CareerBuilder Says AI, Hiring Slowdown Crippled Monster Merger

The merger of job recruitment sites CareerBuilder and Monster failed, in part, because of a slowdown in corporate hiring and competition from hiring tools driven by artificial intelligence, the company said in a Thursday bankruptcy court filing.

The joint venture backed by Apollo Global Management Inc. filed for Chapter 11 bankruptcy in Delaware earlier this week, reporting $2.2 million in cash. CareerBuilder and Monster have lined up a $20 million loan from JMB Capital Partners Lending to fund itself as it pursues asset sales in the coming weeks.