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Gannett reportedly buying Cars.com for $1.8B; MNI soars

Aug. 04, 2014 5:34 PM ETGannett Co., Inc. (GCI) StockGHC, GCI, DALN, TRCO, MNIQQBy: Eric Jhonsa, SA News Editor
  • Bloomberg reports Gannett (NYSE:GCI) has agreed to take full ownership of Cars.com for $1.8B.
  • Gannett currently owns 27% of Cars.com parent Classified Ventures. Reuters reported in May Gannett is interested in partnering with P-E firms to acquire Cars.com, potentially at a price of $3B.
  • McClatchy (NYSEMKT:MNI), Tribune (TRBAA), AH Belo (NYSE:AHC), and Graham Holdings (NYSE:GHC) also own stakes in Classified Ventures. The company sold Apartments.com in March for $585M, leaving Cars.com as its only property.
  • MNI +20.6% AH. AHC +2.8%. GCI +0.8%.

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