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==References==
==References==

Revision as of 22:05, 15 January 2009

Career Builder logo
Career Builder logo

CareerBuilder.com was founded in 1994 by Rob McGovern. It is the largest online job site in the United States, with more than 23 million unique visitors each month and a 34% market share of help-wanted web sites in the United States.[1] CareerBuilder.com provides online career search services for more than 1900partners as of March 2008, including 140 newspapers and portals such as America Online and MSN.

Careerbuilder.com is jointly owned by the Gannett Company, The McClatchy Company and the Tribune Company.[2] A 2007 deal was completed, in which Microsoft will acquire a minority stake in the firm and continue its relationship through 2013 with CareerBuilder as the exclusive content provider for the MSN Careers channel.[3]

On September 3, 2008, Gannett acquired an additional 10% stake in CareerBuilder from Tribune for $135 million. Ownership stakes as of that date are as follows: Gannett (50.8%), Tribune (30.8%), McClatchy (14.4%), and Microsoft (4%).

Company Information

CareerBuilder.com is headquartered in Chicago, Illinois, has more than 2,500 employees, and is under the leadership of CEO Matt Ferguson. It was founded in 1994 by Rob McGovern, who is now the CEO/founder of Jobfox.

CareerBuilder.com laid off 300 employees in December 2008.

History

Career Builder began in 1994 as NetStart Inc. selling software to companies for listing job openings on their Web sites and the ability to manage the incoming e-mails those listings created. After an influx of two million dollars in investment capital [4] the company transported this software, named CareerBuilder to its own web address, at first listing the job openings from the companies who utilized the software. [5] NetStart Inc. changed its name in 1998 to operate under the name of their software, CareerBuilder. [6] The newly christened company received a further influx of seven million dollars from investment firms such as New Enterprise Associates to expand their operations. [7]

The company announced their decision to go pubic in April of 1999. [8] The company's IPO on May 12, 1999 raised $8 million more than initially forecast, but was less successful than other Net offerings of the time. In its first day of trading, the stock opened at $17.50 and rose as high as $20 before closing at $16.[9] Microsoft moved quickly to acquire a minority stake in the company in exchange for using the company's database on their own portal site.[10]

After being purchased in a joint venture by Knight Ridder and Tribune Company in July 2000[11] for $8 a share[12] CareerBuilder absorbed competitor boards CareerPath.com and then Headhunter.net which had already acquired CareerMosaic. Even with these aggressive mergers CareerBuilder still trailed behind the number one employment site Jobsonline.com, number two Monster.com and number three Hotjobs.com. [13]

In 2001, major newspapers owned by Knight Ridder and the Tribune Company merged their help wanted sections with the online component. [14] Rob McGovern was replaced as CEO in March of 2002 by Robert Montgomery. [15] Gannett purchased a one-third interest in the company for $98.3 million in 2002, adding the CareerBuilder brand to its 90 newspapers nationwide. [16]

The McClatchy Company purchased Knight Ridder $4.5 billion in stock and cash in March 2006. [17]

Awards

In April 2006 CareerBuilder.com's site was nominated for a Webby Award in the employment category.

In December 2007, CareerBuilder.com won the Stevie Award for excellence in Customer Service.


See also

Partnerships

Competitors

References

  1. ^ Wilkerson, David B. "CareerBuilder to launch $250 million ad campaign", MarketWatch, January 22, 2008. Accessed February 6, 2008.
  2. ^ de la Merced, Michael J. "Times Company Forms Alliance With Job-Listing Web Site", The New York Times, February 15, 2007. Accessed February 6, 2008. "Three of the largest newspaper chains — the Tribune Company, the Gannett Company and The McClatchy Company — own CareerBuilder, among the largest help-wanted sites."
  3. ^ Perelman, Deb. "Microsoft Buys Stake in CareerBuilder.com", eWeek, May 9, 2007. Accessed February 6, 2008.
  4. ^ Peter Behr, David Segal, “High-Tech Turks Lure Big-Buck Backers; Outside Investment Grows but Trails Other U.S. Centers”, The Washington Post, Nov. 4, 1996, pg. F05,Retrieved December 12, 2008
  5. ^ Rajiv Chandrasekaran, “Tapping Into a Web of Aspirations; NetStart Helps Firms With Online Job Hunts”, The Washington Post, Dec. 30, 1996, pg. F13, Retrieved December 11, 2008
  6. ^ ”Building a Career Path”, The Washington Post, Jan. 19, 1998, pg. F05, Retrieved December 12, 2008
  7. ^ Michael Selz, “Financing Small Business: Computerized Employee-Search Firms Attract Investors”, Wall Street Journal, Jan. 13, 1998, pg. 1, Retrieved December 12, 2008
  8. ^ Mark Leibovich, "Making the Job Search Profitable; CareerBuilder, a Top Online Employment Service, Is About to Go Public", The Washington Post, Apr. 5, 1999, pg. F05, Retrieved December 12, 2008
  9. ^ Jerry Knight, "TECH INVESTOR; Reston Firm Holds IPO", The Washington Post, May 13, 1999, pg. E04,Retrieved December 12, 2008
  10. ^ John Schwartz, "Microsoft Buys Into Reston Firm; Stake in CareerBuilder Adds Job Database to Web Portal", The Washington Post, May 25, 1999, pg. E02
  11. ^ ” Business Brief -- CAREER BUILDER INC.: Knight Ridder and Tribune Agree to Buy Firm Jointly”, Wall Street Journal, Jul. 18, 2000, pg. 1, Retrieved December 12, 2008
  12. ^ Amy Joyce, Peter Behr,"CareerBuilder of Reston Sells for $200 Million", The Washington Post, Jul 18, 2000, pg. E01, Retrieved December 12, 2008
  13. ^ James Peter Rubin, “Breakaway (A Special Report) --- Web Workers: More small businesses are filling vacancies from an ever-growing pool of Internet candidates”, Wall Street Journal, Oct. 23, 2000, pg. 8, Retrieved December 12, 2008
  14. ^ Christopher Stern, "CareerBuilder to Buy Competing Web Site", The Washington Post, Aug, 27, 2001, pg. E05, Retrieved December 12, 2008
  15. ^ Cynthia L. Webb, "CareerBuilder Under New Management :[FINAL Edition]", The Washington Post,Mar 5, 2002, pg. E05. Retrieved December 12, 2008
  16. ^ Stuart Elliott, "Gannett Buys Interest In CareerBuilder", New York Times (Late Edition (east Coast)), Oct. 4, 2002, p. 6. Retrieved December 12, 2008
  17. ^ KATHARINE Q. SEELYE and ANDREW ROSS SORKIN, Jennifer 8. Lee and Carla Baranauckas contributed reporting for this article., "Newspaper Chain Agrees to a Sale for $4.5 Billion." New York Times (Late Edition (east Coast)), p. A.1, Mar. 13, 2006, Retrieved December 12, 2008
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