Gannett to Form Separate Publishing and 'Broadcasting and Digital' Companies
Gannett today announced its plan to split into two separate companies, one for its broadcasting and digital endeavors and another for its publishing ventures. It will also acquire full ownership, a remaining 73%, of Classified Ventures LLC, which owns Cars.com.
Gracia Martore, Gannett president and CEO, said in a news release, “These transformative transactions will give both the Publishing company and the Broadcasting and Digital company 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 traditions of award-winning journalism and service to our local communities.
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