Old media titans snap up 2 career dot coms

Internet valuations are even starting to look like a deal to old media companies. A newly-formed company owned by KnightRidder.com and Tribune Company (NYSE: TRB) announced Monday it will buy CareerBuilder (Nasdaq: CBDR) and CareerPath.com.

CareeBuilder's short history trading as a publicly traded company hasn't been stellar. The company went public in May 1999 priced at $13, but closed Friday at 4 1/8, well below their high of 16 1/4.

CareerBuilder's shares got a boost in March when the company teamed with Microsoft Corp.'s (Nasdaq: MSFT) MSN online service Monday to develop a job search area at the Web portal.

Knightridder.com and Tribune said they plan to merge CareerPath and CareerBuilder to form a new, privately held, independent company operated under the current CareerBuilder management team.

Under the merger agreement, KnightRidder.com and Tribune will acquire CareerPath in a cash for stock merger. The merger is subject to the closing of the CareerBuilder acquisition and other customary conditions. Terms of the deal were not disclosed.

CareerPath.com was founded in 1995, and is owned by KnightRidder.com, New York Times Company, Tribune Company, The Washington Post Company, Cox Interactive Media, Gannett Company, and The Hearst Corporation.

Knight Ridder (NYSE: KRI) is the nation's second-largest newspaper publisher, with products in print and online. Tribune, has television and radio broadcasting, publishing and interactive operations.