Thursday, September 27, 2012

NYT to sell Indeed.com stake for $100M gain

(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.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/495d344a0d10421e9baa8ee77029cfbd/Article_2012-09-25-New%20York%20Times-Indeed/id-39a90631bd004e44af4c888d0a8f1f1e

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