Gannett Co said on Tuesday it would spin off its print operations, including USA Today, becoming the latest media company to separate slower-growing publishing assets from TV and digital properties.In a widely expected move, Gannett joined the ranks of News Corp, Time Warner Inc and Tribune Media , which have all jettisoned print businesses as newspapers and magazines face unprecedented challenges with declines in advertising revenue and readership.The print group which includes 81 local newspapers in the United States and the British newspaper arm Newsquest, will retain the Gannett name and split from its 46 TV stations and digital properties including classified listing sites Cars.com and CareerBuilder in a yet to be named company.Additionally, Gannett announced it took full ownership of Cars.com buying the 73 percent stake in Classified Ventures for $1.8 billion from its joint venture partners McClatchy Co , Graham Holdings Co AH Belo and Tribune Media.
Gannett Co., Inc., is an international media and marketing solutions company, delivering content and services across an integrated, multiplatform portfolio. Shares of GCI fell by 0.7% or $-0.24/share to $34.08. In the past year, the shares have traded as low as $23.75 and as high as $34.44. On average, 1949250 shares of GCI exchange hands on a given day and today's volume is recorded at 5898535.
News Corporation is a diversified media and information services company. Shares of NWSA fell by 0.78% or $-0.14/share to $17.70. In the past year, the shares have traded as low as $15.44 and as high as $18.53. On average, 3114670 shares of NWSA exchange hands on a given day and today's volume is recorded at 1098933.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX fell by 0.71% or $-0.61/share to $84.92. In the past year, the shares have traded as low as $57.59 and as high as $88.13. On average, 7384520 shares of TWX exchange hands on a given day and today's volume is recorded at 2360458.
Source
