Gannett Takes Control Of CareerBuilder
This development can be seen as something that’s either good for the Internet sector or bad for the economy in general. Or both. Regardless, Gannett has paid $135 million for another ten percent of CareerBuilder.com, which brings its total stake up to 50.8 percent.
Gannett got the ten percent chunk from Tribune Company, which is left owning 30.8 percent of the site. The Tribune’s been having some problems lately, and breaking the 40.8-40.8 tie could also be seen as breaking a sort of piggy bank.
Still, Sam Zell, Tribune’s CEO and chairman, chose to emphasize something else when explaining the move. "This transaction offers us an excellent opportunity to monetize some of the value CareerBuilder has built over the years, while enabling us to maintain a significant stake in a great online property," he stated.
And indeed, considering how shaky economic indicators have been lately, it seems that CareerBuilder might interest a lot of people who have either lost their jobs or are looking for something more secure. Should things get worse, its popularity will grow.
Gannett isn’t going to go into "vulture mode" or in any other way drastically change CareerBuilder, though. Even (potentially ironic) employee changeups appear not to be a possibility.