Scalper1 News
With readership declining for newspapers and magazines, diversified media companies are shedding their legacy print businesses by way of spinoffs so they can focus on faster-growth opportunities. Gannett (GCI) on Tuesday joined News Corp. (NWS), Time (TIME) and other media firms in the trend of casting off print assets as separate publicly traded companies. In better times, such companies might have sold their print operations, but these days no one is buying. McLean, Va.-based Gannett said it will create two publicly traded companies: one for its broadcasting and digital businesses and one for its publishing businesses. The legacy newspaper business, which includes USA Today and 81 local U.S. daily papers, will retain the Gannett name. The broadcasting and digital business, which will get a shiny new name, includes 46 TV stations and online services like CareerBuilder and Cars.com. Gannett expects to complete the separation by mid-2015. In its public statements,… Scalper1 News
Scalper1 News