Gannett announced today the completion of its previously announced acquisition of the remaining 73% interest in Cars.com, for $1.8 billion.
In August, Gannett announced its decision to split its broadcasting and newspaper businesses, which includes 46 television stations and 81 local U.S. daily publications, as well as its flagship brand, USA Today. Acquiring Cars.com (which gets around 30 million monthly views) doubles the company’s digital portfolio, which also includes CareerBuilder.
“We are thrilled to be the sole owner of Cars.com – a business that we know extremely well, and one with terrific growth characteristics,” Gracia Martore, president and chief executive officer, said in a statement. “With full ownership of Cars.com, we will be able to drive even faster growth as marketers and advertisers continue to shift more of their spending toward digital solutions. This acquisition represents another pivotal step in our ongoing transformation, positioning us well for Gannett’s planned separation into two publicly-traded companies, which is expected to be completed in mid-2015.”