In keeping with media companies’ spate of streamlining, Tegna, Tribune and McClatchy have reached a deal to sell CareerBuilder, the jobs site they jointly own, to investment groups, the groups said.
In an announcement Monday, Tegna said Apollo Global Management, an investment firm, and the Ontario Teachers’ Pension Plan Board have agreed to buy CareerBuilder for an undisclosed amount.
Tegna, which owns 53% of the CareerBuilder, said it expects to get $250 million from the sale, which will be used to retire existing debt other general expenses. It also will retain a 12.5% interest in the company.
In a separate announcement, Tribune, which is in the process of being sold itself, said it expects to receive $157 million from the sale. The group, which currently has a 32% stake in the company, will still own 8% of it, Tribune said.