By: E&P Staff
The McClatchy Co. said Tuesday that it had reached a new affiliate agreement with CareerBuilder’s principal owners, Gannett Co. and Tribune Co., and that it will remain a minority stakeholder in the online recruitment network.
Details of the new agreement were not disclosed.
McClatchy holds a 14.4% stake in the online job site, and had complained about the affiliate agreement that limited the number of products McClatchy newspapers could sell. McClatchy acquired a 33% stake in CareerBuilder when it bought Knight Ridder Inc. in June of 2006. Two months later, it sold an 18.3% stake to Gannett and Tribune.
McClatchy, which said Knight Ridder’s affiliate agreement was more advantageous than the one it had, began talks earlier this year with Gannett and Tribune to renegotiate the affiliate agreement.
“It was our clear preference to remain with CareerBuilder, and we are pleased to continue our affiliation with them and to continue with our ownership of the nation’s largest online job site,” McClatchy Chairman and CEO Gary Pruitt said in a statement. “We believe the new affiliate agreement is more equitable for our newspapers and we look forward to a successful relationship with CareerBuilder.”