There is no longer a Gannett Company to consider when discussing the broadcast television business. While Gannett focuses on USA Today and its other print assets, TEGNA will be handling the care and feeding of the former Gannett television group.
TEGNA will trade on the New York Stock Exchange under symbol TGNA.
The surviving Gannett Company will trade as GCI.
In addition to television assets, TEGNA will handle the digital assets of the former Gannett Company. The surviving Gannett will be a publishing company.
Gracia Martore, President and CEO of TEGNA, said, “Today is the culmination of relentless focus and hard work over the past three and a half years to transform our businesses. We have added significant scale through the strategic buildup of high-performing broadcasting and digital assets which are leaders in their respective industries. With terrific competitive positioning in growing sectors, strong leadership and a more sharply focused strategy, we are ready to hit the ground running and we couldn’t be more excited about what the future holds.”
Gannett stated, “Under the terms of the transaction, Gannett shareholders retained their shares of Gannett, which was renamed TEGNA, and also received one share of new Gannett for every two shares of Gannett stock they owned on the record date of June 22, 2015.”