The job board landscape is about to change, again. Monster recently announced that it will be buying HotJobs from Yahoo for $225 million and a future advertising partnership. Out of the big three (Monster, Yahoo and Career Builder), Hotjobs has slipped substantially in years. Their hopes were the Newspaper Consortium would have changed their position, but it never made too much of an impact.
Here is the press release:
Monster Worldwide, Inc. announced today that it has entered into a definitive agreement to acquire the assets of Yahoo! HotJobs, a leading online recruitment website, from Yahoo! (NASDAQ:YHOO - News) for $225 million in cash. Monster and Yahoo! have also entered into a three year commercial traffic agreement, to take effect upon the closing of the acquisition, in which Monster will become Yahoo!’s provider of career and job content on the Yahoo! homepage in the United States and Canada. The traffic agreement calls for performance based annual payments calculated by clicks and expressions of interest, subject to annual floors and ceilings. In addition, the traffic agreement provides Monster with an exclusive right for a period of time following the closing of the acquisition to negotiate similar traffic agreements with Yahoo! properties on a global basis, including countries in Europe, Asia and Latin America, subject to certain limitations.
“HotJobs with its significant customer base plus the traffic agreement are an ideal complement to Monster’s innovative recruitment solutions and global reach,” said Sal Iannuzzi, chairman, chief executive officer and president of Monster Worldwide. “These agreements, combined with Monster’s career Communities and our recently introduced 6Sense™ semantic search technology, will bring substantial new benefits for employers seeking more qualified candidates and job seekers searching for more relevant opportunities across a wider range of industries – globally.”
“Bringing together Monster and HotJobs creates even greater access and opportunities for both recruiters and job seekers,” said Hilary Schneider, EVP, Yahoo!. “The transaction with Monster enables us to continue to provide an important service to our users through the traffic agreement. Yahoo! remains focused on its core businesses and delivering exceptional experiences to users, partners and advertisers.”
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