Gannett acquires Cars.com for $1.8 billion
As of Wednesday, Gannett officially owns Cars.com, a deal it sealed with $1.8 billion in cash.
Under the agreement, Gannett acquired the 73 percent interest it did not already own in Classified Ventures LLC, which previously owned Cars.com.
Cars.com is an independent research site for car shoppers with approximately 30 million monthly visits. According to a statement from Gannett’s CEO Gracia Martore, Cars.com serves approximately 20,000 dealers and in 2014 had a pro forma 2014 revenue of approximately $535 million.
Gannett says the acquisition doubles its digital portfolio. By mid-next year, Gannett plans to split its publishing business from its broadcast and digital side.