WVEC parent company Gannett spinning off its publishing business

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Associated Press

Posted on August 5, 2014 at 7:01 AM

Updated Tuesday, Aug 5 at 8:40 AM

MCLEAN (AP) - Gannett is spinning off its publishing business from its broadcasting and digital operations. The company is also acquiring full ownership of Cars.com for $1.8 billion.

It follows the Tribune Co., Time Warner Inc. and News Corp. in breaking off print media from its rapidly expanding broadcast 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.

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 is the parent company of WVEC-TV. 

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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