Classified Ventures

From Wikipedia, the free encyclopedia
  (Redirected from Classified Ventures, LLC)
Jump to: navigation, search
Classified Ventures, LLC
Joint venture
Industry Advertising
Fate Acquired by Gannett Company
Defunct October 1, 2014 (2014-10-01)
Headquarters Chicago, Illinois

Classified Ventures, LLC was a Chicago-based media company. The company, established to capitalize on the revenue growth in the online classified advertising categories of automotive and rentals, was a joint venture among five major newspaper publishers: A. H. Belo, Gannett Company, The McClatchy Company, Tribune Company, and Graham Holdings Company[1] It was the owner of 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' stakes in Classified Ventures for $1.8 billion.[4][5] The acquisition was closed on October 1, 2014.[6]

Tegna, Inc., the successor to Gannett's broadcasting and digital properties, currently owns Cars.com; in May 2017, its shareholders approved a plan to spin-off Cars.com as a publicly traded company.[7][8]

References[edit]

  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. Retrieved 5 August 2014. 
  6. ^ "Gannett Completes Cars.com Acquisition". 1 October 2014. Retrieved 2 October 2014. 
  7. ^ "Cars.com Spins Off From Parent TEGNA, Goes Through IPO". Search Marketing Daily. MediaPost Publications. Retrieved 5 May 2017. 
  8. ^ "McLean-based Tegna spins off Cars.com". WTOP. Retrieved 5 May 2017.