The New York Times Company agrees to sell its About Group to IAC

The New York Times Company is to sell its About Group, which includes the websites of About.com, ConsumerSearch.com and CalorieCount.com, to IAC for $300 million in cash. 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 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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