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Technology Stocks : HHNT: HeadHunter.NET, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Urlman who wrote (2)	8/25/2001 12:46:03 PM
From: Glenn Petersen	Respond to of 3

Bingo!!! chicagotribune.com Tribune, Knight Ridder buy Headhunter.net The Associated Press Published August 24, 2001, 11:14 AM CDT NEW YORK -- Newspaper publishers Knight Ridder and Tribune Co. are expanding their presence in the online recruitment business, paying $200 million for Headhunter.net and combining it with their jointly owned CareerBuilder Inc. The combined company will reach more than 5 million customers and provide recruitment opportunities to 25,000 companies, Knight Ridder and Tribune Co. said in a statement announcing the deal today. Knight Ridder and Tribune Co. bought CareerBuilder last September to gain a bigger piece of the advertising market for job recruitment. The new combination will put CareerBuilder in a better position to compete with Monster.com, the nation's leading online job advertising firm, CareerBuilder's chief executive Rob McGovern said in a statement. Under terms of the deal expected to be completed late this year or early next year, Knight Ridder and the Tribune Co. will pay $9.25 in cash for each Headhunter share, a premium of 33 percent over its closing price of $6.95 Thursday. "The acquisition of Headhunter will enable us to continue building our share of the fastest-growing segment of that market -- online recruitment advertising -- while maintaining our leadership position in print," John Madigan, Tribune's chairman and chief executive, said in a statement. Headhunter.net shares soared $2.21, or 31.8 percent, to $9.16 Friday morning on the Nasdaq Stock Market. Shares of Knight Ridder dropped 2 cents to $62.08 on the New York Stock Exchange, while Tribune Co. shares fell 7 cents to $40.13. In September, both Knight Ridder and Tribune Co. will begin branding their newspaper recruitment advertising as CareerBuilder help wanted sections. The Chicago Tribune, Los Angeles Times, Newsday, Philadelphia Inquirer, The Morning Call (Allentown, Pa.), The San Jose Mercury News, The Miami Herald, The South Florida Sun Sentinel, The Kansas City Star, and The Ft. Worth Star Telegraph will unveil the special CareerBuilder print sections in Sunday editions beginning Sept. 30. Other Knight Ridder and Tribune Co. newspapers will follow on consecutive Sundays throughout October. "We want to provide best of breed solutions for employers and jobseekers taking full advantage of both online and print media," said Tony Ridder, Knight Ridder's chairman and chief executive. "We have now brought together market leaders in print with the best of the online recruitment sources."