Gannett Board Greenlights Split

Gannett's board finalized a plan to split the media conglomerate into two publicly traded entities -- Tegna and “new” Gannett (see 1504210034) -- the company said in a news release Monday. Tegna will be a broadcasting and digital organization, while “new” Gannett retains all publishing outlets and related digital services. Gannett’s current $4.4 billion in debt will shift to Tegna upon the separation, which is expected to occur June 29. Shareholders will keep any shares of Gannett stock, which will be renamed Tegna, and receive one share of “new” Gannett stock for every two shares they previously held.