Gannett Is Spinning Off Its Publishing Business
Gannett Co., owner of The Courier-Journal and operator of WHAS-11, is spinning off its publishing business from its broadcasting and digital operations. Gannett Co. said Tuesday that the publishing business will basically be debt free once spun off, with the broadcasting and digital businesses holding the existing debt.The publishing business will keep the Gannett name, while the broadcasting and digital company has yet to be named. Both companies will remain headquartered in McLean, Virginia.The move follows the Tribune Co., Time Warner Inc. and News Corp. in breaking off print media from its rapidly expanding broadcast operations. The company is also acquiring full ownership of Cars.com for $1.8 billion.Gannett is buying the 73 percent interest in Classified Ventures LLC, owner of Cars.com that it doesn't already own. The deal is expected to close in the fourth quarter.Gannett announced last year thatit would buy the Belo Corp.,the parent company of WHAS-11.Because of FCC rules, WHAS-11 isformally owned by a separate entitybut operated by Gannett.