Business & Real Estate

McClatchy closes on big sale

The McClatchy Co. said today the sale of car-buying website has closed, giving The Sacramento Bee’s parent a payout of $631.8 million.

Sacramento-based McClatchy owned as part of a consortium with other media companies Gannett Co., Tribune Media Co., Graham Holdings and A.H. Belo Corp.

The partners sold the website for $1.8 billion to Gannett in a deal announced Aug. 5. The deal valued all of at $2.5 billion.

McClatchy’s after-tax proceeds came to $406 million. McClatchy and the other selling partners entered into a deal, effective today, that allows each company to sell advertising on their newspaper websites for five years.