The New York Times company has agreed to sell About.com and two other web properties to IAC for $300 million in cash, which is expected to close in the next several weeks.
You may recognise About.com as a site that turns up in just about every web search you conduct, and basically provides its readers with how-to tips, the site has been sold alongside ConsumerSearch.com and CalorieCount.com which are two sites I have never heard of.
About.com was first purchased by The New York Times Company in February 2005 for $410 million, ConsumerSearch was also purchased in May 2007 for $33 million, which means this sale was at a complete loss.
There’s no word on what IAC hopes to use the new sites for exactly, but you can take a read of the press release below for more information.
[show_hide title=”Show Press Release”]The New York Times Company Agrees to Sell Its About Group to IAC NEW YORK–(BUSINESS WIRE)–Aug. 26, 2012– The New York Times Company (NYSE: NYT) 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 (NASDAQ: IACI) for $300 million in cash. The all cash transaction is expected to close in the next several weeks. The 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. “About’s 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 theTimes Company to focus on the development and growth of our core brands locally, nationally and on a global scale.” Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. These risks and uncertainties include risks detailed from time to time in The New York Times Company’s publicly filed documents, including the Company’s Annual Report on Form 10-K for the year ended December 25, 2011. The New York Times Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. About The New York Times Company The New York Times Company (NYSE: NYT), a leading global, multimedia news and information company with 2011 revenues of $2.3 billion, includes The New York Times, the International Herald Tribune, The Boston Globe, NYTimes.com,BostonGlobe.com, Boston.com, About.com and related properties. The Company’s core purpose is to enhance society by creating, collecting and distributing high-quality news and information.[/show_hide]