NEW YORK (TheStreet) -- The McClatchy Company (MNI - Get Report), which owns regional media properties such as The Charlotte Observer and The Sacramento Bee, is soaring on reports the consortium it belongs to, Classified Ventures, has put online property Cars.com up for sale.
By midafternoon, shares had climbed 12.1% to $6.39.
McClatchy owns an approximate 25% stake in the consortium. The strategic venture is composed of five media companies: McClatchy, A.H. Belo (AHC - Get Report), Gannett (GCI), Tribune, and Graham Holdings (GHC - Get Report).
According to a report in the Wall Street Journal, the sale is hoped to raise as much as $3 billion.
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