Report: Investor Gannett Interested in Cars.com
Sources close to the matter say that the deal might not materialize
Gannett (GCI) is interesting in buying Cars.com, according to sources close to the matter.
The media holding company is one of the website’s investors and it’s looking to team up with private equity firms to take over the website. The deal for Cars.com could reach up to $3 billion.
Gannett is looking to buy the website by leading a buyout or by rolling over its current equity stake and strike a deal. The company currently has a 27% stake in Classified Ventures, the entity that owns Cars.com which is made up of Gannett and four other newspaper publishers.
Sources close to the matter decided to remain anonymous as negotiations are still at an early stage and the deal may not happen.
GCI stock is up on Wednesday.
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Article printed from InvestorPlace Media, http://investorplace.com/2014/05/gannett-cars-com-gci-stock/.
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