Gannett, the owner of USA TODAY and WLTX-TV, said Tuesday that it will create two publicly traded companies as it moves to separate its broadcasting and digital businesses from its publishing division.
"Gannett has made huge strides in strengthening each of its businesses over the past few years, and the Board believes that the creation of two highly focused companies with enhanced financial and regulatory flexibility will accelerate growth and create additional value for our shareholders," said Marge Magner, Gannett Board chairman.
PRESS RELEASE: Gannett to create two industry-leading companies
Gracia Martore will serve as chief executive of the broadcasting and digital company.
Robert J. Dickey will be the chief executive of the publishing division.
Separately, Gannett confirmed its full acquisition of Cars.com, saying it would purchase the 73% stake it does not already hold in the firm. That deal amounts to $1.8. billion in cash.