Newspaper consortium seeks to sell Cars.com for $3 billion

Newspaper publishers consortium Classified Ventures has put the online marketplace Cars.com up for sale for as much as $3 billion, according to the Wall Street Journal.

Moelis & Co. is advising Classified Ventures on the sale. Potential bidders have been located, including private-equity firms and unknown strategic investors.

The Wall Street Journal reports Cars.com generates $400 million to $500 million a year in revenue.

The Classified Ventures consortium list of owners:

• Gannett Co., whose newspapers include USA Today and the Springfield News-Leader;
• Los Angeles Times publisher Tribune Co.;
• Dallas Morning News publisher A.H. Belo Corp.;
• Miami Herald owner McClatchy Co.; and
• Graham Holdings Co., the former owner of the Washington Post.

Read more from the Wall Street Journal.