Icahn Ups Stake In Gannett

(RTTNews) - Shares of Gannett Co Inc (GCI) climbed more than 7 percent in after-hours trade on Thursday, after a regulatory filing showed activist investor Carl Icahn to have increased his stake in the publishing company.

As per the filing, Icahn, as of June 29, had 7.48 million shares in Gannett, representing a stake of 6.5 percent, up from 6 percent previously.

The filing revealed that Icahn received the shares in connection with the recent spin-off of Gannett from Tegna Inc (TGNA).

On June 29, Gannett completed its spin-off into two separate publicly traded companies. Gannett's broadcast and internet media divisions became Tegna (TGNA), while the print division retained the Gannett name.

GCI closed Thursday at $12.06, up $0.76 or 6.73%, on the NYSE. In after hours, the stock gained $0.88 or 7.30% at $12.94.