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Gannett sets post-spinoff strategy, will pursue strategic M&A

Jun. 22, 2015 4:35 PM ETTEGNA Inc. (TGNA) StockBy: Jason Aycock, SA News Editor
  • Following an investor strategy meeting from TEGNA (NYSE:TGNA) -- the broadcast spinoff from what is currently Gannett (GCI) -- "new Gannett" held its meeting to lay out strategy after the company's split next Monday.
  • The print side of the firm will have "the largest publishing portfolio by revenue" and "unmatched competitive positioning and the financial flexibility necessary to invest in innovation and make strategic acquisitions in a consolidating industry," says CEO Robert Dickey.
  • The company begins virtually debt-free and intends an annual dividend of $0.64/share, and to pursue a $150M repurchase program over the next three years. It'll take on a $500M revolving credit facility.
  • Gannett shares closed today up 1.1%, to $38.01. The company is archiving webcasts of today's strategy talks.

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