Yahoo sells HotJobs for $225 mn

| February 4th, 2010 | By: Anurag Sahu | Category: Internet news

Yahoo Inc. crossed off another chore on its housecleaning list Wednesday with the proposed sale of help-wanted site HotJobs to rival Monster Worldwide Inc. for $225 million. The all-cash deal announced marks another step in Yahoo CEO Carol Bartz’s effort to jettison services that have been struggling or don’t fit with the Internet company’s efforts to expand its news, entertainment and communications features.

The sale price also reflects how far HotJobs has fallen since Yahoo bought it for $439 million in cash and stock nearly eight years ago. In an ironic twist, Yahoo had to outbid Monster.com’s holding company to buy HotJobs in 2002.

These have been tough times for companies that rely on help-wanted advertising for their income, with the feeble economy and high unemployment rate dampening demand. Monster’s profit plunged 85 percent to $19 million last year.

HotJobs is a smaller player in the market than Monster, which generated $905 million in revenue last year.

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