Icahn takes 6. 6% stake in gannett, aims to split it
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The McLean, Virginia, headquarters of Gannett Jay Mallin | Bloomberg | Getty Images 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. The move seems to make Icahn the
second largest shareholder in the firm. Icahn tweeted about the deal. 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." Read MoreGannett to split newspapers off from broadcasting, digital
businesses 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. 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. Read MoreGannett agrees to buy rest of Cars.com for $1.8B: Report Gannett shares rose 5.7 percent in after hours
trading.