Cars.com Begins Regular Way Trading on the NYSE Under the Symbol CARS
Gracia Martore Retires After More Than 30 Years with the Company
MCLEAN, Va.--(BUSINESS WIRE)--Jun. 1, 2017--
TEGNA Inc. (NYSE: TGNA) today announced that it has completed the
previously announced spin-off of Cars.com, creating two publicly traded
companies: TEGNA, an innovative media company with the largest broadcast
group among major network affiliates in the top 25 markets; and
Cars.com, a leading digital automotive marketplace. TEGNA will continue
trading on the New York Stock Exchange under the symbol TGNA. Effective
today, Cars.com will begin “regular way” trading on the New York Stock
Exchange under the symbol CARS.
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Dave Lougee, President and CEO, TEGNA Inc. (Photo: Business Wire)
Upon the completion of the spin-off, Dave Lougee, president of TEGNA
Media, was named president and CEO and joined TEGNA’s Board of
Directors. Gracia Martore, president and CEO of TEGNA, retired and
stepped down from the Board.
“I am incredibly honored and excited to become CEO of this great
company,” said Lougee. “Gracia has meant so much to everyone at TEGNA.
She has been a mentor and partner for many years and her vision,
leadership, integrity and drive have been crucial to our company’s
transformation and success. I am committed to honoring her legacy and
will continue to grow and strengthen TEGNA as we move ahead as a
standalone, industry-leading media company.”
Lougee added, “Thanks to the leadership of Gracia and the Board, we have
worked tirelessly over the past several years to transform our company.
We are driven by our strongly-held values and our stated purpose to
serve the greater good of our communities. Our intense focus on
innovation, combined with our operational excellence, is helping us
accelerate growth. We are also uniquely well-positioned to benefit from
a changing regulatory environment. Our very strong balance sheet and
significant scale allow us to be strategically opportunistic.”
The spin-off was effected through a pro rata distribution of all
outstanding common shares of Cars.com to TEGNA stockholders of record at
the close of business on May 18, 2017 (the “Record Date”). Stockholders
retained their TEGNA shares and received one share of Cars.com for every
three shares of TEGNA stock they owned on the Record Date.
Lougee also announced his executive leadership team. Joining him on the
leadership team are Victoria Harker, executive vice president and chief
financial officer, Lynn Beall, executive vice president and COO of Media
Operations, Anne Bentley, vice president and chief communications
officer, Ed Busby, senior vice president of strategy, Todd Mayman,
executive vice president and chief legal and administrative officer, and
Jeff Newman, senior vice president and chief human resources officer.
Marjorie Magner will continue as Chairman of TEGNA’s Board of Directors.
Jennifer Dulski, Howard D. Elias, Lidia Fonseca, Scott K. McCune, Henry
W. McGee, Susan Ness, Bruce P. Nolop and Neal Shapiro continue to serve
as TEGNA directors in addition to Lougee.
Prior to becoming president and CEO, Lougee was president of TEGNA
Media, where he oversaw TEGNA’s 46 broadcast stations in 38 markets.
Under Lougee’s leadership, the company’s Broadcast portfolio doubled
after the acquisitions of Belo Corp. and six London Broadcasting
stations. Lougee was named president of Gannett Broadcasting in July
2007 and previously served as executive vice president, media operations
for Belo. At Belo, he also served as senior vice president; president
and general manager of TV and cable operations in Seattle/Tacoma; and
news director at KING in Seattle/Tacoma.
Before that, Lougee was vice president, news at WRC, the NBC station in
Washington DC and vice president, news director at KUSA in Denver.
Lougee received the 2017 Ward L. Quaal Leadership Award from the
Broadcasters Foundation of America. In 2015, he was inducted into the
Broadcasting & Cable Hall of Fame and in 2014, was awarded the First
Amendment Leadership Award by RTDNF and the Broadcaster of the Year
Award by Broadcasting & Cable.
Lougee is also deeply committed to the industry at large. He serves as
joint board chairman of the National Association of Broadcasters (NAB)
and chairman of the NBC Affiliates Board. He also serves on the board of
directors for BMI (Broadcast Music Inc.), the Broadcasters Foundation of
America and is past chair of the Television Bureau of Advertising (TVB)
Board of Directors.
Greenhill & Co. acted as financial advisor on the spin-off transaction
and Wachtell, Lipton, Rosen & Katz acted as legal advisor.
Any statements contained in this press release that do not describe
historical facts may constitute forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995,
including statements with respect to the expected performance of the
company after the spin-off. Any forward-looking statements contained
herein are based on our management’s current beliefs and expectations,
but are subject to a number of risks, uncertainties and changes in
circumstances, which may cause the company’s actual results or actions
to differ materially from what is expressed or implied by these
statements. Such risks include, but are not limited to: uncertainties as
to the impact of the spin-off on the company’s business. Economic,
competitive, governmental, technological and other factors and risks
that may affect the company’s operations or financial results expressed
in this press release are discussed in the company’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2016, and in the
company’s subsequent filings with the U.S. Securities and Exchange
Commission (SEC). We disclaim any obligation to update these
forward-looking statements other than as required by law.
TEGNA Inc. (NYSE: TGNA) is an innovative media company that serves the
greater good of our communities. With 46 stations in 38 markets, TEGNA
delivers relevant content and information to consumers across platforms.
It is the largest owner of top 4 affiliates in the top 25 markets,
reaching approximately one-third of all television households
nationwide. Each month, TEGNA reaches 50 million adults on-air and 32
million across its digital platforms. TEGNA has been consistently
honored with the industry’s top awards, including Edward R. Murrow,
George Polk, Alfred I. DuPont and Emmy Awards. TEGNA delivers results
for advertisers through unparalleled and innovative solutions including
OTT local advertising network Premion,
centralized marketing resource Hatch, and G/O
Digital, a one-stop shop for local businesses to connect with
consumers through digital marketing. Across platforms, TEGNA tells
empowering stories, conducts impactful investigations and delivers
innovative marketing solutions. For more information, visit www.TEGNA.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170601005800/en/
Source: TEGNA Inc.
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