Media

Gannett to spin off newspapers as it focuses on TV

Media group takes full ownership of Cars.com

Gannett took full ownership of Cars.com, buying the 73 per cent stake in Classified Ventures for $1.8 billion from its joint-venture partners. Photograph: Daniel Acker/Bloomberg
Gannett took full ownership of Cars.com, buying the 73 per cent stake in Classified Ventures for $1.8 billion from its joint-venture partners. Photograph: Daniel Acker/Bloomberg
Tue Aug 05 2014 - 21:24

Gannett said today it would spin off its print operations, including USA Today, becoming the latest media company to separate slower-growing publishing assets from TV and digital properties.

In a widely expected move, Gannett joined the ranks of News Corp, Time Warner and Tribune Media , which have jettisoned print businesses as newspapers and magazines face unprecedented challenges with declines in advertising revenue and readership. The print group which includes 81 local newspapers in the US and the British newspaper arm Newsquest, will retain the Gannett name and split from its 46 TV stations and digital properties including classified listing sites Cars. com and CareerBuilder in a yet to be named company.

Gannett also took full ownership of Cars.com buying the 73 per cent stake in Classified Ventures for $1.8 billion from its joint-venture partners.– (Reuters)