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Gannett to split newspapers off from broadcasting, digital businesses

Gannett is spinning off its publishing business from its broadcasting and digital operations. The company is also acquiring full ownership of for $1.8 billion.

It follows the Tribune Co., Time Warner, and News Corp. in breaking off print media from its rapidly expanding broadcast operations.

Gannett CEO: Now is the moment to grow

Gannett said Tuesday that the publishing business will basically be debt free once spun off, with the broadcasting and digital businesses holding the existing debt.

Read MoreGannett agrees to buy rest of for $1.8B: Report

The publishing business will keep the Gannett name, while the broadcasting and digital company has yet to be named. Both companies will remain headquartered in McLean, Virginia.

Gannett is buying the 73 percent interest in Classified Ventures, owner of that it doesn't already own. The deal is expected to close in the fourth quarter.

By The Associated Press