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Stock Market & Financial Investment News

News Breaks
August 5, 2014
08:58 EDTGCI, AHC, MNIGannett 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.
News For GCI;AHC;MNI From The Last 14 Days
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September 10, 2014
06:43 EDTGCITypo causes confusion Icahn's stake in Gannett, NY Times says
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06:16 EDTGCICorrection: Icahn maintains 6.63% stake in Gannett
Carl Icahn maintains a 6.63% stake in Gannett (GCI) and says last night's filing of an increased stake of 8.48% was done in error.
September 4, 2014
06:09 EDTGCIUSA Today cuts 70 employees, WSJ reports
Gannett's USA Today yesterday laid off around 70 people, a source tells the Wall Street Journal. About 35 of the affected employees came from the newsroom, equating to about 10% of its newsroom staff, and the rest of the cuts came across all of the newspaper's departments. Reference Link
September 3, 2014
16:10 EDTGCIGannett gets regulatory clearance to acquire full ownership of Cars.com
Gannett announced that it has received federal regulatory clearance under the Hart-Scott-Rodino Act 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% interest it does not already own in Classified Ventures, which owns Cars.com. Closing is expected to occur on October 1.
13:25 EDTAHCA.H. Belo completes sale of Providence Journal
A. H. Belo announced that the previously reported sale of The Providence Journal is now complete. A subsidiary of New Media Investment Group acquired substantially all of the assets which comprise the newspaper operations of The Providence Journal located in Providence, Rhode Island, including the production facility and related land, for $46M in cash before usual closing costs. A. H. Belo retains sponsorship of the defined benefit pension plan for Providence employees.

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