Gannett says 'time is now right' for publishing unit spin-off Gannett (GCI) says all companies financially and strategically strong in their respective markets in regards to the A.H. Belo (AHC), McClatchy (MNI) deal. In regards to the spin-off of the company's publishing business, says "time is now right" to create two separate companies. Says company will maintain a strong balance sheet after the spin-off and the publishing company will be virtually debt free. Says each company will be able to pursue value enhancing acquisitions with fewer regulatory obstacles and unlock higher potential for growth after the spin-off. Says both companies will still collaborate with one another despite them being two independent entities. Says the company will be in optimum position to increase shareholder value thanks to the spin-off. Sees cars.com deal to be accretive to free cash flow by 43c per share and neutral to EPS in FY14. Says cars.com is a "strong" cash generator. Company plans to use that cash from the transaction towards value enhancing opportunities. Says until the cars.com transaction closes, the company will not buyback any shares. Comments made during the company's investor call.