Gannett Board OK's Tegna Spin Off

It looks like Tegna is really going to happen. 

Gannett announced that its board of directors has approved completion of the previously announced separation.

The broadcasting side of the company will be called Tegna and the dying publishing side will be called Gannett. 

Gracia Martore, president-CEO of Gannett, will be president-CEO of Tegna upon completion of the separation. She said: β€œIn just three weeks, we will create two industry leaders that will benefit greatly from enhanced strategic, operating, financial and regulatory flexibility as independent companies. We believe strongly that this transaction will enhance performance, unlock shareholder value and give investors access to more targeted investment opportunities with trading valuations that better reflect the distinctive characteristics and growth profiles of both companies.”

H/T TVNewsCheck