MCLEAN, Va. (AP) — Gannett is spinning off its publishing business from its broadcasting and digital operations. The company is also acquiring full ownership of Cars.com for $1.8 billion.
It follows the Tribune Co., Time Warner Inc. and News Corp. in breaking off print media from its rapidly expanding broadcast operations.
Gannett Co. said Tuesday that the publishing business will basically be debt free once spun off, with the broadcasting and digital businesses holding the existing debt.
The publishing business will keep the Gannett name, while the broadcasting and digital company has yet to be named.
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