Gannett has completed the announced spinoff of its publishing business and will begin trading June 29 as Tegna on the New York Stock Exchange under the symbol TGNA. Gannett announced in August 2014 that it planned to separate into two publicly traded companies: a broadcasting and digital company that will operate under the name Tegna and a publishing one called Gannett Co., Inc.
“Today is the culmination of relentless focus and hard work over the past three and a half years to transform our businesses,” said Gracia Martore, president and CEO of Tegna. “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.”
Under the terms of the transaction, Gannett shareholders retained their shares of Gannett, which was renamed Tegna, and received one share of new Gannett for every two shares of Gannett stock they owned on the record date of June 22, 2015.