McClatchy Co. nets $90 million from sale of

Published: Monday, Mar. 3, 2014 - 7:58 am

The McClatchy Co. today said it will make $90 million in after-tax profits from the sale of one of its Internet investments,

Sacramento-based McClatchy, which owns The Bee and 29 other newspapers, said the website is being sold to CoStar Group in a deal that's expected to close in the second quarter. The deal was announced early today.

McClatchy owns 25.6 percent of Classified Ventures LLC, the parent of Its share of the deal will come to $147 million before taxes and $90 million after taxes.

By comparison, McClatchy earned $47 million for all of 2013 before certain one-time adjustments.

McClatchy shares jumped 18 cents, to $5.49, in early New York Stock Exchange trading.

Based in Chicago, Classified Ventures also owns Its other shareholders are media companies Tribune Co., Belo, Gannett and the Washington Post Co.

Call The Bee’s Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.

Read more articles by Dale Kasler

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