NYT Co Agrees To Sell About.com To Barry Diller's IAC For $300M In Cash

Looking to combine The New York Times Company’s information portal About.com with its own question-and-answer service, Ask.com, Barry Diller’s IAC offered to acquire the About Group on Aug. 21. The NYT Co said Sunday it had agreed to sell the company, which also includes ConsumerSearch.com and CalorieCount.com, to IAC in an all-cash deal that is expected to close in the next several weeks. The NYT Co paid $410M for About in 2005, but its fortunes have soured against competition from Google. Nevertheless, NYT Co chairman Arthur Sulzberger, Jr. said Sunday, “About.com has been a strong contributor to our company since its acquisition. This sale will allow the Times Company to focus on the development and growth of our core brands locally, nationally and on a global scale.” (more…)

This article was printed from https://deadline.com/2012/08/nyt-co-agrees-sell-about-com-barry-dillers-iac-300-millio-325178/