Gannett Officially Splits in Two; Broadcast TV to Shine

Barron’s: Gannett officially splits in two on Monday. Technically, the newspapers are being spun out. Existing shareholders will get one share of new Gannett for every two shares they already own in the parent company, henceforth called Tegna. The new Tegna will include 46 broadcast stations and the fast-growing websites Cars.com and CareerBuilder. Tegna’s revenue is estimated to jump 20 percent, to $3.1 billion, this year. Gannett, which will continue to own USA Today and 92 local U.S. newspapers, will be lucky to tread water. “The appetite for publishing assets is not great right now.”