Business & Real Estate

McClatchy closes on big Cars.com sale

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

Sacramento-based McClatchy owned Cars.com 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 Cars.com 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 Cars.com advertising on their newspaper websites for five years.

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