Journal Communications Inc. of Milwaukee and E.W. Scripps Co. of Cincinnati have announced an agreement to merge broadcasting operations while spinning off newspaper holdings into a separate public company.
As part of the deal announced by the companies Wednesday, the newspaper component, Journal Media Group, will be headquartered in Milwaukee.
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The Milwaukee Journal Sentinel reports (http://bit.ly/1u1KwJB ) Journal Media Group will include the Journal Sentinel and Scripps newspapers, including the Memphis Commercial Appeal, and others.
Meanwhile, Journal Communications' broadcast assets will be folded into Scripps, with headquarters remaining in Cincinnati.
The newspaper reports Scripps will emerge from the deal as the nation's fifth-largest independent TV group, with 34 stations.
News releases say both companies' boards of directors approved the deal. It is expected to close in 2015.