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BRIEF-Tegna Inc's board approves spin-off of cars.com
May 3, 2017 / 10:57 PM / 7 months ago

BRIEF-Tegna Inc's board approves spin-off of cars.com

May 3 (Reuters) - Tegna Inc

* Tegna board of directors approves spin-off of cars.com

* Tegna Inc says cars.com to pay Tegna one-time cash distribution of $650 million

* Spin-off of cars.com expected to be completed May 31, 2017

* Tegna - cars.com expects to enter new credit facilities with borrowing capacity of about $900 million, expects portion of facilities to remain undrawn at closing

* Tegna Inc - expected that Tegna’s existing credit facility will remain in place following deal Source text for Eikon: Further company coverage:

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