438 and $6,915 in 2013, 2012 and 2011, respectively.

Interest expense

Interest expense—All interest incurred during the years ended December 29, 2013, December 30, 2012 and December 25, 2011 was expensed.

Income taxes

Income taxes—Deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes.  Valuation allowances are established when management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized.

We recognize an uncertain tax position when it is more likely than not to be sustained upon examination by taxing authorities and we measure the tax benefit as the largest amount of benefit, determined on a cumulative probability basis, which is more likely than not to be realized upon ultimate settlement.

Fair values

Fair values—The carrying amount of cash and cash equivalents, receivables, accounts payable, accrued severance and barter programming assets and liabilities approximates fair value as of December 29, 2013 and December 30, 2012.

Cash equivalents

Cash equivalents—Cash equivalents are highly liquid investments with maturities of three months or less when purchased.  Cash equivalents are stated at cost, which approximates market value.

Receivables, net

Receivables, net—Our non-interest bearing accounts receivable arise primarily from the sale of advertising, commercial printing, commercial distribution and the retransmission of our television programs by MVPDs.  We record accounts receivable at original invoice amounts.  The accounts receivable balance is reduced by an estimated allowance for doubtful accounts. We evaluate the collectability of our accounts receivable based on a combination of factors.  We specifically review historical write-off activity by market, large customer concentrations, customer creditworthiness and changes in our customer payment patterns and terms when evaluating the adequacy of the allowance for doubtful accounts.  In circumstances where we are aware of a specific customer's inability to meet its financial obligations, we record a specific reserve to reduce the amounts recorded to what we believe will be collected.  For all other customers, we recognize allowances for bad debts based on historical experience of bad debts as a percent of accounts receivable for each business unit.  We write off uncollectible accounts against the allowance for doubtful accounts after collection efforts have been exhausted.  The allowance for doubtful accounts at December 29, 2013 and December 30, 2012 was $1,688 and $2,377, respectively.

Concentration of credit risk

Concentration of credit risk—Generally, credit is extended based upon an evaluation of the customer's financial position, and advance payment is not required.  Credit losses are provided for in the financial statements and have been within management's expectations.  Given the current economic environment, credit losses may increase in the future.

Inventories

Inventories—Inventories are stated at the lower of cost (first in, first out method) or market.  A summary of inventories follows:

	2013			2012
December 29 and December 30
Paper and supplies	$	2,224		$	2,950
Work in process		59			84
Less obsolescence reserve		(92	)		(90	)
Inventories, net	$	2,191		$	2,944

Television programming

Television programming—We have agreements with distributors for the rights to television programming over contract periods, which generally run for one to five years.  Each contract is recorded as an asset and a liability at an amount equal to its gross contractual commitment when the license period begins and the program is available for its first showing.  The portion of program contracts that become payable within one year is reflected as a current liability in the accompanying consolidated balance sheets.  The rights to program materials are carried at the lower of unamortized cost or estimated net realizable value or in the case of programming obtained by an acquisition, at estimated fair value.  The cost for the rights of first-run and sports programming are recorded as the episodes and games are broadcast.  We do not record an asset and liability for such rights when the license period begins because the programming is not available for broadcast.  Certain of our agreements require us to provide barter advertising time to our distributors.  Barter advertising revenue and expense was $7,210, $5,393 and $4,672 in 2013, 2012 and 2011, respectively.

Property and equipment

Property and equipment—Property and equipment are recorded at cost.  Depreciation of property and equipment is provided, using the straight-line method, over the estimated useful lives, which are as follows:

	Years
Building and land improvements	10
Buildings	30
Newspaper printing presses	25
Broadcasting equipment	5-20
Other printing presses	10
Other	3-10

Depreciation expense totaled $20,058, $20,590 and $21,261 in 2013, 2012 and 2011, respectively.  As of December 29, 2013, we have $160.5 million of net property and equipment secured by our credit facility.

Capital leases

Capital leases—We charge amortization expense of assets recorded under capital leases to depreciation expense in our consolidated statements of operations and accumulated depreciation in our consolidated balance sheets.  At December 29, 2013 we recorded $474 for capital leases in equipment, $162 in accumulated depreciation, $79 in current portion of long-term liabilities and $244 in other long-term liabilities in our consolidated balance sheet.  At December 30, 2012 we recorded $1,834 for capital leases in equipment, $1,683 in accumulated depreciation, $54 in current portion of long-term liabilities and $113 in other long-term liabilities in our consolidated balance sheet.

Intangible assets

Intangible assets—Indefinite-lived intangible assets, which consist of television and radio broadcast licenses and goodwill, are reviewed for impairment at least annually or more frequently if impairment indicators are present.  We continue to amortize definite-lived intangible assets on a straight-line basis over periods of five to 25 years.  The costs incurred to renew or extend the term of our television and radio broadcast licenses and certain customer relationships are expensed as incurred.  See Note 9, "Goodwill, Broadcast Licenses and Other Intangible Assets," for additional disclosures on our intangible assets.

Notes receivable

Notes receivable — We received a $450 secured note resulting from the sale of two radio stations in Boise, Idaho in September 2009.  Interest-only payments were due monthly and the principal balance of the note was due on September 25, 2014.  Principal payments totaling $50 were received in 2011 and 2010.  At December 25, 2011, the note receivable was $400 and reported in other assets in the condensed consolidated balance sheets.  In the third quarter of 2012, the remaining balance was paid.

In consideration for the sale of the Clearwater, Florida-based operations of PrimeNet in February 2010, we received a $700 promissory note repayable over four years and a $147 working capital note repayable over three years.  At the time of the sale, we recorded receivables of $587 and $129, respectively, representing the fair value of the notes discounted at 6.785% and 9.08%, respectively.  At December 25, 2011, the notes receivables balances were $433 and $51, respectively, and reported in receivables, net in the consolidated balance sheets.  In 2012, both notes were paid in full.

In partial consideration for the sale of certain publishing assets of Journal Community Publishing Groups, Inc. in December 2012, we received a $772 promissory note bearing interest at 3% and repayable over three years.  At the time of the sale, we recorded a $738 receivable representing the estimated fair value of the note discounted at 6.25%.  These fair value measurements fall within Level 2 of the fair value hierarchy. The notes receivable balance at December 29, 2013 and December 30, 2012 was $524 and $772, respectively.

Interest income and the unamortized discount on our notes receivable are recorded using the effective interest method.

Impairment of long-lived assets

Impairment of long-lived assets—Property and equipment and other definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.  If an asset is considered impaired, a charge is recognized for the difference between the fair value and carrying value of the asset or group of assets.  Such analyses necessarily involve significant judgment.  In 2013 and 2012, we recorded property impairment charges of $238 and $368 at our radio segment representing the excess of indicated fair value over the carrying value of a building held for sale.   In 2012, our publishing segment recorded a building impairment charge of $125 representing the excess in indicated fair value over the carrying value of the assets held for sale.  Fair value was determined pursuant to an accepted offer to sell the building or a broker's opinion of the value based upon similar assets in an inactive market.  This fair value measurement is considered a level 3 measurement under the fair value hierarchy.

Share Repurchases

Share Repurchases—Shares repurchased under our July 2011 share repurchase program remain authorized but unissued.  The cost of the class A shares repurchased under the program was greater than par value and we recorded a charge to par value and additional paid in capital.  On August 13, 2012, we repurchased all 3,264 outstanding shares of our class C common stock, including all rights associated with such shares of class C common stock.

Earnings per share

Earnings per share

Basic

For all periods during which our class C common stock was issued and outstanding (see Note 2 "Notes Payable" regarding the Company's repurchase of all 3,264 shares of the Company's class C common stock issued and outstanding in August 2012), we apply the two-class method for calculating and presenting our basic earnings per share.  As noted in the FASB's guidance for earnings per share, the two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared (or accumulated) and participation rights in undistributed earnings.  Under that method:

(a) Income (loss) from continuing operations ("net earnings (loss)") is reduced by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid or accrued during the current period.

(b) The remaining earnings, which may include earnings from discontinued operations ("undistributed earnings"), are allocated to each class of common stock to the extent that each class of stock may share in earnings if all of the earnings for the period were distributed.

(c) The remaining losses ("undistributed losses") are allocated to the class A and B common stock.  Undistributed losses are not allocated to the class C common stock and non-vested restricted stock because the class C common stock and the non-vested restricted stock are not contractually obligated to share in the losses. Losses from discontinued operations are allocated to class A and B common stock and may be allocated to class C common stock and non-vested restricted stock if there is undistributed earnings after deducting earnings distributed to class C common stock from income from continuing operations.

(d) The total earnings (loss) allocated to each class of common stock are then divided by the number of weighted average shares outstanding of the class of common stock to which the earnings (loss) are allocated to determine the earnings (loss) per share for that class of common stock.

(e) Basic earnings (loss) per share data are presented for class A and B common stock in the aggregate and for class C common stock.  The basic earnings (loss) per share for class A and B common stock are the same; hence, these classes are reported together.

In applying the two-class method, we have determined that undistributed earnings should be allocated equally on a per share basis among each class of common stock due to the lack of any contractual participation rights of any class to those undistributed earnings.  Undistributed losses are allocated to only the class A and B common stock for the reason stated above.

The following table sets forth the computation of basic earnings per share under the two-class method:

	2013		2012			2011
Numerator for basic earnings from continuing operations for each class of common stock and non-vested restricted stock:
Earnings from continuing operations	$	26,250	$	32,582		$	21,713
Less dividends:
Class A and B		-		-			-
Minimum class C		-		1,146			1,854
Non-vested restricted stock		-		-			-
Total undistributed earnings from continuing operations	$	26,250	$	31,436		$	19,859
Undistributed earnings from continuing operations:
Class A and B	$	26,250	$	29,991		$	18,423
Class C		-		1,233			1,177
Non-vested restricted stock		-		212			259
Total undistributed earnings from continuing operations	$	26,250	$	31,436		$	19,859
Numerator for basic earnings from continuing operations per class A and B common stock:
Minimum dividends on class A and B	$	-	$	-		$	-
Class A and B undistributed earnings		26,250		29,991			18,423
Numerator for basic earnings from continuing operations per class A and B common stock	$	26,250	$	29,991		$	18,423
Numerator for basic earnings from continuing operations per class C common stock:
Minimum dividends on class C	$	-	$	1,146		$	1,854
Class C undistributed earnings		-		1,233			1,177
Numerator for basic earnings from continuing operations per class C common stock	$	-	$	2,379		$	3,031
Denominator for basic earnings from continuing operations for each class of common stock:
Weighted average shares outstanding -
Class A and B		50,259		50,091			51,088
Class C		-		3,264	(1)		3,264
Basic earnings per share from continuing operations:
Class A and B	$	0.52	$	0.60		$	0.36
Class C	$	-	$	0.73		$	0.93

(1) The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period.

	2013			2012			2011
Numerator for basic earnings from discontinued operations for each class of common stock and non-vested restricted stock:
Total undistributed earnings from discontinued operations	$	(49	)	$	743		$	473
Undistributed earnings from discontinued operations:
Class A and B		(49	)		709			439
Class C		-			29			28
Non-vested restricted stock		-			5			6
Total undistributed earnings from discontinued operations	$	(49	)	$	743		$	473
Denominator for basic earnings from discontinued operations for each class of common stock:
Weighted average shares outstanding -
Class A and B		50,259			50,091			51,088
Class C		-			3,264	(1)		3,264
Basic earnings per share from discontinued operations:
Class A and B	$	-		$	0.01		$	0.01
Class C	$	-		$	0.01		$	0.01
Numerator for basic net earnings for each class of common stock:
Net earnings	$	26,201		$	33,325		$	22,186
Less dividends:
Class A and B		-			-			-
Minimum class C		-			1,146			1,854
Non-vested restricted stock		-			-			-
Total undistributed net earnings	$	26,201		$	32,179		$	20,332
Undistributed net earnings:
Class A and B	$	26,201		$	30,701		$	18,862
Class C		-			1,261			1,206
Non-vested restricted stock		-			217			264
Total undistributed net earnings	$	26,201		$	32,179		$	20,332
Numerator for basic net earnings per class A and B common stock:
Dividends on class A and B	$	-		$	-		$	-
Class A and B undistributed  net earnings		26,201			30,701			18,862
Numerator for basic net earnings per class A and B common stock	$	26,201		$	30,701		$	18,862

(1) The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period.

	2013		2012			2011
Numerator for basic net earnings per class C common stock:
Minimum dividends on class C	$	-	$	1,146		$	1,854
Class C undistributed net earnings		-		1,261			1,206
Numerator for basic net earnings per class C common stock	$	-	$	2,407		$	3,060
Denominator for basic net earnings for each class of common stock:
Weighted average shares outstanding -
Class A and B		50,259		50,091			51,088
Class C		-		3,264	(1)		3,264
Basic net earnings per share:
Class A and B	$	0.52	$	0.61		$	0.37
Class C	$	-	$	0.74		$	0.94

(1) The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period.

Diluted

Diluted earnings per share is computed based upon the assumption that common shares are issued upon exercise of our stock appreciation rights when the exercise price is less than the average market price of our common shares and common shares will be outstanding upon expiration of the vesting periods for our non-vested restricted stock and performance-based restricted stock units.  For the year ended December 29, 2013, 435 non-vested restricted class B common shares and performance-based restricted stock units are not included in the computation of diluted earnings per share because they are anti-dilutive.  For the year ended December 30, 2012, 538 non-vested restricted class B common shares are not included in the computation of diluted earnings per share because they are anti-dilutive.  The class C shares are not converted into class A and B shares because they are anti-dilutive for all periods presented, and therefore are not included in the diluted weighted average shares outstanding.

The following table sets forth the computation of diluted net earnings (loss) per share for class A and B common stock:

	2013			2012		2011
Numerator for diluted net earnings per share:
Dividends on class A and B common stock	$	-		$	-	$	-
Total undistributed earnings from continuing operations		26,250			29,991		18,424
Total undistributed earnings from discontinued operations		(49	)		710		439
Net earnings	$	26,201		$	30,701	$	18,863
Denominator for diluted net earnings per share:
Weighted average shares outstanding		50,436			50,091		51,088
Diluted earnings per share:
Continuing operations	$	0.52		$	0.60	$	0.36
Discontinued operations		-			0.01		0.01
Net earnings	$	0.52		$	0.61	$	0.37

Diluted earnings per share for the class C common stock is the same as basic earnings per share for the class C common stock because there are no class C common stock equivalents.

Prior to the repurchase of the class C common stock, each of the 3,264 class C shares outstanding was convertible at any time at the option of the holder into either (i) 1.363970 class A shares (or a total of 4,452 class A shares) or (ii) 0.248243 class A shares (or a total of 810 class A shares) and 1.115727 class B shares (or a total of 3,642 class B shares).

New accounting standards

New accounting standards

In July 2013, the FASB issued guidance related to the presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or a tax credit carryforward exists.  The new guidance clarifies that companies should present an unrecognized tax benefit as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward.  This guidance is effective for fiscal years beginning after December 15, 2013, with early adoption permitted.  We adopted this guidance in 2013.  The adoption of this guidance did not impact our financial position or results of operations.

In February 2013, the FASB issued guidance related to items reclassified from accumulated other comprehensive income.  The new guidance requires either in a single note or parenthetically on the face of the financial statements: (i) the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and (ii) the income statement line items affected by the reclassification. This guidance is effective for fiscal years beginning January 1, 2013 with early adoption permitted.  We adopted this guidance in 2013.  The adoption of this guidance did not impact our financial position or results of operations.

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SEGMENT REPORTING (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended									12 Months Ended			3 Months Ended		12 Months Ended			3 Months Ended		12 Months Ended
	Dec. 29, 2013 Business State	Sep. 29, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 30, 2012	Sep. 23, 2012	Jun. 24, 2012	Mar. 25, 2012	Dec. 25, 2011	Dec. 29, 2013 Station Segment Business State	Dec. 30, 2012	Dec. 25, 2011	Dec. 30, 2012 Television [Member]	Dec. 30, 2012 Television [Member]	Dec. 29, 2013 Television [Member]	Dec. 30, 2012 Television [Member]	Dec. 25, 2011 Television [Member]	Dec. 30, 2012 Radio [Member]	Dec. 30, 2012 Radio [Member]	Dec. 29, 2013 Radio [Member]	Dec. 30, 2012 Radio [Member]	Dec. 25, 2011 Radio [Member]	Dec. 29, 2013 Publishing [Member]	Dec. 30, 2012 Publishing [Member]	Dec. 25, 2011 Publishing [Member]	Dec. 29, 2013 Corporate [Member]	Dec. 30, 2012 Corporate [Member]	Dec. 25, 2011 Corporate [Member]	Dec. 29, 2013 Corporate [Member]	Dec. 30, 2012 Corporate [Member]	Dec. 25, 2011 Corporate [Member]	Dec. 29, 2013 Corporate And Discontinued Operations [Member]	Dec. 30, 2012 Corporate And Discontinued Operations [Member]
Segment Reporting Information [Line Items]
Number of reportable segments										4
Number of television stations										14
Number of states where television segment operates										8
Number of radio stations	35									35
Number of states where radio segment operates	8									8
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract]
Revenue	$ 107,366	$ 96,919	$ 99,778	$ 93,204	$ 122,158	$ 96,219	$ 94,068	$ 80,673		$ 397,267	$ 393,118	$ 351,452			$ 166,616	$ 152,444	$ 110,372			$ 76,816	$ 76,259	$ 70,367	$ 154,558	$ 164,947	$ 170,976	$ (723)	$ (532)	$ (263)	$ (723)	$ (532)	$ (263)
Operating earnings (loss)										51,316	58,731	39,542			31,395	41,005	15,708			14,017	13,962	15,053	13,778	11,622	15,901	(7,874)	(7,858)	(7,120)
Broadcast license impairment									735	0	1,616	735	887	664	0	664	735	729	952	0	952	0	0	0	0	0	0	0
Depreciation and amortization										22,913	22,038	22,642			13,192	9,925	9,424			2,002	2,276	2,184	7,058	9,170	10,412	661	667	622
Capital expenditures										12,440	12,305	10,590			8,360	8,656	7,595			1,508	1,663	865	2,498	1,240	987	74	746	1,143
Identifiable total assets	$ 596,018				$ 625,803					$ 596,018	$ 625,803		$ 398,795	$ 398,795	$ 356,032	$ 398,795		$ 77,202	$ 77,202	$ 111,473	$ 77,202		$ 96,991	$ 103,360								$ 31,522	$ 46,446

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NOTES PAYABLE (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended			3 Months Ended	12 Months Ended							12 Months Ended									3 Months Ended		12 Months Ended
	Dec. 29, 2013 Quarter	Dec. 30, 2012	Dec. 25, 2011	Sep. 23, 2012 Class C [Member]	Dec. 30, 2012 Class C [Member]	Dec. 29, 2013 Secured Debt [Member]	Dec. 05, 2012 Secured Debt [Member]	Dec. 29, 2013 Term Loan [Member]	Dec. 05, 2012 Term Loan [Member]	Dec. 29, 2013 Revolving Credit Facility [Member]	Dec. 05, 2012 Revolving Credit Facility [Member]	Dec. 29, 2013 LIBOR [Member] Secured Debt [Member]	Dec. 29, 2013 Federal Funds Rate [Member]	Dec. 29, 2013 Federal Funds Rate [Member] Secured Debt [Member]	Dec. 29, 2013 One Month LIBOR [Member]	Dec. 29, 2013 One Month LIBOR [Member] Secured Debt [Member]	Dec. 29, 2013 Minimum [Member] Secured Debt [Member]	Dec. 29, 2013 Minimum [Member] LIBOR [Member]	Dec. 29, 2013 Maximum [Member] Secured Debt [Member]	Dec. 29, 2013 Maximum [Member] LIBOR [Member]	Sep. 29, 2013 Unsecured subordinated notes payable [Member]	Sep. 23, 2012 Unsecured subordinated notes payable [Member] Note	Dec. 29, 2013 Unsecured subordinated notes payable [Member] Note	Dec. 30, 2012 Unsecured subordinated notes payable [Member] Note	Aug. 13, 2012 Unsecured subordinated notes payable [Member]
Line of Credit Facility [Line Items]
Secured credit facility							$ 350,000		$ 150,000		$ 200,000
Expiration date of secured credit facility	Dec. 05, 2017
Secured term loan facility amortized percentage (in hundredths)	10.00%
Long-term Line of Credit								138,750		56,200
Incremental commitments, maximum						100,000
Description of variable rate basis												LIBOR		Federal Funds Rate plus		one-month LIBOR
Debt instruments basis spread on variable rate (in hundredths)												2.25%	0.50%		1.00%		0.50%	1.50%	1.50%	2.50%
Consolidated funded debt ratio of financial covenant as a multiple	3.75
Minimum interest coverage ratio of financial covenant as a multiple	3
Fiscal quarter period preceding the date of determination of ratio	4
Borrowings	194,950	230,095
Credit facility's weighted average interest rate (in hundredths)	2.23%	2.53%
Fees in connection with the credit facility	3,772
Fair value of our secured credit facility	187,469	224,752
Discounted cash flows interest rate for fair value of secured credit facility (in hundredths)	3.36%	3.08%																					7.19%	7.26%
Scheduled minimum repayments of secured loan facility [Abstract]
2014								15,000
2015								15,000
2016								15,000
2017								93,750
Stock repurchased during period (in shares)		3,264		3,264	3,264
Payments for repurchase of common stock	0	6,246	0	6,246	6,246
Number of promissory notes issued																						15
Aggregate principal amount of promissory notes																									25,599
Interest rate of notes issued (in hundredths)																									7.25%
Number of remaining subordinated notes																							7
Note payable repaid during period																					2,656			9,664
Number of subordinate notes repaid during the period																								7
Total remaining principle amount of subordinated notes	10,623	13,279																					13,279
Annual installment																							2,656
Fair value of unsecured subordinated notes payable																							$ 13,515	$ 16,188
Discounted cash flows interest rate for fair value of debt (in hundredths)	3.36%	3.08%																					7.19%	7.26%

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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 29, 2013

EMPLOYEE BENEFIT PLANS [Abstract]

Change in benefit obligations

							Other
	Pension Benefits						Postretirement Benefits
Years ended December 29 and December 30	2013			2012			2013			2012
Change in benefit obligations
Benefit obligation at beginning of year	$	182,004		$	171,028		$	14,608		$	17,274
Service cost		-			-			55			14
Interest cost		7,009			7,578			380			630
Actuarial (gain) loss		(15,365	)		12,322			(277	)		(2,010	)
Benefits paid		(9,156	)		(8,924	)		(1,669	)		(1,300	)
Benefit obligation at end of year	$	164,492		$	182,004		$	13,097		$	14,608

Change in plan assets

							Other
	Pension Benefits						Postretirement Benefits
Years ended December 29 and December 30	2013			2012			2013			2012
Change in plan assets
Fair value of plan assets at beginning of year	$	102,602		$	96,699		$	-		$	-
Actual gain on plan assets		15,386			11,672			-			-
Company contributions		3,114			3,155			1,669			1,300
Benefits paid		(9,156	)		(8,924	)		(1,669	)		(1,300	)
Fair value of plan assets at end of year	$	111,946		$	102,602		$	-		$	-
Funded status	$	(52,546	)	$	(79,402	)	$	(13,097	)	$	(14,608	)

Amounts recognized in consolidated balance sheets

							Other
	Pension Benefits						Postretirement Benefits
Years ended December 29 and December 30	2013			2012			2013			2012
Acounts recognized in consolidated balance sheets
Current liabilities	$	(491	)	$	(476	)	$	(1,568	)	$	(1,645	)
Noncurrent liabilities		(52,055	)		(78,926	)		(11,529	)		(12,963	)
Total	$	(52,546	)	$	(79,402	)	$	(13,097	)	$	(14,608	)

Amounts recognized in accumulated other comprehensive loss

	Pension Benefits
	Actuarial			Prior			Deferred
	Loss			Service			Income
	(Gain), Net			Credit			Taxes			Total
Amounts recognized in accumulated other comprehensive loss
As of December 30, 2012	$	93,217		$	(48	)	$	(37,052	)	$	56,117
Current year change		(26,213	)		10			10,152			(16,051	)
As of December 29, 2013	$	67,004		$	(38	)	$	(26,900	)	$	40,066

	Other Postretirement Benefits
	Actuarial			Prior			Deferred
	Loss			Service			Income
	(Gain), Net			Credit			Taxes		Total
Amounts recognized in accumulated other comprehensive loss
As of December 30, 2012	$	183		$	(783	)	$	222	$	(378	)
Current year change		(277	)		219			24		(34	)
As of December 29, 2013	$	(94	)	$	(564	)	$	246	$	(412	)

Components of net periodic benefit cost

	Pension Benefits
Years ended December 29, December 30 and December 25	2013			2012			2011
Components of net periodic benefit cost
Service cost	$	-		$	-		$	-
Interest cost		7,009			7,578			7,850
Expected return on plan assets		(7,325	)		(8,454	)		(9,594	)
Amortization of:
Unrecognized prior service credit		(10	)		(10	)		(10	)
Unrecognized net loss		2,787			2,038			979
Net periodic benefit cost included in operating costs and expenses and selling and administrative expenses	$	2,461		$	1,152		$	(775	)

	Other Postretirement Benefits
Years ended December 29, December 30 and December 25	2013			2012			2011
Components of net periodic benefit cost
Service cost	$	55		$	14		$	53
Interest cost		380			630			827
Amortization of:
Unrecognized prior service credit		(219	)		(219	)		(219	)
Unrecognized net transition obligation		-			546			549
Unrecognized net loss		-			188			-
Net periodic benefit cost included in selling and administrative expenses	$	216		$	1,159		$	1,210

Weighted-average assumptions used

Weighted-average assumptions used to determine benefit obligations:

							Other
	Pension Benefits						Postretirement Benefits
December 29 and December 30	2013			2012			2013			2012
Discount rate		4.75	%		3.95	%		3.55	%		2.75	%
Rate of compensation increases		-			-			-			-

Weighted-average assumptions used to determine net periodic benefit cost:

										Other
	Pension Benefits									Postretirement Benefits
December 29, December 30 and December 25	2013			2012			2011			2013			2012			2011
Discount rate		3.95	%		4.55	%		5.35	%		2.75	%		3.85	%		4.95	%
Expected return on plan assets		7.25			7.75			8.25			-			-			-
Rate of compensation increases		-			-			-			-			-			-

Effect of 1% change in assumed health care cost trend rates

The assumed health care cost trend rate used in measuring the postretirement benefit obligation for retirees for 2013 is 9.00%, grading down to 5.00% in the year 2021 and thereafter.  The assumed health care cost trend rates have a significant effect on the amounts reported for other postretirement benefits.  A 1% change in the assumed health care cost trend rate would have the following effects:

	1%		1%
	Increase		Decrease
Effect on total of service and interest cost components in 2013	$	10	$	(9	)
Effect on postretirement benefit obligation as of December 29, 2013	$	197	$	(191	)

Fair value of plan assets by level of the fair value hierarchy

The following tables present the fair value of our plan assets by level of the fair value hierarchy.  In accordance with the FASB's guidance for fair value measurements, level 1 inputs are quoted prices in active markets for identical assets; level 2 inputs are significant other observable inputs; and level 3 inputs are significant unobservable inputs.

	Level 1		Level 2		Level 3
	Inputs		Inputs		Inputs		Total
December 29, 2013
Mutual funds		111,205		-		-		111,205
Money-market fund		-		740		-		740
Fair value of plan assets	$	111,205	$	740	$	-	$	111,945
	Level 1		Level 2		Level 3
	Inputs		Inputs		Inputs		Total
December 30, 2012
Cash	$	715	$	-	$	-	$	715
Mutual funds		89,430		-		-		89,430
Money-market fund		-		7		-		7
Collective trust fund		-		12,450		-		12,450
Fair value of plan assets	$	90,145	$	12,457	$	-	$	102,602

Pension plan weighted average asset allocations

Our pension plan weighted average asset allocations at December 29, 2013 and December 30, 2012 by asset category are as follows:

	Plan Assets
December 29 and December 30	2013			2012
Equity securities		42.2	%		65.2	%
Fixed-income securities		57.2			34.9
Other		0.6			(0.1	)
Total		100.0	%		100.0	%

Percent of total portfolio

To achieve an appropriate level of expected return, value-added potential, and risk, we adopted the following target allocations within the return-seeking segment:

	Percent of Return-Seeking Portfolio
	Target
U.S. Equity		33.0	%
Non-U.S. Equity (Developed and Emerging Markets)		33.0
Global Equity		34.0

Expected benefit payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid with future contributions to the plan or directly from plan assets, as follows:

			Other
	Pension		Postretirement
	Benefits		Benefits
2014	$	9,399	$	1,568
2015		9,669		1,545
2016		9,869		1,509
2017		10,015		1,524
2018		10,142		1,485
2019-2023		52,740		5,241

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INCOME TAXES (Tables)

12 Months Ended

Dec. 29, 2013

INCOME TAXES [Abstract]

Components of the provision (benefit) for income taxes

The components of the provision (benefit) for income taxes consist of the following:

Years ended December 29, December 30 and December 25	2013			2012			2011
Continuing operations
Current:
Federal	$	3,864		$	5,290		$	2,169
State		867			294			1,069
Total current		4,731			5,584			3,238
Deferred:
Federal		10,438			12,828			9,575
State		2,003			3,276			1,491
Total deferred		12,441			16,104			11,066
Total provision for income taxes for continuing operations	$	17,172		$	21,688		$	14,304
Discontinued operations
Current:
Federal	$	(649	)	$	(210	)	$	(412	)
State		(118	)		(11	)		(74	)
Total current		(767	)		(221	)		(486	)
Deferred:
Federal		628			617			671
State		126			122			144
Total deferred		754			739			815
Total provision (benefit) for income taxes for discontinued operations	$	(13	)	$	518		$	329

Federal income tax rates and the effective income tax (benefit) rates

The significant differences between the statutory federal income tax rates and the effective income tax rates are as follows:

Years ended December 29, December 30 and December 25	2013			2012			2011
Statutory federal income tax rate		35.0	%		35.0	%		35.0	%
State income taxes, net of federal tax benefit		4.5			5.0			5.1
Other		0.1			-			(0.4	)
Effective income tax (benefit) rate		39.6	%		40.0	%		39.7	%

Schedule of deferred tax assets and liabilities

Temporary differences that give rise to the deferred tax assets and liabilities at December 29, 2013 and December 30, 2012 are as follows:

	2013			2012
Current assets
Receivables	$	388		$	720
Inventories		33			32
Other assets		676			668
Accrued compensation		549			731
Accrued employee benefits		930			998
Total current deferred tax assets		2,576			3,149
Current liabitites
Accrued state taxes		(68	)		(117	)
Total current deferred tax liability		(68	)		(117	)
Total net current deferred tax assets	$	2,508		$	3,032
Non-current assets
Accrued employee benefits	$	24,530		$	34,445
State deferred income taxes		2,251			4,502
State net operating loss		2,192			2,122
Intangible assets		9,813			19,989
Other assets		484			278
Total non-current deferred tax assets		39,270			61,336
Non-current liabilities
Property and equipment		(18,584	)		(19,468	)
Valuation allowances		(184	)		(199	)
Other liabilities		(377	)		(96	)
Total non-current deferred tax assets		(19,145	)		(19,763	)
Total net non-current deferred tax assets	$	20,125		$	41,573

Activity related to unrecognized tax benefits

The following table summarizes the activity related to our unrecognized tax benefits during 2013, 2012 and 2011:

	2013			2012			2011
Beginning balance	$	762		$	885		$	913
Increases due to prior year tax provisions		-			-			14
Decreases related to prior year tax provisions		-			-			(10	)
Decreases due to the expiration of statutes of limitations		(8	)		(7	)		(32	)
Decreases due to settlements		(27	)		(116	)		-
Ending Balance	$	727		$	762		$	885

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CONSOLIDATED STATEMENTS OF EQUITY (USD $) In Thousands, unless otherwise specified	Preferred Stock [Member]	Common Stock [Member] Class C [Member]	Common Stock [Member] Class B [Member]	Common Stock [Member] Class A [Member]	Additional Paid-in-Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings (Deficit) [Member]	Noncontrolling Interests [Member]	Treasury Stock, at cost [Member]	Total	Class C [Member]
Balance at Dec. 26, 2010	$ 0	$ 33	$ 165	$ 432	$ 260,376	$ (32,295)	$ 87,767	$ 1,164	$ (108,715)	$ 208,927
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings							22,186			22,186	3,060
Comprehensive income						(20,687)				(20,687)
Class C minimum dividends							(1,854)			(1,854)	(1,854)
Issuance of shares:
Conversion of class B to class A			(17)	17						0
Stock grants			5		498					503
Employee stock purchase plan			1		327					328
Shares purchased and retired				(11)	(4,129)					(4,140)
Treasury shares cancelled			(87)		(446)		(108,182)		108,715	0
Shares withheld from employees for tax withholding			(1)		(590)					(591)
Stock-based compensation					1,114					1,114
Income tax benefits from vesting of restricted stock					402					402
Balance at Dec. 25, 2011	0	33	66	438	257,552	(52,982)	(83)	1,164	0	206,188
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings							33,325			33,325	2,407
Comprehensive income						(2,757)				(2,757)
Class C minimum dividends							(1,146)			(1,146)	(1,146)
Issuance of shares:
Conversion of class B to class A			(7)	7						0
Stock grants			5		384					389
Employee stock purchase plan					271					271
Class C shares repurchase		(33)			(117)		(25,794)			(25,944)
Shares purchased and retired				(7)	(3,558)					(3,565)
Shares withheld from employees for tax withholding			(1)		(654)					(655)
Stock-based compensation					1,639					1,639
Income tax benefits from vesting of restricted stock					293					293
Purchase of noncontrolling interest					(1,373)			(1,164)		(2,537)
Balance at Dec. 30, 2012	0	0	63	438	254,437	(55,739)	6,302	0	0	205,501
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings							26,201			26,201	0
Comprehensive income						16,085				16,085
Class C minimum dividends											0
Issuance of shares:
Conversion of class B to class A			(9)	9						0
Stock grants			4		375					379
Employee stock purchase plan					279					279
Shares withheld from employees for tax withholding					(683)					(684)
Stock-based compensation					1,681					1,681
Income tax benefits from vesting of restricted stock					112					112
Other					533					533
Balance at Dec. 29, 2013	$ 0	$ 0	$ 57	$ 447	$ 256,734	$ (39,654)	$ 32,503	$ 0	$ 0	$ 250,087

XML

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 29, 2013

COMMITMENTS AND CONTINGENCIES [Abstract]

Future minimum rental payments due under noncancellable operating lease agreements

As of December 29, 2013, our future minimum rental payments due under noncancellable operating lease agreements consist of the following:

	Due In
	Fiscal Year
2014	$	2,433
2015		1,709
2016		1,127
2017		1,024
2018		501
Thereafter		1,857
	$	8,651

Future minimum rental payments due under capital lease agreements

Our publishing businesses lease delivery trucks accounted for as capital leases.  As of December 29, 2013, our future minimum rental payments due under capital lease agreements consist of the following:

	Due In
	Fiscal Year
2014	$	79
2015		82
2016		57
2017		37
2018		38
Thereafter		30
	$	323

XML

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 29, 2013

QUARTERLY FINANCIAL INFORMATION (UNAUDITED) [Abstract]

Quarterly Financial Information

	2013
	First		Second		Third		Fourth		Total
Revenue	$	93,204	$	99,778	$	96,919	$	107,366	$	397,267
Gross profit		40,801		45,411		40,277		51,541		178,030
Net earnings		3,793		6,602		4,546		11,260		26,201
Earnings per share
Basic - class A and B common stock		0.08		0.13		0.09		0.22		0.52
Diluted - class A and B common stock		0.08		0.13		0.09		0.22		0.52

	2012
	First		Second		Third		Fourth		Total
Revenue	$	80,673	$	94,068	$	96,219	$	122,158	$	393,118
Gross profit		33,013		45,573		43,906		65,377		187,869
Net earnings		2,919		7,611		7,698		15,097		33,325
Earnings per share
Basic - class A and B common stock		0.05		0.13		0.14		0.30		0.61
Diluted - class A and B common stock		0.05		0.13		0.14		0.30		0.61
Basic and diluted - class C common stock		0.19		0.28		0.15		-		0.74

XML

DISCONTINUED OPERATIONS (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended			12 Months Ended
	Dec. 30, 2012	Sep. 25, 2011	Jun. 26, 2011	Dec. 29, 2013	Dec. 30, 2012	Dec. 25, 2011
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses		$ 757	$ 502	$ 0	$ 2,892	$ 1,574
Pre-tax gain on the sale	(319)	253	245
NorthStar Print Group, Inc. [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net proceeds						822
Pre-tax gain						610
Revenue and earnings before income taxes as reported in earnings from discontinued operations [Abstract]
Revenue				0	0	0
Earnings before income taxes				0	0	562
Palm Springs [Member]
Revenue and earnings before income taxes as reported in earnings from discontinued operations [Abstract]
Revenue				5,483	6,924	5,341
Earnings before income taxes				(62)	1,262	240
KMIR-TV and My 13 KPSE-TV [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses				17,000
Pre-tax gain on the sale				$ 10,200

XML

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 29, 2013	Dec. 30, 2012
Current assets:
Cash and cash equivalents	$ 1,912	$ 2,429
Receivables, net	66,670	64,161
Inventories, net	2,191	2,944
Prepaid expenses and other current assets	3,305	3,953
Syndicated programs	2,816	2,250
Deferred income taxes	2,508	3,032
Current assets of discontinued operations	7,048	7,550
TOTAL CURRENT ASSETS	86,450	86,319
Property and equipment:
Land and land improvements	37,026	37,574
Buildings and building improvements	131,209	132,400
Equipment	236,588	237,833
Construction in progress	2,257	3,476
Gross property and equipment	407,080	411,283
Less accumulated depreciation	246,531	242,145
Net property and equipment	160,549	169,138
Syndicated programs	5,162	4,777
Goodwill	124,702	125,818
Broadcast licenses	135,166	129,566
Other intangible assets, net	57,763	60,618
Deferred income taxes	20,125	41,573
Other assets	6,101	7,994
TOTAL ASSETS	596,018	625,803
Current liabilities:
Accounts payable	22,154	26,743
Accrued compensation	9,134	10,618
Accrued employee benefits	4,865	5,155
Deferred revenue	15,459	16,208
Syndicated programs	2,247	2,521
Accrued income taxes	3,286	3,977
Other current liabilities	5,560	6,788
Current portion of unsecured subordinated notes payable	2,656	2,656
Current portion of long-term notes payable to banks	15,000	0
Current portion of long-term liabilities	276	126
Current liabilities of discontinued operations	885	737
TOTAL CURRENT LIABILITIES	81,522	75,529
Accrued employee benefits	64,541	92,907
Syndicated programs	5,741	5,001
Long-term notes payable to banks	179,950	230,095
Unsecured subordinated notes payable	10,623	13,279
Other long-term liabilities	3,554	3,491
Equity:
Additional paid-in capital	256,734	254,437
Accumulated other comprehensive loss	(39,654)	(55,739)
Retained earnings	32,503	6,302
TOTAL EQUITY	250,087	205,501
TOTAL LIABILITIES AND EQUITY	596,018	625,803
Class B [Member]
Equity:
Common stock value	57	63
Class A [Member]
Equity:
Common stock value	$ 447	$ 438

XML

EMPLOYEE BENEFIT PLANS (Details) (USD $)	12 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 25, 2011
Defined Benefit Plan Disclosure [Line Items]
Number of years taken for calculation of benefit plan	5 years
Age of employees before 2006 to take post retirement health benefits	50 years
Age of employees who retire after 2007	65 years
Change in plan assets [Roll Forward]
Company contributions	$ 2,436,000	$ 1,979,000	$ 2,070,000
Amounts recognized in accumulated other comprehensive loss [Abstract]
Current year change, Total	(16,085,000)	2,757,000	20,687,000
Weighted-average assumptions used to determine net periodic benefit cost [Abstract]
Rate of compensation increases (in hundredths)	6.75%
Assumed health care cost trend rate used in measuring the postretirement benefit obligation for retirees (in hundredths)	9.00%
Assumed health care cost trend rate, grading down (in hundredths)	5.00%
1% change in the assumed health care cost trend rate [Abstract]
Effect of 1% increase on total of service and interest cost components	10,000
Effect of 1% decrease on total of service and interest cost components	(9,000)
Effect of 1% increase on postretirement benefit obligation	197,000
Effect of 1% decrease on postretirement benefit obligation	(191,000)
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross	111,945,000	102,602,000
Fair value of plan assets, Net	111,945,000	102,602,000
Pension plan weighted average asset allocations, by asset category [Abstract]
Pension plan weighted average asset allocations (in hundredths)	100.00%	100.00%
Asset mix guidelines for the plan [Abstract]
Contributions to defined benefit pension plan	2,436,000	1,979,000	2,070,000
Benefit payments, which are expected to be paid with future contributions
Percentage of eligible wages of employees, on pre-tax basis (in hundredths)	50.00%
Percentage of eligible wages of employees, on after-tax basis (in hundredths)	50.00%
Maximum combined total contribution for employees wages (in hundredths)	50.00%
Contribution of each dollar by the participant		0.50
Contributions recorded as operating expense	2,436,000	1,979,000	2,070,000
Pension Benefits [Member]
Change in benefit obligations [Roll Forward]
Benefit obligation at beginning of year	182,004,000	171,028,000
Service cost	0	0	0
Interest cost	7,009,000	7,578,000	7,850,000
Actuarial (gain) loss	(15,365,000)	12,322,000
Benefits paid	(9,156,000)	(8,924,000)
Benefit obligation at end of year	164,492,000	182,004,000	171,028,000
Change in plan assets [Roll Forward]
Fair value of plan assets at beginning of year	102,602,000	96,699,000
Actual gain (loss) on plan assets	15,386,000	11,672,000
Company contributions	3,114,000	3,155,000
Benefits paid	(9,156,000)	(8,924,000)
Fair value of plan assets at end of year	111,946,000	102,602,000	96,699,000
Funded status	(52,546,000)	(79,402,000)
Amounts recognized in consolidated balance sheets [Abstract]
Current liabilities	(491,000)	(476,000)
Noncurrent liabilities	(52,055,000)	(78,926,000)
Total	(52,546,000)	(79,402,000)
Amounts recognized in accumulated other comprehensive loss [Abstract]
Actuarial Loss, Net	67,004,000	93,217,000
Current year change, Actuarial Loss Net	(26,213,000)
Prior Service Credit	(38,000)	(48,000)
Current year change, Prior Service Credit	10,000
Deferred Income Taxes	(26,900,000)	(37,052,000)
Current year change, Deferred Income Taxes	10,152,000
Total	40,066,000	56,117,000
Current year change, Total	(16,051,000)
Accumulated benefit obligation for pension plans	164,492,000	182,004,000
Components of net periodic benefit (income) costs [Abstract]
Service cost	0	0	0
Interest cost	7,009,000	7,578,000	7,850,000
Expected return on plan assets	(7,325,000)	(8,454,000)	(9,594,000)
Amortization of:
Unrecognized prior service credit	(10,000)	(10,000)	(10,000)
Unrecognized net loss	2,787,000	2,038,000	979,000
Net periodic benefit cost included in operating costs and expenses and selling and administrative expenses, Total	2,461,000	1,152,000	(775,000)
Unrecognized net loss and prior service credit for, accumulated other comprehensive income into net periodic benefit cost over the next fiscal year	2,122,000	(10,000)
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate (in hundredths)	4.75%	3.95%
Rate of compensation increases (in hundredths)	0.00%	0.00%
Weighted-average assumptions used to determine net periodic benefit cost [Abstract]
Discount rate (in hundredths)	3.95%	4.55%	5.35%
Expected return on plan assets (in hundredths)	7.25%	7.75%	8.25%
Rate of compensation increases (in hundredths)	0.00%	0.00%	0.00%
Asset mix guidelines for the plan [Abstract]
Contributions to defined benefit pension plan	3,114,000	3,155,000
Benefit payments, which are expected to be paid with future contributions
2014	9,399,000
2015	9,669,000
2016	9,869,000
2017	10,015,000
2018	10,142,000
2019-2023	52,740,000
Contributions recorded as operating expense	3,114,000	3,155,000
Other Postretirement Benefits [Member]
Change in benefit obligations [Roll Forward]
Benefit obligation at beginning of year	14,608,000	17,274,000
Service cost	55,000	14,000	53,000
Interest cost	380,000	630,000	827,000
Actuarial (gain) loss	(277,000)	(2,010,000)
Benefits paid	(1,669,000)	(1,300,000)
Benefit obligation at end of year	13,097,000	14,608,000	17,274,000
Change in plan assets [Roll Forward]
Fair value of plan assets at beginning of year	0	0
Actual gain (loss) on plan assets	0	0
Company contributions	1,669,000	1,300,000
Benefits paid	(1,669,000)	(1,300,000)
Fair value of plan assets at end of year	0	0	0
Funded status	(13,097,000)	(14,608,000)
Amounts recognized in consolidated balance sheets [Abstract]
Current liabilities	(1,568,000)	(1,645,000)
Noncurrent liabilities	(11,529,000)	(12,963,000)
Total	(13,097,000)	(14,608,000)
Amounts recognized in accumulated other comprehensive loss [Abstract]
Actuarial Loss, Net	(94,000)	183,000
Current year change, Actuarial Loss Net	(277,000)
Prior Service Credit	(564,000)	(783,000)
Current year change, Prior Service Credit	219,000
Deferred Income Taxes	246,000	222,000
Current year change, Deferred Income Taxes	24,000
Total	(412,000)	(378,000)
Current year change, Total	(34,000)
Components of net periodic benefit (income) costs [Abstract]
Service cost	55,000	14,000	53,000
Interest cost	380,000	630,000	827,000
Amortization of:
Unrecognized prior service credit	(219,000)	(219,000)	(219,000)
Unrecognized net transition obligation	0	546,000	549,000
Unrecognized net loss	0	188,000	0
Net periodic benefit cost included in operating costs and expenses and selling and administrative expenses, Total	216,000	1,159,000	1,210,000
Prior service credit and transition obligation for, other accumulated comprehensive income into net periodic benefit cost over the next fiscal year	(219,000)	0
Weighted-average assumptions used to determine benefit obligations [Abstract]
Discount rate (in hundredths)	3.55%	2.75%
Rate of compensation increases (in hundredths)	0.00%	0.00%
Weighted-average assumptions used to determine net periodic benefit cost [Abstract]
Discount rate (in hundredths)	2.75%	3.85%	4.95%
Expected return on plan assets (in hundredths)	0.00%	0.00%	0.00%
Rate of compensation increases (in hundredths)	0.00%	0.00%	0.00%
Asset mix guidelines for the plan [Abstract]
Contributions to defined benefit pension plan	1,669,000	1,300,000
Benefit payments, which are expected to be paid with future contributions
2014	1,568,000
2015	1,545,000
2016	1,509,000
2017	1,524,000
2018	1,485,000
2019-2023	5,241,000
Contributions recorded as operating expense	1,669,000	1,300,000
Qualified Defined Benefit Pension Plan [Member]
Change in plan assets [Roll Forward]
Company contributions	2,710,000
Asset mix guidelines for the plan [Abstract]
Contributions to defined benefit pension plan	2,710,000
Benefit payments, which are expected to be paid with future contributions
Contributions recorded as operating expense	2,710,000
Unfunded Non-Qualified Pension Plan [Member]
Change in plan assets [Roll Forward]
Company contributions	404,000
Asset mix guidelines for the plan [Abstract]
Contributions to defined benefit pension plan	404,000
Expected contribution to pension plan in 2014	491,000
Benefit payments, which are expected to be paid with future contributions
Contributions recorded as operating expense	404,000
MAP - 21 [Member]
Asset mix guidelines for the plan [Abstract]
Expected contribution to pension plan in 2014	0
Cash [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross		715,000
Mutual funds [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross	111,205,000	89,430,000
Money-market fund [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross	740,000	7,000
Collective trust fund [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross		12,450,000
Equity securities [Member]
Pension plan weighted average asset allocations, by asset category [Abstract]
Pension plan weighted average asset allocations (in hundredths)	42.20%	65.20%
U.S. Equity [Member]
Asset mix guidelines for the plan [Abstract]
Target (in hundredths)	33.00%
Non- U.S. Equity [Member]
Asset mix guidelines for the plan [Abstract]
Target (in hundredths)	33.00%
Global Equity [Member]
Asset mix guidelines for the plan [Abstract]
Target (in hundredths)	34.00%
Fixed-income securities [Member]
Pension plan weighted average asset allocations, by asset category [Abstract]
Pension plan weighted average asset allocations (in hundredths)	57.20%	34.90%
Other [Member]
Pension plan weighted average asset allocations, by asset category [Abstract]
Pension plan weighted average asset allocations (in hundredths)	0.60%	(0.10%)
Minimum [Member]
Benefit payments, which are expected to be paid with future contributions
Percentage of eligible wages of employees, on pre-tax basis (in hundredths)		3.50%
Maximum [Member]
Benefit payments, which are expected to be paid with future contributions
Percentage of eligible wages of employees, on pre-tax basis (in hundredths)		7.00%
Level 1 Inputs [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross	111,205,000	90,145,000
Fair value of plan assets, Net	111,205,000	90,145,000
Level 1 Inputs [Member] | Cash [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross		715,000
Level 1 Inputs [Member] | Mutual funds [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross	111,205,000	89,430,000
Level 1 Inputs [Member] | Money-market fund [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross	0	0
Level 1 Inputs [Member] | Collective trust fund [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross		0
Level 2 Inputs [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross	740,000	12,457,000
Fair value of plan assets, Net	740,000	12,457,000
Level 2 Inputs [Member] | Cash [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross		0
Level 2 Inputs [Member] | Mutual funds [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross	0	0
Level 2 Inputs [Member] | Money-market fund [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross	740,000	7,000
Level 2 Inputs [Member] | Collective trust fund [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross		12,450,000
Level 3 Inputs [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross	0	0
Fair value of plan assets, Net	0	0
Level 3 Inputs [Member] | Cash [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross		0
Level 3 Inputs [Member] | Mutual funds [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross	0	0
Level 3 Inputs [Member] | Money-market fund [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross	0	0
Level 3 Inputs [Member] | Collective trust fund [Member]
Fair value of our plan assets by level of fair value hierarchy [Abstract]
Fair value of plan assets, Gross		$ 0

XML

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 25, 2011
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net earnings	$ 26,201	$ 33,325	$ 22,186
Other comprehensive income, net of tax:
Change in pension and postretirement, net of tax benefit (expense) of $10,176, $1,792 and $13,421, respectively	16,085	(2,757)	(20,687)
Comprehensive income	$ 42,286	$ 30,568	$ 1,499

XML

SUBSEQUENT EVENTS (Details) (USD $) In Thousands, except Share data, unless otherwise specified		0 Months Ended		1 Months Ended		1 Months Ended
	Jul. 30, 2014 Company	Jan. 01, 2014 Subsequent Event [Member]	Jan. 22, 2014 Subsequent Event [Member] Business	Jul. 30, 2014 Subsequent Event [Member] Journal Media Group [Member] Market	Jun. 29, 2014 Subsequent Event [Member] Journal Media Group [Member]	Jul. 30, 2014 Subsequent Event [Member] Journal Communications Class A and Class B Shareholders [Member] Journal Media Group [Member]	Jul. 30, 2014 Subsequent Event [Member] Journal Communications Class A and Class B Shareholders [Member] Journal Media Group [Member] Common Stock [Member]	Jul. 30, 2014 Subsequent Event [Member] Scripps Shareholders [Member] Journal Media Group [Member]	Jul. 30, 2014 Subsequent Event [Member] Scripps Shareholders [Member] Journal Media Group [Member] Common Stock [Member]	Jul. 30, 2014 Subsequent Event [Member] Scripps [Member] Journal Communications Class A and Class B Shareholders [Member]	Jul. 30, 2014 Subsequent Event [Member] Scripps [Member] Journal Communications Class A and Class B Shareholders [Member] Class A Common Stock [Member]	Jul. 30, 2014 Subsequent Event [Member] Scripps [Member] Scripps Shareholders [Member]
Subsequent Event [Line Items]
Amount of station sold as per agreement		$ 17,000
Pre-tax gain on sale		10,200
Number of primary businesses			2
Number of traded public companies	2
Number of markets				13
Shares to be received (in shares)							0.1950		0.2500		0.5176
Percentage of shares owned (in hundredths)						41.00%		59.00%		31.00%		69.00%
Transaction costs					$ 315

XML

GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 29, 2013

GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS [Abstract]

Gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets

The gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets as of December 29, 2013 and December 30, 2012 is as follows:

	Gross					Net
	Carrying		Accumulated			Carrying
	Amount		Amortization			Amount
December 29, 2013
Network affiliation agreements	$	66,078	$	(9,905	)	$	56,173
Customer lists		4,149		(3,661	)		488
Non-compete agreements		8,510		(8,510	)		-
Other		2,726		(1,624	)		1,102
Total	$	81,463	$	(23,700	)	$	57,763
December 30, 2012
Network affiliation agreements	$	66,078	$	(7,261	)	$	58,817
Customer lists		4,149		(3,525	)		624
Non-compete agreements		8,510		(8,501	)		9
Other		2,726		(1,558	)		1,168
Total	$	81,463	$	(20,845	)	$	60,618

Weighted average amortization period

During 2012, our community publications business reporting unit sold all but two of its northern Wisconsin publications.  As part of the transactions, we wrote off customer lists, non-compete agreements and other intangible assets with a net carrying amount of $390.

Weighted-average amortization period:	Years
Network affiliation agreements	25
Customer lists	9
Non-compete agreements	5
Other	16

Changes in the carrying amount of goodwill by reporting segment

The changes in the carrying amount of goodwill by reporting segment during the years ended December 29, 2013 and December 30, 2012 are as follows:

	Television			Radio			Publishing			Total
Goodwill	$	169,018		$	64,958		$	20,579		$	254,555
Accumulated impairment losses		(164,205	)		(64,958	)		(16,722	)		(245,885	)
Balance as of December 25, 2011		4,813			-			3,857			8,670
Goodwill related to the sale of a business		-			-			(923	)		(923	)
Goodwill related to the purchase of a business		116,124			1,947			-			118,071
Goodwill		285,142			66,905			19,656			371,703
Accumulated impairment losses		(164,205	)		(64,958	)		(16,722	)		(245,885	)
Balance as of December 30, 2012		120,937			1,947			2,934			125,818
Adjustment of Nashville NewsChannel 5 Network, LLC Goodwill		(1,447	)		-			-			(1,447	)
Goodwill related to the purchase of a business		-			331			-			331
Goodwill		283,695			67,236			19,656			370,587
Accumulated impairment losses		(164,205	)		(64,958	)		(16,722	)		(245,885	)
Accumulated impairment loss adjustment for segment reporting		(30,731	)		30,731			-			-
Balance as of December 29, 2013	$	88,759		$	33,009		$	2,934		$	124,702

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WORKFORCE REDUCTION

12 Months Ended

Dec. 29, 2013

WORKFORCE REDUCTION [Abstract]

WORKFORCE REDUCTION

12 WORKFORCE REDUCTION

During 2013, we recorded a pre-tax charge of $863 for workforce separation benefits across our television and publishing businesses.  Of the costs recorded for the year ended December 29, 2013, $698 is included in publishing operating costs and expenses, and $165 is included in television selling and administrative expenses.  We expect payments to be completed during the first half of 2014.  In 2013, the number of full-time and part-time employees increased by approximately 5.2% compared to 2012.

Activity associated with workforce reductions during the years ended December 29, 2013 and December 30, 2012 was as follows:

	Balance as of		Charge for		Payments for			Balance as of
	December 30, 2012		Separation Benefits		Separation Benefits			December 29, 2013
	(dollars in millions)
Television	$	-	$	56	$	(13	)	$	43
Publishing	$	809		807		(1,286	)	$	330
Total	$	809	$	863	$	(1,299	)	$	373

		Balance as of		Charge for		Payments for			Balance as of
		December 25, 2011		Separation Benefits		Separation Benefits			December 30, 2012
	(dollars in millions)
Publishing		$	1,780	$	1,655	$	(2,626	)	$	809
Total		$	1,780	$	1,655	$	(2,626	)	$	809

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ACQUISITIONS AND DIVESTITURES (Tables)

12 Months Ended

Dec. 29, 2013

Business Acquisition [Line Items]

Schedule of pro forma information

	2012		2011
Pro Forma Results of Operations
Revenue	$	439,732	$	399,313
Earnings per share from continuing operations, diluted	$	0.71	$	0.47

KHTT-FM and KBEZ-FM [Member]

Business Acquisition [Line Items]

Recognized Identified Assets Acquired and Liabilities Assumed

The estimated fair values of identifiable assets acquired and liabilities assumed for KHTT-FM and KBEZ-FM at the acquisition date are as follows:

	KHTT-FM and KBEZ-FM
	Tulsa, OK
Property and equipment	$	181
Goodwill		1,947
Broadcast licenses		9,600
Total purchase price	$	11,728

NewsChannel 5 Network, LLC [Member]

Business Acquisition [Line Items]

Recognized Identified Assets Acquired and Liabilities Assumed

The fair values of identifiable assets acquired and liabilities assumed for NewsChannel 5 Network, LLC at the acquisition date are as follows:

	NewsChannel 5
Tangible assets	$	13,383
Long-term assets, other		48
Working capital		8,292
Network affiliation agreements		43,500
FCC licenses		40,100
Goodwill		114,677
Total purchase price	$	220,000

WNOX-FM Knoxville, TN [Member]

Business Acquisition [Line Items]

Recognized Identified Assets Acquired and Liabilities Assumed

The estimated fair values of identifiable assets acquired and liabilities assumed for WNOX-FM at the acquisition date are as follows:

	WNOX-FM
	Knoxville, TN
Equipment	$	24
Goodwill		331
FCC licensses		5,600
Total purchase price	$	5,955

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SEGMENT REPORTING

12 Months Ended

Dec. 29, 2013

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

14 SEGMENT REPORTING

Beginning in the first quarter of 2014, we made an organizational change to our leadership team in our broadcasting segment reflecting the focus on our two primary businesses: television and radio. As a result of this organizational change, we now have four reportable segments: television, radio, publishing and corporate.

Our business segments are based on the organizational structure used by management for making operating and investment decisions and for assessing performance. Our reportable business segments are: (i) television; (ii) radio; (iii) publishing and (iv) corporate. Our television segment consists of 14 television stations in 8 states that we own or provide services to. Our radio segment consists of 35 radio stations in 8 states. Our publishing segment consists of the Milwaukee Journal Sentinel, which serves as the only major daily newspaper for the Milwaukee metropolitan area, and several community publications in Wisconsin. Our corporate segment consists of unallocated corporate expenses and revenue eliminations. All segment related disclosures have been recast throughout these financial statements, where appropriate.

Our "Corporate" segment reflects unallocated costs primarily related to corporate executive management and corporate governance.

	2013			2012			2011
Revenue
Television	$	166,616		$	152,444		$	110,372
Radio		76,816			76,259			70,367
Publishing		154,558			164,947			170,976
Corporate		(723	)		(532	)		(263	)
	$	397,267		$	393,118		$	351,452
Operating earnings (loss)
Television	$	31,395		$	41,005		$	15,708
Radio		14,017			13,962			15,053
Publishing		13,778			11,622			15,901
Corporate		(7,874	)		(7,858	)		(7,120	)
	$	51,316		$	58,731		$	39,542
Broadcast license impairment
Television	$	-		$	664		$	735
Radio		-			952			-
Publishing		-			-			-
Corporate		-			-			-
	$	-		$	1,616		$	735
Depreciation and amortization
Television	$	13,192		$	9,925		$	9,424
Radio		2,002			2,276			2,184
Publishing		7,058			9,170			10,412
Corporate		661			667			622
	$	22,913		$	22,038		$	22,642
Capital expenditures
Television	$	8,360		$	8,656		$	7,595
Radio		1,508			1,663			865
Publishing		2,498			1,240			987
Corporate		74			746			1,143
	$	12,440		$	12,305		$	10,590

	2013		2012
Identifiable total assets
Television	$	356,032	$	398,795
Radio		111,473		77,202
Publishing		96,991		103,360
Corporate & discontinued operations		31,522		46,446
	$	596,018	$	625,803

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 25, 2011
Other comprehensive income, net of tax:
Change in pension and postretirement, tax	$ 10,176	$ 1,792	$ 13,421

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CONSOLIDATED BALANCE SHEETS (Parenthetical)	Dec. 29, 2013	Dec. 30, 2012
Class B [Member]
Equity:
Common stock authorized (in shares)	120,000,000	120,000,000
Common stock issued (in shares)	6,134,093	6,905,955
Common stock outstanding (in shares)	6,134,093	6,905,955
Class A [Member]
Equity:
Common stock authorized (in shares)	170,000,000	170,000,000
Common stock issued (in shares)	44,669,851	43,750,920
Common stock outstanding (in shares)	44,669,851	43,750,920

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STOCK-BASED COMPENSATION

12 Months Ended

Dec. 29, 2013

STOCK-BASED COMPENSATION [Abstract]

STOCK-BASED COMPENSATION

7 STOCK-BASED COMPENSATION

2007 Journal Communications, Inc. Omnibus Incentive Plan

The purpose of the 2007 Journal Communications, Inc. Omnibus Incentive Plan (2007 Plan) is to promote our success by linking personal interests of our employees, officers and non-employee directors to those of our shareholders, and by providing participants with an incentive for outstanding performance.  The 2007 Plan is also intended to enhance our ability to attract, motivate and retain the services of employees, officers and directors upon whose judgment, interest and special effort the successful conduct of our operation is largely dependent.

Subject to adjustment as provided in the 2007 Plan, the aggregate number of shares of class A common stock or class B common stock reserved and available for issuance pursuant to awards granted under the 2007 Plan is 4,800 shares which may be awarded in the form of nonstatutory or incentive stock options, stock appreciation rights, restricted stock, restricted or deferred stock units, performance awards, dividend equivalents or other stock-based awards.  The 2007 Plan also provides for the issuance of cash-based awards.  The 2007 Plan replaced the 2003 Equity Incentive Plan (2003 Plan) and, as of May 3, 2007, all equity grants are made from the 2007 Plan.  We will not grant any additional awards under the 2003 Plan.  As of December 29, 2013, there are 2,335 shares available for issuance under the 2007 Plan.

During the years ended December 29, 2013, December 30, 2012 and December 25, 2011, we recognized $2,089, $2,056 and $1,649, respectively, in stock-based compensation expense. Total income tax benefit recognized related to stock-based compensation for the years ended December 29, 2013, December 30, 2012 and December 25, 2011 was $826, $822 and $656, respectively.  We recognize stock-based compensation expense on a straight-line basis over the service period based upon the fair value of the award on the grant date.  As of December 29, 2013, total unrecognized compensation cost related to stock-based awards was $1,836, net of estimated forfeitures, which we expect to recognize over a weighted average period of 1.1 years.  Stock-based compensation expense is reported in selling and administrative expenses and the net gain on discontinued operations in our consolidated statements of operations.

Stock grants

The compensation committee of our board of directors has granted class B common stock to employees and non-employee directors under our 2003 Plan and our 2007 Plan.  Each stock grant may have been accompanied by restrictions, or may have been made without any restrictions, as the compensation committee of our board of directors determined.  Such restrictions could have included requirements that the participant remain in our continuous employment for a specified period of time, or that we or the participant meet designated performance goals.  We value non-vested restricted stock grants at the closing market prices of our class A common stock on the grant date.

A summary of stock grant activity during 2013 is:

				Weighted
				Average Grant
	Shares			Date Fair Value
Non-vested at December 30, 2012		538		$	5.30
Granted		228			6.42
Vested		(319	)		5.34
Forfeited		(12	)		5.56
Non-vested at December 29, 2013		435		$	5.85

Our non-vested restricted stock grants vest from one to four years from the grant date.  We expect our non-vested restricted stock grants to fully vest over the weighted average remaining service period of 1.1 years.  The total grant date fair value of shares vesting during 2013 was $1,701.  There was an aggregate of 382 unrestricted and non-vested restricted stock grants issued to our non-employee directors (90 shares) and employees (292 shares) in 2012 at a weighted average fair value of $5.12 per share, of which 192 shares are vested as of December 29, 2013 with a total grant date fair value of $928.  There were 368 unrestricted and non-vested restricted stock grants issued to our directors (101 shares) and employees (267 shares) during 2011 at a weighted average fair value of $5.63 per share, of which 185 shares are vested as of December 29, 2013 with a total grant date fair value of $1,003.

Performance Units

In 2012 and 2013, the compensation committee of our board of directors approved the grant of performance-based restricted stock units (performance units) under our 2007 Plan, which represent the right to earn shares of class B common stock based on continued employment and the achievement of specified targets for adjusted cumulative EBITDA over specified fiscal year performance periods.  We value performance unit awards at the closing market price of our class A common stock on the grant date.

A summary of stock grant activity during 2013 is:

			Weighted Average
			Grant Date
	Shares		Fair Value
Non-vested at December 30, 2012		77	$	5.59
Granted		74		6.33
Vested		-		-
Forfeited		-		-
Non-vested at September 29, 2013		151		5.95

Stock appreciation rights

A stock appreciation right, or SAR, represents the right to receive an amount equal to the excess of the fair value of a share of our class B common stock on the exercise date over the base value of the SAR, which shall not be less than the fair value of a share of our class B common stock on the grant date.  Each SAR is settled only in shares of our class B common stock.  The term during which any SAR may be exercised is 10 years from the grant date, or such shorter period as determined by the compensation committee of our board of directors.

Our SARs vest over a three year graded vesting schedule and it is our policy to recognize compensation cost for awards with graded vesting on a straight-line basis over the vesting period for the entire award.  We ensure the compensation cost recognized at any date is at least equal to the portion of the grant-date value of the award that is vested at that date.  The fixed price SARs have a fixed base value equal to the closing price of our class A common stock on the date of grant. The escalating price SARs have an escalating base value that starts with the closing price of our class A common stock on the date of  grant and increases by six percent per year for each year that the SARs remain outstanding, starting on the first anniversary of the grant date.

A summary of SAR activity during 2013 is:

						Weighted Average
						Contractual Term
				Weighted Average		Remaining
	SARS			Exercise Price		(years)
Outstanding and exercisable at December 30, 2012		1,083		$	11.26		4.6
Granted		-
Exercised		(341	)		7.57
Forfeited		-
Expired		-
Outstanding and exercisable at December 29, 2013		742		$	13.30		3.9

All SARs have vested.  The aggregate intrinsic value of the SARs exercised during 2013 was $563.  The aggregate intrinsic value of the SARs outstanding and exercisable at the end of 2013 is $39.

Employee stock purchase plan

The 2003 Employee Stock Purchase Plan permits eligible employees to purchase our class B common stock at 90% of the fair market value measured as of the closing market price of our class A common stock on the day of purchase.  We recognize compensation expense equal to the 10% discount of the fair market value.  Subject to certain adjustments, 3,000 shares of our class B common stock are authorized for sale under this plan.  There were 45 class B common shares sold to employees under this plan in 2013 at a weighted average fair value of $5.63.  As of December 29, 2013, there are 2,162 shares available for sale under the plan.

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Document and Entity Information	12 Months Ended
	Dec. 29, 2013
Entity Information [Line Items]
Entity Registrant Name	JOURNAL COMMUNICATIONS INC
Entity Central Index Key	0001232241
Current Fiscal Year End Date	--12-29
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Document Type	8-K
Amendment Flag	true
Amendment Description	Beginning in the first quarter of 2014, the Company made an organization change to its leadership team in the Broadcasting segment reflecting focus on its two primary businesses: television and radio. The Company is filing this Current Report on Form 8-K to reclassify historical segment information for the television and radio segments to correspond with its current segment structure.
Document Period End Date	Dec. 29, 2013

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VARIABLE INTEREST ENTITY

12 Months Ended

Dec. 29, 2013

VARIABLE INTEREST ENTITY [Abstract]

VARIABLE INTEREST ENTITY

8 VARIABLE INTEREST ENTITY

We had an affiliation agreement with ACE TV, Inc. for the rights under a local marketing agreement for WACY-TV in Appleton, Wisconsin and to acquire certain assets of ACE TV, Inc. including the broadcast license of WACY-TV for a purchase price of $2,038, pending FCC rule changes and approval.  In May 2012, we filed an application with the FCC to convert the local marketing agreement into an ownership interest through a failed station waiver, which was pending approval.  Under the affiliation agreement, ACE TV, Inc. provided the programming for WACY-TV and we sold advertising time, provided all other television operating activities and owned certain assets used by WACY-TV.  Based on our power to direct certain activities and our right to ultimately acquire certain additional assets, including the broadcast license, we determined that ACE TV, Inc. was a VIE and that we were the primary beneficiary of the variable interests of WACY-TV.  As a result, we consolidated the net assets of ACE TV, Inc., aggregating $1,164 which consisted primarily of a broadcast license and investments.  The investments of ACE TV, Inc. could be used only to settle obligations of ACE TV, Inc.  Creditors of ACE TV, Inc. had no recourse to our general credit.  We did not provide financial or other support that we were not contractually required to provide.  On October 22, 2012, we closed on the acquisition of the remaining assets used in the operation of WACY-TV from ACE TV, Inc.

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 25, 2011	Dec. 29, 2013 Class A and B Common Stock [Member]	Dec. 30, 2012 Class A and B Common Stock [Member]	Dec. 25, 2011 Class A and B Common Stock [Member]	Dec. 29, 2013 Class C Common Stock [Member]	Dec. 30, 2012 Class C Common Stock [Member]	Dec. 25, 2011 Class C Common Stock [Member]
Revenue:
Total revenue	$ 397,267	$ 393,118	$ 351,452
Operating costs and expenses:
Total operating costs and expenses	219,237	205,249	198,709
Selling and administrative expenses	126,714	127,522	112,466
Broadcast license impairment	0	1,616	735
Total operating costs and expenses and selling and administrative expenses	345,951	334,387	311,910
Operating earnings	51,316	58,731	39,542
Other income and (expense):
Interest income	0	22	117
Interest expense	(7,706)	(4,483)	(3,642)
Other	(188)
Total other income and (expense)	(7,894)	(4,461)	(3,525)
Earnings from continuing operations before income taxes	43,422	54,270	36,017
Provision for income taxes	17,172	21,688	14,304
Earnings from continuing operations	26,250	32,582	21,713
Earnings (loss) from discontinued operations, net of applicable income tax (benefit) expense of ($13), $518 and $329, respectively	(49)	743	473
Net earnings	$ 26,201	$ 33,325	$ 22,186	$ 26,201	$ 30,701	$ 18,862	$ 0	$ 2,407	$ 3,060
Basic - Class A and B common stock:
Continuing operations (in dollars per share)				$ 0.52	$ 0.60	$ 0.36
Discontinued operations (in dollars per share)					$ 0.01	$ 0.01
Net earnings (in dollars per share)	$ 0.52	$ 0.61		$ 0.52	$ 0.61	$ 0.37	$ 0	$ 0.74	$ 0.94
Diluted - Class A and B common stock:
Continuing operations (in dollars per share)				$ 0.52	$ 0.60	$ 0.36
Discontinued operations (in dollars per share)					$ 0.01	$ 0.01
Net earnings (in dollars per share)	$ 0.52	$ 0.61	$ 0.37	$ 0.52	$ 0.61	$ 0.37
Basic and diluted - Class C common stock:
Continuing operations (in dollars per share)							$ 0	$ 0.73	$ 0.93
Discontinued operations (in dollars per share)								$ 0.01	$ 0.01
Net earnings (in dollars per share)		$ 0.74					$ 0	$ 0.74	$ 0.94

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NOTES PAYABLE

12 Months Ended

Dec. 29, 2013

NOTES PAYABLE [Abstract]

NOTES PAYABLE

2 NOTES PAYABLE

Long-term Notes Payable to Banks

On December 5, 2012, we entered into an amended and restated credit agreement for a secured term loan facility and a secured revolving credit facility with initial aggregate commitments of $350,000, including the term loan commitment of $150,000 and the revolving credit facility commitment of $200,000, both of which mature on December 5, 2017.  The secured term loan facility amortizes at 10% per annum payable quarterly with the balance due at maturity.  As of December 29, 2013, the outstanding principal amount of revolving loans drawn under the credit agreement was $56,200, and the outstanding principal amount of term loans drawn under the credit agreement was $138,750.  The proceeds of the senior secured credit facilities were used for the acquisition of NewsChannel 5 Network, LLC and general corporate purposes.  Amounts under the secured revolving credit facility may be borrowed, repaid and reborrowed by us from time to time until the maturity date of the revolving loan facility.  Voluntary prepayments and commitment reductions are permitted at any time without fee upon proper notice and subject to a minimum dollar requirement.  Voluntary prepayments of the secured term loan facility represent a permanent reduction in credit available.  At our option, the commitments under the credit agreement may be increased from time to time by an aggregate amount not to exceed $100,000.  The increase option is subject to the satisfaction of certain conditions, including, without limitation, the identification of lenders (which may include existing lenders or new lenders) willing to provide the additional commitments.

Our borrowings under the credit agreement incur interest at either (a) LIBOR plus a margin that ranges from 150.0 basis points to 250.0 basis points, depending on our net debt ratio, or (b) (i) the base rate, which equals the highest of the prime rate set by U.S. Bank National Association, the Federal Funds Rate plus 50.0 basis points or one-month LIBOR plus 100.0 basis points, plus (ii) a margin that ranges from 50.0 basis points to 150.0 basis points, depending on our net debt ratio.  The initial pricing spread above LIBOR was 225.0 basis points.

Our obligations under the credit agreement are currently guaranteed by certain of our domestic subsidiaries.  Subject to certain exceptions, the credit agreement is secured by liens on certain of our assets and contains affirmative, negative and financial covenants which are customary for financings of this type, including, among other things, limits on the creation of liens, limits on the incurrence of indebtedness, restrictions on dispositions and restrictions on the payment of dividends.  The senior secured credit facilities contains the following financial covenants which remain constant over the term of the agreement:

· A consolidated funded debt ratio of not greater than 3.75-to-1, as of the end of each fiscal quarter, as determined for the four fiscal quarters then ended.  This ratio compares, as of the date of determination, our consolidated funded debt on such date to consolidated EBITDA, defined in the credit agreement as earnings before interest, taxes, depreciation, amortization, restructuring charges, gains/losses on asset disposals, non-cash charges and certain other adjustments.

· A minimum interest coverage ratio of not less than 3-to-1, as of the end of each fiscal quarter, as determined for the four fiscal quarters then ended.  This ratio compares, for any period, our consolidated EBITDA, defined in the credit agreement as earnings before interest, taxes, depreciation, amortization, restructuring charges, gains/losses on asset disposals, non-cash charges and certain other adjustments.

As of December 29, 2013 and December 30, 2012, we had borrowings of $194,950 and $230,095, respectively, under our credit facilities at a currently effective blended interest rate of 2.23% and 2.53%, respectively.  Remaining unamortized fees in connection with the credit facilities of $3,772, which are included in other assets, are being amortized over the term of the senior secured credit facilities using the straight-line method, which is not materially different than the result utilizing the effective interest method.

We estimate the fair value of our senior secured credit facilities at December 29, 2013 to be $187,469, based on discounted cash flows using an interest rate of 3.36%.  We estimated the fair value of our secured credit facility at December 30, 2012 to be $224,752, based on discounted cash flows using an interest rate of 3.08%.  Interest rates utilized are estimated based on observed market rates of interest for debt with similar maturities and seniority.  These fair value measurements fall within Level 2 of the fair value hierarchy.

Scheduled minimum principal repayments of the secured term loan facility are $15,000 in 2014, $15,000 in 2015, $15,000 in 2016 and $93,750 in 2017.

Unsecured Subordinated Notes Payable

On August 13, 2012, we repurchased all 3,264 outstanding shares of our class C common stock, including all rights associated with such shares of class C common stock, in exchange for $6,246 in cash and the issuance of 15 unsecured subordinated promissory notes with an aggregate principal amount of $25,599 and bearing interest at a rate of 7.25% per annum.  The cash payment equaled the amount of the minimum unpaid and undeclared dividend on the class C common stock through August 12, 2012.

Seven of the notes with an aggregate principal amount of $9,664 were paid in 2012.  A scheduled minimum principal repayment for $2,656 was made on September 30, 2013.  The remaining seven subordinated notes, with an aggregate remaining principal amount of approximately $13,279, are payable in equal annual installments of $2,656 on September 30 of each of 2014, 2015, 2016, 2017 and 2018, with no prepayment right.  Interest on the notes is payable quarterly.

We estimate the fair value of the subordinated notes at December 29, 2013 to be $13,515 based on discounted cash flows using an interest rate of 7.19%. We estimated the fair value of the subordinated notes at December 30, 2012 to be $16,188 based on discounted cash flows using an interest rate of 7.26%.  Interest rates utilized are estimated based on observed market rates of interest for debt with similar maturities and seniority. These fair value measurements fall within Level 2 of the fair value hierarchy. As of December 29, 2013, $13,279 of the principal amount of the subordinated notes remains outstanding.

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SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 29, 2013

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

1 SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and consolidation—We report on a 52-53 week fiscal year ending on the last Sunday of December in each year.  In addition, we have four quarterly reporting periods, each consisting of thirteen weeks and ending on a Sunday, provided that once every six years the fourth quarterly reporting period will be fourteen weeks.  The fourth quarterly reporting period in our 2012 fiscal year consisted of fourteen weeks.

The consolidated financial statements include the accounts of Journal Communications, Inc. and its wholly owned subsidiaries.  In 2012, we purchased the remaining noncontrolling interest associated with a variable interest entity (VIE) for which we were the primary beneficiary in accordance with U.S. generally accepted accounting principles and pursuant to the rules and regulations of the Securities and Exchange Commission.  All significant intercompany balances and transactions have been eliminated.

Palm Springs television results of operations and the gain on the sale of NorthStar Print Group Inc.'s (NorthStar) real estate holdings in 2011 have been reflected as discontinued operations in our consolidated statements of operations.

Use of estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.

Revenue recognition—Our principal sources of revenue are the sale of airtime on television and radio stations, the sale of advertising in newspapers and the sale of newspapers to individual subscribers and distributors.  In addition, we sell advertising on our newspaper, television and radio websites and derive revenue from other online activities.  Advertising revenue is recognized in the publishing, television and radio businesses when advertisements are published, aired or displayed, or when related advertising services are rendered. Newspaper advertising contracts, which generally have a term of one year or less, may provide rebates or discounts based upon the volume of advertising purchased during the terms of the contracts.  Estimated rebates and discounts are recorded as a reduction of revenue in the period the advertisement is displayed.  This requires us to make certain estimates regarding future advertising volumes.  Estimates are based on various factors including historical experience and advertising sales trends.  These estimates are revised as necessary based on actual volumes realized.  Circulation revenue is recognized on a pro-rata basis over the term of the newspaper subscription or when the newspaper is delivered to the customer.  Amounts we receive from customers in advance of revenue recognition are deferred as liabilities.  Deferred revenue to be earned more than one year from the balance sheet date is included in other long-term liabilities in the consolidated balance sheets.

Printing revenue from external customers as well as third-party distribution revenue is recognized when the product is delivered in accordance with the customers' instructions.

We also derive revenues from retransmission of our television programs by MVPDs.  Retransmission revenues from MVPDs are recognized based on average monthly subscriber counts and contractual rates over the terms of the agreements.

Multiple-deliverable revenue arrangements— We sell airtime on television and radio stations and online advertising bundled arrangements, where multiple products are involved.  Significant deliverables within these arrangements include advertising on television and radio stations and advertising placed on various company websites, each of which are considered separate units of accounting.  Our daily newspaper sells print and online advertising in bundled arrangements, where multiple products are involved.  Significant deliverables within these arrangements include advertising in the printed daily newspaper and advertising placed on various company websites, each of which are considered separate units of accounting.  There were no significant changes in units of accounting, the allocation process or the pattern and timing of revenue recognition upon adoption of the amended guidance related to revenue recognition for arrangements with multiple deliverables.

Shipping and handling costs—Shipping and handling costs, including postage, billed to customers are included in revenue and the related costs are included in operating costs and expenses.

Advertising expense—We expense our advertising costs as incurred.  Advertising expense totaled $6,645, $7,438 and $6,915 in 2013, 2012 and 2011, respectively.

Interest expense—All interest incurred during the years ended December 29, 2013, December 30, 2012 and December 25, 2011 was expensed.

Income taxes—Deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes.  Valuation allowances are established when management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized.

We recognize an uncertain tax position when it is more likely than not to be sustained upon examination by taxing authorities and we measure the tax benefit as the largest amount of benefit, determined on a cumulative probability basis, which is more likely than not to be realized upon ultimate settlement.

Fair values—The carrying amount of cash and cash equivalents, receivables, accounts payable, accrued severance and barter programming assets and liabilities approximates fair value as of December 29, 2013 and December 30, 2012.

Cash equivalents—Cash equivalents are highly liquid investments with maturities of three months or less when purchased.  Cash equivalents are stated at cost, which approximates market value.

Receivables, net—Our non-interest bearing accounts receivable arise primarily from the sale of advertising, commercial printing, commercial distribution and the retransmission of our television programs by MVPDs.  We record accounts receivable at original invoice amounts.  The accounts receivable balance is reduced by an estimated allowance for doubtful accounts. We evaluate the collectability of our accounts receivable based on a combination of factors.  We specifically review historical write-off activity by market, large customer concentrations, customer creditworthiness and changes in our customer payment patterns and terms when evaluating the adequacy of the allowance for doubtful accounts.  In circumstances where we are aware of a specific customer's inability to meet its financial obligations, we record a specific reserve to reduce the amounts recorded to what we believe will be collected.  For all other customers, we recognize allowances for bad debts based on historical experience of bad debts as a percent of accounts receivable for each business unit.  We write off uncollectible accounts against the allowance for doubtful accounts after collection efforts have been exhausted.  The allowance for doubtful accounts at December 29, 2013 and December 30, 2012 was $1,688 and $2,377, respectively.

Concentration of credit risk—Generally, credit is extended based upon an evaluation of the customer's financial position, and advance payment is not required.  Credit losses are provided for in the financial statements and have been within management's expectations.  Given the current economic environment, credit losses may increase in the future.

Inventories—Inventories are stated at the lower of cost (first in, first out method) or market.  A summary of inventories follows:

	2013			2012
December 29 and December 30
Paper and supplies	$	2,224		$	2,950
Work in process		59			84
Less obsolescence reserve		(92	)		(90	)
Inventories, net	$	2,191		$	2,944

Television programming—We have agreements with distributors for the rights to television programming over contract periods, which generally run for one to five years.  Each contract is recorded as an asset and a liability at an amount equal to its gross contractual commitment when the license period begins and the program is available for its first showing.  The portion of program contracts that become payable within one year is reflected as a current liability in the accompanying consolidated balance sheets.  The rights to program materials are carried at the lower of unamortized cost or estimated net realizable value or in the case of programming obtained by an acquisition, at estimated fair value.  The cost for the rights of first-run and sports programming are recorded as the episodes and games are broadcast.  We do not record an asset and liability for such rights when the license period begins because the programming is not available for broadcast.  Certain of our agreements require us to provide barter advertising time to our distributors.  Barter advertising revenue and expense was $7,210, $5,393 and $4,672 in 2013, 2012 and 2011, respectively.

Property and equipment—Property and equipment are recorded at cost.  Depreciation of property and equipment is provided, using the straight-line method, over the estimated useful lives, which are as follows:

	Years
Building and land improvements	10
Buildings	30
Newspaper printing presses	25
Broadcasting equipment	5-20
Other printing presses	10
Other	3-10

Depreciation expense totaled $20,058, $20,590 and $21,261 in 2013, 2012 and 2011, respectively.  As of December 29, 2013, we have $160.5 million of net property and equipment secured by our credit facility.

Capital leases—We charge amortization expense of assets recorded under capital leases to depreciation expense in our consolidated statements of operations and accumulated depreciation in our consolidated balance sheets.  At December 29, 2013 we recorded $474 for capital leases in equipment, $162 in accumulated depreciation, $79 in current portion of long-term liabilities and $244 in other long-term liabilities in our consolidated balance sheet.  At December 30, 2012 we recorded $1,834 for capital leases in equipment, $1,683 in accumulated depreciation, $54 in current portion of long-term liabilities and $113 in other long-term liabilities in our consolidated balance sheet.

Intangible assets—Indefinite-lived intangible assets, which consist of television and radio broadcast licenses and goodwill, are reviewed for impairment at least annually or more frequently if impairment indicators are present.  We continue to amortize definite-lived intangible assets on a straight-line basis over periods of five to 25 years.  The costs incurred to renew or extend the term of our television and radio broadcast licenses and certain customer relationships are expensed as incurred.  See Note 9, "Goodwill, Broadcast Licenses and Other Intangible Assets," for additional disclosures on our intangible assets.

Notes receivable — We received a $450 secured note resulting from the sale of two radio stations in Boise, Idaho in September 2009.  Interest-only payments were due monthly and the principal balance of the note was due on September 25, 2014.  Principal payments totaling $50 were received in 2011 and 2010.  At December 25, 2011, the note receivable was $400 and reported in other assets in the condensed consolidated balance sheets.  In the third quarter of 2012, the remaining balance was paid.

In consideration for the sale of the Clearwater, Florida-based operations of PrimeNet in February 2010, we received a $700 promissory note repayable over four years and a $147 working capital note repayable over three years.  At the time of the sale, we recorded receivables of $587 and $129, respectively, representing the fair value of the notes discounted at 6.785% and 9.08%, respectively.  At December 25, 2011, the notes receivables balances were $433 and $51, respectively, and reported in receivables, net in the consolidated balance sheets.  In 2012, both notes were paid in full.

In partial consideration for the sale of certain publishing assets of Journal Community Publishing Groups, Inc. in December 2012, we received a $772 promissory note bearing interest at 3% and repayable over three years.  At the time of the sale, we recorded a $738 receivable representing the estimated fair value of the note discounted at 6.25%.  These fair value measurements fall within Level 2 of the fair value hierarchy. The notes receivable balance at December 29, 2013 and December 30, 2012 was $524 and $772, respectively.

Interest income and the unamortized discount on our notes receivable are recorded using the effective interest method.

Impairment of long-lived assets—Property and equipment and other definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.  If an asset is considered impaired, a charge is recognized for the difference between the fair value and carrying value of the asset or group of assets.  Such analyses necessarily involve significant judgment.  In 2013 and 2012, we recorded property impairment charges of $238 and $368 at our radio segment representing the excess of indicated fair value over the carrying value of a building held for sale.   In 2012, our publishing segment recorded a building impairment charge of $125 representing the excess in indicated fair value over the carrying value of the assets held for sale.  Fair value was determined pursuant to an accepted offer to sell the building or a broker's opinion of the value based upon similar assets in an inactive market.  This fair value measurement is considered a level 3 measurement under the fair value hierarchy.

Share Repurchases—Shares repurchased under our July 2011 share repurchase program remain authorized but unissued.  The cost of the class A shares repurchased under the program was greater than par value and we recorded a charge to par value and additional paid in capital.  On August 13, 2012, we repurchased all 3,264 outstanding shares of our class C common stock, including all rights associated with such shares of class C common stock.

Earnings per share

Basic

For all periods during which our class C common stock was issued and outstanding (see Note 2 "Notes Payable" regarding the Company's repurchase of all 3,264 shares of the Company's class C common stock issued and outstanding in August 2012), we apply the two-class method for calculating and presenting our basic earnings per share.  As noted in the FASB's guidance for earnings per share, the two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared (or accumulated) and participation rights in undistributed earnings.  Under that method:

(a) Income (loss) from continuing operations ("net earnings (loss)") is reduced by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid or accrued during the current period.

(b) The remaining earnings, which may include earnings from discontinued operations ("undistributed earnings"), are allocated to each class of common stock to the extent that each class of stock may share in earnings if all of the earnings for the period were distributed.

(c) The remaining losses ("undistributed losses") are allocated to the class A and B common stock.  Undistributed losses are not allocated to the class C common stock and non-vested restricted stock because the class C common stock and the non-vested restricted stock are not contractually obligated to share in the losses. Losses from discontinued operations are allocated to class A and B common stock and may be allocated to class C common stock and non-vested restricted stock if there is undistributed earnings after deducting earnings distributed to class C common stock from income from continuing operations.

(d) The total earnings (loss) allocated to each class of common stock are then divided by the number of weighted average shares outstanding of the class of common stock to which the earnings (loss) are allocated to determine the earnings (loss) per share for that class of common stock.

(e) Basic earnings (loss) per share data are presented for class A and B common stock in the aggregate and for class C common stock.  The basic earnings (loss) per share for class A and B common stock are the same; hence, these classes are reported together.

In applying the two-class method, we have determined that undistributed earnings should be allocated equally on a per share basis among each class of common stock due to the lack of any contractual participation rights of any class to those undistributed earnings.  Undistributed losses are allocated to only the class A and B common stock for the reason stated above.

The following table sets forth the computation of basic earnings per share under the two-class method:

	2013		2012			2011
Numerator for basic earnings from continuing operations for each class of common stock and non-vested restricted stock:
Earnings from continuing operations	$	26,250	$	32,582		$	21,713
Less dividends:
Class A and B		-		-			-
Minimum class C		-		1,146			1,854
Non-vested restricted stock		-		-			-
Total undistributed earnings from continuing operations	$	26,250	$	31,436		$	19,859
Undistributed earnings from continuing operations:
Class A and B	$	26,250	$	29,991		$	18,423
Class C		-		1,233			1,177
Non-vested restricted stock		-		212			259
Total undistributed earnings from continuing operations	$	26,250	$	31,436		$	19,859
Numerator for basic earnings from continuing operations per class A and B common stock:
Minimum dividends on class A and B	$	-	$	-		$	-
Class A and B undistributed earnings		26,250		29,991			18,423
Numerator for basic earnings from continuing operations per class A and B common stock	$	26,250	$	29,991		$	18,423
Numerator for basic earnings from continuing operations per class C common stock:
Minimum dividends on class C	$	-	$	1,146		$	1,854
Class C undistributed earnings		-		1,233			1,177
Numerator for basic earnings from continuing operations per class C common stock	$	-	$	2,379		$	3,031
Denominator for basic earnings from continuing operations for each class of common stock:
Weighted average shares outstanding -
Class A and B		50,259		50,091			51,088
Class C		-		3,264	(1)		3,264
Basic earnings per share from continuing operations:
Class A and B	$	0.52	$	0.60		$	0.36
Class C	$	-	$	0.73		$	0.93

(1) The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period.

	2013			2012			2011
Numerator for basic earnings from discontinued operations for each class of common stock and non-vested restricted stock:
Total undistributed earnings from discontinued operations	$	(49	)	$	743		$	473
Undistributed earnings from discontinued operations:
Class A and B		(49	)		709			439
Class C		-			29			28
Non-vested restricted stock		-			5			6
Total undistributed earnings from discontinued operations	$	(49	)	$	743		$	473
Denominator for basic earnings from discontinued operations for each class of common stock:
Weighted average shares outstanding -
Class A and B		50,259			50,091			51,088
Class C		-			3,264	(1)		3,264
Basic earnings per share from discontinued operations:
Class A and B	$	-		$	0.01		$	0.01
Class C	$	-		$	0.01		$	0.01
Numerator for basic net earnings for each class of common stock:
Net earnings	$	26,201		$	33,325		$	22,186
Less dividends:
Class A and B		-			-			-
Minimum class C		-			1,146			1,854
Non-vested restricted stock		-			-			-
Total undistributed net earnings	$	26,201		$	32,179		$	20,332
Undistributed net earnings:
Class A and B	$	26,201		$	30,701		$	18,862
Class C		-			1,261			1,206
Non-vested restricted stock		-			217			264
Total undistributed net earnings	$	26,201		$	32,179		$	20,332
Numerator for basic net earnings per class A and B common stock:
Dividends on class A and B	$	-		$	-		$	-
Class A and B undistributed  net earnings		26,201			30,701			18,862
Numerator for basic net earnings per class A and B common stock	$	26,201		$	30,701		$	18,862

(1) The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period.

	2013		2012			2011
Numerator for basic net earnings per class C common stock:
Minimum dividends on class C	$	-	$	1,146		$	1,854
Class C undistributed net earnings		-		1,261			1,206
Numerator for basic net earnings per class C common stock	$	-	$	2,407		$	3,060
Denominator for basic net earnings for each class of common stock:
Weighted average shares outstanding -
Class A and B		50,259		50,091			51,088
Class C		-		3,264	(1)		3,264
Basic net earnings per share:
Class A and B	$	0.52	$	0.61		$	0.37
Class C	$	-	$	0.74		$	0.94

(1) The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period.

Diluted

Diluted earnings per share is computed based upon the assumption that common shares are issued upon exercise of our stock appreciation rights when the exercise price is less than the average market price of our common shares and common shares will be outstanding upon expiration of the vesting periods for our non-vested restricted stock and performance-based restricted stock units.  For the year ended December 29, 2013, 435 non-vested restricted class B common shares and performance-based restricted stock units are not included in the computation of diluted earnings per share because they are anti-dilutive.  For the year ended December 30, 2012, 538 non-vested restricted class B common shares are not included in the computation of diluted earnings per share because they are anti-dilutive.  The class C shares are not converted into class A and B shares because they are anti-dilutive for all periods presented, and therefore are not included in the diluted weighted average shares outstanding.

The following table sets forth the computation of diluted net earnings (loss) per share for class A and B common stock:

	2013			2012		2011
Numerator for diluted net earnings per share:
Dividends on class A and B common stock	$	-		$	-	$	-
Total undistributed earnings from continuing operations		26,250			29,991		18,424
Total undistributed earnings from discontinued operations		(49	)		710		439
Net earnings	$	26,201		$	30,701	$	18,863
Denominator for diluted net earnings per share:
Weighted average shares outstanding		50,436			50,091		51,088
Diluted earnings per share:
Continuing operations	$	0.52		$	0.60	$	0.36
Discontinued operations		-			0.01		0.01
Net earnings	$	0.52		$	0.61	$	0.37

Diluted earnings per share for the class C common stock is the same as basic earnings per share for the class C common stock because there are no class C common stock equivalents.

Prior to the repurchase of the class C common stock, each of the 3,264 class C shares outstanding was convertible at any time at the option of the holder into either (i) 1.363970 class A shares (or a total of 4,452 class A shares) or (ii) 0.248243 class A shares (or a total of 810 class A shares) and 1.115727 class B shares (or a total of 3,642 class B shares).

New accounting standards

In July 2013, the FASB issued guidance related to the presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or a tax credit carryforward exists.  The new guidance clarifies that companies should present an unrecognized tax benefit as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward.  This guidance is effective for fiscal years beginning after December 15, 2013, with early adoption permitted.  We adopted this guidance in 2013.  The adoption of this guidance did not impact our financial position or results of operations.

In February 2013, the FASB issued guidance related to items reclassified from accumulated other comprehensive income.  The new guidance requires either in a single note or parenthetically on the face of the financial statements: (i) the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and (ii) the income statement line items affected by the reclassification. This guidance is effective for fiscal years beginning January 1, 2013 with early adoption permitted.  We adopted this guidance in 2013.  The adoption of this guidance did not impact our financial position or results of operations.

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RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 29, 2013

RELATED PARTY TRANSACTIONS [Abstract]

RELATED PARTY TRANSACTIONS

13 RELATED PARTY TRANSACTIONS

On August 13, 2012, we repurchased all 3,264 outstanding shares of our class C common stock, all of which were held by Matex Inc., members of the family of our former chairman Harry J. Grant, trusts for the benefit of members of the family, and Proteus Fund, Inc., a non-profit organization.  Pursuant to the terms of the agreement, we paid $6,246 in cash and issued 15 unsecured subordinated promissory notes with an aggregate principal amount of $25,599. The notes bear interest at a rate of 7.25% per annum and interest is payable quarterly. Six of the subordinated notes, with an aggregate principal amount of approximately $9,664, were paid on September 21, 2012 for $1,340 and December 21, 2012 for $8,324.  One of the subordinated notes, with an aggregate principal amount of $2,000, which was due on July 15, 2013, was also prepaid without premium or penalty on December 21, 2012.  On September 30, 2013, we paid the first annual installment on the remaining eight subordinated notes.  After giving effect to this $2,655 installment payment, the remaining aggregate principal amount of these eight subordinated notes is approximately $13,279.  The remaining subordinated notes are payable in equal annual installments on September 30 of each of 2014, 2015, 2016, 2017 and 2018, with no prepayment right.  Interest on the notes is payable quarterly.  One of the remaining subordinated notes, with an original principal amount of $7,617, was issued to the Judith Abert Meissner Marital Trust, a beneficial owner of more than 5.00% of the issued and outstanding shares of our class B common stock.  David G. Meissner, a former member of the Board, who did not stand for reelection to the Board of Directors at the 2013 Annual Meeting of Shareholders, is a beneficiary and trustee of this trust.  An additional three of the remaining subordinated notes, with an original aggregate principal amount of $752, were originally issued to trusts for the benefit of Mr. Meissner's children in which Mr. Meissner serves or previously served as trustee.  The cash for the repurchase to the Judith Abert Meissner Marital Trust and the trusts for the benefit of Mr. Meissner's children in which Mr. Meissner serves or previously served as trustee was $2,042.

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GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 29, 2013

GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS [Abstract]

GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS

9 GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS

Definite-Lived Intangibles

Our definite-lived intangible assets consist primarily of network affiliation agreements, customer lists, non-compete agreements and trade names.  We amortize the network affiliation agreements over a period of 25 years based on our good relationships with the networks, our long history of renewing these agreements and because 25 years is deemed to be the length of time before a material modification of the underlying contract would occur.  We amortize the customer lists over a period of five to 15 years, the non-compete agreements and franchise agreement fees over the terms of the contracts and the trade names over a period of 25 years.  Management determined there were no significant adverse changes in the value of these assets as of December 29, 2013.

Amortization expense was $2,855, $1,601 and $1,391 for 2013, 2012 and 2011, respectively.  Estimated amortization expense for our next five fiscal years is $2,818 for 2014, $2,809 for both 2015 and 2016, and $2,784 for both 2017 and 2018.

The gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets as of December 29, 2013 and December 30, 2012 is as follows:

	Gross					Net
	Carrying		Accumulated			Carrying
	Amount		Amortization			Amount
December 29, 2013
Network affiliation agreements	$	66,078	$	(9,905	)	$	56,173
Customer lists		4,149		(3,661	)		488
Non-compete agreements		8,510		(8,510	)		-
Other		2,726		(1,624	)		1,102
Total	$	81,463	$	(23,700	)	$	57,763
December 30, 2012
Network affiliation agreements	$	66,078	$	(7,261	)	$	58,817
Customer lists		4,149		(3,525	)		624
Non-compete agreements		8,510		(8,501	)		9
Other		2,726		(1,558	)		1,168
Total	$	81,463	$	(20,845	)	$	60,618

During 2012, our community publications business reporting unit sold all but two of its northern Wisconsin publications.  As part of the transactions, we wrote off customer lists, non-compete agreements and other intangible assets with a net carrying amount of $390.

Weighted-average amortization period:	Years
Network affiliation agreements	25
Customer lists	9
Non-compete agreements	5
Other	16

Broadcast Licenses

Television and radio broadcast licenses are deemed to have indefinite useful lives because we have renewed these agreements without issue in the past and we intend to renew them indefinitely in the future.  Accordingly, we expect the cash flows from our television and radio broadcast licenses to continue indefinitely.  The carrying value of our broadcast licenses was $135,166 and $129,566 as of December 29, 2013 and December 30, 2012, respectively.

2013 Annual Impairment Test

For broadcast licenses at individual television and radio stations, we use the Greenfield Method, an income approach commonly used in the broadcast sector, to estimate fair value.  This approach assumes the start up of a new station by an independent market participant, and incorporates assumptions that are based on past experiences and judgments about future market performance.  These variables include, but are not limited to: the forecasted growth rate of each market (including market population, household income and retail sales), estimated market share, profit margins and operating cash flows of an independent station within a market, estimated capital expenditures and start up costs, risk-adjusted discount rate, likely media competition within the market and expected growth rates into perpetuity to estimate terminal values.  Adverse changes in significant assumptions such as an increase in discount rates, or a decrease in projected market revenues, market share or operating cash flows could result in additional non-cash impairment charges on our television and radio broadcast licenses in future periods, which could have a material impact on our financial condition and results of operations.

The fair value measurements determined for purposes of performing our impairment tests are considered level 3 under the fair value hierarchy because they require significant unobservable inputs to be developed using estimates and assumptions which we determine and reflect those that a market participant would use.

Our annual impairment test on broadcast licenses was performed at individual television and radio stations as of September 30, 2013.  The fair value of the FCC licenses of our Tulsa radio stations KHTT-FM and KBEZ-FM, both acquired in 2012, were within 1% of the book value.  The impairment tests indicated none of our television and radio broadcast licenses were impaired.

2012 Annual Impairment Test

Our annual impairment test on broadcast licenses was performed at individual television and radio stations as of September 24, 2012. The impairment tests indicated one of our television broadcast licenses and two of our radio broadcast licenses were impaired due to declines in revenue share, declines in projected long-term market revenues, and a reduction in radio perpetuity growth rates.  In accordance with the FASB's guidance for goodwill and intangible assets, our broadcast licenses were written down to their estimated fair value, resulting in a $887 non-cash impairment charge in our television business and a $729 non-cash impairment charge in our radio business in the fourth quarter of 2012.  The ending book value of our radio broadcast licenses was $46,059 and the ending value of our television broadcast licenses was $33,807 (excludes the broadcast license acquired in December 2012 with the acquisition of NewsChannel 5 Network, LLC).

2011 Annual Impairment Test

Our annual impairment test on broadcast licenses was performed at individual television and radio stations as of September 26, 2011. The impairment tests indicated two of our television broadcast licenses were impaired due to a decline in projected long-term market revenues and an increase in the discount rates.  The changes in the discount rate used for our broadcast licenses are primarily driven by changes in the expected return on the public equity of comparable companies in the television and media sector and the average cost of capital.  In accordance with the FASB's guidance for goodwill and intangible assets, two of our television broadcast licenses were written down to their estimated fair value, resulting in a $735 non-cash impairment charge in the fourth quarter of 2011 in our television business.  The ending book value of radio and television broadcast licenses was $47,013 and $34,471, respectively.

Goodwill

2013 Annual Impairment Test

In 2013, we determined our community publishing and daily newspaper reporting units have similar economic characteristics and therefore were combined for the 2013 annual impairment test.  Our annual impairment test on goodwill as of September 30, 2013 indicated there was no impairment of our goodwill at our radio, television or combined publishing reporting units.

For purposes of testing the carrying value of goodwill related to our combined publishing reporting unit, we determine fair value using an income and a market valuation approach.  The income approach uses expected cash flows of the reporting unit.  The cash flows are discounted for risk and time value.  In addition, the present value of the projected residual value is estimated and added to the present value of the cash flows.  The market approach is based on price multiples of publicly traded stocks of comparable companies to estimate fair value.  Each approach estimated a fair value exceeding carrying value.  We base our fair value estimates on various assumptions about our projected operating results, including continuing declines in publishing revenues as well as an expectation that we will achieve cash flow benefits from our continuing cost cutting measures.  The valuation methodology used to estimate the fair value of our reporting unit requires inputs and assumptions (i.e., market growth, operating cash flow margins and discount rates) that reflect current market conditions as well as management judgment.  These assumptions may change due to changes in market conditions and such changes may result in an impairment of our goodwill.  Actual operating results may not achieve these assumptions in the near term and such results may result in future impairment.

2012 Annual Impairment Test

Our annual impairment test on goodwill as of September 24, 2012 indicated there was no impairment of our goodwill at our television, radio or community publications reporting units.

2011 Interim and Annual Impairment Tests

During the third quarter of 2011, we sold the remaining Florida-based businesses of our community publications reporting unit. In conjunction with the sale, an interim impairment test as of September 25, 2011 was performed on the carrying value of $3,857 of goodwill associated with this reporting unit. Our interim impairment test indicated there was no goodwill impairment. Our annual impairment tests on goodwill associated with the television, radio and community publications reporting units as of September 26, 2011 indicated there was no impairment of our goodwill.

The changes in the carrying amount of goodwill by reporting segment during the years ended December 29, 2013 and December 30, 2012 are as follows:

	Television			Radio			Publishing			Total
Goodwill	$	169,018		$	64,958		$	20,579		$	254,555
Accumulated impairment losses		(164,205	)		(64,958	)		(16,722	)		(245,885	)
Balance as of December 25, 2011		4,813			-			3,857			8,670
Goodwill related to the sale of a business		-			-			(923	)		(923	)
Goodwill related to the purchase of a business		116,124			1,947			-			118,071
Goodwill		285,142			66,905			19,656			371,703
Accumulated impairment losses		(164,205	)		(64,958	)		(16,722	)		(245,885	)
Balance as of December 30, 2012		120,937			1,947			2,934			125,818
Adjustment of Nashville NewsChannel 5 Network, LLC Goodwill		(1,447	)		-			-			(1,447	)
Goodwill related to the purchase of a business		-			331			-			331
Goodwill		283,695			67,236			19,656			370,587
Accumulated impairment losses		(164,205	)		(64,958	)		(16,722	)		(245,885	)
Accumulated impairment loss adjustment for segment reporting		(30,731	)		30,731			-			-
Balance as of December 29, 2013	$	88,759		$	33,009		$	2,934		$	124,702

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COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 29, 2013

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

5 COMMITMENTS AND CONTINGENCIES

We lease office space, certain broadcasting facilities, distribution centers, delivery vehicles and equipment under both short-term and long-term leases accounted for as operating leases.  Some of the lease agreements contain renewal options and rental escalation clauses, as well as provisions for the payment of utilities, maintenance and taxes.

As of December 29, 2013, our future minimum rental payments due under noncancellable operating lease agreements consist of the following:

	Due In
	Fiscal Year
2014	$	2,433
2015		1,709
2016		1,127
2017		1,024
2018		501
Thereafter		1,857
	$	8,651

Our publishing businesses lease delivery trucks accounted for as capital leases.  As of December 29, 2013, our future minimum rental payments due under capital lease agreements consist of the following:

	Due In
	Fiscal Year
2014	$	79
2015		82
2016		57
2017		37
2018		38
Thereafter		30
	$	323

Rent expense charged to our continuing operations for 2013, 2012 and 2011 was $4,333, $4,545 and $4,207, respectively.  We amortize rent expense on a straight-line basis for leases with rent escalation clauses. Rental income from subleases included in our continuing operations for 2013, 2012 and 2011 was $222, $218, and $67, respectively.  There were no noncancellable subleases as of December 29, 2013.

We have $1,879 of standby letters of credit for business insurance purposes.

Over the next four years, we are committed to purchase and provide advertising time in the amount of $9,510 for television program rights that currently are not available for broadcast, including programs not yet produced. If such programs are not produced, our corresponding commitment would expire without obligation.

We provided a guarantee to the landlord of our former New England community publications business, which was sold in 2007, with respect to tenant liabilities and obligations associated with a lease which expires in December 2016. As of December 29, 2013, our potential obligation pursuant to the guarantee was $549, plus costs of collection, attorney fees and other charges incurred if the tenant defaults.  As part of the sales transaction, we received a guarantee from the parent entity of the buyer of our New England business that the buyer will satisfy all the liabilities and obligations of the assigned lease. In the event that the buyer fails to satisfy its liabilities and obligations and the landlord invokes our guarantee, we have a right to indemnification from the buyer's parent entity.

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EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 29, 2013

EMPLOYEE BENEFIT PLANS [Abstract]

EMPLOYEE BENEFIT PLANS

3 EMPLOYEE BENEFIT PLANS

We have a defined benefit pension plan covering certain employees.  The defined benefit pension plan was permanently frozen effective January 1, 2011.  The plan provides benefits based on years of service and the average compensation for the employee's last five years of employment.  Plan assets consist primarily of listed stocks and government and other bonds.

We also sponsor an unfunded non-qualified pension plan for certain employees whose benefits under the pension plan and the 401(k) plan may be restricted due to limitations imposed by the Internal Revenue Service.  The unfunded non-qualified pension plan was permanently frozen effective January 1, 2011.  The disclosure for the unfunded non-qualified pension plan for all years presented is combined with the defined benefit pension plan.

In addition, we provide postretirement health benefits to certain retirees and their eligible spouses and certain full-time active employees who did not attain age 50 by December 31, 2006.  Full-time active employees who retire after April 1, 2007 do not receive an employer contribution for health benefits after attaining age 65.  Due to certain plan changes, we do not expect the plan will qualify for actuarial equivalent pharmaceutical benefits under the Medicare Part D federal subsidy.

							Other
	Pension Benefits						Postretirement Benefits
Years ended December 29 and December 30	2013			2012			2013			2012
Change in benefit obligations
Benefit obligation at beginning of year	$	182,004		$	171,028		$	14,608		$	17,274
Service cost		-			-			55			14
Interest cost		7,009			7,578			380			630
Actuarial (gain) loss		(15,365	)		12,322			(277	)		(2,010	)
Benefits paid		(9,156	)		(8,924	)		(1,669	)		(1,300	)
Benefit obligation at end of year	$	164,492		$	182,004		$	13,097		$	14,608

							Other
	Pension Benefits						Postretirement Benefits
Years ended December 29 and December 30	2013			2012			2013			2012
Change in plan assets
Fair value of plan assets at beginning of year	$	102,602		$	96,699		$	-		$	-
Actual gain on plan assets		15,386			11,672			-			-
Company contributions		3,114			3,155			1,669			1,300
Benefits paid		(9,156	)		(8,924	)		(1,669	)		(1,300	)
Fair value of plan assets at end of year	$	111,946		$	102,602		$	-		$	-
Funded status	$	(52,546	)	$	(79,402	)	$	(13,097	)	$	(14,608	)

							Other
	Pension Benefits						Postretirement Benefits
Years ended December 29 and December 30	2013			2012			2013			2012
Acounts recognized in consolidated balance sheets
Current liabilities	$	(491	)	$	(476	)	$	(1,568	)	$	(1,645	)
Noncurrent liabilities		(52,055	)		(78,926	)		(11,529	)		(12,963	)
Total	$	(52,546	)	$	(79,402	)	$	(13,097	)	$	(14,608	)

	Pension Benefits
	Actuarial			Prior			Deferred
	Loss			Service			Income
	(Gain), Net			Credit			Taxes			Total
Amounts recognized in accumulated other comprehensive loss
As of December 30, 2012	$	93,217		$	(48	)	$	(37,052	)	$	56,117
Current year change		(26,213	)		10			10,152			(16,051	)
As of December 29, 2013	$	67,004		$	(38	)	$	(26,900	)	$	40,066

The accumulated benefit obligation for the pension plans was $164,492 and $182,004 at December 29, 2013 and December 30, 2012, respectively.

	Other Postretirement Benefits
	Actuarial			Prior			Deferred
	Loss			Service			Income
	(Gain), Net			Credit			Taxes		Total
Amounts recognized in accumulated other comprehensive loss
As of December 30, 2012	$	183		$	(783	)	$	222	$	(378	)
Current year change		(277	)		219			24		(34	)
As of December 29, 2013	$	(94	)	$	(564	)	$	246	$	(412	)

	Pension Benefits
Years ended December 29, December 30 and December 25	2013			2012			2011
Components of net periodic benefit cost
Service cost	$	-		$	-		$	-
Interest cost		7,009			7,578			7,850
Expected return on plan assets		(7,325	)		(8,454	)		(9,594	)
Amortization of:
Unrecognized prior service credit		(10	)		(10	)		(10	)
Unrecognized net loss		2,787			2,038			979
Net periodic benefit cost included in operating costs and expenses and selling and administrative expenses	$	2,461		$	1,152		$	(775	)

	Other Postretirement Benefits
Years ended December 29, December 30 and December 25	2013			2012			2011
Components of net periodic benefit cost
Service cost	$	55		$	14		$	53
Interest cost		380			630			827
Amortization of:
Unrecognized prior service credit		(219	)		(219	)		(219	)
Unrecognized net transition obligation		-			546			549
Unrecognized net loss		-			188			-
Net periodic benefit cost included in selling and administrative expenses	$	216		$	1,159		$	1,210

The unrecognized net loss and prior service credit for the defined benefit pension plans that is expected to be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $2,122 and ($10), respectively.  The prior service credit and transition obligation for the other postretirement pension plan that is expected to be amortized from other accumulated comprehensive income into net periodic benefit cost over the next fiscal year is ($219) and $0, respectively.

The costs for our pension benefits and other postretirement benefits are actuarially determined.  Key assumptions utilized at the measurement dates of December 29, 2013 and December 30, 2012 for pension benefits and for other postretirement benefits include the following:

Weighted-average assumptions used to determine benefit obligations:

							Other
	Pension Benefits						Postretirement Benefits
December 29 and December 30	2013			2012			2013			2012
Discount rate		4.75	%		3.95	%		3.55	%		2.75	%
Rate of compensation increases		-			-			-			-

Weighted-average assumptions used to determine net periodic benefit cost:

										Other
	Pension Benefits									Postretirement Benefits
December 29, December 30 and December 25	2013			2012			2011			2013			2012			2011
Discount rate		3.95	%		4.55	%		5.35	%		2.75	%		3.85	%		4.95	%
Expected return on plan assets		7.25			7.75			8.25			-			-			-
Rate of compensation increases		-			-			-			-			-			-

To determine the discount rate assumptions for the pension and the postretirement benefit plans, we studied our plans' specific discount rate by matching our projected benefit payments to a yield curve developed from high grade corporate bonds.  The results of those studies were used as the benchmark to determine the discount rate assumptions.

We studied historical markets to determine the long-term rate of return assumption for plan assets.  We preserved the long-term historical relationships between equities and fixed-income securities, consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run.  We evaluate current market factors such as inflation and interest rates before we determine long-term capital market assumptions.  We review peer data and historical returns to check for reasonableness and appropriateness.  We anticipate our expected rate of return on plan assets assumption to be 6.75% for our 2014 valuation.

The assumed health care cost trend rate used in measuring the postretirement benefit obligation for retirees for 2013 is 9.00%, grading down to 5.00% in the year 2021 and thereafter.  The assumed health care cost trend rates have a significant effect on the amounts reported for other postretirement benefits.  A 1% change in the assumed health care cost trend rate would have the following effects:

	1%		1%
	Increase		Decrease
Effect on total of service and interest cost components in 2013	$	10	$	(9	)
Effect on postretirement benefit obligation as of December 29, 2013	$	197	$	(191	)

Plan Assets

The following tables present the fair value of our plan assets by level of the fair value hierarchy.  In accordance with the FASB's guidance for fair value measurements, level 1 inputs are quoted prices in active markets for identical assets; level 2 inputs are significant other observable inputs; and level 3 inputs are significant unobservable inputs.

Our pension plan weighted average asset allocations at December 29, 2013 and December 30, 2012 by asset category are as follows:

	Level 1		Level 2		Level 3
	Inputs		Inputs		Inputs		Total
December 29, 2013
Mutual funds		111,205		-		-		111,205
Money-market fund		-		740		-		740
Fair value of plan assets	$	111,205	$	740	$	-	$	111,945
	Level 1		Level 2		Level 3
	Inputs		Inputs		Inputs		Total
December 30, 2012
Cash	$	715	$	-	$	-	$	715
Mutual funds		89,430		-		-		89,430
Money-market fund		-		7		-		7
Collective trust fund		-		12,450		-		12,450
Fair value of plan assets	$	90,145	$	12,457	$	-	$	102,602

	Plan Assets
December 29 and December 30	2013			2012
Equity securities		42.2	%		65.2	%
Fixed-income securities		57.2			34.9
Other		0.6			(0.1	)
Total		100.0	%		100.0	%

We employ a dynamic investment strategy, changing the allocation between return-seeking and liability hedging assets to de-risk the plan as the funded ratio improves. We believe the strategy provides a reasonable probability of achieving growth of assets that will assist in closing the Plan's funding gap, while removing risk systematically as we reach our long-term goal of being fully-funded.  Based on an assessment of our long-term goals and desired risk levels, we developed a glide path that adjusts the target allocation to return-seeking assets as well as the corresponding minimum and maximum allocations as the Plan's funded status improves.  The funded status is monitored on a quarterly basis.  We seek to maintain a diversified portfolio within the return-seeking asset portfolio and the liability hedging portfolio using a diversified blend of equity and debt investments.  The return-seeking component is diversified across U.S. and non-U.S. stocks, both actively and passively managed.  The liability hedging component is diversified across the maturity, quality and sector spectrum. To achieve an appropriate level of expected return, value-added potential, and risk, we adopted the following target allocations within the return-seeking segment:

	Percent of Return-Seeking Portfolio
	Target
U.S. Equity		33.0	%
Non-U.S. Equity (Developed and Emerging Markets)		33.0
Global Equity		34.0

Contributions

We fund our defined benefit pension plan at the minimum amount required by the Pension Protection Act of 2006.  During 2013, we contributed $2,710 to our qualified defined benefit pension plan and $404 to our non-qualified pension plan, respectively.  Based on the most recent current projections and after giving effect to our election under the recently enacted Moving Ahead for Progress in the 21^st Century Act (MAP-21) pension legislation, we do not expect to contribute to our qualified defined benefit pension plan in 2014.  We expect to contribute $491 to our unfunded non-qualified pension plan in 2014.

Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid with future contributions to the plan or directly from plan assets, as follows:

			Other
	Pension		Postretirement
	Benefits		Benefits
2014	$	9,399	$	1,568
2015		9,669		1,545
2016		9,869		1,509
2017		10,015		1,524
2018		10,142		1,485
2019-2023		52,740		5,241

The 401(k) plan is a defined contribution benefit plan covering substantially all employees.  The plan allows employees to defer up to 50% of their eligible wages, up to the IRS limit, on a pre-tax basis.  In addition, employees can contribute up to 50% of their eligible wages after taxes.  The maximum combined total contribution may not exceed 50% of each employee's eligible wages.  Each employee who elects to participate is eligible to receive company matching contributions.  The matching contributions, recorded as an operating expense, were $2,436, $1,979, and $2,070 in 2013, 2012, and 2011, respectively.  We contribute $0.50 for each dollar contributed by the 401(k) participant, up to 7% of their eligible wages, for a maximum match of 3.5% of eligible wages, as defined by the 401(k) plan.

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INCOME TAXES

12 Months Ended

Dec. 29, 2013

INCOME TAXES [Abstract]

INCOME TAXES

4 INCOME TAXES

The components of the provision (benefit) for income taxes consist of the following:

Years ended December 29, December 30 and December 25	2013			2012			2011
Continuing operations
Current:
Federal	$	3,864		$	5,290		$	2,169
State		867			294			1,069
Total current		4,731			5,584			3,238
Deferred:
Federal		10,438			12,828			9,575
State		2,003			3,276			1,491
Total deferred		12,441			16,104			11,066
Total provision for income taxes for continuing operations	$	17,172		$	21,688		$	14,304
Discontinued operations
Current:
Federal	$	(649	)	$	(210	)	$	(412	)
State		(118	)		(11	)		(74	)
Total current		(767	)		(221	)		(486	)
Deferred:
Federal		628			617			671
State		126			122			144
Total deferred		754			739			815
Total provision (benefit) for income taxes for discontinued operations	$	(13	)	$	518		$	329

The significant differences between the statutory federal income tax rates and the effective income tax rates are as follows:

Years ended December 29, December 30 and December 25	2013			2012			2011
Statutory federal income tax rate		35.0	%		35.0	%		35.0	%
State income taxes, net of federal tax benefit		4.5			5.0			5.1
Other		0.1			-			(0.4	)
Effective income tax (benefit) rate		39.6	%		40.0	%		39.7	%

Temporary differences that give rise to the deferred tax assets and liabilities at December 29, 2013 and December 30, 2012 are as follows:

	2013			2012
Current assets
Receivables	$	388		$	720
Inventories		33			32
Other assets		676			668
Accrued compensation		549			731
Accrued employee benefits		930			998
Total current deferred tax assets		2,576			3,149
Current liabitites
Accrued state taxes		(68	)		(117	)
Total current deferred tax liability		(68	)		(117	)
Total net current deferred tax assets	$	2,508		$	3,032
Non-current assets
Accrued employee benefits	$	24,530		$	34,445
State deferred income taxes		2,251			4,502
State net operating loss		2,192			2,122
Intangible assets		9,813			19,989
Other assets		484			278
Total non-current deferred tax assets		39,270			61,336
Non-current liabilities
Property and equipment		(18,584	)		(19,468	)
Valuation allowances		(184	)		(199	)
Other liabilities		(377	)		(96	)
Total non-current deferred tax assets		(19,145	)		(19,763	)
Total net non-current deferred tax assets	$	20,125		$	41,573

We deduct television and radio broadcast licenses and tax-deductible goodwill over a period of 15 years from the date of acquisition.  The non-cash television and radio broadcast license impairment charge recorded in 2012 is not currently deductible for income tax purposes and has caused us to recognize a deferred tax asset.  We believe it is more likely than not that we will realize a tax benefit for our deferred tax assets and we believe that they will be utilized to offset future taxable income over the next 20 years in accordance with current income tax law.  In the future, we may be required to record a valuation allowance against our deferred tax assets if we have future operating losses or reductions in our expected future profitability which would cause us to believe we would be unable to utilize them.

At December 29, 2013, we have $2,192 of tax-effected state net operating loss carryforwards available to offset against future taxable income over the next 20 years.  The net operating losses begin expiring in 2028.  To the extent we believe it is more likely than not that certain of the net operating loss carryforwards will expire unused, we have recorded $0 in valuation allowances.  There are also $184 of capital loss carryforwards that will expire in 2017.  We have $184 in valuation allowances for these capital loss carryforwards due to uncertainties surrounding their use.

We file tax returns in the United States federal jurisdiction, as well as in approximately 14 state and local jurisdictions.  The statute of limitations for assessing additional taxes is three years for federal purposes and typically between three and four years for state and local purposes.  Accordingly, our 2010 through 2012 tax returns are open for federal purposes, and our 2009 through 2012 tax returns remain open for state tax purposes, unless the statute of limitations has been previously extended.  Currently, we are under audit by the IRS for our 2010 and 2011 tax returns, in Wisconsin for our 2004 through 2007 tax returns and in Illinois for our 2006 and 2007 tax returns.

As of December 29, 2013, our liability for unrecognized tax benefits was $727, which, if recognized, would have an impact on our effective tax rate.  As of December 29, 2013, it is reasonably possible for $1,003 of unrecognized tax benefits and related interest to be recognized within the next 12 months due to settlements with taxing authorities.

The following table summarizes the activity related to our unrecognized tax benefits during 2013, 2012 and 2011:

	2013			2012			2011
Beginning balance	$	762		$	885		$	913
Increases due to prior year tax provisions		-			-			14
Decreases related to prior year tax provisions		-			-			(10	)
Decreases due to the expiration of statutes of limitations		(8	)		(7	)		(32	)
Decreases due to settlements		(27	)		(116	)		-
Ending Balance	$	727		$	762		$	885

We recognize interest income/expense and penalties related to unrecognized tax benefits in our provision for income taxes.  At December 29, 2013 and December 30 2012, we had $276 and $229, respectively, accrued for interest expense and penalties.  During 2013 and 2012, we recognized $56 and $29 of interest expense, respectively, related to unrecognized tax benefits.  Our liability for interest and penalties decreased by $8 due to settlements with taxing authorities.

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SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 29, 2013

SHAREHOLDERS' EQUITY [Abstract]

SHAREHOLDERS' EQUITY

6 SHAREHOLDERS' EQUITY

On August 13, 2012, we repurchased all 3,264 outstanding shares of our class C common stock, including all rights associated with such shares of class C common stock.  In conjunction with the repurchase, we paid $6,246 in cash equal to the amount of the minimum unpaid and undeclared dividend on the class C common stock through August 12, 2012.  We currently have two classes of common stock outstanding.

Class B shares are held by our current and former employees, our non-employee directors and Grant family shareholders.  These shares are entitled to ten votes per share, and are convertible to class A shares at the option of the holder after first offering to sell them to other eligible purchasers through the offer procedures set forth in our articles of incorporation.  Dividends on class B shares are equal to those declared on the class A shares.  Class A shares are publicly traded on the New York Stock Exchange under the symbol "JRN". In 2011, we retired 8,677 class B shares that we held in our treasury. These shares are now designated as authorized and unissued.  The excess of the cost of treasury stock over its par value was allocated between retained earnings and paid-in capital.

The changes in the number of shares of our common stock (excluding Treasury stock) during 2013, 2012 and 2011 are as follows (in thousands):

	Common Stock
	Class C			Class B			Class A
Balance at December 26, 2010		3,264			8,595			43,196
Conversion of class B shares to class A shares		-			(1,683	)		1,683
Shares repurchased		-			-			(1,100	)
Shares issued under equity incentive and employee stock purchase plans		-			302			-
Balance at December 25, 2011		3,264			7,214			43,779
Conversion of class B shares to class A shares		-			(682	)		682
Shares repurchased		(3,264	)					(710	)
Shares issued under equity incentive and employee stock purchase plans		-			374			-
Balance at December 30, 2012		-			6,906			43,751
Conversion of class B shares to class A shares		-			(919	)		919
Shares repurchased		-			-			-
Shares issued under equity incentive and employee stock purchase plans		-			147			-
Balance at December 29, 2013		-			6,134			44,670

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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 29, 2013

STOCK-BASED COMPENSATION [Abstract]

Summary of non-vested restricted stock grant activity

A summary of stock grant activity during 2013 is:

				Weighted
				Average Grant
	Shares			Date Fair Value
Non-vested at December 30, 2012		538		$	5.30
Granted		228			6.42
Vested		(319	)		5.34
Forfeited		(12	)		5.56
Non-vested at December 29, 2013		435		$	5.85

Summary of performance units stock grant activity

A summary of stock grant activity during 2013 is:

			Weighted Average
			Grant Date
	Shares		Fair Value
Non-vested at December 30, 2012		77	$	5.59
Granted		74		6.33
Vested		-		-
Forfeited		-		-
Non-vested at September 29, 2013		151		5.95

Summary of SAR activity

A summary of SAR activity during 2013 is:

						Weighted Average
						Contractual Term
				Weighted Average		Remaining
	SARS			Exercise Price		(years)
Outstanding and exercisable at December 30, 2012		1,083		$	11.26		4.6
Granted		-
Exercised		(341	)		7.57
Forfeited		-
Expired		-
Outstanding and exercisable at December 29, 2013		742		$	13.30		3.9

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GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended	12 Months Ended								3 Months Ended		12 Months Ended			3 Months Ended		12 Months Ended										12 Months Ended		12 Months Ended				12 Months Ended		12 Months Ended
	Dec. 25, 2011	Dec. 29, 2013	Dec. 30, 2012 Licenses	Dec. 25, 2011 Licenses	Dec. 29, 2013 Publishing [Member]	Dec. 30, 2012 Publishing [Member]	Dec. 25, 2011 Publishing [Member]	Dec. 29, 2013 Broadcasting [Member]	Dec. 30, 2012 Broadcasting [Member]	Dec. 30, 2012 Television [Member]	Dec. 30, 2012 Television [Member]	Dec. 29, 2013 Television [Member]	Dec. 30, 2012 Television [Member]	Dec. 25, 2011 Television [Member]	Dec. 30, 2012 Radio [Member]	Dec. 30, 2012 Radio [Member]	Dec. 29, 2013 Radio [Member]	Dec. 30, 2012 Radio [Member]	Dec. 25, 2011 Radio [Member]	Dec. 29, 2013 Corporate [Member]	Dec. 30, 2012 Corporate [Member]	Dec. 25, 2011 Corporate [Member]	Dec. 29, 2013 Minimum [Member]	Dec. 29, 2013 Maximum [Member]	Dec. 29, 2013 Network Affiliation Agreements [Member]	Dec. 30, 2012 Network Affiliation Agreements [Member]	Dec. 29, 2013 Customer Lists [Member]	Dec. 30, 2012 Customer Lists [Member]	Dec. 29, 2013 Customer Lists [Member] Minimum [Member]	Dec. 29, 2013 Customer Lists [Member] Maximum [Member]	Dec. 29, 2013 Non-compete Agreements [Member]	Dec. 30, 2012 Non-compete Agreements [Member]	Dec. 29, 2013 Other [Member]	Dec. 30, 2012 Other [Member]	Dec. 29, 2013 Trade Names [Member]
Finite-Lived Intangibles [Abstract]
Amortization period																							5 years	25 years	25 years				5 years	15 years					25 years
Significant adverse changes in value of assets			$ 0
Amortization expense		2,855	1,601	1,391
Period of estimation of amortization expense		5 years
Estimated amortization expense for 2014		2,818
Estimated amortization expense for 2015		2,809
Estimated amortization expense for 2016		2,809
Estimated amortization expense for 2017		2,784
Estimated amortization expense for 2018		2,784
Gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets [Abstract]
Gross Carrying Amount		81,463	81,463																						66,078	66,078	4,149	4,149			8,510	8,510	2,726	2,726
Accumulated Amortization		(23,700)	(20,845)																						(9,905)	(7,261)	(3,661)	(3,525)			(8,510)	(8,501)	(1,624)	(1,558)
Net Carrying Amount		57,763	60,618																						56,173	58,817	488	624			0	9	1,102	1,168
Write off of intangible assets			390
Weighted average amortization period [Abstract]
Weighted average amortization period																									25 years		9 years				5 years		16 years
Broadcast Licenses [Abstract]
Net carrying value of broadcast licenses		135,166	129,566					135,166	129,566
Number of television broadcast licenses that were impaired			1	2
Number of radio broadcast licenses that were impaired			2
Estimated fair value										33,807	33,807		33,807	34,471	46,059	46,059		46,059	47,013
Non-cash impairment charge	735	0	1,616	735	0	0	0			887	664	0	664	735	729	952	0	952	0	0	0	0
Goodwill impairment				0	0			0
Goodwill [Abstract]
Adjustment of Nashville NewsChannel 5 Network, LLC Goodwill		(1,447)			0							(1,447)					0
Goodwill related to the sale of a business			(923)			(923)							0					0
Goodwill related to the purchase of a business		331	118,071		0	0						0	116,124				331	1,947
Goodwill	254,555	370,587	371,703	254,555	19,656	19,656	20,579			285,142	285,142	283,695	285,142	169,018	66,905	66,905	67,236	66,905	64,958
Accumulated impairment losses	(245,885)	(245,885)	(245,885)	(245,885)	(16,722)	(16,722)	(16,722)			(164,205)	(164,205)	(164,205)	(164,205)	(164,205)	(64,958)	(64,958)	(64,958)	(64,958)	(64,958)
Accumulated impairment loss adjustment for segment reporting		0			0							(30,731)					30,731
Goodwill, balance	$ 8,670	$ 124,702	$ 125,818	$ 8,670	$ 2,934	$ 2,934	$ 3,857			$ 120,937	$ 120,937	$ 88,759	$ 120,937	$ 4,813	$ 1,947	$ 1,947	$ 33,009	$ 1,947	$ 0

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DISCONTINUED OPERATIONS

12 Months Ended

Dec. 29, 2013

DISCONTINUED OPERATIONS [Abstract]

DISCONTINUED OPERATIONS

11 DISCONTINUED OPERATIONS

KMIR-TV and My 13 KPSE-TV

On October 4, 2013, our television business agreed to the sale of stations KMIR-TV and My 13 KPSE-TV in Palm Springs, California to OTA Broadcasting, LLC, an affiliate of Virginia based OTA Broadcasting, LLC for $17,000 in cash and certain other contingent considerations.  The transaction closed effective January 1, 2014.  We expect to record a pre-tax book gain of $10,200 in the first quarter of 2014.

The following table summarizes Palm Spring's revenue and earnings before income taxes as reported in earnings (loss) from discontinued operations, net of applicable income taxes in the consolidated statements of operations for all periods presented:

Years ended December 29, December 30 and December 25	2013			2012		2011
Revenue	$	5,483		$	6,924	$	5,341
Earnings (loss) before income taxes	$	(62	)	$	1,262	$	240

The following table presents the aggregate carrying amounts of the major classes of assets divested:

Assets:
Cash and cash equivalents	$	1
Receivables, net		1,149
Prepaid expenses and other current assets		11
Program and barter rights		620
Deferred income taxes		713
Property and equipment, net		1,852
Network affiliations, net		1,935
Income tax receivable		767
Total assets	$	7,048
Liabilities:
Accounts payable	$	37
Accrued compensation		133
Deferred revenue		57
Syndicated programs		640
Other current liabilities		18
Total liabilities	$	885

NorthStar Print Group, Inc.

During 2005, Multi-Color Corporation (Multi-Color) acquired substantially all of the assets and certain liabilities of NorthStar Print Group, Inc. (NorthStar), our former label printing business.  Certain liabilities were excluded from the sale of NorthStar and primarily consisted of environmental site closure costs for both the Green Bay, Wisconsin real estate and real estate located in Norway, Michigan.  In January 2011, upon environmental site closure in Green Bay, Wisconsin, we sold the real estate holdings to Multi-Color according to the 2005 sale agreement.  The net proceeds were $822 and we recorded a pre-tax gain of $610.  We continue to have environmental site closure obligations with respect to the Norway, Michigan real estate, which was sold to Multi-Color in 2005.

The following table summarizes NorthStar's revenue and earnings before income taxes as reported in earnings (loss) from discontinued operations, net of applicable income taxes in the consolidated statements of operations for all periods presented:

Years ended December 29, December 30 and December 25	2013		2012		2011
Revenue	$	-	$	-	$	-
Earnings before income taxes	$	-	$	-	$	562

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ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 29, 2013

ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

16 ACCUMULATED OTHER COMPREHENSIVE LOSS

The changes in accumulated other comprehensive loss by component, net of tax, is as follows:

	Defined Benefit Pension and Postretirement Plans			Total
Balance as of December 30, 2012	$	(55,739	)	$	(55,739	)
Net actuarial gain and amounts reclassified from accumulated other comprehensive loss		16,085			16,085
Net other comprehensive income (loss)		16,085			16,085
Balance as of December 29, 2013	$	(39,654	)	$	(39,654	)

The reclassification of accumulated other comprehensive loss is as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	2013
Amortization of defined benefit pension and postretirement plan items:
Prior service cost and unrecognized loss (1)	$	(2,558	)
Income tax expense		10,176
Net actuarial (Gain)		(23,703	)
Total reclassifications	$	(16,085	)

(1) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost.  See Note 3 "Employee Benefit Plans" for more information.  Of the costs for the year ended December 29, 2013, $263 is included in television operating costs and expenses, $176 is included in radio operating costs and expenses $1,163 is included in publishing operating costs and expenses, and $956 is included in selling and administrative expenses.

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STOCK-BASED COMPENSATION (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended				9 Months Ended	12 Months Ended													12 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 25, 2011	Dec. 29, 2013 Class A and B Common Stock [Member]	Sep. 29, 2013 Performance Units [Member]	Dec. 29, 2013 Stock Appreciation Rights [Member]	Dec. 30, 2012 Stock Appreciation Rights [Member]	Dec. 29, 2013 Unrestricted and Non-Vested Restricted Stock Grants [Member]	Dec. 30, 2012 Unrestricted and Non-Vested Restricted Stock Grants [Member]	Dec. 25, 2011 Unrestricted and Non-Vested Restricted Stock Grants [Member]	Dec. 30, 2012 Unrestricted and Non-Vested Restricted Stock Grants [Member] Non-Employee Directors [Member]	Dec. 25, 2011 Unrestricted and Non-Vested Restricted Stock Grants [Member] Non-Employee Directors [Member]	Dec. 30, 2012 Unrestricted and Non-Vested Restricted Stock Grants [Member] Employees [Member]	Dec. 25, 2011 Unrestricted and Non-Vested Restricted Stock Grants [Member] Employees [Member]	Dec. 29, 2013 Restricted Stock [Member]	Dec. 29, 2013 Restricted Stock [Member] Minimum [Member]	Dec. 29, 2013 Restricted Stock [Member] Maximum [Member]	Dec. 29, 2013 2007 Journal Communications, Inc. Omnibus Incentive Plan [Member]	Dec. 29, 2013 Employee Stock Purchase Plan [Member]	Dec. 29, 2013 Employee Stock Purchase Plan [Member] Class B Common Stock [Member]	Dec. 29, 2013 Employee Stock Purchase Plan [Member] Employees [Member] Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance under the 2007 Plan (in shares)				4,800														2,335
Stock-based compensation expense	$ 2,089	$ 2,056	$ 1,649
Total income tax benefit recognized related to stock-based compensation	826	822	656
Total unrecognized compensation cost related to stock-based compensation awards	1,836
Total unrecognized compensation cost, period for recognition	1 year 1 month 6 days
Shares [Abstract]
Non-vested at beginning of period (in shares)					77										538
Granted (in shares)					74	0			382	368	90	101	292	267	228					27
Vested (in shares)					0			192	185						(319)
Forfeited (in shares)					0	0									(12)
Non-vested at end of period (in shares)					151										435				2,162
Weighted Average Fair Value [Abstract]
Non-vested at beginning of period (in dollars per share)					$ 5.59										$ 5.30
Granted (in dollars per share)					$ 6.33				$ 5.12	$ 5.63					$ 6.42						$ 5.63
Vested (in dollars per share)					$ 0										$ 5.34
Forfeited (in dollars per share)					$ 0										$ 5.56
Non-vested at end of period (in dollars per share)					$ 5.95										$ 5.85
Award vesting period						3 years										1 year	4 years
Weighted average remaining service period fully vested															1 year 1 month 6 days
Total fair value of shares vesting								928	1,003						1,701
Stock appreciation rights [Abstract]
Term during which any SAR may be exercised						10 years
Escalating price per year on outstanding stock based payment awards (in hundredths)						6.00%
SAR [Abstract]
Outstanding and exercisable at beginning of period (in shares)						1,083
Granted (in shares)					74	0			382	368	90	101	292	267	228					27
Exercised (in shares)						(341)
Forfeited (in shares)					0	0									12
Expired (in shares)						0
Outstanding and exercisable at end of period (in shares)						742	1,083
Weighted Average Exercise Price [Abstract]
Outstanding and exercisable at beginning of period (in dollars per share)						$ 11.26
Exercised (in dollars per share)						$ 7.57
Outstanding and exercisable at end of period (in dollars per share)						$ 13.30	$ 11.26
Weighted Average Contractual Term Remaining (years) [Abstract]
Outstanding and exercisable at beginning of period						3 years 10 months 24 days	4 years 7 months 6 days
Outstanding and exercisable at end of period						3 years 10 months 24 days	4 years 7 months 6 days
Aggregate intrinsic value of the SARs exercised						563
Aggregate intrinsic value of the SARs outstanding and exercisable						18
Total grant date fair value								$ 928	$ 1,003						$ 1,701
Purchase price of common stock percent (in hundredths)																			90.00%
Employee stock purchase plan discount percent (in hundredths)																			10.00%
Common stock authorized for sale under the plan																				3,000

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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

12 Months Ended

Dec. 29, 2013

ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract]

Changes in accumulated other comprehensive loss and Reclassification of accumulated other comprehensive loss

The changes in accumulated other comprehensive loss by component, net of tax, is as follows:

	Defined Benefit Pension and Postretirement Plans			Total
Balance as of December 30, 2012	$	(55,739	)	$	(55,739	)
Net actuarial gain and amounts reclassified from accumulated other comprehensive loss		16,085			16,085
Net other comprehensive income (loss)		16,085			16,085
Balance as of December 29, 2013	$	(39,654	)	$	(39,654	)

Reclassification of Accumulated Other Comprehensive Loss

The reclassification of accumulated other comprehensive loss is as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	2013
Amortization of defined benefit pension and postretirement plan items:
Prior service cost and unrecognized loss (1)	$	(2,558	)
Income tax expense		10,176
Net actuarial (Gain)		(23,703	)
Total reclassifications	$	(16,085	)

(1) These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost.  See Note 3 "Employee Benefit Plans" for more information.  Of the costs for the year ended December 29, 2013, $263 is included in television operating costs and expenses, $176 is included in radio operating costs and expenses $1,163 is included in publishing operating costs and expenses, and $956 is included in selling and administrative expenses.

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CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 25, 2011
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Income tax provision (benefit) applied from discontinued operations	$ (13)	$ 518	$ 329

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 29, 2013	Dec. 30, 2012	Dec. 25, 2011
Cash flow from operating activities:
Net earnings	$ 26,201	$ 33,325	$ 22,186
Less earnings from discontinued operations	(49)	743	473
Earnings from continuing operations	26,250	32,582	21,713
Adjustments for non-cash items:
Depreciation	20,058	20,590	21,261
Amortization	2,855	1,448	1,381
Provision for doubtful accounts	314	503	779
Deferred income taxes	12,441	16,104	11,066
Non-cash stock-based compensation	2,089	2,028	1,618
Net (gain) loss from disposal of assets	(402)	493	(589)
Impairment of broadcast licenses	0	1,616	735
Impairment of long-lived assets	238	493	0
Net changes in operating assets and liabilities, excluding effect of sales and acquisitions:
Receivables	(2,823)	(2,090)	(2,012)
Inventories	753	(1,178)	(731)
Accounts payable	(4,589)	5,936	(2,279)
Accrued employee benefits	(2,105)	(1,818)	1,179
Other assets and liabilities	(1,663)	(1,451)	(10,361)
NET CASH PROVIDED BY OPERATING ACTIVITIES	53,416	75,256	43,760
Cash flow from investing activities:
Capital expenditures for property and equipment	(12,440)	(12,305)	(10,590)
Proceeds from sales of assets	720	1,244	204
Proceeds from sale of businesses	0	2,892	1,574
Insurance recoveries	645	0	0
Acquisition of businesses	(5,955)	(231,728)	0
NET CASH (USED FOR) PROVIDED BY INVESTING ACTIVITIES	(17,030)	(239,897)	(8,812)
Cash flow from financing activities:
Payments of financing costs	0	(4,583)	0
Proceeds from long-term notes payable to banks	194,805	349,955	94,409
Payments on notes payable to banks	(229,950)	(161,165)	(127,674)
Payments on unsecured subordinated notes payable	(2,656)	(9,664)	0
Principal payments under capital lease obligations	(74)	(258)	(343)
Proceeds from issuance of common stock, net	259	245	295
Income tax benefits from vesting of restricted stock	112	330	464
Redemption of common stock, net	0	(3,910)	(4,010)
Purchase of noncontrolling interest	0	(2,038)	0
Payment of cash equivalent of accrued dividends	0	(6,246)	0
NET CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES	(37,504)	162,666	(36,859)
Cash flow from discontinued operations:
Net operating activities	726	2,418	1,514
Net investing activities	(125)	(431)	759
NET CASH PROVIDED BY DISCONTINUED OPERATIONS	601	1,987	2,273
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(517)	12	362
Cash and cash equivalents:
Beginning of year	2,429	2,417	2,055
End of year	1,912	2,429	2,417
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for income taxes	6,087	4,317	7,710
Cash paid for interest	$ 5,552	$ 1,521	$ 1,709

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ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 29, 2013		Dec. 30, 2012	Dec. 25, 2011
Changes in accumulated other comprehensive loss [Roll Forward]
Beginning balance	$ (55,739)
Net actuarial gain and amounts reclassified from accumulated other comprehensive loss	16,085
Net other comprehensive income (loss)	16,085
Ending balance	(39,654)		(55,739)
Reclassification of accumulated other comprehensive loss [Abstract]
Operating costs and expenses	219,237		205,249	198,709
Selling and administrative expenses	126,714		127,522	112,466
Total reclassifications for the period	(16,085)
Television [Member]
Reclassification of accumulated other comprehensive loss [Abstract]
Operating costs and expenses	85,945		67,451	59,930
Radio [Member]
Reclassification of accumulated other comprehensive loss [Abstract]
Operating costs and expenses	33,040		31,041	29,485
Publishing [Member]
Reclassification of accumulated other comprehensive loss [Abstract]
Operating costs and expenses	100,973		107,289	109,557
Corporate [Member]
Reclassification of accumulated other comprehensive loss [Abstract]
Operating costs and expenses	(721)		(532)	(263)
Defined Benefit Pension and Postretirement Plans [Member]
Changes in accumulated other comprehensive loss [Roll Forward]
Beginning balance	(55,739)
Net actuarial gain and amounts reclassified from accumulated other comprehensive loss	16,085
Net other comprehensive income (loss)	16,085
Ending balance	(39,654)
Reclassification of accumulated other comprehensive loss [Abstract]
Total reclassifications for the period	(16,085)
Defined Benefit Pension and Postretirement Plans [Member] | Amounts reclassified from accumulated other comprehensive income to: [Member]
Changes in accumulated other comprehensive loss [Roll Forward]
Net actuarial gain and amounts reclassified from accumulated other comprehensive loss	16,085
Reclassification of accumulated other comprehensive loss [Abstract]
Prior service cost and unrecognized loss	(2,558)	[1]
Income tax expense	10,176
Net actuarial (Gain)	(23,703)
Selling and administrative expenses	956
Total reclassifications for the period	(16,085)
Defined Benefit Pension and Postretirement Plans [Member] | Amounts reclassified from accumulated other comprehensive income to: [Member] | Television [Member]
Reclassification of accumulated other comprehensive loss [Abstract]
Operating costs and expenses	263
Defined Benefit Pension and Postretirement Plans [Member] | Amounts reclassified from accumulated other comprehensive income to: [Member] | Radio [Member]
Reclassification of accumulated other comprehensive loss [Abstract]
Operating costs and expenses	176
Defined Benefit Pension and Postretirement Plans [Member] | Amounts reclassified from accumulated other comprehensive income to: [Member] | Publishing [Member]
Reclassification of accumulated other comprehensive loss [Abstract]
Operating costs and expenses	$ 1,163

[1] These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost. See Note 3 "Employee Benefit Plans" for more information. Of the costs for the year ended December 29, 2013, $263 is included in television operating costs and expenses, $176 is included in radio operating costs and expenses $1,163 is included in publishing operating costs and expenses, and $956 is included in selling and administrative expenses.

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SUBSEQUENT EVENTS

12 Months Ended

Dec. 29, 2013

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

17 SUBSEQUENT EVENTS

Effective January 1, 2014, our broadcasting business closed on the sale of television stations KMIR-TV and My 13 KPSE TV in Palm Springs, California to OTA Broadcasting, LLC, an affiliate of Virginia-based OTA Broadcasting, LLC, for $17,000 in cash and certain other contingent considerations.  We expect to record a pre-tax book gain of $10,200 in the first quarter of 2014.

On January 22, 2014, our broadcasting business changed its organizational structure to reflect the group's focus on its two primary businesses:  Television and Radio.

On July 30, 2014, we entered into an agreement with E.W. Scripps Company ("Scripps") to merge our broadcast operations and spin-off and then merge our newspaper businesses, creating two separately traded public companies.  The merged broadcast and digital media company, based in Cincinnati, Ohio, will retain the Scripps name. The newspaper company will be called Journal Media Group and will combine Scripps' daily newspapers, community publications and related digital products in 13 markets with Journal Communications' Milwaukee Journal Sentinel, Wisconsin community publications and affiliated digital products. The company will be headquartered in Milwaukee, Wisconsin.

In connection with the transactions, each share of our then outstanding class A and class B common stock will receive 0.5176 Scripps class A common shares and 0.1950 shares of Journal Media Group common stock, and each Scripps class A common share and common voting share then outstanding will receive 0.2500 shares of Journal Media Group common stock.  Immediately following consummation of the transactions, holders of our common stock will own approximately 41.00% of the common shares of Journal Media Group and approximately 31.00% of the common shares of Scripps, in the form of Scripps class A common shares.   Scripps shareholders will retain approximately 69.00% ownership in Scripps, with the Scripps family retaining its controlling interest in  Scripps  through its ownership of common voting shares.  Scripps shareholders will own approximately 59.00% of the common shares of Journal Media Group. Journal Media Group will have one class of stock and no controlling shareholder.

Costs related to this transaction were $315 in the second quarter of 2014.

The boards of directors of both companies have approved the transactions, which are subject to customary regulatory and shareholder approvals. The deal is expected to close in 2015.

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WORKFORCE REDUCTION (Tables)

12 Months Ended

Dec. 29, 2013

WORKFORCE REDUCTION [Abstract]

Activity associated with workforce reductions

Activity associated with workforce reductions during the years ended December 29, 2013 and December 30, 2012 was as follows:

	Balance as of		Charge for		Payments for			Balance as of
	December 30, 2012		Separation Benefits		Separation Benefits			December 29, 2013
	(dollars in millions)
Television	$	-	$	56	$	(13	)	$	43
Publishing	$	809		807		(1,286	)	$	330
Total	$	809	$	863	$	(1,299	)	$	373

		Balance as of		Charge for		Payments for			Balance as of
		December 25, 2011		Separation Benefits		Separation Benefits			December 30, 2012
	(dollars in millions)
Publishing		$	1,780	$	1,655	$	(2,626	)	$	809
Total		$	1,780	$	1,655	$	(2,626	)	$	809

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ACQUISITIONS AND DIVESTITURES

12 Months Ended

Dec. 29, 2013

ACQUISITIONS AND DIVESTITURES [Abstract]

ACQUISITIONS AND DIVESTITURES

10 ACQUISITIONS AND DIVESTITURES

2013

On May 3, 2013, our radio business completed the asset purchase of 100.3 WNOX-FM (WNOX), licensed to Oak Ridge, Tennessee, in the Knoxville, Tennessee, market from Oak Ridge FM, Inc., for $5,955.  We now own four radio stations in Knoxville, Tennessee.  The goodwill of $331 arising from the acquisition is attributable to the synergies expected from aligning WNOX with our cluster of radio stations within the Knoxville market.

The estimated fair values of identifiable assets acquired and liabilities assumed for WNOX-FM at the acquisition date are as follows:

	WNOX-FM
	Knoxville, TN
Equipment	$	24
Goodwill		331
FCC licensses		5,600
Total purchase price	$	5,955

The WNOX-FM broadcast license expires in 2020.  We expect to renew the license without issue.  The goodwill and broadcast licenses which we acquired are not subject to amortization for financial reporting purposes, but are expected to be entirely deductible for income tax purposes.

The acquisition was accounted for using the purchase method.  The operating results and cash flows of the acquired business are included in our consolidated financial statements from May 3, 2013, the effective date we acquired control of WNOX-FM.

On October 4, 2013, our television business, agreed to the sale of stations KMIR-TV and My 13 KPSE-TV in Palm Springs, California to OTA Broadcasting, LLC, an affiliate of Virginia based OTA Broadcasting, LLC for $17,000 in cash and certain other contingent considerations.  The transaction closed effective January 1, 2014.  We expect to record a pre-tax book gain of $10,200 in the first quarter of 2014.

2012

On June 25, 2012, our radio business completed the asset purchase of KHTT-FM and KBEZ-FM in Tulsa, Oklahoma from Renda Broadcasting Corporation for $11,728 in cash.  We now own five radio stations in Tulsa, Oklahoma.

The goodwill of $1,947 arising from the acquisition is attributable to the synergies expected from aligning our radio stations in a cluster within the Tulsa, Oklahoma market.  The purchase of KTTT-FM and KBEZ-FM builds our existing Tulsa, Oklahoma cluster, and creates a strong group that will continue to serve our listeners, customers and the entire Tulsa, Oklahoma community, and enhances our scale in this existing market. This clustering strategy has allowed us to target our stations' formats and sales efforts to better serve advertisers and listeners as well as leverage operating expenses to maximize the performance of each station and the cluster.

The estimated fair values of identifiable assets acquired and liabilities assumed for KHTT-FM and KBEZ-FM at the acquisition date are as follows:

	KHTT-FM and KBEZ-FM
	Tulsa, OK
Property and equipment	$	181
Goodwill		1,947
Broadcast licenses		9,600
Total purchase price	$	11,728

The KBEZ-FM broadcast license expires in 2021. The KHTT-FM broadcast license renewal application was timely filed and remains pending. The current term was until 2013. We expect to renew both licenses without issue.  The goodwill and broadcast licenses which we acquired are not subject to amortization for financial reporting purposes, but are expected to be entirely deductible for income tax purposes.

The acquisition was accounted for using the purchase method.  The operating results and cash flows of the acquired business are included in our consolidated financial statements from March 26, 2012, the date we entered into the local marketing agreement with Renda Broadcasting Corporation.

We had an affiliation agreement with ACE TV, Inc. for the rights under a local marketing agreement for WACY-TV in Appleton, Wisconsin and to purchase certain assets of ACE TV, Inc. including the broadcast license of WACY-TV for a purchase price of $2,038.  On October 22, 2012, we closed on the purchase of the remaining assets used in the operation of WACY-TV from ACE TV, Inc.  See Note 8 "Variable Interest Entity."

On December 3, 2012, our radio business completed the sale of certain assets (including the FCC licenses) of WKTI-AM in Knoxville, Tennessee for $65.  We recorded a pre-tax gain on the sale, net of transaction expenses, of $48.

On December 3, 2012, Journal Community Publishing Group, Inc., our community publications business, completed the sale of Hodag Buyers' Guide, North Star Journal, Merrill Foto News, Wausau Buyers' Guide, Stevens Point Buyers' Guide, Wood County Buyers' Guide, Waupaca Buyers' Guide, Waupaca County Post East, Waupaca County Post West, Clintonville Shoppers' Guide, New London Buyers' Guide, Silent Sports, Waupacanow.com, Merrillfotonews.com, Starjournalnow.com, Silentsports.net, Wibuyersguide.com and a single copy distribution network based in Rhinelander, WI for $1,200 in cash and a promissory note of $772.  We recorded a pre-tax loss on the sale, net of transaction expenses, of $319.

On December 6, 2012, our television business completed the acquisition of NewsChannel 5 Network, LLC from a subsidiary of Landmark Media Enterprises, LLC in Nashville, Tennessee.  The purchase price was $220,000 including a working capital adjustment of $5,000.

NewsChannel 5 Network, LLC contributed revenue of $2,917 and earnings from continuing operations before taxes of $1,730 for the period from December 7, 2012 to December 30, 2012.  The following unaudited pro forma information presents the combined results of operations of Journal and NewsChannel 5 Network, LLC as if the acquisition of NewsChannel 5 Network, LLC had occurred on December 27, 2010:

	2012		2011
Pro Forma Results of Operations
Revenue	$	439,732	$	399,313
Earnings per share from continuing operations, diluted	$	0.71	$	0.47

The unaudited pro forma results reflect certain adjustments related to the acquisition, such as increased depreciation and amortization expense resulting from the fair valuation of assets acquired and the impact of financing the acquisition.  The pro forma results exclude any planned revenue or cost synergies or other effects of the planned integration of NewsChannel 5 Network, LLC.  The pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred if we had completed this acquisition as of the periods shown above or the results that will be attained in the future.

The goodwill of $114,677 arising from the acquisition is attributable to significant tax deductions we expect to realize related to the step up in basis of certain assets that will provide cash tax savings and, to a lesser extent, certain revenue and cost synergies expected to be realized.

The fair values of identifiable assets acquired and liabilities assumed for NewsChannel 5 Network, LLC at the acquisition date are as follows:

	NewsChannel 5
Tangible assets	$	13,383
Long-term assets, other		48
Working capital		8,292
Network affiliation agreements		43,500
FCC licenses		40,100
Goodwill		114,677
Total purchase price	$	220,000

The goodwill and broadcast licenses which we acquired are not subject to amortization for financial reporting purposes, but are expected to be entirely deductible for income tax purposes.

Acquisition related costs with respect to the foregoing transactions were $2,152 and $3,145 for the fourth quarter ended and four quarters ended December 30, 2012, respectively, and are included in selling and administrative expenses in the condensed consolidated statements of operations.

The acquisition has been accounted for under the acquisition method of accounting which requires the total purchase price to be allocated to the assets acquired and liabilities assumed based on their estimated fair values.  The excess purchase price over the amounts assigned to tangible and intangible assets acquired and liabilities assumed is recognized as goodwill.  The operating results and cash flows of the acquired business are included in our consolidated financial statements from December 7, 2012, the effective date we acquired control of NewsChannel 5 Network, LLC.

2011

In June 2011, Journal Community Publishing Group, Inc., our community publications business, completed the sale of Pelican Press and Pelican Press Marketplace businesses, which operated in Sarasota, Florida, for $502.  We recorded a pre-tax gain on the sale, net of transaction expenses, of $245.  In August 2011, Journal Community Publishing Group, Inc. completed the sale of the remaining Florida-based community publications businesses for aggregate consideration of $757.  The publications and web-sites included Florida Mariner, Clay Today, Clay County Leader, Ponte Vedra Recorder, St. Augustine Underground, First Coast Register and Car Connection, and were distributed in the Clay, St. John's and Duval, Florida counties.  We recorded a total pre-tax gain on the sales, net of transaction expenses, of $253.  These sales allow us to focus our efforts on operating our Wisconsin-based community publications businesses.