SECURITIES & EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549
                                    FORM 10-K

   (X)       Annual Report Pursuant to Section 13 or 15(d) of the Securities
              Exchange Act of 1934
              For the fiscal year ended December 31, 1996
   Commission File Number:  0-7832

                         JOURNAL EMPLOYEES' STOCK TRUST
             (Exact name of registrant as specified in its charter)

        Wisconsin                                   39-6153189               
       (State of organization)        (I.R.S. employer identification number)

       333 West State Street, P. O. Box 661, Milwaukee, Wisconsin   53201
               Address of principal executive offices  (zip code)

               Registrant's telephone number, including area code:
                                  414-224-2374

           Securities registered pursuant to Section 12(b) of the Act:
                                      NONE

           Securities registered pursuant to Section 12(g) of the Act:
                          Units of Beneficial Interest
                                (title of class)

   Indicate by check mark whether the Registrant (1) has filed all reports
   required to be filed by Section 13 or 15(d) of the Securities Exchange Act
   of 1934 during the preceding 12 months (or for such shorter period that
   the Registrant was required to file such reports) and (2) has been subject
   to such filing requirements for the past 90 days.  Yes   X  .  No      .

   Indicate by check mark if disclosure of delinquent filers pursuant to Item
   405 of Regulation S-K (Section 229.405 of this chapter) is not contained
   herein, and will not be contained, to the best of registrant's knowledge,
   in definitive proxy or information statements incorporated by reference in
   Part III of this Form 10-K or any amendment to this Form 10-K.  [ x ] 

   State the aggregate market value of the voting stock held by non-
   affiliates of Registrant:  Not Applicable.

   Indicate the number of shares outstanding of each of the issuer's classes
   of common stock, as of March 19, 1997:

             Class                              Outstanding at March 19, 1997
        Units of beneficial interest                 12,312,333

   Portions of Parts I, II and III are incorporated by reference to the
   Annual Report of Journal Communications, Inc. on Form 10-K for the year
   ended December 31, 1996, filed herewith as Exhibit 99.1.  Portions of Part
   III are incorporated by reference to the Proxy Statement of Journal
   Communications, Inc., for the 1997 Annual Meeting of Journal
   Communications, Inc., to be filed as Exhibit 99.2 upon its publication on
   or about April 30, 1997.


   <PAGE>
                                     PART I
                                ITEM 1.  BUSINESS

   The Registrant is a trust created under the Journal Employees' Stock Trust
   Agreement, dated May 15, 1937, as amended (the "Trust Agreement"), by all
   the stockholders of The Journal Company (now known as Journal
   Communications, Inc.), a Wisconsin corporation (the "Company"), to promote
   stability and to enable its employees to acquire ownership and control of
   the Company.

   Under the Trust Agreement establishing the Registrant, stockholders of the
   Company and the Company itself deposited shares of the Company's stock in
   the trust and received in exchange trust units, which in turn have been
   sold to active employees of the Company and its subsidiaries.  Each unit
   represents one share of the Company's common stock.  Unitholders may sell
   their units to active employees designated by the President of the Company
   or the Company at the formula price ("Option Price") defined in the Trust
   Agreement and are required to do so when they die or terminate employment,
   except that (i) retired employees may retain a decreasing percentage of
   their units for ten years after retirement and (ii) employees who are
   terminated due to downsizing or divestiture may retain a decreasing
   percentage of their units for up to five (5) years.  As of the date
   hereof, the Registrant holds 12,960,000 shares, or ninety percent (90%),
   of the outstanding common stock of the Company.

   The Registrant engages in no business other than the record holding of
   Company shares, the issuing of trust units and, in limited instances, the
   voting of Company shares held by it.  Most expenses of administering the
   trust are borne by the Company.

   There are five trustees, all employees of the Company, none of whom
   receives any compensation in his capacity as trustee.  The Registrant has
   no employees.

   For a further discussion of the trust's operation and unit ownership, see
   Item 5, "Market for Registrant's Common Stock and Related Stock Holder
   Matters," and Item 12, "Security Ownership of Certain Beneficial Owners
   and Management," in the Annual Report of Journal Communications, Inc. on
   Form 10-K, filed herewith as Exhibit 99.1.


                               ITEM 2.  PROPERTIES

   The Registrant owns no physical properties.  Its records are kept and its
   administrative functions are performed in the offices of Journal
   Communications, Inc., in Milwaukee, Wisconsin.

                           ITEM 3.  LEGAL PROCEEDINGS
                                      None.


          ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

   A special meeting of holders of units of the Registrant was held on
   October 30, 1996 for the purpose of considering a proposal to amend the
   Trust Agreement to change the Option Price.  At the meeting, 6,252,585 
   votes were cast FOR the proposal, 53,515 votes were case AGAINST the
   proposal and there were 24,835 abstentions.


                                     PART II
            ITEM 5.  MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED
                               SECURITY HOLDER MATTERS

   Reference is made to Item 5, "Market For Registrant's Common Stock and
   Related Stock Holder Matters," of the Annual Report of Journal
   Communications, Inc., on Form 10-K filed herewith as Exhibit 99.1, and
   incorporated by reference.

                        ITEM 6.  SELECTED FINANCIAL DATA

   Registrant incorporates herein by reference Item 6, "Selected Financial
   Data," of the Annual Report of Journal Communications, Inc., on Form 10-K
   filed herewith as Exhibit 99.1.

     ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIALCONDITION AND
   RESULTS OF OPERATIONS


   Registrant incorporates herein by reference Item 7, "Management's
   Discussion and Analysis of Financial Condition and Results of Operations,"
   of the Annual Report of Journal Communications, Inc., on Form 10-K filed
   herewith as Exhibit 99.1.

                   ITEM 8.  CONSOLIDATED FINANCIAL STATEMENTS
                             AND SUPPLEMENTARY DATA

   The Financial Statements With Report of Independent Public Auditors are
   presented on the pages immediately following.


   <PAGE>

   Report of Ernst & Young LLP, Independent Auditors

   The Trustees of Journal
     Employees' Stock Trust



   We have audited the accompanying statement of assets and liabilities of
   Journal Employees' Stock Trust (the Trust) as of December 31, 1996, 1995
   and 1994, and the related statements of Journal Communications Inc. common
   stock held and Trust certificates outstanding, Trust income, and cash
   flows for the years then ended.  These financial statements are the
   responsibility of the Trustees of the Trust.  Our responsibility is to
   express an opinion on these financial statements based on our audits.

   We conducted our audits in accordance with generally accepted auditing
   standards.  Those standards require that we plan and perform the audit to
   obtain reasonable assurance about whether the financial statements are
   free of material misstatement.  An audit includes examining, on a test
   basis, evidence supporting the amounts and disclosures in the financial
   statements.  An audit also includes assessing the accounting principles
   used and significant estimates made by the Trustees, as well as evaluating
   the overall financial statement presentation.  We believe that our audits
   provide a reasonable basis for our opinion.

   In our opinion, the financial statements referred to above present fairly,
   in all material respects, the assets and liabilities of Journal Employees'
   Stock Trust at December 31, 1996, 1995 and 1994, Journal Communications
   Inc. common stock held and Trust certificates outstanding, Trust income,
   and cash flows for the years then ended in conformity with generally
   accepted accounting principles.


                                      ERNST & YOUNG LLP

   Milwaukee, Wisconsin
   February 3, 1997

   <PAGE>
                         JOURNAL EMPLOYEES' STOCK TRUST

                       STATEMENT OF ASSETS AND LIABILITIES

                        December 31, 1996, 1995 and 1994


                                      1996           1995           1994   
   Assets:
     Cash in bank                  $     100      $    100       $      100
                                   =========      ========       ==========

   Liabilities:
     Note payable to Journal
      Communications, Inc.         $     100           100              100
                                   ---------      --------       ----------
                                   $     100      $    100       $      100
                                   =========      ========       ==========


                             See accompanying notes.

   <PAGE>

                         JOURNAL EMPLOYEES' STOCK TRUST

                    STATEMENT OF JOURNAL COMMUNICATIONS INC.
                    COMMON STOCK HELD AND TRUST CERTIFICATES
                           OUTSTANDING (Notes 1 and 2)

                  Years ended December 31, 1996, 1995 and 1994


                                      1996           1995           1994   
   Shares of Journal
    Communications Inc.
    common stock:
       Held at beginning and
      end of year                  12,960,000     12,960,000     12,960,000
                                   ==========     ==========     ==========

   Trust certificates evidencing
    Units of Beneficial Interest
    in Journal Communications Inc.
    common stock:
       Outstanding at beginning
       and end of year             12,960,000     12,960,000     12,960,000   
                                   ==========     ==========     ==========




                             See accompanying notes.


   <PAGE>
                         JOURNAL EMPLOYEES' STOCK TRUST

                            STATEMENT OF TRUST INCOME


                  Years ended December 31, 1996, 1995 and 1994


                                 1996           1995         1994    
   Dividends on common stock
    of Journal Communications
    Inc. held by the Trust    $25,010,263    $25,729,448         $23,598,655
                               ==========     ==========          ==========
   Dividends to holders of
    Units of Beneficial
    Interest                  $25,010,263    $25,729,448         $23,598,655
                               ==========     ==========          ==========

   Dividends per share        $      2.20    $      2.10         $      1.90


                             See accompanying notes.

   <PAGE>

                         JOURNAL EMPLOYEES' STOCK TRUST

                             STATEMENT OF CASH FLOWS

                  Years ended December 31, 1996, 1995 and 1994



                                  1996           1995          1994   
   Sources of cash:
     Receipts from purchasers
      of Units of Beneficial
      Interest (Note 3)       $88,661,471    $62,411,465   $45,792,223

     Dividends received from
       Journal Communications
       Inc.                    25,010,263     25,729,448    23,598,655
                              -----------    -----------   -----------
                              113,671,734     88,140,913    69,390,878


   Uses of cash:
     Disbursements to sellers
      of Units of Beneficial
      Interest                (88,661,471)   (62,411,465)  (45,792,223)
     Dividends paid to holders
      of Units of Beneficial
      Interest                (25,010,263)   (25,729,448)  (23,598,655)
                               ----------     ----------    ----------
   Net increase (decrease)
    in cash                        --             --            --

   Cash at beginning of year          100            100           100
                               ----------     ----------    ----------
   Cash at end of year        $       100    $       100   $       100
                               ==========     ==========    ==========



                             See accompanying notes.

   <PAGE>
                         JOURNAL EMPLOYEES' STOCK TRUST
                          NOTES TO FINANCIAL STATEMENTS

                        December 31, 1996, 1995 and 1994


   l.     Organization

     The only business of Journal Employees' Stock Trust (Trust), under
     agreement dated May 15, 1937, as amended, is the record holding of
     common stock of Journal Communications Inc. (Company), the issuance of
     Units of Beneficial Interest in such shares (Units) and, in limited
     instances, the voting of shares of the Company's common stock held by
     it.  The Trust is administered by five trustees who are
     officers/directors of the Company and receive no remuneration for
     services performed for the Trust.  The trustees are required to
     distribute all Trust income (consisting solely of dividends paid by the
     Company), less such amounts as the trustees deem necessary for payment
     of administrative expenses, as soon as practicable after receipt.  Since
     its origination, substantially all expenses of the Trust have been paid
     by the Company.  The Trust distributes all of its income and, therefore,
     pays no income taxes under applicable income tax codes.

   2.     Common stock of the Company

     Upon deposit by the Company of shares of common stock, the Trust issues
     a like number of Units and the Company offers such Units to its
     employees, or employees of its subsidiaries (Employees).  Sales of Units
     by the Company are made at the formula price determined in accordance
     with the Trust Agreement.

   3.     Unitholders' Sales of Units of Beneficial Interest

     Unitholders may sell all or a portion of their Units only to the active
     employees designed by the President of the Company or the Company at the
     current formula price under the terms and conditions of the Trust
     Agreement.  If the Units are not sold in this manner, the Units are
     freely transferable, subject to a five-year right of the Company to
     purchase the Units at any time at the formula price.  



            ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
                       ACCOUNTING AND FINANCIAL DISCLOSURE
                                      None.

                                    PART III
          ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

   The following list shows the names and ages of Registrant's trustees and
   the year in which each became a trustee.  It also shows the positions held
   by each trustee with Journal Communications, Inc.


                                                 Position/Office
        Name           Age    Trustee Since     with the Company

     Robert A. Kahlor  (63)   May 28, 1986      Chairman of the Board & CEO
     Steven J. Smith   (46)   March 9, 1990     President & COO
     Douglas G. Kiel   (48)   March 7, 1995     Senior Vice President
     Paul M. Bonaiuto  (46)   February 1, 1996  Senior Vice President/CFO
     Richard A.
       Williams        (59)   January 14, 1997  Human Relations Manager

   All trustees, except for Mr. Williams, are directors of Journal
   Communications, Inc., and, except for Mr. Bonaiuto, have been employed by
   Journal Communications, Inc., in key management positions for at least the
   last five years.  Mr. Kahlor has been Chairman of the Board of the Company
   since September 1992.  Prior to that, he had been President of the
   Company.  Mr. Smith has been President of the Company since September
   1992.  Prior to that he was Executive Vice President of the Company.  Mr.
   Kiel has been a Senior Vice President of the Company and President of
   Journal Broadcast Group, Inc., a subsidiary of the Company, since June
   1992.  Prior to that, he had been a director of the Company and Executive
   Vice President of Journal Broadcast Group, Inc.  Mr. Bonaiuto has been
   Chief Financial Officer of the Company since January 1996 and was elected
   a senior vice president in March 1996.  Previously Mr. Bonaiuto had been a
   director and vice president of the Company and President of NorthStar
   Print Group, Inc., a subsidiary of the Company, from June 1994 to January
   1996; Senior Vice President and Chief Financial Officer of Perry Printing
   Corporation, then a subsidiary of the Company, from July 1992 to June
   1994, and executive vice president of The Peterson Group, Wilmington,
   Delaware, a private equity investment firm.  Mr. Williams has been Human
   Relations Manager for Journal Sentinel Inc. None of the trustees of the
   Registrant is a director or trustee of a publicly-owned, for-profit
   corporation.  

                         ITEM 11. EXECUTIVE COMPENSATION

   The five trustees, all employees of Journal Communications, Inc., do not
   receive any compensation in their capacity as trustee.  Information about
   compensation paid to some of these trustees by Journal Communications,
   Inc., in such trustees' capacities as employees of Journal Communications,
   Inc., will be presented in the Proxy Statement of Journal Communications,
   Inc., to be filed as Exhibit 99.2 on or about April 30, 1997, and
   incorporated herein by reference.  

          ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
                                   MANAGEMENT

   Reference is made to Item 6, "Security Ownership of Certain Beneficial
   Owners and Management," of the Proxy Statement of Journal Communications,
   Inc., to be filed as Exhibit 99.2 on or about May 1, 1997, and
   incorporated herein by reference.  

            ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
                                      None.

                                     PART IV
         ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS
                                   ON FORM 8-K


   (a)  1.   Financial Statements and Schedules

             The financial statements listed below are filed as part of this
             annual report.  All schedules are omitted since the required 
             information is not present, or is not present in amounts sufficient
             to require submission of the schedule, or because the information
             required is included in the consolidated financial statements and
             notes thereto.

                                                                 Form 10-K

                Statement of Assets and Liabilities at
                 December 31, 1996, 1995 and 1994                     5

                Statement of Journal Communications, Inc.
                 Common Stock held and Trust Certificates
                 Outstanding for each of the three years in the
                 period ended December 31, 1996                       6

                Statement of Trust Income for each of the three
                 years in the period ended December 31, 1996          7

                Statement of Cash Flows for each of the three
                 years in the period ended December 31, 1996          8

                Notes to Financial Statements                         9

        2.   Financial Statement Schedules                           None

        3.   Exhibits

             The exhibits listed on the exhibit index are filed as part of
             this annual report.

   (b)       Reports on Form 8-K

             No reports on Form 8-K were filed by the Registrant during the
             quarter ended December 31, 1996.


   <PAGE>


      Pursuant to the requirements of Section 13 or 15(d) of the Securities
   Exchange Act of 1934, the Registrant has duly caused this Annual Report to
   be signed on its behalf by the undersigned, thereunto duly authorized.

                            JOURNAL EMPLOYEES' STOCK TRUST


                            By:  /s/ Robert A. Kahlor
                                 Robert A. Kahlor, Trustee

      Pursuant to the requirements of the Securities Exchange Act of 1934,
   this report has been signed by the following persons on behalf of the
   Registrant and in the capacities and on the dates indicated:



                   TRUSTEES OF JOURNAL EMPLOYEES' STOCK TRUST


   Date:  March 31, 1997         /s/ Robert A. Kahlor
                                 Robert A. Kahlor


   Date:  March 31, 1997        
                                 Steven J. Smith


   Date:  March 31, 1997         /s/ Douglas G. Kiel
                                 Douglas G. Kiel


   Date:  March 31, 1997         /s/ Paul M. Bonaiuto
                                 Paul M. Bonaiuto


   Date:  March 31, 1997         
                                 Richard A. Williams

   <PAGE>
                         JOURNAL EMPLOYEES' STOCK TRUST

                               INDEX TO EXHIBITS 

   Exhibit No.              Description

      (3.1)       Articles of Association of Journal Communications, Inc., as
                  amended (incorporated by reference to Exhibit 3.1 to
                  Journal Communications, Inc.'s Annual Report on Form 10-K
                  for the year ended December 31, 1995 (Commission File No.
                  0-7831)).

      (3.2)       By-Laws of Journal Communications, Inc. (incorporated by
                  reference to Exhibit 3.2 to Journal Communications, Inc.'s
                  Current Report on Form 8-K dated March 5, 1996 (Commission
                  File No. 0-7831)).

      (4.1)       The Journal Employees' Stock Trust agreement dated May 15,
                  1937, as amended (incorporated by reference to Exhibit 9 to
                  the Annual Report on Form 10-K of Journal Communications,
                  Inc. for the fiscal year ended December 31, 1995
                  (Commission File No. 0-7831)).

      (4.2)       Further amendment to Stock Trust Agreement as approved by
                  unitholders on October 30, 1996 (incorporated by reference
                  to Exhibit A to the Definitive Proxy Statement of the
                  Journal Employees' Stock Trust included in the Trust's
                  Schedule 14A filed October 1, 1996 (Commission File No. 0-
                  7832))

      (23)        Consent of Ernst & Young, LLP, Independent Auditors, filed
                  herewith.

      (99.1)      Annual Report of Journal Communications, Inc., on Form 10-
                  K, filed herewith. (incorporated by reference to the Annual
                  Report on Form 10-K of Journal Communications, Inc. for the
                  year ended December 31, 1996.  (Commission file no. 0-
                  7831)).

      (99.2)      Proxy Statement of Journal Communications, Inc., to be
                  filed upon its publication on or about May 1, 1997.