Gannett, Owner Of USA Today, To Spin Off Publishing Business

 @gmorcroftg.morcroft@ibtimes.com  on August 05 2014 9:00 AM
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The headquarters of Gannett Co. (NYSE:GCI), the largest U.S. newspaper group by circulation. Reuters

USA Today publisher Gannett  Co. (NYSE:GCI) said on Tuesday that it will spin off its publishing business from its more lucrative broadcasting operations. The move is the latest in the media industry's ongoing trend of cleaving the less profitable print media from as advertising there continues to fade away.

Gracia Martore, Gannett's CEO, said in a statement that, "The bold actions we are announcing today are significant next steps in our ongoing initiatives to increase shareholder value by building scale, increasing cash flow, sharpening management focus, and strengthening all of our businesses to compete effectively in today's increasingly digital landscape."

 

 

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