This study aims to investigate the level of journalists’ job satisfaction working in both state and private FM radio stations. FM Addis 97.1 and Fana FM 98.1 were taken as samples from state and Private FM stations respectively. A total of 43 journalists participated in the survey. The required data was collected using questionnaires and Focus Group Discussion (FGD). A job satisfaction questionnaire consisting open and close-ended items was employed. Seven job satisfaction subscales and journalists’ demography was included in the questionnaire. Two groups of journalists, with 10 individuals each; participated in FGD in two sessions. The results are analyzed and interpreted using SPSS software version 15. The scores are interpreted quantitatively. FGD comments and open-ended suggestions are interpreted qualitatively. The study indicates that the job satisfaction level of state and private FM stations’ journalists were found moderately dissatisfied and satisfied respectively. Thus, the job satisfaction level is higher in private stations. The overall mean of journalists’ job satisfaction level is 3.5 at ascale of 5.00. In isolation, journalists from state station scored 3.68 and those from private station lower by 1.13(i.e. 2.5). This indicates private FM journalists are better in job satisfaction level. 66.7% of private journalists are satisfied in their job while 52% of state owned FM journalists are dissatisfied. In addition, the study found that there is a weak relationship between journalists’ job satisfaction and their demographic variables. The strength of the correlation between the variables is found significantly weak. The results suggest the need of various corrective measures in both stations (more in state owned) to enhance journalists’ job satisfaction.