Legal News

Gannett to Spin Off Newspapers
Download PDF

usatoday

It was announced on Tuesday by the Gannett Company that it will spin off its print operations, according to The New York Times. This includes its major publication USA Today.

The company also said that it will purchase out the 73 percent of the auto sales website Cars.com that it does not own for $1.8 billion.

  
What
Where


In a conference call announcing the move chief executive of Gannett, Gracia C. Martore, said the following: “It has been difficult for us to look at certain acquisition opportunities. We now have two companies that are unfettered.”

The company noted that its digital and broadcasting company, which has not been given a name yet, will be the largest independent group of TV stations in the top 25 markets. The company will have a network of 46 stations that it will either own or service. It will be the largest affiliate group for both CBS and NBC.

Last year, Gannett purchased Belo Corporation for $1.5 billion to double the number of TV stations it owns.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




“The bold actions we are announcing today are significant next steps in our ongoing initiatives to increase shareholder value by building scale, increasing cash flow, sharpening management focus, and strengthening all of our businesses to compete effectively in today’s increasingly digital landscape,” Martore said in a statement.

The law firms advising on the breakup include Greenhill & Company and the law firm Wachtell, Lipton, Rosen & Katz.



 

Most Popular

Legal Career Resources

September 21, 2016 30 Factors That Make You More Employable With Big Law Firms

Summary: There are many factors that major law firms consider when making a lateral hire, many of which are things you can control. Read 30 Ways to Tell How Employable You Are by a Major Law Firm as an Attorney […]

read more

SEARCH IN ARCHIVE

To Top