Screenshot of

Screenshot of

TEGNA’s board of directors has approved the spin-off of as a separate publicly traded company, the company has announced.

First announced in September of last year,'s separation from TEGNA as its own publicly traded company will be completed on May 31. Shares of the new company will begin regular trading on the New York Stock Exchange (NYSE) the next day.

Prior to the company's seperation, however, all outstanding shares of will be distributed to TEGNA stockholders of record at the close of business on May 18 at a rate of one share of for every three shares of TEGNA a stockholder holds.

“We are approaching a watershed moment for and I couldn’t be more excited about our future. As an independent company, we have greater flexibility to capture the opportunities ahead of us by leveraging our strong brand, innovative platform and expanding, loyal audience,” said Alex Vetter, who will serve as president and CEO of upon separation. “We are a pure-play digital company in an excellent position to drive long-term growth and profitability, and we are a unique investment opportunity in the digital automotive space.”

In order to maintain TEGNA’s current credit rating, will also present TEGNA with a one-time cash distribution of $650 million upon separation. TEGNA will continue to trade on the NYSE under the ticker symbol TGNA and will trade under the symbol CARS. will remain headquartered in Chicago once the spin-off is completed. The company stated at as an independent company, it focus on its key strategic priorities, which include innovation and active evaluation and pursuit of acquisitions.

Scott Forbes will act as chairman of the board of directors. Other members will include Alex Vetter, president and CEO, current TEGNA director Jill Greenthal, Thomas Hale, Donald McGovern, and Greg Revelle.