New York Times Invests in Indeed.com Job Search
Following the trend of old media buying up and investing in Internet media, The New York Times Company has made an investment in Indeed, Inc. (www.indeed.com), a meta search engine for jobs. The Times Company, Union Square Ventures and Allen
& Company, LLC are together investing $5 million for a minority interest.
“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 Martin Nisenholtz, senior vice president, digital operations. “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.”
After investing $410 million in About.com last winter, the New York Times is continuing its strategy of exanding into online space.
“Our relationship with The New York Times Company, Union Square Ventures and Allen & Company will help us extend our lead as the number one 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.”