Milwaukee-based Journal Media Group Inc. today reported a third quarter net loss of $488,000, or 2 cents lost per share, compared with a net loss of $9.1 million, or 63 cents lost per share, in the third quarter of 2014.
The print and digital media publisher recorded a $598,000 operating loss in the quarter, compared with an $8.4 million operating loss in the same period a year ago.
Third quarter revenue was $110.3 million, up from $84.5 million in the third quarter of 2014.
The results compare Journal Media Group’s combined operations with Journal Communications Inc.’s newspaper business.
Journal Media Group was formed April 1 through the merger of Milwaukee’s Journal Communications and The E.W. Scripps Co. The newspaper and publishing operations were spun off and combined in the new Milwaukee-based company Journal Media Group, which has about 3,000 employees nationwide. The group includes the Milwaukee Journal Sentinel and its digital products, and daily newspapers and related digital offerings in 13 other U.S. markets.
The new company is in the midst of being acquired by Gannett Co. Inc. for about $280 million. The deal is expected to close in the first quarter of 2016.
“I’m pleased with the ongoing commitment of our team to deliver quality local journalism and build local media brands that matter, especially in light of the challenging revenue environment our industry is facing,” said Tim Stautberg, president and chief executive officer of Journal Media Group. “We’re eager to bring our commitment to serving local markets to our new and larger family in the future, while continuing to realize operating efficiencies that will enable us to deliver on our promise to strengthen lives and communities.”
