A group of investors being led by Apollo Global Management (APO) - Get Apollo Global Management Inc. Class A Report and Ontario Teachers' Pension Plan Board are going to acquire a majority stake in Tribune Media (TRCO) - Get Tribune Media Co. Class A Report owned job site CareerBuilder.
TV station operator Tenga Inc. and newspaper group McClatchy Co. (MNI) - Get McClatchy Company Class A Report are also owners and will retain a minority stake in the portal, Apollo said in a statement.
"CareerBuilder is a global leader in human capital solutions, and we are excited to work with the company in the next phase of its growth and development," Apollo senior partner David Sambur said.
Financial details of the deal were not disclosed.
What's Hot On the TheStreet
All eyes on Apple this week: Apple's (AAPL) - Get Apple Inc. (AAPL) Report stock will be on the minds of Wall Street bit more than the norm this week. Shares of the tech giant have fallen 6.9% since the Nasdaq's peak on June 8 amid a broader selloff in tech. Not helping near-term sentiment on the company are two rare analyst downgrades that have questioned how big a seller the iPhone 8 will be.
But investors shouldn't be ready to throw in the towel on Apple by any stretch of the imagination.
"When you have these sellers come in, all you have to do is wait them out -- and one of the things I learned as a hedge fund manager is that patience is a true virtue," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on Apple's recent slide.
After the deal was announced on Friday, U.S. Rep. Ro Khanna (D-Calif.) urged the U.S. Department of Justice to conduct a review on the merger's legality and possible harm to the economy.
"I am concerned about what this deal means for suppliers and neighborhood grocery stores," Khanna said in a statement. "The Justice Department and FTC must undertake a review that considers not just the merger's impact on prices, but also the impact on jobs and wages. We need to reorient antitrust policy to factor in the harm that economic concentration causes for American workers."
Meanwhile, Whole Foods shares are trading above Amazon's offer price as to suggest a bidding war may ensue.