Gannett To Spin Off Publishing Assets Including USA Today

Fox, Time Warner, and Tribune did it — and now Gannett is, too. The nation’s largest newspaper publisher, and a major owner of TV stations, says it will create a publicly traded company for its publishing businesses which include USA Today. Gannett shareholders will receive stock in the new entity, making the transaction tax free.  Along with this announcement, the company says it has an agreement to pay $1.8B for the 73% stake it doesn’t already own in Gannett shares are up 5.6% in pre-market trading.

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