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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.
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MNI +20.6% AH. AHC +2.8%. GCI +0.8%.