Gannett, a publisher of 85 daily newspapers in the U.S. announced that Gannett has purchased an additional 10 percent of CareerBuilder’s shares, valued at over $135 million, from media company the Tribune.
The purchase gives Gannett a 50.8 percent controlling interest in the online job board. The Tribune will now own 30.8 percent of CB.
“CareerBuilder is a terrific company, with great growth potential that just keeps delivering more for Gannett and our partners,” said Craig Dubow, CEO of Gannett. “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 is pleased with CareerBuilder’s current structure and said not to “expect any major changes.”
Under the agreement, Gannett will now claim three seats on CareerBuilder’s six-person Board of Directors.
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September 3rd, 2008 at 12:40 pm
I’d be curious to know why the Tribune decided to give up 10% of it’s share. Was it a cost-cutting move, liquidation move, or perhaps they just don’t believe in what Careerbuilder is doing?