Gannett Co., Inc., announced that it plans to spin off its print operations, including USA Today, becoming the latest media company to break itself up, reports the New York Times. The separation follows in the footsteps of many other media companies – from Rupert Murdoch‘s empire to Time Warner Inc. to E.W. Scripps – that have spun off their print arms in recent years, continued the Times story. Such transactions are intended to free faster-growing television and other media operations from less profitable newspaper and magazine businesses, stated the Times.
In addition, Gannett also has signed an agreement to acquire full ownership of Cars.com, one of the leading digital companies in the automotive space. Under the agreement, Gannett will acquire the 73 percent interest it does not already own in Classified Ventures LLC, which owns Cars.com, for $1.8 billion in cash.