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.
The shared ownership doesn’t affect the other partners in CareerBuilder, which includes The McClatchy Company (NYSE: MNI), which continues to own 14.4 percent; and Microsoft (NSDQ: MSFT) Corp. (Nasdaq: MSFT) continues to own 4 percent. Under the new ownership arrangement, Gannett has three seats on the six-seat CareerBuilder board. Tribune and McClatchy have one seat each and CareerBuilder CEO Matt Ferguson has one seat as part of his position. Sam Zell said in a statement that this deal helps “monetize some of the value CareerBuilder has built over the years…while enabling us to maintain a significant stake in a great online property.” More details in the release