Gannett spins off publishing business

DetailsMichelle Clancy | 05 July 2015

Gannett has completed the cleaving off of its publishing business. The media powerhouse has separated its business into two: Broadcast and digital properties gathered under a new name, Tegna, which will trade on the New York Stock Exchange under the symbol TGNA; and the newspaper and publishing business, which will retain the name Gannett.

The company first announced the plan in August 2014.

“Today is the culmination of relentless focus and hard work over the past three and a half years to transform our businesses,” said Gracia Martore, president and CEO of Tegna.

“We have added significant scale through the strategic buildup of high-performing broadcasting and digital assets which are leaders in their respective industries. With terrific competitive positioning in growing sectors, strong leadership and a more sharply focused strategy, we are ready to hit the ground running and we couldn’t be more excited about what the future holds.”