InterActiveCorp offers to buy Times Co’s About.com for over $300 mn: report
22 Aug 2012
US Internet company InterActiveCorp (IAC) has offered to buy online resource guide About.com from the New York Times Co for more than $300 million, two weeks after the publisher accepted a $270-million takeover offer from Answers.com, Reuters today reported, citing people with knowledge of the situation.
IAC's bid comes after the Times Co preliminarily accepted $ 270 million from St. Louis-based question-and-answer site Answers.com a website backed by private equity firms Summit Partners and TA Associates. (See: New York Times Co close to selling About.com to Answers.com)
Citing a person familiar with the deal, technology news web site AllThingsD had earlier reported that the Times Co is looking to sell the struggling website, which produces high-volume, low-cost content, and has signed a letter of intent with Answers.com for $270 million.
The Times Co confirmed the news report and said that it is in discussions to sell About.com but added, ''No definitive agreement has been reached'' and ''negotiations are ongoing.''
About.com, which uploads stories and how-to videos from freelancers on a wide range of topics from parenting and cooking to travel and technology, was acquired by the Times Co in 2005 for $410 million.
The website generates money by selling advertising against its content.
