After doubling down on broadcast stations, Gannett Co. (GCI) could create even more value for shareholders by joining a long line of media companies splitting publishing from television in recent years.

The owner of USA Today has rallied 42 percent since saying last year it was adding to its TV assets with the purchase of Belo Corp. The $6.4 billion company would be worth even more if it separated the publishing and broadcasting divisions, Gabelli & Co. said. Gannett may be valued at a combined $34.10 a share in a breakup, according to the average of five estimates from analysts and investors, handing shareholders an additional 21 percent gain.

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