IAC Acquires About.com for $300 Million
In early August, The New York Times Co. was on the edge of selling About.com to Answers.com for $270 million. Now, the property is going to Barry Diller’s Internet media conglomerate InterActiveCorp (IAC) for $300 million in cash, the New York Times announced Sunday evening.
Citing unnamed sources, both AllThingsD and the Times reported ahead of the announcement that IAC made a “surprise bid” last week, after news broke that the NYT Co. was planning to sell About.com to Answers.com.
The About Group was largely responsible for revenue declines at The Times Company last quarter. The company reported an operating loss of $143.6 million that quarter, after taking a $194.7 million non-c…
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