Times Co. agrees to sell About Group to IAC for $300 million
New York—The New York Times Co. has agreed to sell its About Group, which includes About.com, to Barry Diller's IAC/Interactivecorp, for $300 million in cash. The deal is expected to close in the next few weeks.
Times Co. acquired About.com, a website with more than 900 “topic sites,” for $410 million in 2005.
IAC's purchase price topped the $270 million offered by Answers.com, a website backed by private equity companies Summit Partners and TA Associates.
“This sale will allow the Times Co. to focus on the development and growth of our core brands locally, nationally and on a global scale,” said Arthur Sulzberger Jr., chairman of Times Co., in a news release.
In May, Times Co. sold its remaining stake in Fenway Sports Group, owner of the Boston Red Sox. In January, it sold 16 regional newspapers to Halifax Media Holdings for $143 million.