Gannett Co. is splitting into two publicly traded companies, one with a focus on broadcasting and digital businesses with the other on newspapers.
CEO Gracia Martore believes the split-up will provide each unit "enhanced strategic, operating, financial and regulatory flexibility to pursue growth and consolidation opportunities in their respective markets, while delivering strong cash flow to build further upon Gannett's long-standing tradition of award-winning journalism and service to our local communications," according to a statement.
Gannett 's yet unnamed broadcasting/digital company is off to a fast start as the company is paying $1.8B to buy the remaining 73 percent stake in cars.com, automobile selling site that attracts 30M visits per-month.
Martore will lead the segment with 46 TV stations and careers.com, the No. 1 employment site in the US.
Robert Dickey, CEO of Gannett's community publishing unit, will helm he newspaper group of USA Today, 80 dailies and more than 200 magazines and trade publications. It will retain the Gannett name.
Completion of the split-up is expected by mid-2015.
Sard Verbinnen handles the Gannett separation.
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