Classified Ventures Announces Agreement to Sell Apartments.com Business to CoStar Group
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