Carl Icahn 13F Filing Shows $229M Stake In Gannett
Gannett (NYSE: GCI) shares jumped as much as 18.8 percent after hours on news that activist investor Carl Icahn acquired a 6.65 percent stake during the second quarter (ended July 31). The position was esablished for $229 million.
The 13F filing said shares were acquired prior to Gannett's announcement of a plan to split its publishing and broadcasting operations into two separately traded companies.
Gannett owns more than 40 television stations, USA Today and 81 local newspapers.
Icahn said he'd intended to press for the split, but now plans to have discussions with management on the separation, corporate governance, capitalization and capital allocation.
Gannett shares last changed hands at $35.70, up 4.8 percent.
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