NYT to sell Indeed.com stake for $100M gain
NEW YORK (AP) — The New York Times Co. is selling its minority interest in the job listing website Indeed.com and said it expects to book a $100 million profit in the fourth quarter.
The company announced the sale to Recruit Co. Ltd., a leading job information company in Japan, in a securities filing on Tuesday.
The Times Co. took a small stake along with Union Square Ventures worth $5 million in 2005. The sale to Recruit by its controlling shareholder produced an unexpected windfall, said Times spokesman Robert Christie.
The move comes a day after the Times said it had closed its sale of The About Group to Barry Diller's IAC/InterActiveCorp for $300 million.
The Times Co.'s stock rose by a penny to close at $9.60 on Tuesday.
Indeed, based in Stamford, Conn., says it is the world's No. 1 job site and a top source of hires in the U.S.
Co-founder Paul Forster said in a statement that the company has been profitable since 2007 and has doubled revenue each year for the past three years.