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NYT to sell Indeed.com stake for $100M gain
Tuesday - 9/25/2012, 5:45pm EDT
NEW YORK (AP) - The New York Times Co. is selling its minority interest in the job listing website Indeed.com and said it expects to book a $100 million profit in the fourth quarter.
The company announced the sale to Recruit Co. Ltd., a leading job information company in Japan, in a securities filing on Tuesday.
The Times Co. took a small stake along with Union Square Ventures worth $5 million in 2005. The sale to Recruit by its controlling shareholder produced an unexpected windfall, said Times spokesman Robert Christie.
The move comes a day after the Times said it had closed its sale of The About Group to Barry Diller's IAC/InterActiveCorp for $300 million.
The Times Co.'s stock rose by a penny to close at $9.60 on Tuesday.
Indeed, based in Stamford, Conn., says it is the world's No. 1 job site and a top source of hires in the U.S.
Co-founder Paul Forster said in a statement that the company has been profitable since 2007 and has doubled revenue each year for the past three years.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)