||March 14, 2001--Chicago, IL -- Classified Ventures, Inc., today announced the appointment of Tim Fagan to Vice President and General Manager of one of the company's leading real estate Web sites, Apartments.com. Classified Ventures operates Internet businesses in the categories of real estate and automotive for over 150 affiliate newspapers, 7,000 local and national advertisers and millions of monthly consumers. Fagan will be responsible for supervising the product and organizational strategies needed to provide consumers and advertisers with the best online residential rental real estate solution.
"Promoting Tim Fagan, who has a proven track record of generating tremendous results and forward momentum, illustrates the commitment we've made to build upon the very solid foundation of Apartments.com and move it confidently toward the lead position in providing services to online classified advertisers, consumers and marketers," said Dan Jauernig, Classified Ventures' president and chief executive officer. "Tim's 10+ years of business experience, including tenures at Bank of America and Price Waterhouse Coopers, give him the necessary edge for taking Apartments.com to the next level."
Fagan's diverse experiences in the high-profile arena of the largest media companies in the U.S. will undoubtedly provide Apartments.com significant advantages. Fagan will focus his talent for formulating strategic alliances with historical, institutional players and new innovators in the multi-family industry to propel Apartments.com toward profitability.
Fagan has been with Classified Ventures for over 2 1/2 years, most recently as the Vice President of Corporate Development, helping create and manage the Classified Ventures affiliate network of over 150 newspaper partners as well as recruiting and structuring five additional profitable relationships with non-investor affiliates. Fagan holds a Master's degree in Finance/Economics from the University of Chicago Graduate School of Business and earned his Bachelor's degree in accountancy from the University of Notre Dame in Indiana. Fagan assumes responsibility for Apartments.com from Matt Wise, who will remain for a transition period before pursuing a new venture. Fagan will join the senior staff of Classified Ventures and report to Dan Jauernig, president and CEO, Classified Ventures, Inc.
"Over the last four years, Apartments.com, under the leadership of outgoing general manager Matt Wise, has demonstrated the soundness of its business model and the effectiveness of its strategies," said Fagan. "I look forward to building on the solid product, customer base and marketing approach already in place at Apartments.com to further our distinct services so that they even better meet the needs of our affiliates, customers and consumers in a complex rental real estate marketplace."
Classified Ventures, Inc. (CV) is an Internet-based media company that has created and markets two leading online businesses -- Apartments.com (www.apartments.com) and cars.com (www.cars.com). In addition to the nationally branded Web sites, Apartments.com and cars.com also are carried by a local affiliate network of more than 130 online newspaper Web sites.
Six strategic investors own Classified Ventures, Inc.: Gannett Co., Inc., Knight Ridder, The McClatchy Company, The New York Times Company, Tribune Company and The Washington Post Company. The company is based in Chicago and was founded in 1996.
The Internet businesses of Classified Ventures, Inc. offer consumers comprehensive listings of products and objective information to help them make informed decisions. For advertisers, Classified Ventures, Inc. provides direct-marketing tools as well as generating a large audience of "in purchase" consumers.
Apartments.com is distinguished by its highly customizable searches, superior visual ads, and its facilitation of direct communication between renters and property managers across the country. In addition to a network of more than 150 affiliated newspapers and nearly 3 million apartment listings from all 50 states, Apartments.com offers consumers and advertisers the ability to post their own apartments for rent or sublet across the sites entire network of affiliated Web sites. Apartments.com users can also access the site's MovingCenter. to research community information, arrange truck and furniture rentals, calculate their salary in different cities, instantly check their credit report, change their address and more.
Apartments.com delivers highly qualified, ready-to-rent prospects to its nearly 8,000 trade customers which increases closure rates and decreases the average cost of leasing an apartment.