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August 5, 2014
08:58 EDTGCI, MNI, AHCGannett 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 deal to be accretive to free cash flow by 43c per share and neutral to EPS in FY14. Says is a "strong" cash generator. Company plans to use that cash from the transaction towards value enhancing opportunities. Says until the 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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November 20, 2015
17:12 EDTGCIGannett, Journal Media Group receive second requests from U.S. DOJ
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November 13, 2015
08:06 EDTGCIJournal Media Group sees Q4 revenue down in high single digits
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November 12, 2015
16:11 EDTGCIUSA TODAY Sports Media Group, GPI enter into multi-year content partnership
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