gannett to split newspapers television in spinoff
Last Updated : GMT 03:09:26
Arab Today, arab today
Arab Today, arab today
Media » TV

Gannett to split newspapers, television in spin-off

Arab Today, arab today

Arab Today, arab today Gannett to split newspapers, television in spin-off

Gannett-USA Today headquarters
Washington - AFP

US media giant Gannett announced plans Tuesday to split into two separate firms, one for broadcast and digital, and the other for newspapers including its national daily USA Today.
"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," said Gannett president and chief executive Gracia Martore.
Gannett becomes the latest media conglomerate to spin off struggling print news operations from faster-growth operations such as television.
It comes on the heels of similar moves by Rupert Murdoch's media-entertainment empire that split into 21st Century Fox and News Corp., and a spin-off by Tribune Co. of its newspaper assets. Time Warner spun off its magazine division as Time Inc. in June.
"As a standalone businesses each company will have even sharper management focus and resources more directly aligned with their individual needs and priorities," Gannett's Martore said in a conference call.
Gannett also has said it signed a deal to acquire the 73 percent it does not own of Cars.com, a major player in the online auto business. The other owners of the website include newspaper groups Belo Corp., McClatchy Co., Tribune Co. and Graham Holdings, which is the former owner of the Washington Post.
Gannett will create a new publicly traded broadcasting and digital company, which has yet to be named, and which will remain headquartered in McLean, Virginia. Martore will serve as chief executive.
The unit includes 46 television stations including network affiliates in the top 25 US markets. It also will include Cars.com and the online jobs site CareerBuilder.com.
The publishing group, which will retain the Gannett name, will include USA Today as well as 81 other daily newspapers, some 200 weeklies and magazines, and the community news service Newsquest.
Robert Dickey, who heads Gannett's community publishing, will be CEO of the unit, which will also be publicly traded.
The publishing unit will retain the websites and digital apps of USA Today and the other news organizations, according to Gannett in a statement.
- 'A more competitive position' -
Gannett said the split would lead to "a stronger growth profile and a more competitive position for each company with enhanced management focus and resources more directly aligned with strategic priorities to drive innovation and value creation."
The move would also create separate entities "with trading valuations that more accurately reflect the distinctive characteristics of each business."
The publishing business "will be virtually debt-free after the separation," Gannett said, adding that all existing debt would be retained by the broadcasting and digital company.
Media analyst Ken Doctor of the research firm Outsell said Gannett was among the last of the media groups that allowed other operations to subsidize newspapers.
"Gannett's newspapers are a drag on its earnings," Doctor said in a blog post Tuesday in anticipation of the announcement.
"Newspapers now produce 70 percent of Gannett revenues, but broadcast produces 60 percent of the profits. Those lines continue to diverge, making the mismatch clear from a financial point of view."

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

gannett to split newspapers television in spinoff gannett to split newspapers television in spinoff

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

gannett to split newspapers television in spinoff gannett to split newspapers television in spinoff

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday