Carl Icahn Takes Stake in Gannett (GCI) Stock

The company is splitting its newspaper and broadcasting divisions


Carl Icahn has taken a 6.6% stake in Gannett (GCI) stock.

gannettThe billionaire’s decision was revealed on Thursday in a Securities and Exchange Commission (SEC) filing. Icahn said that he believes GCI stock is undervalued.

The move came 10 days after Gannett CEO Gracia Martore announced that the company will split its newspaper and broadcasting divisions. The two new companies will trade separately by mid-2015.

The Gannett spinoff will create a publisher that will run its 82 U.S. newspapers and Newsquest division in the UK. The 46 TV stations and digital businesses will operate as a separate company.

Icahn’s 13D filing can be found here.

GCI stock is up about 1.5% Friday afternoon.

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