USA Today publisher Gannett completes purchase of rest of Cars.com for $1.8 billion

Associated Press

Gannett Co., which is in the midst of splitting its publishing and broadcasting businesses into separate companies, said Wednesday that it completed a $1.8 billion deal for sole ownership of Cars.com.

Gannett publishes USA Today and owns local TV stations. It said owning Cars.com will grow its digital business. The website lists new and used cars for sale.

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When Gannett splits next year as planned, Cars.com will go with the broadcasting business, which will hold TV stations and job listing website CareerBuilder.

Gannett had a 25.6 percent stake in Cars.com through a joint venture with four other media companies, including Tribune Media Co., The McClatchy Co., Graham Holdings Co. and A. H. Belo Corp. Gannett first announced plans to buy the rest of Cars.com in August.

Shares of Gannett, based in McLean, Virginia, slipped 10 cents to $29.57 in midday trading Wednesday.