Two multimedia companies pay $155 million each to increase their interest in CareerBuilder and two other Web services.
Gannett and Tribune are raising their stakes in CareerBuilder.com, a popular job site, and two other Web sites by buying down the interest of their new partner in the ventures, McClatchy Co., for a combined $310 million.
Gannett, Tribune and McClatchy now each hold 33% stakes in CareerBuilder.com and ShopLocal.com and 25% stakes in Topix.net.
Under an agreement announced this afternoon, Gannett and Tribune will each pay McClatchy $142 million to boost their stakes in CareerBuilder.com to 42.5% and $13 million to increase their interests in ShopLocal.com and Topix.net to 31.9%.
McClatchy had acquired its interests in the three Web businesses when it closed on its purchase of Knight Ridder in June.
The agreement values CareerBuilder.com at $1.55 billion, ShopLocal.com at $85 million and Topix.net at $72 million.
McClatchy will receive approximately $310 million in the transaction from its two partners and will retain a 15% stake in CareerBuilder.com and ShopLocal.com and an 11.25% stake in Topix.net. McClatchy’s newspapers will become affiliates of the online businesses.
CareerBuilder.com is an online job site with more than 23 million unique visitors and over 1.5 million jobs.
ShopLocal.com, with more than 200 affiliated media, search and shopping sites, permits consumers to comparison shop local stores.
Topix.net is a news aggregator that categorize news under 360,000 topics and by ZIP codes.