Beijing time on August 27th morning news, New York Time Co will sell $300 million to the IAC Q & a site About.com. The cash acquisition is expected to close within the next few weeks.
New York Time Co invested more than $4 billion in the 2005 acquisition of About Group (including About.com website), but adjust the search algorithm in 2011 Google About.com due to the decline in ranking, which led to a reduction in advertising revenue. About Group quarterly revenue of $25 million 400 thousand, down by 8.7%.
New York Time Co announced in August 8th that it would sell About Group, but did not specify buyers interested. According to reports, IAC’s offer of $300 million, while rival Answers.com’s offer is $270 million, Answers.com President Peter · (Horan) is the former head of About.com (Peter).
President Arthur · (Arthur Sulzberger Jr.) said in a statement: About.com has been an important part of the company’s assets over the past seven years. This transaction will help us focus on the development and growth of the core brand." (Leng Yue)