Gannett paid $135 million cash to struggling Tribune Co. for an additional 10% stake in the giant jobs website -- giving GCI a controlling interest, today's announcement says. The new ownership breakdown:
board. Tribune and McClatchy have one seat each, and the site's CEO has one seat.
A reader here asks: "Anyone have any thoughts on the increased share in CareerBuilder that Gannett just purchased? All it means for us Classified Recruitment folks is more business we can't go after because CareerBuilder 'has' them. Oh, but yes: We're still supposed to make goal. Ummm . . . math anyone?"
Fun facts in public documents!
Gannett's press release doesn't say how the company paid Tribune; it only discloses the $135 million buyout price. I suspected this wasn't an all-stock deal: After all, Tribune CEO Sam Zell has all the newspaper shares he needs. To find the answer, I went to GCI's mandatory 8-K notice, filed today with the U.S. Securities and Exchange Commission. (And, yes: It was a cash deal.)