The New York Times Company will get a cool $100 million in net profit for their interests in Indeed.com, the job search site, reports Reuters. Japanese executive search firm, Recruit Co Ltd., will acquire the website.
This comes after yesterday’s announcement that The New York Times Company had finalized the sale of About.com to Barry Diller’s IAC for $300 million in cash. That adds up to a nice bit of change.Of course, The New York Times Company bought The About Group for slightly more than $400 million dollars back in 2005. But to look on the bright side – now the Times Company has some money to play around with.
“’In a news release, the company said it planned to use the after-tax proceeds, about $290 million, for what it described as ‘general corporate purposes,’ which means it could be used for anything,” Christine Haugheny pointed out yesterday in the Times’‘ MediaDecoder Blog.
The New York Times said that they have decided to sell off the investments and assets in order to focus on the newspaper and website.
Of course, if you are a New York Times union member in the middle of contract negotiations… well, that’s a whole other story.