A deal between Gannett, McClatchy, and Tribune has been reached, on the fate of the jointly-owned online/classifieds businesses: Gannett and Tribune will increase each of their equity stakes in CareerBuilder and ShopLocal.com to 42.5%, and in online news aggregator and search site Topix.net to 31.9%.
-- McClatchy will receive about $310 million in the transaction and will retain a 15% stake in CareerBuilder and ShopLocal.com, and an 11.25% stake in Topix.net.
-- Gannett and Tribune will each pay McClatchy approximately $142 million. They will each pay $13 million to increase their equity in ShopLocal.com and Topix.net.
-- This means that the current valuations are: CareerBuilder $1.55 billion, ShopLocal.com $85 million and Topix.net $72 million.
-- Twenty of the newspapers McClatchy acquired from Knight Ridder were already affiliated with CareerBuilder, ShopLocal, and Topix.net, and will continue to be so. McClatchy’s 12 existing newspapers will now join the recruitment website and the other newly acquired digital platforms.
McClatchy acquired its stakes in these online properties with this June’s purchase of Knight Ridder. Knight Ridder, Gannett and Tribune had previously been equal partners in CareerBuilder, and 25 percent owners each in Topix.net.
More in the release here.
Related:
-- CareerBuilder Loses Philly.com; Monster Gets First Major Newspaper Deal
-- Topix.net Got About $50 Million
-- CareerBuilder’s Controlling Stake Game; Multiple Suitors