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Gannett, McClatchy and Tribune Renegotiate Vertical Ownership

No time to opine at the moment, but here’s the news:

The McClatchy Company and Tribune Company today announced an agreement concerning their ownership stakes in CareerBuilder.com, the nation’s largest online classified recruitment site, and two other online businesses, ShopLocal.com and Topix.net. Under the agreement, Gannett and Tribune will increase each of their equity stakes in CareerBuilder and ShopLocal.com to 42.5%, and in Topix.net to 31.9%.

McClatchy will receive a total of approximately $310 million in the transaction and will retain a 15% stake in CareerBuilder and ShopLocal.com, and an 11.25% stake in Topix.net. McClatchy’s newspapers will become affiliated with each online business.

And more interestingly, the valuations:

The agreement values CareerBuilder at $1.55 billion, ShopLocal.com at $85 million and Topix.net at $72 million.

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This entry was posted on August 1, 2006 at 8:51 pm and is filed under Classifieds, Local Search, Newspapers, Traditional media. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

One Response to “Gannett, McClatchy and Tribune Renegotiate Vertical Ownership”

  1. Bronte Media » Highway Robbery at Careerbuilder Says:
    August 1, 2006 at 9:50 pm

    […] Greg Sterling reports on the transaction involving McClatchey and Gannett and Tribune that sees the later two upping their stake in Careerbuilder, Topix and Shoplocal at the expense of the former. […]

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