Yahoo has been trying to unload its jobs search portal for a while now and it finally came to a deal with Monster for $225 million in cash. As part of the deal, Monster will operate the Yahoo job search site for three years in the U.S. and Canada and Yahoo will receive annual payments from Monster based on traffic metrics.
The sale of Yahoo HotJobs to Monster will provide Yahoo with “the ability to focus more on its core business and delivering exceptional experiences to its users, partners and advertisers;” said Yahoo’s CEO Carol Bartz. “and the opportunity to drive longer-term value through the traffic agreement by allowing Yahoo to continue to generate revenue from the online recruiting space while continuing to provide users with valued online career and recruiting services.”
For Monster, the acquisition can might help the career portal to take the top position back from the popular job search engine site Indeed.com. According to comScore, Indeed’s job search reached 8.4 million individuals in the U.S. in December, 2009, compared to only 5.4 million for HotJobs and 6.1 million for Monster.
Yahoo and Monster don’t expect the deal to close until the third quarter of this year.
Tariq Ali is an avid follower of the search engine and Internet marketing industry for the past 10 years. When he is not working or playing with tech gadgets, you will find him swimming, biking or running.
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Tags: HotJobs, job search engine, Monster, Yahoo HotJobs
