NY Times to Sell Interest in Indeed

The New York Times Co (NYSE:NYT) will sell its remaining interest in jobs search website Indeed.com, which is being acquired by Japan's executive search firm Recruit Co Ltd.

The company said it expects to record a related after-tax gain of about $100 million in the fourth quarter.

Indeed's co-founder Paul Forster said on Monday that the company will be sold for an undisclosed amount after several months of direct negotiations.

NY Times and Union Square Ventures were the principle investors in Indeed, with Allen & Co owning a smaller stake.

Shares of New York Times, which publishes its namesake newspaper and the Boston Globe, were up nearly 3 percent at $9.86 in morning trade on the New York Stock Exchange.

NY Times, which used to be a sprawling media conglomerate with holdings in cable networks, magazines, newspapers and sports teams, has been shedding assets over the past few years to streamline operations and shore up cash reserves as advertising dollars dry up.

NY Times sold About.com for $300 million last month to Barry Diller's IAC-owned Ask.com.