Newspaper article The Florida Times Union

Knight Ridder, Tribune Target Online Recruiting Competition for Classified Advertising Starting to Heat Up

Newspaper article The Florida Times Union

Knight Ridder, Tribune Target Online Recruiting Competition for Classified Advertising Starting to Heat Up

Article excerpt

SPRINGFIELD, Va. -- Knight Ridder and the Tribune Company, two of the nation's largest media companies, announced a $200 million deal yesterday to form an extensive online job recruiting network, intensifying the competition for classified ads on the Internet.

Knight Ridder and Tribune will pay about $100 million each to acquire CareerBuilder Inc., an online recruiting service, and both will pay an undisclosed sum to buy out their media partners in another online recruiting venture -- CareerPath.com.

The two job search sites will be merged under the name CareerBuilder Network, going up against heavyweights Monster.com and HotJobs.com.

Knight Ridder and Tribune hope their local market penetration will give them an edge in the crowded online recruitment sector and that the deal will bolster revenues as classified ads migrate from newspapers to the Web.

CareerBuilder Network will be a mix of old and new media. Employers could post job openings in a single newspaper or numerous publications, place ads on a paper's Web site, or target an ad to reach sites viewed by minorities, women or high-tech workers, for instance.

"We're trying to become the 'find your future' button all over the Internet," said Dan Finnigan, president of KnightRidder.com, the Internet subsidiary that manages San Jose, Calif.-based Knight Ridder's Internet operations.

Steven Barlow, analyst with CS First Boston, said it made sense for Tribune and Knight Ridder to go "on the offensive in the help-wanted space. …

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