Yahoo sells HotJobs service to Monster Worldwide for $225 million
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In a continuation of Yahoo Inc.'s strategy to lighten its corporate load, the Web portal company has sold its job search site HotJobs to online employment firm Monster Worldwide Inc. for $225 million in cash.
Yahoo bought HotJobs in 2001 for $436 million, outbidding TMP Worldwide Inc., which at the time was the parent company of Monster.com, the industry-leading job site.
As part of the agreement, Monster.com will also become the supplier of career search listings and content on Yahoo’s homepage in the U.S. and Canada.
Yahoo has been shutting down and selling various units as part of an effort to regain focus on traditional Web content like news and entertainment. Last month the company sold e-mail technology unit Zimbra to VMware Inc for an undisclosed amount. Yahoo had acquired Zimbra two years ago for $350 million.
-- David Sarno