U.S. Markets closed

Carl Icahn Stakes 6.6% Position in Gannett, Backs Split-Up


Gannett’s plans to split up its newspaper and broadcast businesses have the support of the one and only, famous activist investor Carl Icahn. Icahn disclosed his 6.6% stake in the publishing company and backed proposed plans to split up its different divisions. In an SEC filing, Icahn said he acquired his substantial position “in the belief that [shares] were undervalued and that value could be created by splitting the issuer into separate print and broadcast companies.” Icahn also said he intends to guide Gannett’s management and board in issues pertaining to the separation. By market close Friday, shares were up 1.5% to $34.56. TheStreet's Keris Lahiff reports from New York.