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Classified Ventures, LLC was a Chicago-based digital media company. The company was established to capitalize on the revenue growth opportunities in the online classified advertising categories of automotive and rentals. It was a joint venture among six major newspaper publishers: Central Newspapers, A. H. Belo, Gannett Company, The McClatchy Company, Tribune Company, and Graham Holdings Company[1] It was the owner and operator of two leading national online brands: Apartments.com and Cars.com.

In April 2014, Apartments.com and its associated sites were sold to CoStar Group for $585 million.[2][3] On August 5, 2014, Gannett announced that it would buy out the other owners’ 72% combined stake in Classified Ventures for $1.8 billion,[4][5] valuing Cars.com at $2.5 billion.[6] The acquisition was closed on October 1, 2014.[7] The sale of Apartments.com and Cars.com allowed Classified Ventures to return over $3.5 billion to its owners through a combination of the sales proceeds and dividends paid to its owners in cash or in the form of below market transfer pricing for the sale of digital marketing products sold in its local affiliate newspaper markets.[8]

Tegna, Inc., the successor to Gannett’s broadcasting and digital properties, spun off Cars.com in May 2017.[9][10]

References

  1. ^ “Industry takes slow steps toward digital transactions”. San Francisco Chronicle. July 31, 2005.
  2. ^ “CoStar Group buys Apartments.com for $585 million”. Washington Post. Retrieved 8 May 2017.
  3. ^ Marek, Lynne (25 March 2014). “The end is near for Classified Ventures”. Crain’s Chicago Business. Retrieved 1 February 2017.
  4. ^ “Media Giant Gannett to Spin Off USA Today and Print Business”. 5 August 2014. Retrieved 5 August 2014.
  5. ^ “Gannett Reorganizing, Buying Cars.com”. NetNewsCheck. 5 August 2014. Archived from the original on 6 October 2014. Retrieved 5 August 2014.
  6. ^ “Gannett Completes Acquisition of Remaining 73% Interest in Cars.com”. bloomberg.com. Archived from the original on 1 December 2022.
  7. ^ “Gannett Completes Cars.com Acquisition”. 1 October 2014. Archived from the original on 6 October 2014. Retrieved 2 October 2014.
  8. ^ “2014 Annual Report”. Archived from the original on 2001-04-04.
  9. ^ “Cars.com Spins Off From Parent TEGNA, Goes Through IPO”. Search Marketing Daily. MediaPost Publications. Retrieved 5 May 2017.
  10. ^ “McLean-based Tegna spins off Cars.com”. WTOP. Retrieved 5 May 2017.