The company is named for publisher Morgan Murphy, who expanded the business after he took over from his grandfather, who founded the Superior Evening Telegram (now owned by Forum Communications).

He died in 1932, and the business passed to his son John Morgan Murphy, who acquired several other newspapers in the Upper Midwest and also expanded into broadcasting.

[4][5] In September 2018, it was announced that the company would invest in Good Karma Brands to back its acquisition of the Milwaukee radio stations WKTI and WTMJ.

[7] [8] In September 2023, the company acquired The Marks Group's Michigan broadcasting properties—WBKB-TV, WBKP, WBUP, and the Houghton and Iron River radio stations—for $13.375 million.

[10] Morgan Murphy subsequently took over operations of WJMN-TV, owned by Sullivan's Landing, LLC (following its acquisition from Nexstar Media Group), via joint sales and shared services agreements;[11] WJMN-TV merged its operations into, and was converted into a satellite of, WBUP.