Activist investor Carl Icahn has taken a 6.6 per cent stake in Gannett, saying he wants a role in the company's planned split of its TV, digital and newspaper divisions.
Icahn's stake in Gannett, publisher of USA Today, was disclosed Thursday in a Securities and Exchange Commission filing. Icahn said in the filing Gannett shares are undervalued. Gannett CEO Gracia Martore announced Aug. 5 the newspaper and broadcasting divisions would be split and traded as separate companies by mid-2015.
The filing says Icahn and his partners plan to "have discussions" with Gannett management and its board "relating to the planned separation, corporate governance, capitalization and capital allocation."
-- USA Today