Gannett agrees to buy rest of for $1.8B: Report


Gannett has agreed to purchase 73 percent of auto-sales site for $1.8 billion, Bloomberg reported Monday citing a source with knowledge of the matter.

The publishing giant, which already owns the remaining 27 percent of the site, values the entire business at around $2.5 billion, the unnamed source said, adding that a deal could be announced as early as Tuesday.

In addition to Gannett, Classified Ventures, which owns, is also backed by publishers McClatchy, Tribune, AH Belo and Graham Holdings.

Gannett shares were unchanged after the Bloomberg broke the news.