Gracia Martore retires after more than 30 years with the company. She’s succeeded as Tegna president-CEO by Dave Lougee. Cars.com begins trading on the NYSE under the symbol CARS.
Online auto classifieds site Cars.com said it would cease advertising on Fox News Channel’s Hannity after the program’s popular host, Sean Hannity, over several broadcasts promoted a largely discredited story about the murder of a Democratic National Committee staffer, then said he would halt discussion of it for the time being out of concern for the victim’s family.
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.
It looks to expand its online auto category position with the addition of the industry’s largest dealer review platform.
Exclusives
The auto listings site plans to spend more on media — just not in Super Bowl XLVIII.
