By: E&P Staff
Gannett Co. is buying out the stakes Tribune Co. and The McClatchy Co. hold in ShopLocal.com, the searchable directory of items on sale locally, according to a report by LocalOnliner.
A spokesperson for Gannett did not immediately return E&P’s message seeking comment on the report, which cited unnamed sources. A spokesperson for Chicago-based ShopLocal said Monday the company “does not comment on rumors.”
Gannett and Tribune each own 42.5% of ShopLocal, with the rest belonging to McClatchy, which won its stake as part of the acquisition of Knight Ridder.
LocalOnliner did not report terms of the supposed sale. It noted that as of a March 30 regulatory filing, Tribune’s equity in the business was valued at $33 million, while McClatchy’s stake was reported to be worth $11.13 million.
Both Tribune and McClatchy have been pressed to draw down big debt loads taken on to finance blockbuster deals. Tribune, nearly $13 billion in debt after last December’s going-private transaction, has sold property and Newsday to raise cash in recent months.