CHICAGO, March 3, 2014 /PRNewswire/ -- Classified
Ventures, LLC ("CV"), a leading provider of digital marketing
solutions in the automotive and apartment rental categories,
announced today that it has entered into an agreement to sell its
Apartments.com business for $585
million in cash to CoStar Group, Inc., a leading provider of
commercial real estate research and information services. The
sale follows a September 2013
announcement that the Company and its Board of Directors would
explore strategic alternatives for Apartments.com. CV was
advised by Moelis & Company and Skadden, Arps, Slate, Meagher
& Flom. The transaction is expected to close in the
second quarter of 2014.
The Apartments.com business includes category-leading sites such
as Apartments.com, RentalHomesPlus.com, and
ApartmentHomeLiving.com.
CV CEO Dan Jauernig shared: "This
was a very thorough process, and we are confident that the sale to
CoStar will allow Apartments.com to continue to grow and
flourish. CoStar has demonstrated an understanding of the
value of Apartments.com and a commitment to its growth. We
look forward to working with them to consummate the sale."
This sale will not impact CV's Cars.com business.
About Classified Ventures, LLC
Classified Ventures,
LLC helps shoppers find the perfect apartment or car through its
award-winning websites, including Cars.com and Apartments.com. A
strategic joint venture among five media companies including A. H.
Belo Corp. (NYSE: AHC), Gannett Co. Inc. (NYSE: GCI), The McClatchy
Co. (NYSE: MNI), Tribune Co. and Graham Holdings Company (NYSE:
GHC), Classified Ventures seeks to capitalize on revenue growth in
online advertising in the automotive and rental categories. For
more information, please visit www.classifiedventures.com.
SOURCE Classified Ventures, LLC