Gannett to name broadcast, digital unit Tegna amid spinoff

Gannett to name broadcast, digital unit Tegna amid spinoff, Gannett, the media company that is spinning off its publishing business, said Tuesday it'll run its broadcasting and digital units under the new corporate name Tegna.

Tegna, which includes letters from the name Gannett, will trade on the New York Stock Exchange under the ticker symbol TGNA when it completes spinning off the publishing unit by midyear.

"Tegna is a nod to the more than 100-year-old history of Gannett," Gracia Martore, Gannett's CEO, said in a statement.

Tegna will operate 46 stations Gannett currently owns or provides services to, as well as its digital unit. Cars.com and CareerBuilder.com generate most of the digital unit's revenue.

The publishing unit, which owns USA TODAY and 81 other daily newspapers, will adopt the Gannett name. The new Gannett will be headed by Robert Dickey, currently Gannett's president of U.S. Community Publishing. It'll continue to trade on the NYSE under the ticker symbol GCI.Prior to unveiling the new name, Gannett said Tuesday its first-quarter earnings — after adjusting for special items, such as restructuring and impairment charges and other one-time gains and expenses — rose 4% to $112.8 million due to hefty gains in its digital unit. Without the adjustment, its net income rose 91% year-over-year to $112.9 million.

Revenue rose 4.9% to $1.47 billion. But Gannett's publishing business, its largest source of revenue, reported an 8.8% decline in revenue due to weak demand from advertisers.
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