The separation is expected to be completed by May 31. Tegna stockholders to receive one share of Cars.com stock for every three Tegna shares. Cars.com to pay Tegna $650 million in cash.
As the company spins off Cars.com to shareholders and evaluates “strategic alternatives” for CareerBuilder, it says broadcasting chief Dave Lougee will take over for retiring CEO Gracia Martore and Alex Vetter will become CEO of the independent Cars.com.
