Monster grabs Yahoo! jobs
Carol Bartz cuts continue
Posted in Financial News, 4th February 2010 08:58 GMT
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Giant jobs site Monster.com is about to get bigger - it has bought Yahoo!'s HotJobs.
In return, Yahoo! gets $225m and a three year traffic deal which will see Monster supply it with job adverts for its US and Canadian sites. The deal also gives Monster an exclusive right to negotiate with Yahoo! for similar deals in Europe and other territories.
Monster said the takeover gave them a better foothold in several US states, and improves its coverage of healthcare, finance, insurance and retail jobs.
It also increases its audience - HotJobs claims 12.6m monthly visitors, and gains partnerships with 600 newspapers - papers still account for about half of all recruitment advertising spending, Monster said.
It also expects to see significant improvement in its key metric - number of responses per advert.
And as for Hotjobs staff, they might soon be using their own services - Monster warned: "We will naturally look for efficiencies and best ways to operate the business."
The deal will also need approval from regulators. Although smaller, specialised recruitment sites have had something of a resurgence lately there will still be competition concerns.
Full press release is here.
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