1232241--3/6/2009--JOURNAL_COMMUNICATIONS

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{capital, credit, financial}

{product, market, service}

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{personnel, key, retain}

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Risks Relating to Our Diversified Media Business Decreases in advertising spending, resulting from economic downturn, war, terrorism, advertiser consolidation or other factors, could adversely affect our financial condition and results of operations. Our diversified media businesses operate in highly competitive markets, and during a time of rapid competitive changes, we may lose market share and advertising revenue to competing newspapers, radio and television stations or other types of media competitors, as well as through consolidation of media competitors or changes in advertisers media buying strategies. Seasonal and cyclical changes in advertising volume affect our quarterly revenue and results of operations and may cause our stock price to be volatile. We may not be able to acquire radio stations, television stations, newspapers or assets related to our internet-based growth strategy, successfully manage acquired properties, or increase our profits from these operations. Decreases or slow growth in circulation may adversely affect our revenues. Our publishing business may suffer if there is a significant increase in the cost of newsprint or a reduction in the availability of newsprint. Changes relating to consumer information collection and use could adversely affect our ability to collect and use data, which could harm our business. If we are unable to respond to changes in technology and evolving industry standards, our radio stations may not be able to effectively compete. If we are unable to respond to changes in technology and evolving industry standards, our television stations may not be able to effectively compete. If the network programming we broadcast pursuant to network affiliation agreements does not maintain satisfactory viewership levels or if the networks we are affiliated with terminate or do not renew our agreements, our advertising revenues, financial condition and results of operations may be adversely affected. The costs of television programming may increase, which could adversely affect our results of operations. If our key on-air talent does not remain with us or loses popularity, our advertising revenue and results of operations may be adversely affected. Changes in the professional sports industry or changes in our contractual relationships with local professional sports teams could result in decreased ratings for our Milwaukee radio station and adversely affect our results of operations and financial condition. If cable systems and other video distribution systems do not carry our new digital channels or we do not enter into acceptable agreements with such systems, our revenue and results of operations may be adversely affected. If we cannot renew our FCC broadcast licenses, our business will be impaired. The FCC may impose sanctions or penalties for violations of rules or regulations. We could experience delays in expanding our business due to antitrust laws. Regulatory changes may result in increased competition in our radio and television broadcasting business. Risks Relating to Our Printing Services Business and Other Segment Postal rate increases and disruptions in postal services could lead to reduced volumes of business. Material cost increases could lead to reduced volumes of business. Revenue from our direct marketing business may decline if our data and laser print personalization products do not maintain technological competitiveness. Changes in economic conditions in the markets we serve may produce volatility in demand for our products and services. Our business has been and may be in the future negatively affected by an impairment charge of goodwill, broadcast licenses or other intangible assets. We may not be able to utilize deferred tax assets to offset future federal and state taxable income. The current economic crisis and volatility in US credit markets could affect our financing arrangements. We depend on key personnel, and we may not be able to operate and grow our business effectively if we lose the services of any of our senior executive officers or are unable to attract qualified personnel in the future. Our business may be negatively affected by work stoppages, slowdowns or strikes by our employees.

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1232241--3/6/2009--JOURNAL_COMMUNICATIONS_INC