Monster to acquire Yahoo HotJobs for $225 million
04 Feb 2010
Global online jobs placement portal Monster Worldwide, Inc., has entered ito a deal to acquire Yahoo's jobs-listings website HotJobs, for $225 million in cash.
Under Carol Baratz, the internet major plans to divest non-core assets to focus on its core advertising business.
New York City-based Monster Worldwide with 2008 revenues of $1.3 billion, holds around one-third of online jobs postings market share in the US and is the second largest online employment website in the US and Canada after rival Careerbuilder.com.
Both companies have also entered into a three-year commercial agreement, in which Monster will provide career and job content for Yahoo's homepage in the US and Canada.
Monster will pay Yahoo a performance-based annual payments calculated by clicks and expressions of interest, subject to annual floors and ceilings. Following the closing of the transaction, Monster can negotiate similar traffic agreements with Yahoo's global sites including countries in Europe, Asia and Latin America, subject to certain limitations.
After being hired last year to head Yahoo, Bartz had undertaken a review of the struggling search engine company's product portfolio and sold its Zimbra email business to VMware, with HotJobs widely speculated to be next on the divestiture list.