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NEW YORK (TheStreet) -- The McClatchy Company (MNI) - Get McClatchy Company Class A 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 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 A.H. Belo Corporation Class A Report, Gannett (GCI) - Get Gannett Co., Inc. Report, Tribune, and Graham Holdings (GHC) - Get Graham Holdings Co. 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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