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Thursday, August 14, 2014

Icahn reports 6.6 percent stake in Gannett Co. -filing, (NYSE: GCI)

Activist investor Carl Icahn reported a 6.6 percent stake in Gannett Co on Thursday, saying his firm took the stake on the view that splitting the media company into separate print and broadcast firms could create value, a regulatory filing showed Thursday.Icahn, a billionaire investor who is known for taking large stakes in companies and pushing for management change, said in the filing with the Securities and Exchange Commission that the company's shares were "undervalued."Icahn, who reported the stake as of August 4, also said in the filing that his firm intended to speak with Gannett's management and board of directors about subjects such as the company's planned split and corporate governance.Gannett said on August 5 that 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.

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 0.06% or $0.02/share to $34.05. In the past year, the shares have traded as low as $23.75 and as high as $35.70. On average, 2119550 shares of GCI exchange hands on a given day and today's volume is recorded at 2919533.