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Gannett (NYSE: GCI), which has a big budget to do digital M&As, is buying out the rest of local sales info site ShopLocal, from the other partners Tribune and McClatchy (NYSE: MNI), reports LocalOnliner, citing sources. The site is a searchable directory of local specials and sale items similar to those found in newspaper circulars.
Gannett owned about 42.5 percent of the business prior to this, and so did Tribune…McClatchy, which bought out Knight Ridder in 2006, owned the rest. In 2006, ShopLocal was valued at $85 million. No details on what Tribune or McClatchy sold their stakes for, but they are probably happy getting some money…well, any money these days. As of March 30 this year, Tribune’s equity investments in ShopLocal was $33 million, while McClatchy’s was $11.13 million, according to its SEC filings