TEGNA said pre-market Thursday that it has completed the previously announced spin-off of Cars.com, creating two publicly traded companies: TEGNA, a media company; and Cars.com (CARS), a digital automotive marketplace. TEGNA will continue trading on the New York Stock Exchange under the ticker “TGNA”. Effective today, Cars.com will begin “regular way” trading on the New York Stock Exchange under the ticker “CARS”. Upon the completion of the spin-off, Dave Lougee, president of TEGNA Media, was named CEO. He will succeed Gracia Martore, who will retire.
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. 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.