Gannett, owner of USA Today and 81 local newspapers, announced Tuesday it will split its broadcasting/digital business and its publishing division into two distinct, publicly-traded companies.
The company is separating the two areas to protect its more profitable digital and broadcasting component from its less profitable publishing line.
Gannett CEO Gracia Martore said in a statement that “the bold actions we are announcing today are significant next steps in our ongoing initiatives to increase shareholder value by building scale, increasing cash flow, sharpening management focus and strengthening all of our businesses to compete effectively in today’s increasingly digital landscape.”
More Must-Reads From TIME
- The Man Who Thinks He Can Live Forever
- Why We Can't Get Over the Roman Empire
- The Final Season of Netflix’s Sex Education Sends Off a Beloved Cast in Style
- How Russia Is Recruiting Cubans to Fight in Ukraine
- The Case for Mediocrity
- Paul Hollywood Answers All of Your Questions About The Great British Baking Show
- How Canada and India's Relationship Crumbled
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
