Gannett Co Inc one of the newspaper owners of Cars.com, has agreed to purchase out the part of the auto-sales website that it doesn't already own for $1.8 billion, Bloomberg News reported on Monday. Gannett, the parent company of newspaper USA Today, is one of the five newspaper publishers that back Classified Ventures, the entity that owns Cars.com. Cars.com helps people buy and sell cars on the Internet.Reuters reported in May that Gannett was exploring a bid for the entire company..A representative for Gannett did not immediately respond to a request for comment.
Gannett Co., Inc., is an international media and marketing solutions company, delivering content and services across an integrated, multiplatform portfolio. Shares of GCI traded higher by 4.38% or $1.44/share to $34.32. In the past year, the shares have traded as low as $23.75 and as high as $34.08. On average, 1913050 shares of GCI exchange hands on a given day and today's volume is recorded at 3993242.
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