By: E&P Staff
Page Co-op, the purchasing cooperative with 568 daily newspaper members, said Monday it is taking an equity stake in The Job Network, the online help-wanted network owned by TownNews.com and Redmatch North America, the software development company.
King of Prussia, Pa.-based PAGE, which stands for Publishers Associated to Gain Economy, said it is taking the undisclosed ownership position “with the aim of helping the nation’s independently owned newspapers be major players in the national employment advertising category.”
PAGE members will also be allowed to purchase equity shares of the new entity renamed The Job Network LLC, the cooperative said.
“We feel there is going to be significant participation by PAGE members in moving their employment advertising to The Job Network,” PAGE President Wally Lage said in a statement. “Individual newspapers now have a unique opportunity to protect the classified franchise.”
Moline, Ill.-based TownNews.com and Redmatch currently operate a joint venture, which services 650 online newspapers and which will be folded into the new The Job Network LLC. TownNews.com is 83% owned by Lee Enterprises Inc. Cleveland, Ohio-based Redmatch is a privately held software development company that specializes in employment solutions.
Based on a recent survey, PAGE estimates its member papers carry an average of nearly 4,200 classified line employment ads and nearly 750 classified display employment display ads monthly. The existing Job Network, it said, has more than 600,000 resumes and candidate profiles in its data base, with nearly 62,000 active jobs posted.
“With the addition of The PAGE member newspapers, The Job Network becomes one of the leading Internet marketplaces for candidates and employers alike,” Redmatch CEO David Marcus said in a statement.