Gannett Co Inc, the publisher of USA Today, said it would spin off its publishing assets and take full ownership of automotive website Cars.com as it bolsters its digital business.With the spinoff, Gannett joins media companies such as Time Warner Inc and Tribune Media Co that have hived off their newspaper businesses after struggling with deep declines in advertising revenue and circulation.Gannett said one company would focus on broadcasting and digital content and the other on publishing after the spinoff, which would be done through a tax-free distribution to Gannett's shareholders.Shares of Gannett, the largest newspaper publisher in the United States with 82 publications, jumped nearly 7 percent premarket on Tuesday.
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 0.37% or $-0.128/share to $34.19. 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 1610613.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX fell by 0.65% or $-0.56/share to $84.97. 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 189863.
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