Despite a history and reputation for outperformance, not every spinoff turns into a winner. I know, shocking, right? In this week’s edition of Odds & Ends we look at a few situations where shareholders have not been rewarded for holding on: FTD Companies (FTD), the flower delivery company, recently warned that it was hovering on life support. The… Read More »
TEGNA’s (TGNA) Board of Directors officially approved the spinoff of Cars.com and expects the transaction to be completed on May 31st. TEGNA shareholders as of May 18th should receive 1 share of the new company for every 3 TGNA shares owned. Cars.com is expected to trade on the NYSE under the ticker ‘CARS’, which I think we can… Read More »
It’s a summer Friday – here are a few links for your enjoyment: 1) Gannett (GCI) recently transformed itself via spinoff (the parent company changed its name to TEGNA(TGNA)) into a print focused business. New CEO Robert Dickey is tasked with building a business in a market that is facing severe secular headwinds. So what is the plan?… Read More »
The ‘Summer Of Spin’ kicked off yesterday with Gannett transforming itself into the bizarrely titled TEGNA (TGNA). The ‘New Gannett’ (GCI), containing the publishing assets, was spun off to shareholders who should have received 1 share of new Gannett for every 2 shares of the old Gannett owned. Prior to the spin, the companies revealed separate buyback and dividend plans… Read More »
Calling all spinoff lovers – it’s time to get your hard hats on because the end of this month is going to be crazy. Just call it the ‘Summer of Spin’. In the somewhat improbable five plus years we have been running this site (and I am willing to bet over the course of history), there has never… Read More »
We recently noted some of the progress Gannett (GCI) had been making towards completing the separation of its publishing assets from its broadcasting & digital businesses. There was the awful name – TEGNA – for the rebranded parent company. Then a new board of directors was vetted and selected. Form 10’s were filed. And just last week, finally, the board has… Read More »
Last year, Gannett (GCI) finally decided to follow the pack and spin off its publishing assets into a standalone company. Given its storied history, the publishing group will retain both the Gannett name and GCI ticker, so the corporate braintrust had the opportunity to pick an exciting original name for its new digital and broadcasting business. Most people… Read More »
Just a day after Tribune (TRBAA) announced that it would be separating its publishing assets into a new company, speculation has already started about who will be the next media company to follow the breakup trend. With News Corp’s (NWSA) spinoff completed and Time Warner’s (TWX) on track, the WSJ tossed out Gannett’s (GCI) name as a possible… Read More »