----

----

| For the transition period from |   | to |   |
|--------------------------------|--------|----|--------|

| Commission File Number: |   | 1-31805 |
|-------------------------|--------|---------|

| JOURNAL COMMUNICATIONS, INC.                           |
|--------------------------------------------------------|
| (Exact name of registrant as specified in its charter) |

| Wisconsin                                                      |   | 20-0020198                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |
|                                                           |   |                                 |
| 333 W. State Street, Milwaukee, Wisconsin                      |   | 53203                                |
| (Address of principal executive offices)                       |   | (Zip Code)                           |

| (414) 224-2000                                     |
|----------------------------------------------------|
| Registrant's telephone number, including area code |

| Large Accelerated Filer o | Accelerated Filer o | Non-accelerated Filer T | Smaller reporting company o |
|---------------------------|---------------------|-------------------------|-----------------------------|

| Class                |   | Outstanding at May 7, 2010 |
|----------------------|--------|----------------------------|
| Class A Common Stock |   | 42,704,053                 |
| Class B Common Stock |   | 9,032,588                  |
| Class C Common Stock |   | 3,264,000                  |

----

JOURNAL 

|     |                  |                                                                                                                    | Page No. |
|----------|-----------------------|-------------------------------------------------------------------------------------------------------------------------|----------|
|     |                  |                                                                                                                    |     |
| Part I.  | Financial Information |                                                                                                                    |
|     |                  |                                                                                                                    |     |
|     | Item 1.               | Financial Statements                                                                                                    |     |
|     |                  |                                                                                                                    |     |
|     |                  | Unaudited Consolidated Condensed Balance Sheets as of March 28, 2010 and December 27, 2009                              | 2        |
|     |                  |                                                                                                                    |     |
|     |                  | Unaudited Consolidated Condensed Statements of Operations for the First Quarter Ended March 28, 2010 and March 29, 2009 | 3        |
|     |                  |                                                                                                                    |     |
|     |                  | Unaudited Consolidated Condensed Statement of  Equity for the First Quarter Ended March 28, 2010                   | 4        |
|     |                  |                                                                                                                    |     |
|     |                  | Unaudited Consolidated Condensed Statement of  Equity for the First Quarter Ended March 29, 2009                   | 5        |
|     |                  |                                                                                                                    |     |
|     |                  | Unaudited Consolidated Condensed Statements of Cash Flows for the First Quarter Ended March 28, 2010 and March 29, 2009 | 6        |
|     |                  |                                                                                                                    |     |
|     |                  | Notes to the Unaudited Consolidated Condensed Financial Statements as of March 28, 2010                                 | 7        |
|     |                  |                                                                                                                    |     |
|     | Item 2.               | Management's Discussion and Analysis of Financial Condition and Results of Operations                                   | 19       |
|     |                  |                                                                                                                    |     |
|     | Item 3.               | Quantitative and Qualitative Disclosure of Market Risk                                                                  | 28       |
|     |                  |                                                                                                                    |     |
|     | Item 4.               | Controls and Procedures                                                                                                 | 28       |
|     |                  |                                                                                                                    |     |
| Part II. | Other Information     |                                                                                                                    |
|     |                  |                                                                                                                    |     |
|     | Item 1.               | Legal Proceedings                                                                                                       | 29       |
|     |                  |                                                                                                                    |     |
|     | Item 1A.              | Risk Factors                                                                                                            | 29       |
|     |                  |                                                                                                                    |     |
|     | Item 2.               | Unregistered Sales of Equity Securities and Use of Proceeds                                                             | 30       |
|     |                  |                                                                                                                    |     |
|     | Item 3.               | Defaults Upon Senior Securities                                                                                         | 30       |
|     |                  |                                                                                                                    |     |
|     | Item 4.               | Reserved                                                                                                                | 30       |
|     |                  |                                                                                                                    |     |
|     | Item 5.               | Other Information                                                                                                       | 30       |
|     |                  |                                                                                                                    |     |
|     | Item 6.               | Exhibits                                                                                                                | 30       |

----

Index

ITEM 

JOURNAL 

|                                                                                                                                                                                      |   | March 28, 2010 |     |   | December 27, 2009 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|----------|--------|-------------------|--------|
| Assets                                                                                                                                                                                    |   |           |     |   |              |   |
| Current assets:                                                                                                                                                                           |   |           |     |   |              |   |
| Cash and cash equivalents                                                                                                                                                                 |   | $              | 2,550    |   |              | $      | 3,369 |   |
| Investments of variable interest entity                                                                                                                                                   |   |           | 500      |   |              |   | -- |   |
| Receivables, less allowance for doubtful accounts of $4,031 and $4,198                                                                                                                    |   |           | 54,715   |   |              |   | 62,543 |   |
| Inventories, net                                                                                                                                                                          |   |           | 2,541    |   |              |   | 3,070 |   |
| Prepaid expenses                                                                                                                                                                          |   |           | 6,445    |   |              |   | 3,497 |   |
| Syndicated programs                                                                                                                                                                       |   |           | 5,991    |   |              |   | 7,983 |   |
| Deferred income taxes                                                                                                                                                                     |   |           | 4,469    |   |              |   | 4,899 |   |
| Assets of discontinued operations                                                                                                                                                         |   |           | 109      |   |              |   | 2,393 |   |
| Total Current Assets                                                                                                                                                                      |   |           | 77,320   |   |              |   | 87,754 |   |
|                                                                                                                                                                                      |   |           |     |   |              |   |   |   |
| Property and equipment, at cost, less accumulated depreciation of $251,455 and $247,745                                                                                                   |   |           | 197,042  |   |              |   | 201,541 |   |
| Syndicated programs                                                                                                                                                                       |   |           | 2,706    |   |              |   | 3,285 |   |
| Goodwill                                                                                                                                                                                  |   |           | 9,098    |   |              |   | 9,098 |   |
| Broadcast licenses                                                                                                                                                                        |   |           | 82,426   |   |              |   | 81,762 |   |
| Other intangible assets, net                                                                                                                                                              |   |           | 24,484   |   |              |   | 24,976 |   |
| Deferred income taxes                                                                                                                                                                     |   |           | 60,803   |   |              |   | 63,368 |   |
| Other assets                                                                                                                                                                              |   |           | 1,861    |   |              |   | 1,403 |   |
| Total Assets                                                                                                                                                                              |   | $              | 455,740  |   |              | $      | 473,187 |   |
|                                                                                                                                                                                      |   |           |     |   |              |   |   |   |
| Liabilities And Equity                                                                                                                                                                    |   |           |     |   |              |   |   |   |
| Current liabilities:                                                                                                                                                                      |   |           |     |   |              |   |   |   |
| Accounts payable                                                                                                                                                                          |   | $              | 22,640   |   |              | $      | 23,963 |   |
| Accrued compensation                                                                                                                                                                      |   |           | 10,050   |   |              |   | 13,564 |   |
| Accrued employee benefits                                                                                                                                                                 |   |           | 5,993    |   |              |   | 5,642 |   |
| Deferred revenue                                                                                                                                                                          |   |           | 15,405   |   |              |   | 15,353 |   |
| Syndicated programs                                                                                                                                                                       |   |           | 7,460    |   |              |   | 9,944 |   |
| Other current liabilities                                                                                                                                                                 |   |           | 8,914    |   |              |   | 7,437 |   |
| Current liabilities of discontinued operations                                                                                                                                            |   |           | 267      |   |              |   | 1,296 |   |
| Current portion of long-term liabilities                                                                                                                                                  |   |           | 630      |   |              |   | 440 |   |
| Total Current Liabilities                                                                                                                                                                 |   |           | 71,359   |   |              |   | 77,639 |   |
|                                                                                                                                                                                      |   |           |     |   |              |   |   |   |
| Accrued employee benefits                                                                                                                                                                 |   |           | 62,473   |   |              |   | 63,268 |   |
| Syndicated programs                                                                                                                                                                       |   |           | 5,321    |   |              |   | 6,250 |   |
| Long-term notes payable to banks                                                                                                                                                          |   |           | 134,660  |   |              |   | 151,375 |   |
| Other long-term liabilities                                                                                                                                                               |   |           | 4,092    |   |              |   | 3,580 |   |
| Shareholders’ equity:                                                                                                                                                               |   |           |     |   |              |   |   |   |
| Preferred stock, $0.01 par – authorized 10,000,000 shares; no shares outstanding at March 28, 2010 and December 27, 2009                                                            |   |           | --       |   |              |   | -- |   |
| Common stock, $0.01 par:                                                                                                                                                                  |   |           |     |   |              |   |   |   |
| Class C – authorized 10,000,000 shares; issued and outstanding: 3,264,000 shares at March 28, 2010 and December 27, 2009                                                            |   |           | 33       |   |              |   | 33 |   |
| Class B – authorized 120,000,000 shares; issued and outstanding (excluding treasury stock):  9,462,864 shares at March 28, 2010 and 9,642,293 shares at December 27, 2009 |   |           | 172      |   |              |   | 174 |   |
| Class A – authorized 170,000,000 shares; issued and outstanding: 42,180,649 shares at March 28, 2010 and 41,783,044 shares at December 27, 2009                                     |   |           | 422      |   |              |   | 418 |   |
| Additional paid-in capital                                                                                                                                                                |   |           | 258,727  |   |              |   | 258,413 |   |
| Accumulated other comprehensive loss                                                                                                                                                      |   |           | (34,046  | )      |              |   | (34,487 | ) |
| Retained earnings                                                                                                                                                                         |   |           | 60,078   |   |              |   | 55,239 |   |
| Treasury stock, at cost (8,676,705 class B shares)                                                                                                                                        |   |           | (108,715 | )      |              |   | (108,715 | ) |
| Total Journal Communications, Inc. shareholders’ equity                                                                                                                             |   |           | 176,671  |   |              |   | 171,075 |   |
| Noncontrolling interest                                                                                                                                                                   |   |           | 1,164    |   |              |   |   |   |
| Total Equity                                                                                                                                                                         |   |           | 177,835  |   |              |   | 171,075 |   |
| Total Liabilities And Equity                                                                                                                                                              |   | $              | 455,740  |   |              | $      | 473,187 |   |

----

Index

JOURNAL 

|                                                                                               |   | First Quarter Ended |   |
|----------------------------------------------------------------------------------------------------|--------|---------------------|--------|
|                                                                                               |   | March 28, 2010      |   |   | March 29, 2009 |   |
|                                                                                               |   |                |   |   |   |   |
| Revenue:                                                                                           |   |                |   |   |   |   |
| Publishing                                                                                         |   | $                   | 44,552 |   |   | $ | 48,124 |   |
| Broadcasting                                                                                       |   |                | 42,605 |   |   |   | 39,215 |   |
| Printing services                                                                                  |   |                | 11,635 |   |   |   | 14,295 |   |
| Corporate eliminations                                                                             |   |                | (267   | ) |   |   | (112 | ) |
| Total revenue                                                                                      |   |                | 98,525 |   |   |   | 101,522 |   |
|                                                                                               |   |                |   |   |   |   |   |   |
| Operating costs and expenses:                                                                      |   |                |   |   |   |   |   |   |
| Publishing                                                                                         |   |                | 28,947 |   |   |   | 34,816 |   |
| Broadcasting                                                                                       |   |                | 21,596 |   |   |   | 23,501 |   |
| Printing services                                                                                  |   |                | 9,604  |   |   |   | 12,427 |   |
| Corporate eliminations                                                                             |   |                | (267   | ) |   |   | (114 | ) |
| Total operating costs and expenses                                                                 |   |                | 59,880 |   |   |   | 70,630 |   |
|                                                                                               |   |                |   |   |   |   |   |   |
| Selling and administrative expenses                                                                |   |                | 28,559 |   |   |   | 31,298 |   |
| Total operating costs and expenses and selling and administrative expenses                         |   |                | 88,439 |   |   |   | 101,928 |   |
|                                                                                               |   |                |   |   |   |   |   |   |
| Operating earnings (loss)                                                                          |   |                | 10,086 |   |   |   | (406 | ) |
|                                                                                               |   |                |   |   |   |   |   |   |
| Other income and (expense):                                                                        |   |                |   |   |   |   |   |   |
| Interest income                                                                                    |   |                | 8      |   |   |   | -- |   |
| Interest expense                                                                                   |   |                | (563   | ) |   |   | (812 | ) |
| Total other income and (expense)                                                                   |   |                | (555   | ) |   |   | (812 | ) |
|                                                                                               |   |                |   |   |   |   |   |   |
| Earnings (loss) from continuing operations before income taxes                                     |   |                | 9,531  |   |   |   | (1,218 | ) |
|                                                                                               |   |                |   |   |   |   |   |   |
| Provision (benefit) for income taxes                                                               |   |                | 3,823  |   |   |   | (1,479 | ) |
|                                                                                               |   |                |   |   |   |   |   |   |
| Earnings from continuing operations                                                                |   |                | 5,708  |   |   |   | 261 |   |
|                                                                                               |   |                |   |   |   |   |   |   |
| Loss from discontinued operations, net of $282 and $98 applicable income tax benefit, respectively |   |                | (405   | ) |   |   | (140 | ) |
|                                                                                               |   |                |   |   |   |   |   |   |
| Net earnings                                                                                       |   |                | 5,303  |   |   |   | 121 |   |
|                                                                                               |   |                |   |   |   |   |   |   |
| Earnings (loss) per share:                                                                         |   |                |   |   |   |   |   |   |
| Basic – Class A and B common stock:                                                          |   |                |   |   |   |   |   |   |
| Continuing operations                                                                              |   | $                   | 0.10   |   |   | $ | (0.01 | ) |
| Discontinued operations                                                                            |   |                | (0.01  | ) |   |   | -- |   |
| Net earnings (loss)                                                                                |   | $                   | 0.09   |   |   | $ | (0.01 | ) |
|                                                                                               |   |                |   |   |   |   |   |   |
| Diluted – Class A and B common stock:                                                        |   |                |   |   |   |   |   |   |
| Continuing operations                                                                              |   | $                   | 0.10   |   |   | $ | (0.01 | ) |
| Discontinued operations                                                                            |   |                | (0.01  | ) |   |   | -- |   |
| Net earnings (loss)                                                                                |   | $                   | 0.09   |   |   | $ | (0.01 | ) |
|                                                                                               |   |                |   |   |   |   |   |   |
| Basic and diluted – Class C common stock:                                                    |   |                |   |   |   |   |   |   |
| Continuing operations                                                                              |   | $                   | 0.24   |   |   | $ | 0.14 |   |
| Discontinued operations                                                                            |   |                | (0.01  | ) |   |   | -- |   |
| Net earnings                                                                                       |   | $                   | 0.23   |   |   | $ | 0.14 |   |

----

Index

Journal 

|                                                               |   |      |   |   |         |   |   |    |   |          |    |   |     | AdditionalPaid-in-Capital |   |           | Accumulated |   |     |   |   |      |    |   |     |   |   |   |   |   |
|--------------------------------------------------------------------|--------|-----------|--------|--------|--------------|--------|--------|---------|--------|---------------|---------|--------|----------|---------------------------|--------|----------------|-------------|--------|----------|--------|--------|-----------|---------|--------|----------|--------|--------|--------|--------|--------|
|                                                               |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   | Other          |        |   |     |   |   |      |    |   | Treasury |   |   |   |   |
|                                                               |   | Preferred |   |   | Common Stock |   |   |    |   | Comprehensive |    |   | Retained |                      |   | Noncontrolling |        |   | Stock,   |   |   |      |    |
|                                                               |   | Stock     |   |   | Class C      |   |   | Class B |   |          | Class A |   |     |                      |   | Loss           |        |   | Earnings |   |   | Interests |    |   | at cost  |   |   | Total  |   |
|                                                               |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |      |    |   |     |   |   |   |   |   |
| Balance at December 27, 2009                                       |   | $         | -      |   |         | $      | 33     |    |   | $             | 174     |   |     | $                         | 418    |           |        | $      | 258,413  |   |   | $         | (34,487 | )      |     | $      | 55,239 |   |   | $      | - |   |   | $ | (108,715 | ) |   | $ | 171,075 |   |
|                                                               |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |      |    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earnings                                                       |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |      |    |   |     |   | 5,303  |   |   |   |   |   |   |   |   |   |   |   | 5,303 |   |
| Change in pension and postretirement (net of deferred tax of $280) |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |      | 441     |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   | 441 |   |
| Class C dividends declared ($0.142 per share)                      |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |      |    |   |     |   | (464   | )      |   |   |   |   |   |   |   |   |   |   | (464 | ) |
| Issuance of shares:                                                |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |      |    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of class B to class A                                   |   |      |   |   |         |   |   |    |   |          | (4      | )      |     |                      | 4      |           |        |   |     |   |   |      |    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |
| Stock grants                                                       |   |      |   |   |         |   |   |    |   |          | 2       |   |     |                      |   |           |        |   | 30       |   |   |      |    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   | 32 |   |
| Employee stock purchase plan                                       |   |      |   |   |         |   |   |    |   |          | 1       |   |     |                      |   |           |        |   | 162      |   |   |      |    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   | 163 |   |
| Shares withheld from employees for tax withholding                 |   |      |   |   |         |   |   |    |   |          | (1      | )      |     |                      |   |           |        |   | (267     | )      |   |      |    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   | (268 | ) |
| Stock-based compensation                                           |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   | 294      |   |   |      |    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   | 294 |   |
| Consolidation of variable interest entity                          |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |      |    |   |     |   |   |   |   |   | 1,164 |   |   |   |   |   |   |   | 1,164 |   |
| Income tax benefits from vesting of non-vested restricted stock    |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   | 95       |   |   |      |    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   | 95 |   |
|                                                               |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |      |    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at March 28, 2010                                          |   | $         | -      |   |         | $      | 33     |    |   | $             | 172     |   |     | $                         | 422    |           |        | $      | 258,727  |   |   | $         | (34,046 | )      |     | $      | 60,078 |   |   | $      | 1,164 |   |   | $ | (108,715 | ) |   | $ | 177,835 |   |

----

Index

Journal 

|                                                                       |   |      |   |   |         |   |   |    |   |          |    |   |     | AdditionalPaid-in-Capital |   |           | Accumulated |   |     |   |   |     |    |   |     |   |   |   |   |   |
|----------------------------------------------------------------------------|--------|-----------|--------|--------|--------------|--------|--------|---------|--------|---------------|---------|--------|----------|---------------------------|--------|----------------|-------------|--------|----------|--------|--------|----------|---------|--------|----------|--------|--------|--------|--------|--------|
|                                                                       |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   | Other          |        |   |     |   |   |     |    |   | Treasury |   |   |   |   |
|                                                                       |   | Preferred |   |   | Common Stock |   |   |    |   | Comprehensive |    |   | Retained |                      |   | Noncontrolling |        |   | Stock,   |   |   |     |    |
|                                                                       |   | Stock     |   |   | Class C      |   |   | Class B |   |          | Class A |   |     |                      |   | Loss           |        |   | Earnings |   |   | Interest |    |   | at cost  |   |   | Total  |   |
|                                                                       |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |     |    |   |     |   |   |   |   |   |
| Balance at December 28, 2008                                               |   | $         | -      |   |         | $      | 33     |    |   | $             | 183     |   |     | $                         | 406    |           |        | $      | 256,716  |   |   | $        | (34,355 | )      |     | $      | 53,794 |   |   | $      | - |   |   | $ | (108,715 | ) |   | $ | 168,062 |   |
| Net earnings                                                               |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |     |    |   |     |   | 121    |   |   |   |   |   |   |   |   |   |   |   | 121 |   |
| Change in pension and postretirement (net of deferred tax expense of $962) |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |     | 1,438   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,438 |   |
| Dividends declared:                                                        |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |     |    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Class C ($0.142 per share)                                                 |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |     |    |   |     |   | (464   | )      |   |   |   |   |   |   |   |   |   |   | (464 | ) |
| Class B ($0.02 per share)                                                  |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |     |    |   |     |   | (200   | )      |   |   |   |   |   |   |   |   |   |   | (200 | ) |
| Class A ($0.02 per share)                                                  |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |     |    |   |     |   | (812   | )      |   |   |   |   |   |   |   |   |   |   | (812 | ) |
| Issuance of shares:                                                        |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |     |    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of class B to class A                                           |   |      |   |   |         |   |   |    |   |          | (1      | )      |     |                      | 1      |           |        |   |     |   |   |     |    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   | - |   |
| Stock grants                                                               |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   | 10       |   |   |     |    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   | 10 |   |
| Employee stock purchase plan                                               |   |      |   |   |         |   |   |    |   |          | 1       |   |     |                      |   |           |        |   | 209      |   |   |     |    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   | 210 |   |
| Shares withheld from employees for tax withholding                         |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   | (20            | )           |   |     |   |   |     |    |   |     |   |   |   |   |   |   |   |   |   |   | (20 | ) |
| Stock-based compensation                                                   |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   | 325      |   |   |     |    |   |     |   | 1      |   |   |   |   |   |   |   |   |   |   |   | 326 |   |
|                                                                       |   |      |   |   |         |   |   |    |   |          |    |   |     |                      |   |           |        |   |     |   |   |     |    |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at March 29, 2009                                                  |   | $         | -      |   |         | $      | 33     |    |   | $             | 183     |   |     | $                         | 407    |           |        | $      | 257,240  |   |   | $        | (32,917 | )      |     | $      | 52,440 |   |   | $      | - |   |   | $ | (108,715 | ) |   | $ | 168,671 |   |

----

Index

JOURNAL 

|                                                                                         |   | First Quarter Ended |    |
|----------------------------------------------------------------------------------------------|--------|---------------------|---------|
|                                                                                         |   | March 28, 2010      |    |   | March 29, 2009 |   |
|                                                                                         |   |                |    |   |   |   |
| Cash flow from operating activities:                                                         |   |                |    |   |   |   |
| Net earnings                                                                                 |   | $                   | 5,303   |   |   | $ | 121 |   |
| Less loss from discontinued operations                                                       |   |                | (405    | ) |   |   | (140 | ) |
| Earnings from continuing operations                                                          |   |                | 5,708   |   |   |   | 261 |   |
| Adjustments for non-cash items:                                                              |   |                |    |   |   |   |   |   |
| Depreciation                                                                                 |   |                | 6,271   |   |   |   | 6,579 |   |
| Amortization                                                                                 |   |                | 492     |   |   |   | 491 |   |
| Provision for doubtful accounts                                                              |   |                | 264     |   |   |   | 971 |   |
| Deferred income taxes                                                                        |   |                | 2,810   |   |   |   | 2,136 |   |
| Non-cash stock-based compensation                                                            |   |                | 308     |   |   |   | 332 |   |
| Curtailment gains for defined benefit pension and other postretirement benefit plans         |   |                | --      |   |   |   | (353 | ) |
| Net loss from disposal of assets                                                             |   |                | 101     |   |   |   | 5 |   |
| Net changes in operating assets and liabilities, excluding effect of sales and acquisitions: |   |                |    |   |   |   |   |   |
| Receivables                                                                                  |   |                | 7,739   |   |   |   | 8,829 |   |
| Inventories                                                                                  |   |                | 529     |   |   |   | 1,322 |   |
| Accounts payable                                                                             |   |                | (1,323  | ) |   |   | (1,326 | ) |
| Other assets and liabilities                                                                 |   |                | (5,442  | ) |   |   | (1,609 | ) |
| Net Cash Provided By Operating Activities                                                    |   |                | 17,457  |   |   |   | 17,638 |   |
|                                                                                         |   |                |    |   |   |   |   |   |
| Cash flow from investing activities:                                                         |   |                |    |   |   |   |   |   |
| Capital expenditures for property and equipment                                              |   |                | (1,957  | ) |   |   | (2,168 | ) |
| Proceeds from sales of assets                                                                |   |                | 2       |   |   |   | -- |   |
| Proceeds from sale of business                                                               |   |                | 6       |   |   |   | -- |   |
| Net Cash Used For Investing Activities                                                       |   |                | (1,949  | ) |   |   | (2,168 | ) |
|                                                                                         |   |                |    |   |   |   |   |   |
| Cash flow from financing activities:                                                         |   |                |    |   |   |   |   |   |
| Proceeds from long-term notes payable to banks                                               |   |                | 26,980  |   |   |   | 36,050 |   |
| Payments on long-term notes payable to banks                                                 |   |                | (43,695 | ) |   |   | (50,830 | ) |
| Proceeds from issuance of common stock                                                       |   |                | 146     |   |   |   | 189 |   |
| Income tax benefits from vesting of non-vested restricted stock                              |   |                | 95      |   |   |   | -- |   |
| Cash dividends                                                                               |   |                | --      |   |   |   | (1,476 | ) |
| Net Cash Used For Financing Activties                                                        |   |                | (16,474 | ) |   |   | (16,067 | ) |
|                                                                                         |   |                |    |   |   |   |   |   |
| Cash from discontinued operations:                                                           |   |                |    |   |   |   |   |   |
| Net operating activities of discontinued operations                                          |   |                | 37      |   |   |   | (444 | ) |
| Net investing activities of discontinued operations                                          |   |                | 110     |   |   |   | (38 | ) |
| Net Cash Provided by (used for) Discontinued Operations                                      |   |                | 147     |   |   |   | (482 | ) |
|                                                                                         |   |                |    |   |   |   |   |   |
| Net Decrease In Cash And Cash Equivalents                                                    |   |                | (819    | ) |   |   | (1,079 | ) |
|                                                                                         |   |                |    |   |   |   |   |   |
| Cash and cash equivalents:                                                                   |   |                |    |   |   |   |   |   |
| Beginning of year                                                                            |   |                | 3,369   |   |   |   | 4,040 |   |
| At March 28, 2010 and March 29, 2009                                                         |   | $                   | 2,550   |   |   | $ | 2,961 |   |

----

Index

JOURNAL 

| 1 | BASIS OF PRESENTATION |
|---|-----------------------|

| 2 | ACCOUNTING PERIODS |
|---|--------------------|

| 3 | NEW ACCOUNTING STANDARD |
|---|-------------------------|

| 4 | EARNINGS PER SHARE |
|---|--------------------|

|   | (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 shares and may be allocated to class C shares and non-vested restricted stock if there is undistributed earnings after deducting earnings distributed to class C shares from income after income from continuing operations. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

| 4 | EARNINGS PER SHARE continued |
|---|------------------------------|

|   | (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. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                           |   | First Quarter Ended |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|
|                                                                                                                           |   | March 28, 2010      |   |   | March 29, 2009 |   |
|                                                                                                                           |   |                |   |   |   |   |
| Numerator for basic earnings (loss) from continuing operations for each class of common stock and non-vested restricted stock: |   |                |   |   |   |   |
| Earnings from continuing operations                                                                                            |   | $                   | 5,708  |   |   | $ | 261 |   |
| Less dividends declared or accrued:                                                                                            |   |                |   |   |   |   |   |   |
| Class A and B                                                                                                                  |   |                | --     |   |   |   | 1,006 |   |
| Class C                                                                                                                        |   |                | 464    |   |   |   | 464 |   |
| Non-vested restricted stock                                                                                                    |   |                | --     |   |   |   | 6 |   |
| Total undistributed earnings (loss) from continuing operations                                                                 |   | $                   | 5,244  |   |   | $ | (1,215 | ) |
|                                                                                                                           |   |                |   |   |   |   |   |   |
| Class A and B undistributed earnings (loss) from continuing operations                                                         |   | $                   | 4,841  |   |   | $ | (1,215 | ) |
| Class C undistributed earnings from continuing operations                                                                      |   |                | 313    |   |   |   | -- |   |
| Non-vested restricted stock undistributed earnings from continuing operations                                                  |   |                | 90     |   |   |   | -- |   |
| Total undistributed earnings (loss) from continuing operations                                                                 |   | $                   | 5,244  |   |   | $ | (1,215 | ) |
|                                                                                                                           |   |                |   |   |   |   |   |   |
| Numerator for basic earnings (loss) from continuing operations per class A and B common stock:                                 |   |                |   |   |   |   |   |   |
| Dividends on class A and B                                                                                                     |   | $                   | --     |   |   | $ | 1,006 |   |
| Class A and B undistributed earnings (loss)                                                                                    |   |                | 4,841  |   |   |   | (1,215 | ) |
| Numerator for basic earnings (loss) from continuing operations per class A and B common stock                                  |   | $                   | 4,841  |   |   | $ | (209 | ) |
|                                                                                                                           |   |                |   |   |   |   |   |   |
| Numerator for basic earnings from continuing operations per class C common stock:                                              |   |                |   |   |   |   |   |   |
| Dividends paid or accrued on class C                                                                                           |   | $                   | 464    |   |   | $ | 464 |   |
| Class C undistributed earnings                                                                                                 |   |                | 313    |   |   |   | -- |   |
| Numerator for basic earnings from continuing operations per class C common stock                                               |   | $                   | 777    |   |   | $ | 464 |   |
|                                                                                                                           |   |                |   |   |   |   |   |   |
| Denominator for basic earnings (loss) from continuing operations for each class of common stock:                               |   |                |   |   |   |   |   |   |
| Weighted average shares outstanding - Class A and B                                                                            |   |                | 50,533 |   |   |   | 50,272 |   |
| Weighted average shares outstanding - Class C                                                                                  |   |                | 3,264  |   |   |   | 3,264 |   |

----

Index

| 4 | EARNINGS PER SHARE continued |
|---|------------------------------|

|                                                                                                                  |   | First Quarter Ended |   |
|-----------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|
|                                                                                                                  |   | March 28, 2010      |   |   | March 29, 2009 |   |
|                                                                                                                  |   |                |   |   |   |   |
| Basic earnings (loss) per share from continuing operations                                                            |   |                |   |   |   |   |
| Class A and B                                                                                                         |   | $                   | 0.10   |   |   | $ | (0.01 | ) |
| Class C                                                                                                               |   | $                   | 0.24   |   |   | $ | 0.14 |   |
|                                                                                                                  |   |                |   |   |   |   |   |   |
| Numerator for basic loss from discontinued operations for each class of common stock and non-vested restricted stock: |   |                |   |   |   |   |   |   |
| Total undistributed loss from from discontinued operations                                                            |   | $                   | (405   | ) |   | $ | (140 | ) |
|                                                                                                                  |   |                |   |   |   |   |   |   |
| Undistributed loss from discontinued operations:                                                                      |   |                |   |   |   |   |   |   |
| Class A and B                                                                                                         |   | $                   | (373   | ) |   | $ | (140 | ) |
| Class C                                                                                                               |   |                | (24    | ) |   |   | -- |   |
| Non-vested restricted stock                                                                                           |   |                | (8     | ) |   |   | -- |   |
| Total undistributed loss from discontinued operations                                                                 |   | $                   | (405   | ) |   | $ | (140 | ) |
|                                                                                                                  |   |                |   |   |   |   |   |   |
| Denominator for basic loss from discontinued operations for each class of common stock:                               |   |                |   |   |   |   |   |   |
| Weighted average shares outstanding - Class A and B                                                                   |   |                | 50,533 |   |   |   | 50,272 |   |
| Weighted average shares outstanding - Class C                                                                         |   |                | 3,264  |   |   |   | 3,264 |   |
|                                                                                                                  |   |                |   |   |   |   |   |   |
| Basic loss per share from discontinued operations                                                                     |   |                |   |   |   |   |   |   |
| Class A and B                                                                                                         |   | $                   | (0.01  | ) |   | $ | -- |   |
| Class C                                                                                                               |   | $                   | (0.01  | ) |   | $ | -- |   |
|                                                                                                                  |   |                |   |   |   |   |   |   |
| Numerator for basic net earnings (loss) for each class of common stock:                                               |   |                |   |   |   |   |   |   |
| Net earnings                                                                                                          |   | $                   | 5,303  |   |   | $ | 121 |   |
| Less dividends declared or accrued:                                                                                   |   |                |   |   |   |   |   |   |
| Class A and B                                                                                                         |   |                | --     |   |   |   | 1,006 |   |
| Class C                                                                                                               |   |                | 464    |   |   |   | 464 |   |
| Non-vested restricted stock                                                                                           |   |                | --     |   |   |   | 6 |   |
| Total undistributed net earnings (loss)                                                                               |   | $                   | 4.839  |   |   | $ | (1,355 | ) |
|                                                                                                                  |   |                |   |   |   |   |   |   |
| Undistributed net earnings (loss):                                                                                    |   |                |   |   |   |   |   |   |
| Class A and B                                                                                                         |   | $                   | 4,468  |   |   | $ | (1,355 | ) |
| Class C                                                                                                               |   |                | 289    |   |   |   | -- |   |
| Non-vested restricted stock                                                                                           |   |                | 82     |   |   |   | -- |   |
| Total undistributed net earnings (loss)                                                                               |   | $                   | 4,839  |   |   | $ | (1,355 | ) |
|                                                                                                                  |   |                |   |   |   |   |   |   |
| Numerator for basic net earnings (loss) per  class A and B common stock:                                    |   |                |   |   |   |   |   |   |
| Dividends declared on class A and B                                                                                   |   | $                   | --     |   |   | $ | 1,006 |   |
| Class A and B undistributed net earnings (loss)                                                                       |   |                | 4,468  |   |   |   | (1,355 | ) |
| Numerator for basic net earnings (loss) per class A and B common stock                                                |   | $                   | 4,468  |   |   | $ | (349 | ) |
|                                                                                                                  |   |                |   |   |   |   |   |   |
| Numerator for basic net earnings per class C common stock:                                                            |   |                |   |   |   |   |   |   |
| Dividends paid or accrued on class C                                                                                  |   | $                   | 464    |   |   | $ | 464 |   |
| Class C undistributed net earnings                                                                                    |   |                | 289    |   |   |   | -- |   |
| Numerator for basic net earnings per class C common stock                                                             |   | $                   | 753    |   |   | $ | 464 |   |
|                                                                                                                  |   |                |   |   |   |   |   |   |
| Denominator for basic net earnings (loss) for each class of common stock:                                             |   |                |   |   |   |   |   |   |
| Weighted average shares outstanding - Class A and B                                                                   |   |                | 50,533 |   |   |   | 50,272 |   |
| Weighted average shares outstanding - Class C                                                                         |   |                | 3,264  |   |   |   | 3,264 |   |

----

Index

| 4 | EARNINGS PER SHARE continued |
|---|------------------------------|

| Basic net earnings (loss) per share: |   |   |   |   |   |   |
|--------------------------------------|--------|--------|--------|--------|--------|--------|
| Class A and B                        |   | $      | 0.09   |   |   | $      | (0.01 | ) |
| Class C                              |   | $      | 0.23   |   |   | $      | 0.14 |   |

|                                                    |   | First Quarter Ended |   |
|---------------------------------------------------------|--------|---------------------|--------|
|                                                    |   | March 28, 2010      |   |   | March 29, 2009 |   |
| Numerator for diluted net earnings (loss) per share:    |   |                |   |   |   |   |
| Dividends on class A and B common stock                 |   | $                   | --     |   |   | $ | 1,006 |   |
| Total undistributed earnings from continuing operations |   |                | 4,841  |   |   |   | (1,215 | ) |
| Total undistributed (loss) from discontinued operations |   |                | (373   | ) |   |   | (140 | ) |
| Net earnings (loss)                                     |   | $                   | 4,468  |   |   | $ | (349 | ) |
|                                                    |   |                |   |   |   |   |   |   |
| Denominator for diluted net earnings (loss) per share:  |   |                |   |   |   |   |   |   |
| Weighted average shares outstanding - class A and B     |   |                | 50,533 |   |   |   | 50,272 |   |
|                                                    |   |                |   |   |   |   |   |   |
| Diluted earnings (loss) per share:                      |   |                |   |   |   |   |   |   |
| Continuing operations                                   |   | $                   | 0.10   |   |   | $ | (0.01 | ) |
| Discontinued operations                                 |   |                | (0.01  | ) |   |   | -- |   |
| Net earnings                                            |   | $                   | 0.09   |   |   | $ | (0.01 | ) |

| 5  | COMPREHENSIVE INCOME |
|---------|----------------------|

|                                               |   | First Quarter Ended |   |
|----------------------------------------------------|--------|---------------------|--------|
|                                               |   | March 28, 2010      |   |   | March 29, 2009 |   |
|                                               |   |                |   |   |   |   |
| Net earnings                                       |   | $                   | 5,303  |   |   | $ | 121 |   |
| Change in pension and post-retirement (net of tax) |   |                | 441    |   |   |   | 1,438 |   |
| Comprehensive income                               |   | $                   | 5,744  |   |   | $ | 1,559 |   |

----

Index

| 6  | STOCK-BASED COMPENSATION |
|---------|--------------------------|

|                                                                |   | Options |   |   | Weighted Average Exercise Price |   |   | Weighted Average Contractual Term (years) |   |
|---------------------------------------------------------------------|--------|---------|--------|--------|---------------------------------|--------|--------|-------------------------------------------|--------|
|                                                                |   |    |   |   |                            |   |   |                                      |   |
| Outstanding and exercisable at March 28, 2010 and December 27, 2009 |   |    | 41,500 |   |                            | $      | 18.18  |                                      |   |   | 0.9 |   |

----

Index

| 6  | STOCK-BASED COMPENSATION continued |
|---------|------------------------------------|

|                                                |   |   |      |   | Weighted       |   |   | Weighted Average |   |
|-----------------------------------------------------|--------|--------|-----------|--------|----------------|--------|--------|------------------|--------|
|                                                |   |   |      |   | Average        |   |   | Contractual Term |   |
|                                                |   | SARs   |      |   | Exercise Price |   |   | (years)          |   |
|                                                |   |   |      |   |           |   |   |             |   |
| Outstanding at March 28, 2010 and December 27, 2009 |   |   | 1,083,207 |   |           | $      | 10.71  |             |   |   | 7.4 |   |
|                                                |   |   |      |   |           |   |   |             |   |   |   |   |
| Exercisable at March 28, 2010                       |   |   | 909,527   |   |           | $      | 11.21  |             |   |   | 7.3 |   |

|                            |   |   |     |   | Weighted   |   |
|---------------------------------|--------|--------|----------|--------|------------|--------|
|                            |   |   |     |   | Average    |   |
|                            |   | Shares |     |   | Fair Value |   |
|                            |   |   |     |   |       |   |
| Non-vested at December 27, 2009 |   |   | 912,550  |   |       | $      | 2.20 |   |
| Granted                         |   |   | 249,125  |   |       |   | 3.60 |   |
| Vested                          |   |   | (244,467 | )      |       |   | 2.78 |   |
| Forfeited                       |   |   | (1,920   | )      |       |   | 6.64 |   |
| Non-vested at March 28, 2010    |   |   | 915,288  |   |       |   | 2.42 |   |

----

Index

| 6  | STOCK-BASED COMPENSATION continued |
|---------|------------------------------------|

| 7  | INCOME TAXES                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8  | INVENTORIES |
|---------|-------------|

|                      |   | March 28, 2010 |   |   | December 27, 2009 |   |
|---------------------------|--------|----------------|--------|--------|-------------------|--------|
|                      |   |           |   |   |              |   |
| Paper and supplies        |   | $              | 1,973  |   |              | $      | 2,405 |   |
| Work in process           |   |           | 510    |   |              |   | 600 |   |
| Finished goods            |   |           | 280    |   |              |   | 273 |   |
| Less obsolescence reserve |   |           | (222   | )      |              |   | (208 | ) |
| Inventories, net          |   | $              | 2,541  |   |              | $      | 3,070 |   |

| 9 | NOTES PAYABLE TO BANKS |
|---|------------------------|

----

Index

| 9 | NOTES PAYABLE TO BANKS |
|---|------------------------|

| 10 | GUARANTEES |
|----|------------|

| 11  | EMPLOYEE BENEFIT PLANS |
|----------|------------------------|

|                                                                                                                      |   | Pension Benefits    |   |
|---------------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|
|                                                                                                                      |   | First Quarter Ended |   |
|                                                                                                                      |   | March 28, 2010      |   |   | March 29, 2009 |   |
|                                                                                                                      |   |                |   |   |   |   |
| Service cost                                                                                                              |   | $                   | --     |   |   | $ | 544 |   |
| Interest cost                                                                                                             |   |                | 2,085  |   |   |   | 2,228 |   |
| Expected return on plan assets                                                                                            |   |                | (2,571 | ) |   |   | (2,724 | ) |
| Amortization of:                                                                                                          |   |                |   |   |   |   |   |   |
| Unrecognized prior service cost                                                                                           |   |                | (41    | ) |   |   | (55 | ) |
| Unrecognized net loss                                                                                                     |   |                | 680    |   |   |   | 182 |   |
| Curtailment gain                                                                                                          |   |                | --     |   |   |   | (353 | ) |
| Net periodic benefit (income) cost included in total operating costs and expenses and selling and administrative expenses |   | $                   | 153    |   |   | $ | (178 | ) |

----

Index

| 11  | EMPLOYEE BENEFIT PLANS continued |
|----------|----------------------------------|

|                                                                                                             |   | Other Postretirement Benefits |   |
|------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|--------|
|                                                                                                             |   | First Quarter Ended           |   |
|                                                                                                             |   | March 28, 2010                |   |   | March 29, 2009 |   |
|                                                                                                             |   |                          |   |   |   |   |
| Service cost                                                                                                     |   | $                             | 21     |   |   | $ | 17 |   |
| Interest cost                                                                                                    |   |                          | 238    |   |   |   | 270 |   |
| Amortization of:                                                                                                 |   |                          |   |   |   |   |   |   |
| Unrecognized prior service cost                                                                                  |   |                          | (55    | ) |   |   | (55 | ) |
| Unrecognized net transition obligation                                                                           |   |                          | 137    |   |   |   | 137 |   |
| Net periodic benefit cost included in total operating costs and expenses and selling and administrative expenses |   | $                             | 341    |   |   | $ | 369 |   |

| 12  | VARIABLE INTEREST ENTITY |
|----------|--------------------------|

----

Index

| 13 | GOODWILL AND OTHER INTANGIBLE ASSETS |
|----|--------------------------------------|

|                           |   | Gross    |   |   |         |   |    | Net      |   |
|--------------------------------|--------|----------|--------|--------|--------------|--------|---------|----------|--------|
|                           |   | Carrying |   |   | Accumulated  |   |    | Carrying |   |
|                           |   | Amount   |   |   | Amortization |   |    | Amount   |   |
| March 28, 2010                 |   |     |   |   |         |   |    |     |   |
| Network affiliation agreements |   | $        | 26,930 |   |         | $      | (6,262  | )        |   | $ | 20,668 |   |
| Customer lists                 |   |     | 18,206 |   |         |   | (16,253 | )        |   |   | 1,953 |   |
| Non-compete agreements         |   |     | 15,351 |   |         |   | (15,291 | )        |   |   | 60 |   |
| Other                          |   |     | 4,884  |   |         |   | (3,081  | )        |   |   | 1,803 |   |
| Total                          |   | $        | 65,371 |   |         | $      | (40,887 | )        |   | $ | 24,484 |   |
|                           |   |     |   |   |         |   |    |     |   |   |   |   |
| December 27, 2009              |   |     |   |   |         |   |    |     |   |   |   |   |
| Network affiliation agreements |   | $        | 26,930 |   |         | $      | (5,996  | )        |   | $ | 20,934 |   |
| Customer lists                 |   |     | 18,206 |   |         |   | (16,076 | )        |   |   | 2,130 |   |
| Non-compete agreements         |   |     | 15,351 |   |         |   | (15,286 | )        |   |   | 65 |   |
| Other                          |   |     | 4,884  |   |         |   | (3,037  | )        |   |   | 1,847 |   |
| Total                          |   | $        | 65,371 |   |         | $      | (40,395 | )        |   | $ | 24,976 |   |

----

Index

| 14 | DISCONTINUED OPERATIONS |
|----|-------------------------|

|                     |   | First Quarter Ended |   |
|--------------------------|--------|---------------------|--------|
|                     |   | March 28, 2010      |   |   | March 29, 2009 |   |
|                     |   |                |   |   |   |   |
| Revenue                  |   | $                   | 2,144  |   |   | $ | 5,314 |   |
| Loss before income taxes |   | $                   | (687   | ) |   | $ | (238 | ) |

|                        |   | March 28, 2010 |   |   | December 27, 2009 |   |
|-----------------------------|--------|----------------|--------|--------|-------------------|--------|
|                        |   |           |   |   |              |   |
| Receivables                 |   | $              | 81     |   |              | $      | 919 |   |
| Inventories, net            |   |           | --     |   |              |   | 386 |   |
| Prepaid expenses            |   |           | 3      |   |              |   | 176 |   |
| Property and equipment, net |   |           | 25     |   |              |   | 912 |   |
| Total assets                |   | $              | 109    |   |              | $      | 2,393 |   |
|                        |   |           |   |   |              |   |   |   |
| Accounts payable            |   | $              | 56     |   |              | $      | 318 |   |
| Accrued compensation        |   |           | 135    |   |              |   | 399 |   |
| Accrued employee benefits   |   |           | 3      |   |              |   | 44 |   |
| Other liabilities           |   |           | 73     |   |              |   | 535 |   |
| Total liabilities           |   | $              | 267    |   |              | $      | 1,296 |   |

| 15 | WORKFORCE REDUCTIONS AND BUSINESS IMPROVEMENTS |
|----|------------------------------------------------|

|                              |   |              |   |   | Charge for |   |   | Payments for |   |   |           |   |
|-----------------------------------|--------|-------------------|--------|--------|------------|--------|--------|--------------|--------|--------|----------------|--------|
|                              |   | Balance at        |   |   | Separation |   |   | Separation   |   |   | Balance at     |   |
|                              |   | December 27, 2009 |   |   | Benefits   |   |   | Benefits     |   |   | March 28, 2010 |   |
|                              |   |              |   |   |       |   |   |         |   |   |           |   |
| Publishing                        |   |              |   |   |       |   |   |         |   |   |           |   |
| Daily newspaper                   |   | $                 | 1,490  |   |       | $      | 135    |         |   | $      | (762           | )      |   | $ | 863 |   |
| Community newspapers and shoppers |   |              | 26     |   |       |   |   |         |   |   | (11            | )      |   |   | 15 |   |
| Total publishing                  |   |              | 1,516  |   |       |   | 135    |         |   |   | (773           | )      |   |   | 878 |   |
|                              |   |              |   |   |       |   |   |         |   |   |           |   |   |   |   |   |
| Broadcasting                      |   |              | 149    |   |       |   | 311    |         |   |   | (181           | )      |   |   | 279 |   |
| Printing services                 |   |              | 24     |   |       |   | 80     |         |   |   | (24            | )      |   |   | 80 |   |
|                              |   |              |   |   |       |   |   |         |   |   |           |   |   |   |   |   |
| Total                             |   | $                 | 1,689  |   |       | $      | 526    |         |   | $      | (978           | )      |   | $ | 1,237 |   |

----

Index

| 16 | SEGMENT REPORTING |
|----|-------------------|

|                                    |   | First Quarter Ended |    |
|-----------------------------------------|--------|---------------------|---------|
|                                    |   | March 28, 2010      |    |   | March 29, 2009 |   |
| Revenue                                 |   |                |    |   |   |   |
| Publishing                              |   | $                   | 44,552  |   |   | $ | 48,124 |   |
| Broadcasting                            |   |                | 42,605  |   |   |   | 39,215 |   |
| Printing services                       |   |                | 11,635  |   |   |   | 14,295 |   |
| Corporate eliminations                  |   |                | (267    | ) |   |   | (112 | ) |
|                                    |   | $                   | 98,525  |   |   | $ | 101,522 |   |
|                                    |   |                |    |   |   |   |   |   |
| Operating earnings (loss)               |   |                |    |   |   |   |   |   |
| Publishing                              |   | $                   | 3,389   |   |   | $ | (612 | ) |
| Broadcasting                            |   |                | 7,719   |   |   |   | 1,721 |   |
| Printing services                       |   |                | 598     |   |   |   | 261 |   |
| Corporate                               |   |                | (1,620  | ) |   |   | (1,776 | ) |
|                                    |   | $                   | 10,086  |   |   | $ | (406 | ) |
|                                    |   |                |    |   |   |   |   |   |
| Depreciation and amortization           |   |                |    |   |   |   |   |   |
| Publishing                              |   | $                   | 2,898   |   |   | $ | 3,052 |   |
| Broadcasting                            |   |                | 3,204   |   |   |   | 3,355 |   |
| Printing services                       |   |                | 539     |   |   |   | 528 |   |
| Corporate                               |   |                | 122     |   |   |   | 135 |   |
|                                    |   | $                   | 6,763   |   |   | $ | 7,070 |   |
|                                    |   |                |    |   |   |   |   |   |
| Capital expenditures                    |   |                |    |   |   |   |   |   |
| Publishing                              |   | $                   | 412     |   |   | $ | 569 |   |
| Broadcasting                            |   |                | 1,371   |   |   |   | 1,470 |   |
| Printing services                       |   |                | 167     |   |   |   | 126 |   |
| Corporate                               |   |                | 7       |   |   |   | 3 |   |
|                                    |   | $                   | 1,957   |   |   | $ | 2,168 |   |
|                                    |   |                |    |   |   |   |   |   |
|                                    |   | March 28, 2010      |    |   | December 27, 2009 |   |
|                                    |   |                |    |   |   |   |   |   |
| Identifiable total assets               |   |                |    |   |   |   |   |   |
| Publishing                              |   | $                   | 133,054 |   |   | $ | 140,810 |   |
| Broadcasting                            |   |                | 285,249 |   |   |   | 290,021 |   |
| Printing service                        |   |                | 12,081  |   |   |   | 13,371 |   |
| Corporate & discontinued operations |   |                | 25,356  |   |   |   | 28,985 |   |
|                                    |   | $                   | 455,740 |   |   | $ | 473,187 |   |

----

Index

ITEM 

|   | · | changes in advertising demand or the buying strategies of advertisers or the migration of advertising to the internet; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

|   | · | changes in newsprint prices and other costs of materials; |
|--------|--------|-----------------------------------------------------------|

|   | · | 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); |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | · | the availability of quality broadcast programming at competitive prices; |
|--------|--------|--------------------------------------------------------------------------|

|   | · | changes in network affiliation agreements; |
|--------|--------|--------------------------------------------|

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

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

|   | · | 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; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | · | changes in interest rates; |
|--------|--------|----------------------------|

|   | · | the outcome of pending or future litigation; |
|--------|--------|----------------------------------------------|

|   | · | energy costs; |
|--------|--------|---------------|

|   | · | the availability and effect of acquisitions, investments, dispositions and other capital expenditures including share repurchases on our results of operations, financial condition or stock price; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | changes in general economic conditions. |
|--------|--------|-----------------------------------------|

----

Index

----

Index

|                                                                   |   |                  |   |   | Percent of |   |   |   |   |   | Percent of |   |
|------------------------------------------------------------------------|--------|-----------------------|--------|--------|------------|--------|--------|--------|--------|--------|------------|--------|
|                                                                   |   |                  |   |   | Total      |   |   |   |   |   | Total      |   |
|                                                                   |   | 2010                  |   |   | Revenue    |   |   | 2009   |   |   | Revenue    |   |
|                                                                   |   | (dollars in millions) |   |
| Revenue:                                                               |   |                  |   |   |       |   |   |   |   |   |       |   |
| Publishing                                                             |   | $                     | 44.6   |   |       |   | 45.3   | %      |   | $      | 48.1       |   |   |   | 47.4 | % |
| Broadcasting                                                           |   |                  | 42.6   |   |       |   | 43.2   |   |   |   | 39.2       |   |   |   | 38.6 |   |
| Printing services                                                      |   |                  | 11.6   |   |       |   | 11.8   |   |   |   | 14.3       |   |   |   | 14.1 |   |
| Corporate eliminations                                                 |   |                  | (0.3   | )      |       |   | (0.3   | )      |   |   | (0.1       | )      |   |   | (0.1 | ) |
| Total revenue                                                          |   |                  | 98.5   |   |       |   | 100.0  |   |   |   | 101.5      |   |   |   | 100.0 |   |
|                                                                   |   |                  |   |   |       |   |   |   |   |   |       |   |   |   |   |   |
| Total operating costs and expenses                                     |   |                  | 59.8   |   |       |   | 60.8   |   |   |   | 70.6       |   |   |   | 69.6 |   |
| Selling and administrative expenses                                    |   |                  | 28.6   |   |       |   | 29.0   |   |   |   | 31.3       |   |   |   | 30.8 |   |
| Total operating costs and expenses and selling administrative expenses |   |                  | 88.4   |   |       |   | 89.8   |   |   |   | 101.9      |   |   |   | 100.4 |   |
| Total operating earnings (loss)                                        |   | $                     | 10.1   |   |       |   | 10.2   | %      |   | $      | (0.4       | )      |   |   | (0.4 | )% |

----

Index

|                            |   |                  |   |   | Percent of |   |   |   |   |   | Percent of |   |
|---------------------------------|--------|-----------------------|--------|--------|------------|--------|--------|--------|--------|--------|------------|--------|
|                            |   |                  |   |   | Total      |   |   |   |   |   | Total      |   |
|                            |   |                  |   |   | Operating  |   |   |   |   |   | Operating  |   |
|                            |   | 2010                  |   |   | Earnings   |   |   | 2009   |   |   | Loss       |   |
|                            |   | (dollars in millions) |   |
|                            |   |                  |   |   |       |   |   |   |   |   |       |   |
| Publishing                      |   | $                     | 3.4    |   |       |   | 33.7   | %      |   | $      | (0.6       | )      |   |   | 150.7 | % |
| Broadcasting                    |   |                  | 7.7    |   |       |   | 76.5   |   |   |   | 1.7        |   |   |   | (423.9 | ) |
| Printing services               |   |                  | 0.6    |   |       |   | 5.9    |   |   |   | 0.3        |   |   |   | (64.3 | ) |
| Corporate                       |   |                  | (1.6   | )      |       |   | (16.1  | )      |   |   | (1.8       | )      |   |   | 437.5 |   |
| Total operating earnings (loss) |   | $                     | 10.1   |   |       |   | 100.0  | %      |   | $      | (0.4       | )      |   |   | 100.0 | % |

|                      |                  | 2010      |   |   | 2009           |   |   |   |   |
|---------------------------|-----------------------|-----------|--------|--------|----------------|--------|--------|--------|--------|
|                      |                  |      |   |   | Community      |   |   |   |   |   |   |   |   | Community |   |   |   |   |   |   |   |
|                      |                  | Daily     |   |   | Newspapers     |   |   |   |   |   | Daily |   |   | Newspapers |   |   |   |   |   | Percent |   |
|                      |                  | Newspaper |   |   | & Shoppers |   |   | Total  |   |   | Newspaper |   |   | & Shoppers |   |   | Total |   |   | Change |   |
|                      | (dollars in millions) |      |
| Advertising revenue:      |                  |      |   |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Retail                    |                  | $         | 13.8   |   |           | $      | 4.8    |   |   | $ | 18.6 |   |   | $ | 15.1 |   |   | $ | 5.9 |   |   | $ | 21.0 |   |   |   | (11.6 | ) |
| Classified                |                  |      | 4.9    |   |           |   | 1.0    |   |   |   | 5.9 |   |   |   | 5.7 |   |   |   | 1.2 |   |   |   | 6.9 |   |   |   | (13.6 | ) |
| National                  |                  |      | 1.2    |   |           |   | --     |   |   |   | 1.2 |   |   |   | 1.4 |   |   |   | -- |   |   |   | 1.4 |   |   |   | (12.4 | ) |
| Direct Marketing          |                  |      | 0.1    |   |           |   | --     |   |   |   | 0.1 |   |   |   | 0.3 |   |   |   | -- |   |   |   | 0.3 |   |   |   | (83.7 | ) |
| Other                     |                  |      | --     |   |           |   | 0.1    |   |   |   | 0.1 |   |   |   | -- |   |   |   | 0.1 |   |   |   | 0.1 |   |   |   | (28.9 | ) |
| Total advertising revenue |                  |      | 20.0   |   |           |   | 5.9    |   |   |   | 25.9 |   |   |   | 22.5 |   |   |   | 7.2 |   |   |   | 29.7 |   |   |   | (13.0 | ) |
| Circulation revenue       |                  |      | 12.5   |   |           |   | 0.5    |   |   |   | 13.0 |   |   |   | 12.6 |   |   |   | 0.5 |   |   |   | 13.1 |   |   |   | (0.4 | ) |
| Other revenue             |                  |      | 5.0    |   |           |   | 0.7    |   |   |   | 5.7 |   |   |   | 4.5 |   |   |   | 0.8 |   |   |   | 5.3 |   |   |   | 6.3 |   |
| Total revenue             |                  | $         | 37.5   |   |           | $      | 7.1    |   |   | $ | 44.6 |   |   | $ | 39.6 |   |   | $ | 8.5 |   |   | $ | 48.1 |   |   |   | (7.4 | ) |
|                      |                  |      |   |   |           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating earnings (loss) |                  | $         | 3.5    |   |           | $      | (0.1   | )      |   | $ | 3.4 |   |   | $ | (0.1 | ) |   | $ | (0.5 | ) |   | $ | (0.6 | ) |   | NA |   |

----

Index

----

Index

|               |   | 2010                  |   |   | 2009   |   |   | Percent |   |
|--------------------|--------|-----------------------|--------|--------|--------|--------|--------|---------|--------|
|               |   | Television            |   |   | Radio  |   |   | Total   |   |   | Television |   |   | Radio |   |   | Total |   |   | Change |   |
|               |   | (dollars in millions) |   |   |   |   |
|               |   |                  |   |   |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue            |   | $                     | 28.4   |   |   | $      | 14.2   |    |   | $ | 42.6 |   |   | $ | 26.0 |   |   | $ | 13.2 |   |   | $ | 39.2 |   |   |   | 8.6 |   |
|               |   |                  |   |   |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating earnings |   | $                     | 5.1    |   |   | $      | 2.6    |    |   | $ | 7.7 |   |   | $ | 0.6 |   |   | $ | 1.1 |   |   | $ | 1.7 |   |   |   | 348.5 |   |

----

Index

----

Index

----

Index

|                                   |   | First Quarter Ended   |   |
|----------------------------------------|--------|-----------------------|--------|
|                                   |   | March 28, 2010        |   |   | March 29, 2009 |   |
|                                   |   | (dollars in millions) |   |
|                                   |   |                  |   |   |   |   |
| Net earnings                           |   | $                     | 5.3    |   |   | $ | 0.1 |   |
| Loss from discontinued operations, net |   |                  | 0.4    |   |   |   | 0.1 |   |
| Provision (benefit) for income taxes   |   |                  | 3.8    |   |   |   | (1.4 | ) |
| Total other expense, net               |   |                  | 0.6    |   |   |   | 0.8 |   |
| Depreciation                           |   |                  | 6.2    |   |   |   | 6.6 |   |
| Amortization                           |   |                  | 0.5    |   |   |   | 0.5 |   |
| Adjusted EBITDA                        |   | $                     | 16.8   |   |   | $ | 6.7 |   |

|              |   | Balance atDecember 27, 2009 |   |   | Charge forSeparationBenefits |   |   | Payments forSeparationBenefits |   |   | Balance atMarch 28, 2010 |   |
|-------------------|--------|-----------------------------|--------|--------|------------------------------|--------|--------|--------------------------------|--------|--------|--------------------------|--------|
|              |   | (dollars in millions)       |   |
| Publishing        |   |                        |   |   |                         |   |   |                           |   |   |                     |   |
| Daily newspaper   |   | $                           | 1.5    |   |                         | $      | 0.1    |                           |   | $      | (0.8                     | )      |   | $ | 0.8 |   |
| Total publishing  |   |                        | 1.5    |   |                         |   | 0.1    |                           |   |   | (0.8                     | )      |   |   | 0.8 |   |
|              |   |                        |   |   |                         |   |   |                           |   |   |                     |   |   |   |   |   |
| Broadcasting      |   |                        | 0.2    |   |                         |   | 0.3    |                           |   |   | (0.2                     | )      |   |   | 0.3 |   |
| Printing services |   |                        | --     |   |                         |   | 0.1    |                           |   |   | --                       |   |   |   | 0.1 |   |
|              |   |                        |   |   |                         |   |   |                           |   |   |                     |   |   |   |   |   |
| Total             |   | $                           | 1.7    |   |                         | $      | 0.5    |                           |   | $      | (1.0                     | )      |   | $ | 1.2 |   |

----

Index

| ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURE OF MARKET RISK |
|---------|--------------------------------------------------------|

| ITEM 4. | CONTROLS AND PROCEDURES |
|---------|-------------------------|

----

Index

ITEM 

| ITEM 1A. | RISK FACTORS |
|----------|--------------|

|   | • | proposals to increase regulatory fees or to impose spectrum use or other fees on FCC licenses; |
|--------|---------|------------------------------------------------------------------------------------------------|

|   | • | proposals to restrict or prohibit the advertising of beer, wine and other alcoholic beverages; |
|--------|---------|------------------------------------------------------------------------------------------------|

|   | • | proposals to limit the tax deductibility of advertising expenses by advertisers; |
|--------|---------|----------------------------------------------------------------------------------|

|   | • | proposals to impose sales tax on advertising expense; |
|--------|---------|-------------------------------------------------------|

|   | • | proposals to revise the rules relating to political broadcasting; |
|--------|---------|-------------------------------------------------------------------|

|   | • | proposals to require broadcast stations to operate studios in the communities to which they are licensed, requiring construction of new studios, and to provide staffing on a 24 hour per day basis; and |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | • | proposals to require radio broadcasters to pay royalties to musicians and record labels for the performance of music played on the stations. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

| ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
|---------|-------------------------------------------------------------|

| ITEM 3. | DEFAULTS UPON SENIOR SECURITIES |
|---------|---------------------------------|

| ITEM 4. | RESERVED |
|---------|----------|

| ITEM 5. | OTHER INFORMATION |
|---------|-------------------|

| ITEM 6. | EXHIBITS |
|---------|----------|

| (a) | Exhibits |
|-----|----------|

|   | Exhibit | No.Description |
|--------|---------|----------------|

|   | (31.1) | Certification by Steven J. Smith, Chairman and Chief Executive Officer of Journal Communications, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (31.2) | Certification by Andre J. Fernandez, Executive Vice President, Finance & Strategy and Chief Financial Officer of Journal Communications, Inc., pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (32) | Certification of Steven J. Smith, Chairman and Chief Executive Officer and Andre J. Fernandez, Executive Vice President, Finance & Strategy and Chief Financial Officer of Journal Communications, Inc., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Index

|                          |   | JOURNAL COMMUNICATIONS, INC.                                         |
|-------------------------------|--------|----------------------------------------------------------------------|
|                          |   | Registrant                                                           |
|                          |   |                                                                 |
|                          |   |                                                                 |
| Date:  May 10, 2010 |   | /s/ Steven J. Smith                                                  |
|                          |   | Steven J. Smith, Chairman and Chief Executive Officer                |
|                          |   |                                                                 |
|                          |   |                                                                 |
| Date:  May 10, 2010 |   | /s/ Andre J. Fernandez                                               |
|                          |   | Andre J. Fernandez, Executive Vice President, Finance & Strategy |
|                          |   | and Chief Financial Officer                                          |

----