Activist investor Carl Icahn disclosed his ownership of a 6.63% stake, or 15 million shares, in media company Gannett (GCI), according to an SEC document. And he wants input on the company’s plan to spin off its print business from digital and broadcast.
The filing reports that Icahn acquired the shares “in the belief that they were undervalued and that value could be created by splitting the Issuer into separate broadcast companies.”
In the future, Icahn will “have discussions with representatives of [the company’s] management and board of directors relating to the planned separation, corporate governance, capitalization and capital allocation,” according to the filing.
Icahn now appears to be the second largest shareholder in the firm, according to CNBC.
In trading after hours on Thursday, shares of Gannett rose over 5.5%.
On August 5, rumors circulated that Icahn was taking shares of Whole Foods (WFM), causing the stock to go up nearly 6% during morning trading. He also took a 9.4% stake in Family Dollar in June.