Gannett Buys for $1.8 Billion, Splits Publishing

By: Alex Sherman and Caitlin McCabe | Bloomberg

Gannett Co. (GCI) plans to split into two publicly traded companies by spinning off its publishing business, including USA Today, and also said it has agreed to buy full ownership of

Gannett will separate the publishing business through a tax-free distribution to shareholders, leaving behind a company focused exclusively on broadcasting and digital assets, including and CareerBuilder, according to a statement today. Gannett also agreed today to buy the 73 percent interest it doesn’t already own in Classified Ventures LLC, the parent company of, for $1.8 billion in cash

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