Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Gannett Co., Inc. (GCI): Carl Icahn Exercises Call Options For 12.23 Million Shares

In a new filing with the U.S. Securities and Exchange Commission, Icahn Capital LP of Carl Icahn disclosed that it has exercised call options for an aggregate of 12.23 million shares of Gannett Co., Inc. (NYSE:GCI) at an exercise price of $20.15 per share. Mr. Icahn now holds 14.97 million shares of the company,  the stake is equal to 6.63% of common stock outstanding. In its latest 13F, Icahn Capital disclosed holding 2.73 million shares of Gannett Co., Inc. (NYSE:GCI).


Virginia, U.S.-based Gannett Co., Inc. (NYSE:GCI) is an international media and marketing solutions company, managing a number of print, broadcast, and media properties, including USA Today, BLiNQ Media, Newsquest, and 23 TV stations.

Recently, Gannett Co., Inc. (NYSE:GCI) conducted a private placement offering of $675 million offering of senior notes. The offering consisted of $350 million of its 4.875% senior notes due 2021 and $325 million of its 5.500% senior notes due 2024.

In August, Gannett Co., Inc. (NYSE:GCI) revealed that it plans to separate its broadcasting and digital businesses and publishing business. The company wants to create two publicly traded companies, with one exclusively focused on its broadcasting and digital businesses, and the other on its publishing business. Under the plan, the publishing business will be implemented through a tax-free distribution of the company’s publishing assets to shareholders.

Gannett Co., Inc. (NYSE:GCI) has also agreed to acquire full ownership of Under the agreement, Gannett Co., Inc. (NYSE:GCI) is buying the 73% interest it does not already own in Classified Ventures LLC, which owns, for $1.8 billion in cash. The deal is expected to be completed in the fourth quarter of this year, subject to regulatory approval and other customary closing conditions.

Other institutional investors betting big on Gannett Co., Inc. (NYSE:GCI) include Ariel Investments, managed by John W. Rogers, which owns 6.73 million shares, and Ric Dillon’s Diamond Hill Capital, which holds 4.92 million shares, according to our record.

A couple of weeks ago, Mr. Icahn has initiated a stake in Hertz Global Holdings, Inc. (NYSE:HTZ), owning around 8.5% of the company’s common stock. Recently, Mr. Icahn disclosed in a new filing that he has entered into an agreement-in-principle with the company to appoint three independent directors to the company‘s board. Following their appointment, three current directors will retire from the board.

Disclosure: none

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
This is a FREE report from Insider Monkey. Credit Card is NOT required.