Gannett Co. plans to split into two publicly traded companies by spinning off its publishing business, including USA Today, and also said it has agreed to buy full ownership of Cars.com.
Gannett will separate the publishing business through a tax-free distribution to shareholders, leaving behind a company focused exclusively on broadcasting and digital assets, including Cars.com and CareerBuilder, according to a statement today. Gannett also agreed to buy the 73 percent interest it doesn’t already own in Classified Ventures LLC, the parent company of Cars.com, for $1.8 billion in cash.
