AutoTrader.com to buy Kelley Blue Book

/ Source: The Associated Press

AutoTrader.com, a subsidiary of Cox Enterprises Inc., on Tuesday said that it would buy Kelley Blue Book, the iconic car valuation source, for an undisclosed amount.

Atlanta-based AutoTrader, founded in 1997, said Kelley Blue Book, founded in 1926, will be a subsidiary, and will keep its Irvine, Calif., headquarters and CEO Paul Johnson.

"AutoTrader.com strongly believes in maintaining Kelley Blue Book's independent and unbiased position in the marketplace," the company said.

The deal includes Kelley Blue Book's sister companies, CDMdata and CDM Dealer Services.

Cox Enterprises is a privately held media company that also owns newspapers including The Atlanta Journal-Constitution and television and radio stations. Providence Equity Partners owns 25 percent of AutoTrader.com, and venture capital firm Kleiner Perkins Caufield & Byers is another investor.