McClatchy stock price jumps on news the McClatchy, partners are trying to sell Cars.com

Published: Monday, Mar. 10, 2014 - 5:53 pm

The McClatchy Co.’s stock jumped Monday on a report that The Sacramento Bee’s parent and its partners have put their Cars.com classified advertising website up for sale, seeking a price of as much as $3 billion.

Classified Ventures LLC, the Chicago media consortium that owns Cars.com, hired investment bank Moelis & Co. as an adviser on the potential sale, the Wall Street Journal reported.

Sacramento-based McClatchy, owner of The Bee and 29 other newspapers, controls 25.6 percent of Classified Ventures.

McClatchy’s chief financial officer, Elaine Lintecum, declined comment on the report. A spokeswoman for Cars.com couldn’t be reached for comment.

Shares of McClatchy closed at $6.51, up 81 cents, on the New York Stock Exchange.

Classified Ventures a week ago sold its other asset, Apartments.com, for $585 million in cash. McClatchy’s share: $147 million, or about $90 million after taxes.

McClatchy’s partners are Tribune Co., A.H. Belo Corp., Gannett Co. and Graham Holdings 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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