Tegna collects $250 million — or $220 million after taxes and “other adjustments” — by taking its stake down from 53% to 12%. It will keep two seats on the CareerBuilder board while using the cash to retire debt and to run its TV stations.
Tribune said it will receive $158 million after reducing its ownership from 32% to 7%.
In Q1 Tribune took a $122 million write-down on CareerBuilder. Sinclair Broadcast Group said that if its $3.9 billion agreement to buy Tribune Media is consummated then it probably would sell the CareerBuilder stake.
Apollo Global Management and the Ontario Teachers’ Pension Plan Board bought the employment website.
CareerBuilder has tried to shift its focus from ad sales to licensed software. Last year it bought background-screening and drug=testing company Aurico, which employers can use to check out potential hires. It also bought 75% of Workterra, a benefits administration platform.