Gannett

Tribune Media sells most of its CareerBuilder stake to investor group for $157M

Tribune Media sells most of its CareerBuilder stake to investor group for $157M

Tribune Media and its media partners are selling their majority interest in the job site CareerBuilder to an investor group headed by Apollo Global Management.

The deal, announced Monday, will pay Chicago-based Tribune Media $157 million while reducing its stake in CareerBuilder from 32 percent to 8 percent.

Tegna, the broadcast company spun off from newspaper company Gannett, owns 53 percent of CareerBuilder and will receive $250 million and reduce its stake to 12.5 percent. Newspaper company McClatchy will get $76 million and keep a 3.8 percent stake, down from its current 15 percent.

Apollo, an alternative investment fund with $197 billion under management, and...

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