Tribune Deals CareerBuilder.com Stake to Gannett
Gannett now holds 50.8% controlling interest in job-search site.
By Michael Malone -- Broadcasting & Cable, 9/3/2008 5:02:00 AM MT
Gannett acquired an additional 10% stake in job-search site CareerBuilder.com from Tribune for $135 million.
Gannett now holds a 50.8% controlling interest, and Tribune’s share shrinks to 30.8%. McClatchy and Microsoft also own pieces of CareerBuilder.com.
“CareerBuilder is a terrific company with great growth potential that just keeps delivering more for Gannett and our partners,” Gannett chairman, president and CEO Craig Dubow said. “We were delighted when the opportunity arose to acquire more of the company while maintaining a good, solid relationship with our partners.”
Dubow added that he did not envision major changes for CareerBuilder.com.
Tribune is selling several major assets to free up cash. “This transaction offers us an excellent opportunity to monetize some of the value CareerBuilder has built over the years,” chairman and CEO Sam Zell said, “while enabling us to maintain a significant stake in a great online property.”
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