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.
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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.