Yahoo proposes to sell HotJobs to rival Monster
By Michael Liedtke |
February 5, 2010, Friday
|
Print Edition
Print Edition
YAHOO Inc crossed off another chore on its housecleaning list on Wednesday with the proposed sale of help-wanted site HotJobs to rival Monster Worldwide Inc for US$225 million.
The all-cash deal announced marks another step in Yahoo CEO Carol Bartz's effort to jettison services that have been struggling or don't fit with the Internet company's efforts to expand its news, entertainment and communications features.
The sale price also reflects how far HotJobs has fallen since Yahoo bought it for US$439 million in cash and stock nearly eight years ago. In an ironic twist, Yahoo had to outbid Monster.com's holding company to buy HotJobs in 2002.
These have been tough times for companies that rely on help-wanted advertising for their income, with the feeble economy and high unemployment rate dampening demand. Monster's profit plunged 85 percent to US$19 million last year.
HotJobs is a smaller player in the market than Monster, which generated US$905 million in revenue last year. JPMorgan analyst Imran Khan estimated HotJobs 2009 revenue at US$900 million.
Yahoo, based in California, still will have an opportunity to get some money out of Monster after HotJobs changes hands. The deal calls for the front page of Yahoo's Website in North America to feature Monster's job listings and other job content for the next three years. Monster will pay Yahoo yearly based on traffic volume flowing from the links.
The all-cash deal announced marks another step in Yahoo CEO Carol Bartz's effort to jettison services that have been struggling or don't fit with the Internet company's efforts to expand its news, entertainment and communications features.
The sale price also reflects how far HotJobs has fallen since Yahoo bought it for US$439 million in cash and stock nearly eight years ago. In an ironic twist, Yahoo had to outbid Monster.com's holding company to buy HotJobs in 2002.
These have been tough times for companies that rely on help-wanted advertising for their income, with the feeble economy and high unemployment rate dampening demand. Monster's profit plunged 85 percent to US$19 million last year.
HotJobs is a smaller player in the market than Monster, which generated US$905 million in revenue last year. JPMorgan analyst Imran Khan estimated HotJobs 2009 revenue at US$900 million.
Yahoo, based in California, still will have an opportunity to get some money out of Monster after HotJobs changes hands. The deal calls for the front page of Yahoo's Website in North America to feature Monster's job listings and other job content for the next three years. Monster will pay Yahoo yearly based on traffic volume flowing from the links.
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