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Gannett Co., the nation's largest newspaper chain, purchased a 10 percent stake in CareerBuilder for $135 million — valuing the website at $1.35 billion.
Gannett now owns about 50.8 percent of the job search site. Tribune Co. holds the next-largest share at 30.8 percent; McClatchy and Microsoft hold 14.4 and four percent, respectively. Among the perks of its dominance, Gannett now holds three seats on CareerBuilder's six-member board.
The additional 10 percent stake was purchased from Tribune, which will use the money to help finance the $13.4 billion debt raised by CEO Sam Zell, who dabbles in real estate. In May it sold Newsday to Cablevision for $650 million. Other Tribune properties up for hock include the Chicago Cubs and interest in a regional sports network, reports Silicon Alley Insider.
