Market Overview

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.

Related: Why You Should Pay Attention To 13F Filings

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's plan to split its operations follows similar action last year by Rupert Murdoch who split News Corp. (NYSE: NWS) from Twenty First Century Fox (NYSE: FOX) and privately held Tribune.

Gannett shares last changed hands at $35.70, up 4.8 percent.

Posted-In: 13F Carl IcahnHedge Funds General

 

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