The New York Times has revealed that the company is selling its About Group, which includes the most popular About.com to InterActive Group for about $300 million.
Have you heard of Match.com? The most popular dating website. InterActive Group is the company which is headed by Barry Diller is the one who owns Match.com. And now, they’re acquiring About Group, including sites like About.com from The New York Times. InterActive Group (IAG) is not new to this business. IAG already heads popular online portals like The Daily Beast, NewsWeek and also Match.com.
Talking about selling the About network to IAG, Mr. Arthur Sulzberger Jr., said:
“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,”
While this is being said, Times group will continue to concentrate on their core websites that are currently operational. It is also worth noting that NYT is selling About.com to IAG $100 million lesser than it originally purchased in 2005.
Source: NYT / Loop Insight