Gannett Co Inc, the publisher of USA Today, said it would take full ownership of automotive website Cars.com and spin off its publishing assets into a publicly traded company as it focuses on its digital businesses.After the spinoff, which will be done through a tax-free distribution to Gannett's shareholders, one company will focus on broadcasting and digital content and the other on publishing.The move comes at a time when newspaper publishers in the United States have been struggling with deep declines in advertising revenue and circulation.Gannett said it expects its publishing business to be virtually debt-free after the separation, with all of the company's existing debt retained by the broadcasting and digital company.
Gannett Co., Inc., is an international media and marketing solutions company, delivering content and services across an integrated, multiplatform portfolio. Shares of GCI traded higher by 4.38% or $1.44/share to $34.32. 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 4121886.
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