ADOTAS – Gannett Co. is taking a controlling stake in the flailing Tribune Co. Gannett by shelling out $135 million to Tribune for a 10% stake in online jobs site CareerBuilder. (This gives Gannett a 50.8% stake in the CareerBuilder).
Tribune plans to use the cash infusion to pay off a chunk of the $13.4 billion in debt it has racked up. Tribune CEO Sam Zell said that the deal allows the company to “monetize some of the value CareerBuilder has built over the years, while enabling us to maintain a significant stake in a great online property.”
Other CareerBuilder partners include The McClatchy Company (14.4% stake) and Microsoft (4% stake).