Deal Detail

Classified Ventures, LLC (Cars.com) to Gannett Co., Inc.

EV / LTM EBITDA

EV / LTM Sales

Enterprise Value

Primary Source

JPMorgan

Comparable Transactions

Internet/Ecom transactions announced in the five years to August 2014. 2 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Apr 2013	American Greetings Corporation	Weiss Family	$819M	-	5.2x	Financial
Oct 2012	Ancestry.com LLC	Permira	$1.5B	-	9.9x	Financial

Source-specific multiples and notes for this transaction.

Comp	Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
	Primary	fairness opinion	RATE FO	JPMorgan	2017	-	-	-	11.6x	Gannett acquired the remaining stake in Classified Ventures it did not already own. Multiple based on expected revenue and EBITDA for 2014 at the time of announcement, per the RATE FO footnote. EV / 1-year forward EBITDA as presented in the RATE FO; the FO discloses no enterprise value for this transaction.	Open