On August 5, 2014, Gannett announced that it plans to split into two independent publicly traded companies–one focused on newspapers and publishing, the other on broadcasting. Robert Dickey, head of old Gannett's newspaper division, became CEO of the newspaper company, leaving Gannett's remaining broadcasting and digital operations under the leadership of Martore. In a statement, she explained that the split plans were "significant next steps in our ongoing initiatives to increase shareholder value by building scale, increasing cash flow, sharpening management focus, and strengthening all of our businesses to compete effectively in today's increasingly digital landscape." Additionally, the company announced that it would buy out the remainder of Classified Ventures—a joint venture between Gannett and several other media companies, for $1.8 billion, giving it full ownership of properties such as Cars.com. On April 21, 2015, Gannett announced that the publishing arm would continue to use the Gannett name, while the broadcasting and digital company would be named Tegna—an anagram of Gannett. The split was completed on June 29, 2015. The split was structured so that the old Gannett changed its name to Tegna, and then spun off its publishing interests as a "new" Gannett Company. Tegna retained "old" Gannett's stock price history under a new ticker symbol, TGNA, while "new" Gannett inherited "old" Gannett's ticker symbol, GCI.