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GANNETT SPINNING OFF ITS NEWSPAPERS INCLUDING USA TODAY

August 5, 2014 by · Leave a Comment 

Gannett has become the latest media company to spin off its newspaper business and focus on its broadcast and Internet properties. It’s giving the struggling print business, which includes the national newspaper USA Today, a head-start by letting the broadcast business assume all of the company’s debt. Gannett, which owns 46 TV stations is the largest affiliate operator for NBC and CBS and is the fourth biggest for ABC. "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," Gannett CEO Gracia Martore said in a statement. The announcement came on the same day that Tribune Co.’s spinoff of its newspaper division went into effect. Fox (News Corp) and Time Warner have made similar movies.