McClatchy to receive $147 million from Apartments.com sale
03/03/2014 9:11 AM
03/03/2014 9:12 AM
McClatchy announced Monday that it expects to receive $147 million from the sale of Apartments.com to the CoStar Group for $585 million.
McClatchy, owner of The News & Observer, The Charlotte Observer and 28 other daily newspapers, owns a 25.6 percent interest in Classified Ventures, which owns Apartments.com.
After taxes, McClatchy expects its proceeds from the sale to be $90 million. The money will be used for general corporate purposes, including debt reduction.
Classified Ventures operates both the Cars.com and the Apartments.com websites. It is a joint venture between five media companies: A. H. Belo Corp., Gannett, McClatchy, Tribune and Graham Holdings Co.
CoStar provides commercial real estate information and marketing services. The deal is expected to close in the second quarter.
McClatchy shares closed Monday at $5.74, up 43 cents. The stock is up 68 percent this year.
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