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.