Gannett Acquires Majority Stake in CareerBuilder
Posted by Jeff as Uncategorized
This is really interesting because Gannett is not part of the Yahoo Newspaper Consortium which syndicates Hotjobs content to member newspapers, well over 400 newspapers who are co-branding Hotjobs content. Gannett along with a handful of the other big media companies setup a shared ad network and are angling to take on information services syndication across newspaper sites which in effect compete with what Yahoo is doing with the Newspaper Consortium and CareerBuilder would be a cornerstone of that effort.
Gannett, Tribune, and McClatchy have co-owned CareerBuilder so the actual transaction side of this deal is ho-hum, if anything it appears simply to be a case of Tribune raising some cash.
Gannett (NYSE: GCI) has acquired an additional 10 percent stake in CareerBuilder from the troubled Tribune for $135 million. That gives Gannett a 50.8 percent controlling interest in the online jobs site. Tribune, which has been trying to find ways to turn around its financial and debt woes, now owns 30.8 percent of CareerBuilder.