NEW YORK Gannett has increased its investment in CareerBuilder, acquiring an additional 10 percent stake from Tribune for $135 million.
The deal gives Gannett a 50.8 percent controlling interest in the nation's largest online job Web site. Tribune is left with 30.8 percent.
Other companies with an interest in the site include The McClatchy Co. (14.4 percent) and Microsoft (4 percent).
Under the terms of the new ownership agreement, Gannett has three seats on the six-set board of directors. Tribune and McClatchy each have one seat and the CEO of CareerBuilder has one seat.
Craig Dubow, chairman, president and CEO of Gannett, said he doesn't expect any major changes. "We are committed to CareerBuilder and want the team there to continue to do what they do best: grow the company, bring in revenues and deliver the best customer service in the jobs space," Dubow said.
For Tribune, the deal gives the struggling media company some much-needed cash. "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," said Sam Zell, chairman and CEO of Tribune.