Activist investor Carl Icahn reported a 6.6 percent stake in Gannett Co on Thursday, saying his firm took the stake on the view that splitting the media company into separate print and broadcast firms could create value, a regulatory filing showed Thursday.
Icahn, a billionaire investor who is known for taking large stakes in companies and pushing for management change, said in the filing with the Securities and Exchange Commission that the company's shares were "undervalued."
Icahn, who reported the stake as of August 4, also said in the filing that his firm intended to speak with Gannett's management and board of directors about subjects such as the company's planned split and corporate governance.
He also said that he purchased the Gannett shares in "belief that they were undervalued," noting "value could be created" by splitting Gannett into separate print and broadcast companies.
Gannett said on August 5 that it would spin off its print operations, including USA Today, becoming the latest media company to separate slower-growing publishing assets from TV and digital properties.
Gannett shares rose 5.7 percent in after hours trading.