JOURNAL COMMUNICATIONS, INC.
                    NON-QUALIFIED DEFERRED COMPENSATION PLAN















                            Effective January 1, 1996
                           Plan Year Ends December 31






                [REFLECTS ALL AMENDMENTS THROUGH SEPTEMBER 1996]


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                          JOURNAL COMMUNICATIONS, INC.
                    NON-QUALIFIED DEFERRED COMPENSATION PLAN

                                TABLE OF CONTENTS
                                -----------------


Article I ESTABLISHMENT OF PLAN AND PURPOSE....................................1
         Section 1.1       Establishment of Plan...............................1
         Section 1.2       Purpose of Plan.....................................1

Article II DEFINITIONS AND CONSTRUCTION........................................2
         Section 2.1       Definitions.........................................2

Article III ELIGIBILITY........................................................3
         Section 3.1       Conditions of Eligibility...........................3
         Section 3.2       Commencement of Participation.......................3
         Section 3.3       Termination of Participation........................3

Article IV DEFERRAL OF COMPENSATION............................................4
         Section 4.1       Amount and Manner of Deferral.......................4
         Section 4.2       Special Deferral Elections..........................4
         Section 4.3       Cessation of Deferral...............................4

Article V MEMORANDUM ACCOUNT...................................................6
         Section 5.1       Nature of Account...................................6
         Section 5.2       Credit to Memorandum Account........................6
         Section 5.3       Changes in Memorandum Account.......................6
         Section 5.4       Statement of Memorandum Account.....................6

Article VI TERMINATION DISTRIBUTIONS...........................................7
         Section 6.1       Termination of Employment...........................7
         Section 6.2       Distributions Upon Death............................7
         Section 6.3       Emergencies.........................................8

Article VII ADMINISTRATION OF THE PLAN.........................................9
         Section 7.1       Appointment of Separate Administrator...............9
         Section 7.2       Powers and Duties...................................9
         Section 7.3       Records and Notices................................10
         Section 7.4       Compensation and Expenses..........................10
         Section 7.5       Limitation of Authority............................10

Article VIII GENERAL PROVISIONS...............................................11
         Section 8.1       Assignment.........................................11
         Section 8.2       Employment Not Guaranteed by Plan..................11
         Section 8.3       Termination and Amendment..........................11
         Section 8.4       Successors and Assigns.............................11
         Section 8.5       Governing Law......................................11
         Section 8.6       Severability.......................................11

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         Section 8.7       Notice.............................................11
         Section 8.8       Notification of Addresses..........................12
         Section 8.9       Limitation of Liability............................12
         Section 8.10      Indemnification....................................12
         Section 8.11      Tax Liability......................................12
         Section 8.12      Headings...........................................12

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                          JOURNAL COMMUNICATIONS, INC.
                    NON-QUALIFIED DEFERRED COMPENSATION PLAN

                                   ARTICLE I

                        ESTABLISHMENT OF PLAN AND PURPOSE

     Section 1.1 Establishment of Plan. Journal Communications, Inc. hereby
establishes the "Journal Communications Non-Qualified Deferred Compensation
Plan," effective as of January 1, 1996 (the "Plan").

     Section 1.2 Purpose of Plan. The Plan shall permit a select group of
management or highly compensated employees to enhance the security of themselves
and their beneficiaries following retirement or other termination of their
employment with Journal (as defined herein) by deferring until that time a
portion of the compensation which may otherwise be payable to them at an earlier
date. By allowing key management employees to participate in the Plan, Journal
expects the Plan to benefit it in attracting and retaining the most capable
individuals to fill its executive positions.

     The parties intend that the arrangements described herein be unfunded for
tax purposes and for purposes of Title I in the Employee Retirement Income
Security Act of 1974, as amended from time to time ("ERISA").


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                                   ARTICLE II

                          DEFINITIONS AND CONSTRUCTION

     As used herein, the following words and phrases shall have the meanings set
forth below:

     Section 2.1 Definitions.

          (a) Administrator. The person or persons selected pursuant to Article
VII below to control and manage the operation and administration of the Plan.

          (b) Base Compensation. Basic wages and earnings.

          (c) Beneficiaries. The spouse or descendants of Participant or any
other person receiving benefits hereunder in relation to Participant.

          (d) Journal. Journal Communications, Inc., a Wisconsin corporation
with its principal office and place of business in Milwaukee, Wisconsin, and any
subsidiary or successor thereof now or hereafter created.

          (e) Employee. An employee of Journal.

          (f) Employment. Employment with Journal.

          (g) Fiscal Year. The fiscal year of Journal, regardless of whether it
is a calendar year or changes from time to time.

          (h) Incentive Compensation. Amounts payable to a Participant pursuant
to the Journal Communications, Inc. Management Annual Incentive Plan ("Annual
Incentive Plan") and the Journal Communications, Inc. Management Long Term
Performance Plan ("Long Term Incentive Plan") as established in 1993 and as
revised from time to time.

          (i) Memorandum Account. The account maintained for each Participant
pursuant to Article V below.

          (j) Participants. Such management and highly compensated employees who
satisfy the eligibility requirements of Section 3.1 below and who elect to
participate herein.

          (k) Plan. The Journal Communications, Inc. Non-Qualified Deferred
Compensation Plan, as set forth herein and as amended from time to time.

          (l) Termination. As to each Participant, the termination of his
employment.

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                                   ARTICLE III

                                   ELIGIBILITY

     Section 3.1 Conditions of Eligibility. Each employee who is eligible for
the Long Term Incentive Plan shall be eligible to participate herein.

          Eligibility to participate shall not require that an employee elect to
defer hereunder compensation at any time or from time to time.

     Section 3.2 Commencement of Participation. An employee identified as
eligible to participate herein shall, by electing a deferral of compensation,
commence participation as of the first day of any fiscal year beginning on or
after his identification as eligible for participation.

     Section 3.3 Termination of Participation. An employee's right to defer
compensation hereto shall cease as of the earlier of the termination, of his
employment or any action removing him from the employees eligible to participate
herein.

          If an employee's right to defer compensation terminates during a
fiscal year, his deferral shall, consistent with his deferral elections then in
effect, include all Incentive Compensation otherwise payable to him with respect
to which a deferral election has been made.

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                                   ARTICLE IV

                            DEFERRAL OF COMPENSATION

     Section 4.1 Amount and Manner of Deferral. A Participant may submit to
Journal a written election, substantially in the form of Schedule A attached
hereto, to defer his Incentive Compensation or his Base Compensation. Such
election shall indicate the amount of his Base Compensation and Incentive
Compensation which he elects to defer hereunder. Any election with respect to
Base Compensation or Annual Incentive Plan payments must be made prior to the
commencement of the fiscal year with respect to which the Base Compensation or
Incentive Compensation is payable. Any election with respect to Long Term
Incentive Plan payments must be made prior to the end of the first fiscal year
of a Long Term Incentive Plan performance cycle. Such election shall become
irrevocable immediately upon the last date an election may be made with respect
to such Base Compensation or Incentive Compensation. Journal shall, consistent
with such election, defer all or such portion of the Base Compensation or
Incentive Compensation elected by the Participant.

          If a Participant elects to defer all or a portion of the Base
Compensation or Incentive Compensation that may become payable to him, Journal
shall reduce his Base Compensation or Incentive Compensation by the entire
amount deferred when other wise payable.

     Section 4.2 Special Deferral Elections. These are two exceptions to the
timing requirement described in Section 4.1(a), above:

               (i)  For the fiscal year ending December 31, 1996, a Participant
                    may submit a deferral election within 30 days of the
                    effective date of the Plan with respect to Base Compensation
                    payable in 1996, and with respect to Incentive Compensation
                    payable under the Annual Incentive Plan for the fiscal year
                    ending December 31, 1996 and under the Long Term Incentive
                    Plan for the performance cycle ending December 31, 1977 and

               (ii) In the first fiscal year a Participant becomes eligible to
                    participate in the Plan (if he becomes eligible after 1996)
                    he may submit a deferral election within 30 days of the date
                    he becomes eligible to participate in the Plan with respect
                    to Incentive Compensation payable under the Annual Incentive
                    Plan for the fiscal year during which the Participant
                    becomes eligible to participate in this Plan and with
                    respect to Base Compensation for the fiscal year in which
                    the Participant becomes eligible to participate in this
                    Plan.

     Section 4.3 Cessation of Deferral. In the event of an unforeseeable
emergency, a Participant may request in writing that deferrals elected by him
which have not been credited to the Memorandum Account established hereunder
cease. Such emergency must inflict hardship upon the Participant and must arise
from causes beyond the Participant's control. The Administrator shall, in its
reasonable judgment, determine whether such an emergency exists. If the
Administrator determines that no such emergency exists, the deferrals shall
continue as originally elected.

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                                   ARTICLE V

                               MEMORANDUM ACCOUNT

     Section 5.1 Nature of Account. For the purposes of measuring payments due
Participants hereunder, Journal shall maintain on behalf of each Participant a
Memorandum Account to which Journal shall credit the amounts described in this
Article V.

          The Memorandum Account hereunder and assets, if any and of any nature,
acquired by Journal to measure a Participant's benefits hereunder shall not
constitute or be treated for any reason as a trust for, property of or a
security interest for the benefit of, Participant, his beneficiaries or any
other person. Participant and Journal acknowledge that the Plan constitutes a
promise by Journal that Participant's rights hereunder (by electing to defer
compensation hereunder) are limited to those of general unsecured creditors of
Journal and that the establishment of the Plan, acquisition of assets to measure
Participant's benefits hereunder or deferral of all or any portion of
Participant's Incentive Compensation hereunder does not prevent any property of
Journal from being subject to the rights of all of Journal's creditors. If
Journal deposits funds, stock or other assets in a trust for the purpose of
measuring and paying benefits due hereunder, the document creating such trust
shall define the rights of Journal, Participant, beneficiaries and Journal's
creditors to such deposits, the assets acquired with them and earnings thereof.

     Section 5.2 Credit to Memorandum Account. As of the date such Incentive
Compensation is otherwise payable, Journal shall credit to the Memorandum
Account of each Participant the amount, if any, of his deferred Incentive
Compensation on a uniform and non-discriminatory basis for all Participants.

     Section 5.3 Changes in Memorandum Account. If a Participant defers the
receipt of Incentive Compensation, his Memorandum Account shall record the
receipt of such amounts and reflect earnings on such amounts as determined by
the Administrator.

     Section 5.4 Statement of Memorandum Account. Within 120 days after the last
day of each fiscal year, Journal shall provide each Participant or his
beneficiaries a statement indicating the balance of his Memorandum Account
reflecting the amount of deferrals, if any, occurring with respect to such year,
together with all other changes in value during the fiscal year.

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                                   ARTICLE VI

                            TERMINATION DISTRIBUTIONS

     Section 6.1 Termination of Employment. The employee may elect, pursuant to
Section 6.1(c) to receive the balance in his Memorandum Account in a lump sum
(as provided in Section 6.1(a) or installments (as provided in Section 6.1(b)).

          (a) Lump Sum. Upon a Participant's termination, Journal shall pay an
amount equaling the entire balance of a Participant's Memorandum Account to him
in a single lump sum occurring within the first 120 days of the fiscal year
commencing immediately following his termination. Such payment shall cancel the
balance in his Memorandum Account.

          (b) Installments. If validly elected, the Administrator shall pay to
the Participant an amount equaling the balance in his Memorandum Account in
annual installments over a period of 10 years. Payments shall be made in the
first 120 days of each fiscal year commencing with the fiscal year immediately
following his termination. The amount of each installment shall equal the
quotient obtained upon dividing the balance in the Memorandum Account as of the
first day of the fiscal year of payment by the number of installments then
remaining to be paid (including the installment then being paid). The
Administrator shall reduce the balance in the Participant's Memorandum Account
by the amount of such payment immediately upon the occurrence of such payment.

          (c) Election. Each participant may, at any time during employment,
elect the installment form of payment hereunder by submitting to the
Administrator a document substantially in the form thereof attached hereto as
Schedule B. Such election shall be effective the first day of the fiscal year
commencing concurrent with or immediately after expiration of 12 months
following the submission of such election to the Administrator. If the
Participant's termination or death occurs before the effectiveness of an
election, the election in effect at that time or, if none, the direction of
subsection 6.1(a) immediately above, shall control. An election shall remain
effective until the effective date of any subsequent superseding election.

     Section 6.2 Distributions Upon Death.

          (a) Upon a Participant's death, either before or after his
termination, with a balance remaining in his Memorandum Account, Journal shall
pay an amount equaling the entire balance of his Memorandum Account to the
beneficiary or beneficiaries he specifies or, if none, to his surviving spouse
or, if none, to his estate. Each participant may designate a beneficiary or
beneficiaries to receive the unpaid balance of his Memorandum Account upon his
death and may revoke or modify such designation at any time and from time to
time by submitting to the Administrator a Beneficiary Designation substantially
in the form thereof attached hereto as Schedule C.

          (b) If a Participant's death occurs prior to the payment of any
amounts to him hereunder, other than payments for emergencies, payments shall
occur in five annual installments occurring within the first 120 days of the
fiscal year immediately following the Participant's death and within the first
120 days of each of the four fiscal years immediately

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thereafter. The amount of each such payment shall equal the quotient obtained
upon dividing the balance in the Memorandum Account as of the first day of the
fiscal year of payment by the number of installments then remaining to be paid
(including the installment then being paid).

          (c) If a Participant's death occurs after the payment of any amount to
him hereunder, other than payments for emergencies, payments to his beneficiary
shall occur in the same form and be calculated in the same manner as paid to the
Participant prior to his death by merely substituting the recipient for the
Participant.

          (d) If a beneficiary survives a Participant, but dies prior to receipt
of the entire amount of the Memorandum Account due him, Journal shall, as soon
as practicable, pay to the estate of the beneficiary in a lump sum the entire
remaining balance therein due the beneficiary.

          (e) The Administrator may, in its discretion, accelerate any payments
due to a beneficiary of a deceased Participant.

          (f) The Administrator shall reduce the balance in the deceased
Participant's Memorandum Account by the amount of any payment pursuant to this
Section 6.2 immediately upon the occurrence of such payment.

     Section 6.3 Emergencies. In the event of an unforeseeable emergency, either
before or after the commencement of payments hereunder, a Participant or
beneficiary may request in writing that all or any portion of the benefits due
him hereunder be paid in one or more installments prior to the normal time for
payment of such amount. Such emergency must inflict severe financial hardship
upon the Participant or beneficiary and must arise from causes beyond the
Participant's or beneficiary's control. The Administrator shall, in its
reasonable judgment, determine whether such an emergency exists and that the
applicant could not address the emergency through reimbursement or compensation
by insurance or otherwise, by liquidation of other assets (provided such
liquidation, in itself, would not create a financial hardship) or by ceasing
deferrals hereunder. Only if the Administrator determines that such an emergency
exists, Journal shall pay to the Participant or beneficiary, as the case may be,
an amount equal to the lesser of(a) the amount requested or (b) the amount
necessary (in the reasonable opinion of the Administration) to alleviate the
hardship. The Administrator shall use its reasonable discretion to determine
when the prepayments shall be made and shall immediately reduce the balance in
the recipients Memorandum Account by the amount of such payment.

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                                  ARTICLE VII

                           ADMINISTRATION OF THE PLAN

     Section 7.1 Appointment of Separate Administrator. Journal shall, in
writing, appoint a separate Administrator. Any person including, but not limited
to, employees, shall be eligible to serve as Administrator. Two or more persons
may form a committee to serve as Administrator. Persons serving as Administrator
may resign by written notice to Journal and Journal may appoint or remove such
persons. An Administrator consisting of more than one person shall act by a
majority of its members at the time in office, either by vote at a meeting or in
writing without a meeting. An Administrator consisting of more than one person
may authorize any one or more of its members to execute any document or
documents on behalf of the Administrator, in which event the Administrator shall
notify Journal of the member or members so designated. Journal shall accept and
rely upon any document executed by such member or members as representing action
by the Administrator until the Administrator shall file with Journal a written
revocation of such designation. No person serving as Administrator shall vote or
decide upon any matter relating solely to himself or solely to any of his rights
or benefits pursuant to the Plan.

     Section 7.2 Powers and Duties. The Administrator shall administer the Plan
in accordance with its terms. The Administrator shall have full and complete
authority and control with respect to Plan operations and administrator unless
the Administrator allocates and delegates such authority or control pursuant to
the procedures stated in subsection (b) or (c) below. Any decisions of the
Administrator or its delegate shall be final and binding upon all persons
dealing with the Plan or claiming any benefit under the Plan. The Administrator
shall have all powers which are necessary to manage and control Plan operations
and administration including, but not limited to, the following:

          (a) To employ such accountants, counsel or other persons as it deems
necessary or desirable in connection with Plan administration. Journal shall
bear the costs of such services and other administrative expenses.

          (b) To designate in writing persons other than the Administrator to
perform any of its powers and duties hereunder.

          (c) To allocate in writing any of its powers and duties hereunder to
those persons who have been designated to perform Plan fiduciary
responsibilities.

          (d) The discretionary authority to construe and interpret the Plan,
including the power to construe disputed provisions.

          (e) To resolve all questions arising in the administration,
interpretation and application of the Plan, including, but not limited to,
questions as to the eligibility of the right of any person to a benefit.

          (f) To adopt such rules, regulations, forms and procedures from time
to time as it deems advisable and appropriate in the proper administration of
the Plan.

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          (g) To prescribe procedures to be followed by any person in applying
for distributions pursuant to the Plan and to designate the forms or documents,
evidence and such other information as the Administrator may reasonably deem
necessary, desirable or convenient to support an application for such
distribution.

          (h) To apply consistently and uniformly the Committee rules,
regulations and determinations to all Participants and beneficiaries in similar
circumstances.

     Section 7.3 Records and Notices. The Administrator shall keep a record of
all its proceedings and acts and shall maintain all such books of accounts,
records and other data as may be necessary for proper Plan administration. The
Administration shall notify Journal of any action taken by the Administrator
which affects the Trustee's Plan obligations or rights and, when required, shall
notify any other interested parties.

     Section 7.4 Compensation and Expenses. The expenses incurred by the
Administrator in the proper administration of the Plan shall be paid by Journal.
An Administrator who is an Employee shall not receive any additional fee or
compensation for services rendered as an Administrator.

     Section 7.5 Limitation of Authority. The Administrator shall not add to,
subtract from or modify any of the terms of the Plan, change or add to any
benefits prescribed by the Plan or waive or fail to apply any Plan requirement
for benefit eligibility.

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                                  ARTICLE VIII

                               GENERAL PROVISIONS

     Section 8.1 Assignment. No Participant or beneficiary may sell, assign,
transfer, encumber or otherwise dispose of the right to receive payments
hereunder. A Participant's rights to benefit payments under the Plan are not
subject in any manner to anticipation, alienation, sale, transfer, assignment,
pledge, encumbrance, attachment or garnishment by creditors of the Participant
or the Participant's beneficiary.

     Section 8.2 Employment Not Guaranteed by Plan. The establishment of this
Plan, its amendments and the granting of a benefit pursuant to the Plan shall
not give any Participant the right to continued employment or limit the right of
Journal to dismiss or impose penalties upon the Participant or modify the terms
of employment of any Participant.

     Section 8.3 Termination and Amendment. Journal may at any time and from
time to time terminate, suspend, alter or amend this Plan and no Participant or
any other person shall have any right, title, interest or claim against Journal,
its directors, officers or employees for any amounts, except that Participant
shall be vested in his Memorandum Account hereunder as of the date on which the
Plan is terminated, suspended, altered or amended and (unless Journal and
Participant agree to the contrary) such amount shall (a) continue to fluctuate
pursuant to the investment election then in effect and (b) be paid to the
participant or his beneficiary or beneficiaries at the time and in the manner
provided by Article VI above.

     Section 8.4 Successors and Assigns. The provisions of the Plan are binding
upon and inure to the benefit of the employer, its successors and assigns, and
the employee, his beneficiary, beneficiaries, heirs, legal representatives and
assigns.

     Section 8.5 Governing Law. The Plan shall be subject to and construed in
accordance with the laws of the `State of Wisconsin.

     Section 8.6 Severability. If any provision of the Plan shall be held
illegal or invalid for any reason, such illegality or invalidity shall not
affect the remaining provisions of the Plan, but the Plan shall be construed and
enforced as if such illegal or invalid provisions had never been included
herein.

     Section 8.7 Notice. Any and all notices, designations or reports provided
for herein shall be in writing and delivered personally or by registered or
certified mail, return receipt requested, addressed, in the case of Journal, its
Board of Directors or Administrator, to Journal's principle business office and,
in the case of a Participant or beneficiary, to his home address as shown on the
records of Journal.

     Section 8.8 Notification of Addresses. Employee and his spouse shall file
with the Administrator, from time to time, in writing, the post office address
of the employee, the post office address of his spouse and each change of post
office address. Any communication, statement or notice addressed to the last
post office address filed with the Administrator (or if no such address was
filed with the Administrator, then to the last post office address of the
employee or his spouse as shown on the employer's records) shall be binding on
the employee

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and his spouse for all purposes of the Plan, and neither the Administrator nor
the employer shall be obliged to search for or ascertain the whereabouts of
employee or his spouse.

     Section 8.9 Limitation of Liability. In no event shall Journal, employer,
Administrator or any employee, officer or director of Journal incur any
liability for any act or failure to act unless such act or failure to act
constitutes a lack of good faith, willful misconduct or gross negligence with
respect to the Plan.

     Section 8.10 Indemnification. Journal shall indemnify the Administrator and
any employee, officer or director of Journal against all liabilities arising by
reasons of any act or failure to act unless such act or failure to act is due to
such good faith in the performance of his duties to the Plan or Trust Fund. Such
indemnification shall include, but not be limited to, expenses reasonably
incurred in the defense of any claim including attorney and legal fees and
amounts paid in any settlement or compromise; provided, however, that
indemnification shall not occur to the extent that it is not permitted by
applicable law. Indemnification shall not be deemed the exclusive remedy of any
person entitled to indemnification pursuant to this section. The indemnification
provided hereunder shall continue as to a person who has ceased acting as a
director, officer, member, agent or employee of the Administrator or as an
officer, director or employee of Journal, and such person's rights shall inure
to the benefit of his heirs and representatives.

     Section 8.11 Tax Liability. The employer may withhold from any payment of
benefits hereunder any taxes required to be withheld and such sum as the
employer may reasonably estimate to be necessary to cover any taxes for which
the employer may be liable and which may be assessed with regard to such
payment.

     Section 8.12 Headings. All articles and section headings in this Plan are
intended merely for convenience and shall in no way be deemed to modify or
supplement the actual terms and provisions stated thereunder.

     IN WITNESS WHEREOF, Journal, by action of its Board of Directors, has
caused this Plan to be executed and thereby established and its seals to be
hereunto affixed on the 4th day of September, 1996.

                                    JOURNAL COMMUNICATIONS, INC.


                                    By:_________________________________________

                                        ATTEST:


                                    By:_________________________________________



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