Why McClatchy Company (MNI) Is Soaring on Monday

NEW YORK (TheStreet) -- The McClatchy Company (MNI), 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), Gannett (GCI), Tribune, and Graham Holdings (GHC).

According to a report in the Wall Street Journal, the sale is hoped to raise as much as $3 billion.

MNI Chart MNI data by YCharts

Must Read: Warren Buffett's 10 Favorite Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

If you liked this article you might like

Newspapers Demand Money From LexisNexis... It Might Just Be the Start

Newspapers to LexisNexis: Time to Pay Up

Apollo Global Management Buying Major Stake in CareerBuilder

Warren Buffett Issues Dire Prediction for Newspapers