144:"The CV sale deserves some retrospective attention. It was the third of three newspaper-industry joint ventures we invested in during the 1990s. The first two, New Century Network and CareerPath, were expensive failures. One reason was the consortium form of management: each of our partners was a decent company, represented by excellent executives. But disagreements among us all led to slow decision making.
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to his family and join a leading financial services firm. Through those 14 years Dan and the team at
Classified Ventures built both Cars.com and Apartments.com into leading digital marketing brands that employed over 1,500 employees, generated over $ 600 million in annual network wide revenues and $ 225 million in
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Daniel
Jauernig joined Classified Ventures in April, 2000 as Executive Vice President and became CEO in November, 2000. He was the CEO of Classified Ventures for 14 years until November, 2014 and left shortly after Gannett acquired Cars.com to return to his home city of Toronto, Canada to be closer
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for $ 585 million. On August 5, 2014, Gannett announced that it would buy out the other owners' 72% combined stake in
Classified Ventures for $ 1.8 billion, valuing Cars.com at $ 2.5 billion. The acquisition was closed on October 1, 2014. The sale of Apartments.com and Cars.com allowed Classified
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Ventures to return over $ 3.5 billion to its owners through a combination of the sales proceeds and dividends paid to its owners in cash or in the form of below market transfer pricing for the sale of digital marketing products sold in its local affiliate newspaper markets.
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That CV survived and thrived in the face of the same problem was due to the talent and persistence of its CEO Dan
Jauernig and an able team of executives and employees, among whom Dick Burke and Mitch Golub were long enduring."
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Don Graham, CEO & Chairman of Graham
Holdings Company (NYSE:GHC, formerly the Washington Post Company), wrote the following about Classified Ventures, in their 2014 Annual Report to Shareholders:
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It was the owner and operator of two leading national online brands: Apartments.com (now part of CoStar Group Inc. NYSE:CSGP) and
98:-based digital media company. The company was established to capitalize on the revenue growth opportunities in the online
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categories of automotive and rentals. It was a joint venture among six major newspaper publishers:
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162:, the successor to Gannett's broadcasting and digital properties, spun off Cars.com in May 2017.
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298:"Gannett Completes Acquisition of Remaining 73% Interest in Cars.com"
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In April 2014, Apartments.com and its associated sites were sold to
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246:"Media Giant Gannett to Spin Off USA Today and Print Business"
400:"Cars.com Spins Off From Parent TEGNA, Goes Through IPO"
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179:"Industry takes slow steps toward digital transactions"
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198:"CoStar Group buys Apartments.com for $ 585 million"
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454:Online mass media companies of the United States
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19:
382:"Ganett names Alex Vetter CEO of Cars.com"
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224:"The end is near for Classified Ventures"
320:"Gannett Completes Cars.com Acquisition"
426:"McLean-based Tegna spins off Cars.com"
364:"CEO Steps Down At Classified Ventures"
268:"Gannett Reorganizing, Buying Cars.com"
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308:from the original on 1 December 2022.
7:
16:Chicago-based digital media company
459:Defunct companies based in Chicago
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388:from the original on 2000-02-29.
370:from the original on 2000-08-15.
352:from the original on 2001-04-04.
322:. 1 October 2014. Archived from
274:. 5 August 2014. Archived from
222:Marek, Lynne (25 March 2014).
1:
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226:. Crain's Chicago Business
55:October 1, 2014
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406:. MediaPost Publications
128:Cars.com (now NYSE:CARS)
92:Classified Ventures, LLC
20:Classified Ventures, LLC
184:San Francisco Chronicle
124:Graham Holdings Company
404:Search Marketing Daily
100:classified advertising
116:The McClatchy Company
384:. November 7, 2014.
366:. November 4, 2000.
346:"2014 Annual Report"
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104:Central Newspapers
326:on 6 October 2014
278:on 6 October 2014
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430:. Retrieved
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408:. Retrieved
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328:. Retrieved
324:the original
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280:. Retrieved
276:the original
272:NetNewsCheck
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250:. Retrieved
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228:. Retrieved
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135:CoStar Group
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91:
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78:Headquarters
70:Acquired by
34:Company type
160:Tegna, Inc.
46:Advertising
448:Categories
230:1 February
166:References
108:A. H. Belo
59:2014-10-01
330:2 October
386:Archived
368:Archived
350:Archived
306:Archived
282:5 August
252:5 August
42:Industry
96:Chicago
57: (
52:Defunct
428:. WTOP
154:EBITDA
122:, and
94:was a
432:5 May
410:5 May
207:8 May
434:2017
412:2017
332:2014
284:2014
254:2014
232:2017
209:2017
67:Fate
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