June 19 A group of investors led by U.S. private
equity firm Apollo Global Management LLC and Ontario
Teachers' Pension Plan Board will buy a majority stake in job
portal CareerBuilder, the companies said on Monday.
CareerBuilder LLC is owned by broadcasting company Tribune
Media Co, TV station operator Tegna Inc and
newspaper group McClatchy Co. These current owners will
all retain a minority stake, Apollo said.
Apollo did not disclose financial details of the deal.
Reuters reported last month that Apollo was negotiating a
deal that would value CareerBuilder at more than $500 million,
The deal comes at a time when many popular job websites have
become acquisition targets as they struggle to translate user
growth into profits.
CareerBuilder's owners have been looking to cash out from
what they regard as a non-core business.
Tribune, which holds a 32 percent stake in CareerBuilder,
said it expects to receive $157 million in cash and retain an 8
percent stake in the sale.
Tegna, with a 53 percent stake, said it expects to receive
about $250 million in proceeds and keep a 12.5 percent stake.
The companies expect the sale to close in the third quarter
(Reporting by Rishika Sadam in Bengaluru; Editing by Sai Sachin