Monster Worldwide Inc. said Friday that it paid $61 million for Affinity Labs
Inc., an operator of Web sites for professional and vocational communities.
San Francisco-based Affinity operates seven professional and career-oriented
networks for professions that include law enforcement, health care and
education. Monster said the network will provide its users with career guides,
industry job searches, trade news and social networking while allowing the
company to increase its online advertising services to a larger customer base.
The acquisition comes less than a year after Monster and Affinity signed a
deal that allows job seekers to access Affinity’s Web sites when registering for
a MyMonster account. Affinity Labs founder Christopher Michel also founded
Military.com, a site for military personnel and their families that was acquired
by Monster in 2004. Manhattan-based Monster said it will keep Michel on board
after the acquisition is complete.
Earlier in the week, Monster announced “Your Calling is Calling,” a global
branding campaign aimed at marketing Monster as a way to find one’s “dream job,”
instead of just a source for job listings. The new campaign, crafted by
Manhattan-based BBDO Worldwide, includes television, radio, print and online
ads.
Shares of Monster fell as much as 6 percent to a 52-week low of $27.19
Friday, and were down 4.8 percent in afternoon trading. Shares have traded
between $28.55 and $54.79 in the last 12 months.
Late last year, Monster’s board authorized a $350 million stock buyback
program, shortly after eliminating 800 jobs, or 15 percent of its 5,500
full-time workforce.
Filed by Kira Bindrim of Crain’s New York Business, a sister publication of
Workforce Management. To comment, please e-mail editors@workforce.com.