Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Gannett to Split Into Two Publicly Traded Companies

Don't Miss Out —
Follow us on:

Aug. 5 (Bloomberg) -- Gannett Co., the owner of USA Today, said it will split into two publicly traded companies, one focused on broadcasting and digital businesses and the other on publishing.

The publishing business will be split through a tax-free distribution of assets to shareholders, the company said in a statement today.

“The transaction will create two focused companies with increased opportunities to grow organically across all businesses as well as pursue strategic acquisitions.” 

Newspapers have steadily lost money and readership since hitting a sales peak in 2005. Classifieds advertising has been hardest hit, dropping by more than half between 2000 and 2008 to $9.9 billion, according to the Pew Research Center.

The company also said today it agreed to buy the 73 percent interest it doesn’t already own in Classified Ventures LLC, which owns Cars.com, for $1.8 billion in cash. Cars.com, which was started in 1998, lets users check prices, compare models and read reviews of auto dealers.

Link to Statement:{NSN N9TX653MSFLT <GO>} Link to Company News:{2807690Z US <Equity> CN <GO>} Link to Company News:{GCI US <Equity> CN <GO>}

To contact the editor responsible for this story: Simon Thiel at sthiel1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.