Gannett spinoff TEGNA mixes cars, the internet and television. And it’s perfect to park in your portfolio, said Bill Smead, fund manager for the Smead Value fund. 'They own all of Cars.com and 46 network affiliate TV stations, so they are the advertising vehicle of choice for local auto dealers,' said Smead at this year’s Morningstar conference in Chicago. 'For example, Warren Buffett just bought Van Tuyl, a major auto dealer, and thinks that’s a great business to be in. Why? Because a ton of millennials that don’t yet own cars are going to get married, have kids and need cars that fit car seats and those local auto dealers are going to advertise a lot.' Gannett announced its plans in August 2014 to separate into two publicly traded companies: a broadcasting and digital company that will operate under the name TEGNA and a publishing company that will retain the name Gannett.
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