Chicago-based Cars.com is spinning off on its own as a publicly traded company.
Tegna, the Virginia-based television station owner which acquired the car shopping website in 2014, announced the move Wednesday. Cars.com will remain headquartered in Chicago and will trade under the ticker symbol CARS.
The spinoff is expected to take place in the first half of 2017. Separating the digital company from its broadcast parent will position Cars.com for potential acquisitions in the auto trading sector, executives said during a conference call Wednesday.
"There's been enormous opportunities that have presented themselves over the past several months," said Alex Vetter,...