In the latest media spinoff, Gannett Company Inc. announced Tuesday that it would separate its publishing business—including flagship newspaper USA Today—from its broadcasting and digital outlets, and also acquire full ownership of Cars.com from Classified Ventures LLC for $1.8 billion in cash.
Gannett said the split would be achieved by a tax-free distribution of Gannett Publishing’s assets to shareholders in a move the company contends will strengthen both independent, publicly traded companies.
