New York Times Takes Job Site Stake

New York Times (NYT Quote) made an investment in online jobs site Indeed.

The New York-based publisher of The New York Times said it joined with Allen & Co. and Union Square Ventures to put up a $5 million minority stake.

"We are pleased to join Union Square Ventures and Allen & Company in backing Indeed, an innovative new firm that provides compelling job search capabilities to Internet users," said the Times' Martin Nisenholtz. "The Times Company has strong help-wanted franchises in print and online, and we believe it is important to invest in new technologies and services in this advertising category."

"Our relationship with The New York Times Company, Union Square Ventures and Allen & Company will help us extend our lead as the No. 1 search engine for jobs," said Paul Forster, CEO and co-founder of Indeed. "We look forward to working with them in our goal of revolutionizing job search."

On Monday, New York Times shares fell 18 cents to $31.57.