Report: IAC/Interactivecorp offers more than $300 million for About.com
New York—IAC/Interactivecorp has submitted an offer of more than $300 million to New York Times Co. to buy About.com, according to a report on Reuters.com.
The offer exceeds the $270 million Times Co. had provisionally accepted from Answers.com, a website backed by private equity companies Summit Partners and TA Associates, earlier this month.
Following reports of the offer from Answers.com, Times Co. issued a statement saying it “was engaged in discussions regarding the potential sale of its About Group” and that “negotiations are ongoing and there can be no assurances that an agreement will be reached or that a transaction will be completed.”
About.com, which Times Co. acquired for $410 million in 2005, consists of more than 900 “topic sites.” Last month, the company took a $195 million goodwill write-down on the unit, according to AllThingsD.