ARLINGTON, Va.--(BUSINESS WIRE)--Oct. 1, 2014--
Graham Holdings Company (NYSE: GHC) announced today that the Company and
the remaining partners in Classified Ventures, LLC (CV) have completed
the sale of their entire stakes in CV to Gannett Co., Inc. for a price
that values CV at $2.5 billion. The agreement to sell was announced on
August 5, 2014.
CV was a joint venture among Graham Holdings, A. H. Belo Corporation,
Gannett, The McClatchy Company and Tribune Media Company. Graham
Holdings owned 16.5% of CV, whose primary asset is Cars.com, the online
car shopping website.
Gross proceeds to the selling partners are $1.8 billion. Total proceeds
to Graham Holdings, net of transaction costs, are $408.5 million, of
which $16.5 million will be held in escrow until October 1, 2015. The
Company will report a gain on the sale of its interest in CV in the
fourth quarter of 2014.
About Graham Holdings Company (www.ghco.com)
Graham Holdings Company (NYSE: GHC) is a diversified education and media
company whose principal operations include educational services,
television broadcasting, cable systems and online, print and local TV
news. The Company owns Kaplan, a leading global provider of educational
services; Graham Media Group (WDIV–Detroit, KPRC–Houston, WKMG–Orlando,
KSAT–San Antonio, WJXT–Jacksonville); Cable ONE, serving small-city
subscribers in 19 midwestern, western and southern states; The Slate
Group (Slate, Slate V, TheRoot); and Foreign Policy. The Company also
owns Trove, a digital team focused on innovation and experimentation
with emerging technologies; SocialCode, a leading social marketing
solutions company; Celtic Healthcare; Forney Corporation; Joyce/Dayton
Corp.; and Residential Healthcare Group.
Source: Graham Holdings Company
Graham Holdings Company
Rima Calderon, 703-345-6358