Once it separates from its publishing assets, the broadcast and digital company will be known as Tegna and trade on the New York Stock Exchange under the ticker symbol TGNA.
Gannett Co. said today that it has chosen Tegna as the name for the new broadcasting and digital company. Gannett is in the process of creating two publicly traded companies: one exclusively focused on its broadcasting and digital businesses, and the other on its publishing business and affiliated digital assets. Tegna will trade on the New York Stock Exchange under the ticker symbol TGNA.
“We are pleased to announce the name of our new broadcasting and digital company, which combines one of the largest, most geographically diverse broadcasters in the U.S. with incredibly strong marketing solutions organizations,” said Gracia Martore, Gannett president-CEO. “Tegna is a nod to the more than 100 year-old history of Gannett. While always reminding us where we came from, the new name also shows our innovative spirit and commitment to being a forward-looking company that empowers people, businesses and communities to grow and thrive.”
Tegna’s portfolio of television and digital businesses will include 46 television stations and be the largest independent station group of major network affiliates in the top 25 markets, the company said. The TV stations will reach approximately one-third of all television households nationwide and represent the No. 1 NBC affiliate group, No. 1 CBS affiliate group and No. 4 ABC affiliate group (excluding owner-operators).
The publishing business and its affiliated digital assets will retain the Gannett name once the spinoff is completed mid-2015. Gannett will continue to trade on the NYSE under the ticker symbol GCI.