Gannett Completes Spinoff

Gannett completed its spinoff, separating its broadcasting and publishing arms into two new companies, it said in a news release Monday. The broadcasting company is called Tegna (see 1504210034). The publishing company retains the Gannett name, the release said. The “new Gannett” is “the largest and most diversified publishing company with a portfolio of 92 domestic media markets, Newsquest, a leading UK regional news publisher,” and USA Today, the release said. “The new Gannett will be virtually debt-free with a highly focused operational strategy and significant flexibility to make strategic acquisitions.”