With Renewed Terms, McClatchy Keeps Stake In Careerbuilder
By David Kaplan - Tue 04 Sep 2007 06:11 AM PST
After considering a sell-off in June, The McClatchy Company (NYSE: MNI) has decided to retain its 14.4 percent ownership stake in online jobs site Careerbuilder. The Sacramento newspaper publisher, which shares ownership of Careerbuilder with Gannett (NYSE: GCI) and The Tribune Company (NYSE: TRB) (each maintain a 40.8 percent stake), as well as Microsoft (NSDQ: MSFT) (which has a 4 percent stake), had announced at the Newspaper Association of America’s Mid-Year Media Review it was exploring severing its ties to Careerbuilder. At the time, McClatchy CEO Gary Pruitt indicated some reluctance in jettisoning its share of Careerbuilder, but felt its affiliate agreement with its other partners were not as favorable as it could be. The companies agreed to renegotiate the terms of its contract and, while McClatchy now says those talks have been completed, it did not disclose the specific financial terms. Release
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