Activist investor Carl Icahn has taken a stake in Gannett, saying the TV and newspaper company that publishes USA TODAY, is undervalued.
Icahn has amassed a stake in Gannett, according to a Securities & Exchange Commission filing Thursday. The filing says Gannett shares are undervalued and that value could be created by splitting the companies print and broadcasting divisions -- a move Gannett CEO Gracia Martore already announced Aug. 5.
The 13D filing says Icahn plans to "have discussions" with Gannett's management and board of directors "relating to the planned separation, corporate governance, capitalization and capital allocation."
Gannett shares were up 6.3% to $36.20 in after-hours trading, when the filing was disclosed.
Icahn was not available for comment. A spokeswoman said Icahn says the 13D-filing "speaks for itself."