NEW YORK (AdAge.com) -- Monster finally got its HotJobs. Yahoo outbid Monster for the jobs site back in 2002, but those were different times. Now Yahoo has agreed to sell HotJobs to Monster for $225 million in cash, helping Monster vault rival CareerBuilder in U.S. web traffic, according to ComScore.
HotJobs had been on the block for months as Yahoo attempts to pare down non-core businesses and focus on display-ad revenue from content and services. Its sale includes a three-year traffic deal where Monster remains the exclusive provider of jobs listings services across Yahoo's properties in the U.S. and Canada. It also includes the right to negotiate exclusively in other international territories.
Additionally, the deal gives Monster a leg up in its competition, CareerBuilder, which is jointly owned by newspaper publishers Gannett, Tribune and McClatchy and Microsoft, and powers classifieds on 140 papers on AOL and MSN. CareerBuilder had a slight traffic edge in the U.S. with 16.6 million unique visitors in December, compared with Monster's 16.5 million, according to ComScore. However, Monster plus HotJobs had 24 million non-duplicated unique visitors in the U.S. The company said the acquisition would increase its U.S. business by 20% to 25%.
Yahoo outbid Monster to acquire the company back in 2002 for $436 million. Eight years later, they got it for nearly half the price.
Monster Chairman-CEO Sal Ianuzzi said the deal will give them a bigger pool of available employers and job-seekers and, hence, greater efficiency in matching them. "We have substantially added quality traffic, while greatly increasing our customer base," he said in a conference call.
Yahoo Exec VP Hilary Schneider said the portal would benefit from that added scale for at least the next three years. "Bringing together Monster and HotJobs creates even greater access and opportunities for both recruiters and job seekers," she said.
The deal also brings together two big networks of daily newspapers. With the addition of HotJobs' 600 newspaper partners, Monster will be providing classified listings to more than 1,000 papers around the country.
Yahoo's HotJobs was a key component of its Newspaper Consortium, which sells newspaper online display inventory packaged with Yahoo inventory targeted in regional locales. Yahoo said it would continue to manage the consortium, including search and display advertising.