By: Staff reports
Consolidation In Online Classifieds Biz
Headhunter.net Inc. said yesterday it will buy competitor CareerMosiac for about $109 million in stock to create the No. 2 online employment service. The combined sites will hold over 250,000 job listings and 450,000 r?sum?s, the Atlanta-based Headhunter said.
Combined traffic currently equals 7.0 million visitors per month, the companies said.
CareerMosaic is a subsidiary of Omnicom Group Inc., which owns advertising agency networks BBDO Worldwide, DDB Worldwide, and TBWA Worldwide.
The deal is expected to close in the third quarter of this year. No word yet on job cuts.
(c) Copyright 2000, Editor & Publisher