The planned separation of the publishing business will be take place via a tax-free distribution of Gannett’s publishing assets to shareholders. "The transaction will create two focused companies with increased opportunities to grow organically across all businesses as well as pursue strategic acquisitions," the company said.
The move is mindful of Tribune's split, which was completed late Monday, and the split of News Corp and 21st Century Fox.
Gannett has also signed a definitive agreement to acquire full ownership of Cars.com. Gannett will acquire the 73 percent interest it does not already own in Classified Ventures, which owns Cars.com, for $1.8 billion in cash.
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