The board of McLean-based media company Tegna Inc. has approved the spin-off of Cars.com, a move that will create two publicly traded companies.
Cars.com shares are expected to begin trading on June 1.
“This spin-off is the culmination of a multiyear transformation of our company, and the board is confident that both companies are well positioned to execute their strategic plans for growth and create shareholder value,” Gracia Martore, the president and CEO of Tegna, said in a statement. She will retire upon the closing of the spinoff.
Tegna has 46 television stations. Cars.com is a digital automotive marketplace.
