Dave Lougee, president of Tegna Media, will become CEO of the television operation that remains. A split could convince investors that Tegnas assets are more valuable than its stock price suggests. Through Tuesday, the shares had dropped 36 percent since last years spinoff of the newspaper unit, hurt by a disappointing season for political advertising and a struggle by Cars.com to get more revenue from its partners. Tegna shares rose 3.4 percent to $20.84 at 9:39 a.m. in New York, valuing the company at $4.47 billion. Each business will have increased strategic, operating, and financial flexibility at a time when the broadcast and digital sectors are both rapidly evolving – presenting both companies with a wealth of opportunities, Martore said in the statement. For Gadflys take on whether Tegnas plan is the right move, click here. Tegna spun off Gannett last year after acquiring more local TV networks from Belo Corp. and London Broadcasting Co.
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