As (the new) Gannett would say, “We make headlines. Sometimes, we’re in the news.”
Gannett has indeed made headlines this week as it completes plans to restructure the company, splitting itself in two and resulting in the formation of a new brand and a spin-off. According to its new website, the media company once known as Gannett Co, Inc. is now called TEGNA Inc. Moreover, TEGNA has started trading in the New York Stock Exchange Monday with the symbol TGNA.
According to its website, TEGNA’s business portfolio includes 46 television stations under TEGNA Media. Meanwhile, TEGNA Digital includes top sites Cars.com and CareerBuilder.com as well as G/O Digital, Clipper Magazine, Key Ring, PointRoll and ShopLocal.
TEGNA’s President and CEO Gracia Martore is very excited about TEGNA’s future. In a press statement, she 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.”
Meanwhile, the new Gannett strives to do “storytelling at its boldest.” Its massive media portfolio includes USA Today, Detroit Free Press, AZ Central, Democrat & Chronicle, The Des Moines Register, The Tennessean, Cincinnati.com, IndyStar, El Paso Times, app.com, Pacific Daily News and the Newquest Media Group. In total, the new Gannett will reportedly have a portfolio of 92 domestic media markets.
At the helm of the new Gannett is chief executive officer Robert Dickey, who is a former president of the Gannett U.S. Community Publishing Division. Of the future of the new Gannett brand, he says in a press statement, “With more than 4,000 journalists across digital and print publications in more than 110 markets across the U.S. and U.K., plus the national reach of USA TODAY, Gannett is uniquely positioned as a next-generation media company. Together, we are moving forward as one unified organization with a commitment to strengthening and forging connections in every community that we serve. Over the next year, we will continue to innovate and invest in this network, push the boundaries of storytelling and how it’s experienced and diversify our offerings. We are proactively building a future in which media feels more personal, drives action and adapts to ever-evolving technologies and needs.”
During its first trading day, the Detroit Free Press reported that TEGNA had closed at $31.63, up by around 5%. Meanwhile, the new Gannett closed trading at $14.13, down by 5.1%. Meanwhile, the Democrat & Chronicle reports that post-split, Gannett stockholders will get to keep their old Gannett shares (now known as TEGNA shares) while also being able to get a new Gannett share for every two TEGNA shares.