Virginia-based Gannett’s board of directors has approved the separation of the company’s publishing arm into a new company.
Last year Gannett, which owns USA Today and local publications including The Indianapolis Star, announced its plans to split its publishing unit from the rest of its business to protect its broadcasting and digital operations from the decline of print advertising.
Gannett’s publishing arm and its digital assets will retain the same name, while its broadcasting and digital arm, which includes Cars.com, CareerBuilder.com, and dozens of local TV stations, will now be named Tegna.
The two will now operate as separate publicly traded companies.
Larry Kramer, president and publisher of Gannett’s largest newspaper USA Today, will step down from his current role and will serve on the board of directors for the new Gannett once the transaction is complete on 29 June of this year.