Gannett Splits Publishing and Broadcast Businesses
Gannett is the latest mega company to split its publishing and broadcast/entertainment businesses. The company, which publishes USA Today, plans to complete the separation — which will happen via a tax-free distribution of assets to shareholders — sometime next year.
In the same announcement, Gannett reported it will buy the 73 percent interest it doesn’t already own in Classified Ventures, parent company of Cars.com, for $1.8 billion in cold hard cash.
Gannett’s split is similar to ones conducted by News Corp, Time Warner and Tribune Company.
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