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Tribune, Knight Ridder to merge HeadHunter.NET with their CareerBuilder.(Chicago Tribune)

Knight Ridder/Tribune News Service

| August 24, 2001 | Rose, Barbara | COPYRIGHT 1999 Knight-Ridder/Tribune News Service. (Hide copyright information)Copyright

In a deal aimed at making newspapers more competitive in the business of online help-wanted ads, media giants Tribune Co. and Knight Ridder Inc. have agreed to buy HeadHunter.NET Inc. and merge it with their jointly owned CareerBuilder Inc.

The $200 million cash acquisition, announced Friday, will make CareerBuilder a more potent competitor to the leading jobs site, Monster.com, which is owned by TMP Worldwide Inc., an employment advertising company and executive search firm.

The deal, expected to be completed late this year or early next year, offers HeadHunter shareholders $9.25 per share, a 33 percent premium based on HeadHunter's $6.95 closing price …

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