Journal Communications and E.W. Scripps to merge their broadcast operations while spinning off their newspapers into a separate company Journal Under the deal, the Milwaukee Journal Sentinel will serve as the flagship of a new public company, Journal Media Group, which will be headquartered in Milwaukee, and Journal Communications’ broadcast assets will be folded into Scripps, with the headquarters in Cincinnati, reports Bill Glauber. “The deal follows a growing trend among media players to divide newspaper and broadcast assets into separate companies,” writes Glauber. To note: “Journal Media will get a fresh financial start in an uncertain media world. The company’s balance sheet will have $10 million in cash and no debt, while Scripps keeps substantially all of the qualified pension obligations