Tegna, Spinning Off Cars.com, May Sell CareerBuilder, Analysts Say as Stock Gains
Tegna will spin off Cars.com into another publicly traded company, amid personnel moves including the parent company's CEO retiring (see 1609070037) and as it considers alternatives for CareerBuilder. Analysts said that could lead to a sale of that job-search site.…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
The spin off, expected in the first half of next year, will position Tegna and Cars.com "to take advantage of differentiated opportunities in the rapidly evolving broadcast and digital landscapes," said the parent in a news release Wednesday. Other owners of CareerBuilder are McClatchy and Tribune Media, and the owners may be reviewing takeover offers for the asset, Noble Financial analyst Michael Kupinski emailed investors. "It sounds like a sale is the least complicated transaction -- given the different ownership structures," wrote Wells Fargo's Marci Ryvicker. "We believe there have been inquiries from interested buyers over the past few years." Tegna stock closed up Wednesday 8.9 percent to $21.81.