The New York Times Sells About.com to IAC For $300 Million
The New York Times Company has entered into an agreement to sell its About Group, which includes the Web sites of About.com, ConsumerSearch.com and CalorieCount.com, to IAC/InterActiveCorp (IAC) for $300 million in cash. The New York Times Company bought About.com in 2005 for $410 million and ConsumerSearch for $33 million in 2007. The Times had been upbeat over Abouts prospects, but it was not part of the core brand and likely the reason for the sale. The all cash transaction is expected to close in the next several weeks. The New York Times Company intends to use the proceeds for general corporate purposes.
About.com has been a strong contributor to our company since its acquisition in 2005, said Arthur Sulzberger, Jr., chairman, The New York Times Company. Abouts early expertise in search engine optimization, expert content and revenues from cost-per-click and display advertising made it a valuable component of our portfolio for the past seven years. 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.
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