TEGNA ANNOUNCES SPINOFF OF CARS.COM; STOCK RISES

TEGNA,which owns TV stations and digital businesses, said Wednesday it will split into two publicly traded companies by spinning off car-shopping site Cars.com. The company also will evaluate a possible sale of its job-search site CareerBuilder. Shares closed up 1.8% to $21.81. The company, which used to be called Gannett until it spun off its newspaper business — including USA TODAY — also said CEO Gracia Martore will retire after the spinoff is completed, expected in the first half of 2017.